Like practically each state within the nation, New Mexico requires all drivers to have automobile insurance coverage. On this evaluate, we’ll enable you discover the very best New Mexico automobile insurance coverage supplier to your car and price range. We’ll additionally clarify state minimal protection necessities and evaluate common automobile insurance coverage charges within the Land of Enchantment.
Our evaluate crew ranked the finest automobile insurance coverage firms within the nation based mostly on protection, business standing, availability, prices, and extra. Now, we’ve used the identical standards to find out the highest suppliers in New Mexico.
In the event you’re looking for the most cost-effective auto insurance coverage in New Mexico, the very best factor to do is request free quotes from a number of suppliers. You may get began straight away by coming into your zip code under.
On this article:
Most cost-effective Automotive Insurance coverage Corporations In New Mexico
In line with our price estimates for full-coverage insurance coverage, USAA, State Farm, and Nationwide are among the many extra reasonably priced choices in New Mexico.
| Automotive Insurance coverage Supplier | Common Annual Value Estimate |
|---|---|
| USAA | $874 |
| State Farm | $1048 |
| Nationwide | $1130 |
| Progressive | $1325 |
| Central Mutual | $1388 |
Automotive insurance coverage charges are totally different for every particular person, as they’re based mostly on components corresponding to your age, marital standing, driving information, gender, and site. Taking a look at state averages is not going to inform you precisely how a lot your New Mexico automobile insurance coverage will value, however it can provide you an thought of how costly it’s relative to different states.
The next desk exhibits the typical automobile insurance coverage funds for the most typical sorts of automobile insurance coverage in New Mexico, as collected in 2018 by the Nationwide Affiliation of Insurance coverage Commissioners (NAIC).
| Sort Of Protection | Common Annual Expenditure |
|---|---|
| Legal responsibility protection | $577 |
| Collision protection | $311 |
| Complete protection | $214 |
| Whole Value | $1,102 |
*To calculate common expenditures, NAIC assumed that every one insured autos would carry legal responsibility protection however not essentially collision or complete. Whole value per 12 months measures what shoppers truly spent.
The typical value of automobile insurance coverage in New Mexico is increased than the nationwide common, which was $1,056 in 2018.
In New Mexico, a 24-year-old driver will pay 44 p.c extra for full protection automobile insurance coverage than a 34-year-old driver.
| Age | New Mexico Annual Automotive Insurance coverage |
|---|---|
| 24 | $1992 |
| 35 | $1385 |
In line with our price estimates, males pay barely extra for automobile insurance coverage in New Mexico than ladies.
| Gender | New Mexico Annual Automotive Insurance coverage |
|---|---|
| Feminine | $1374 |
| Male | $1396 |
New Mexico permits automobile insurance coverage firms to make use of credit score studies to foretell danger ranges. Within the state, somebody with poor credit score will pay 69 p.c greater than somebody with good credit score.
| Credit score Score | New Mexico Annual Automotive Insurance coverage |
|---|---|
| Good | $1385 |
| Honest | $1608 |
| Poor | $2346 |
Having an accident in your report can increase your charges by as a lot as 43 p.c in New Mexico, and a DUI by not less than 55 p.c.
| Driving Report | New Mexico Annual Automotive Insurance coverage |
|---|---|
| Clear | $1385 |
| Dashing Ticket | $1666 |
| At-Fault Accident | $1980 |
| DUI | $2153 |
5 Greatest New Mexico Automotive Insurance coverage Corporations
The desk under exhibits our prime 5 picks for New Mexico automobile insurance coverage. Lots of our highest-rated nationwide suppliers made the checklist. Each firm talked about under carried out effectively within the J.D. Energy 2020 U.S. Auto Insurance coverage Satisfaction ExamineSM for the Southwest area, which incorporates Arizona, Colorado, Nevada, New Mexico, and Utah.
*Not all firms had been included in our price estimates for every state. You might also discover that some automobile insurance coverage firms are listed above these with increased star scores. It’s because our star scores keep in mind nationwide components, whereas our rating appears to be like particularly at what insurance coverage suppliers are finest for automobile insurance coverage in New Mexico.
Geico’s low charges and persistently excessive buyer satisfaction marks helped it earn our suggestion as the very best general supplier within the U.S. We additionally named it the very best supplier for New Mexico drivers due to its sturdy efficiency within the J.D. Energy Satisfaction Examine for the Southwest area. Within the examine, Geico tied for first place, scoring 834 out of a doable 1,000 factors. It tied with American Household Insurance coverage, which isn’t out there to drivers in New Mexico.
Geico additionally scores effectively by nationwide satisfaction metrics. It holds an A+ score from the Higher Enterprise Bureau (BBB) and lots of optimistic buyer evaluations. It’s additionally rated A++ for monetary power by AM Greatest, which means it has the financials to again its insurance policies. And submitting claims is fast and straightforward utilizing the Geico claims cell app.
Geico doesn’t simply provide sturdy service, but additionally low-cost insurance policies. Geico has quite a few reductions, corresponding to:
- A number of coverage low cost
- A number of car low cost
- Federal worker low cost
- Security options low cost
- Good scholar low cost
- Good driver low cost
- Navy low cost
- Defensive driving low cost
Based mostly on our analysis, Geico is the very best place to start out searching for New Mexico automobile insurance coverage insurance policies.
| Geico Execs | Geico Cons |
|---|---|
| Superior monetary power score and A+ score from the BBB | Common quotes expertise |
| Many selections for protection out there in 50 states | Utilization-based app not out there in all states |
| Excessive degree of buyer satisfaction | |
| Straightforward-to-use Geico cell app |
Study extra in regards to the firm by studying our full Geico evaluate.
USAA truly scored increased than Geico within the J.D. Energy Satisfaction Examine for the
Southwest area, with a complete of 876 out of 1,000 factors. Nonetheless, it isn’t eligible for rating as a result of it isn’t out there for all drivers. USAA membership is restricted to army members and their instant households. If you don’t meet both of those standards, you will have to seek for an insurance coverage coverage elsewhere.
The restricted availability is without doubt one of the causes we in the end price Geico increased than USAA for New Mexico automobile insurance coverage. Nonetheless, if a USAA coverage is offered for you, it must be your first consideration. Drivers who select USAA typically pay the bottom premiums, particularly if they can benefit from USAA’s low cost alternatives, which embrace:
- Annual mileage low cost: Drivers over the age of 19 can obtain a reduction for driving a low variety of miles every year.
- Good scholar low cost: Full-time college students with a GPA of not less than 3.0 obtain a reduction.
New car low cost: You’ll obtain a reduction for insuring autos which can be lower than three years outdated. - Automated fee low cost: You’ll earn as much as three p.c off for scheduling automated funds.
- Household low cost: In case you have relations who’re additionally insured by means of USAA, you’ll be able to obtain premium reductions.
- Navy garaging low cost: Drivers who retailer their autos on a army base obtain as much as 15 p.c off complete protection.
- Premier driver low cost: A reduction is supplied to drivers that go with out an accident or ticket for 5 years.
- Defensive driving low cost: A reduction is obtainable to drivers that full a defensive driving course.
- Driver coaching low cost: Drivers underneath the age of 21 can obtain a reduction by taking a driver coaching course.
USAA has an A++ monetary power score from AM Greatest, indicating a superior potential to pay out buyer claims.
| USAA Execs | USAA Cons |
|---|---|
| Reasonably priced charges and quite a few reductions | Solely out there for army and their households |
| Good possibility for army and younger drivers | |
| Superior monetary power score and A- score from the BBB |
To be taught extra details about this supplier, learn our full USAA insurance coverage evaluate.
Like USAA, The Hartford insurance coverage is just not out there to everybody. To enroll in a coverage from The Hartford, potential clients will need to have an AARP membership. To those that are AARP members, The Hartford might provide the bottom charges for New Mexico automobile insurance coverage.
The corporate does effectively when it comes to buyer satisfaction. It holds an A+ score from the BBB and has a 4.8 out of 5.0-star score on Trustpilot. New Mexico drivers additionally appear to understand The Hartford’s service and claims processes, because it scored 829 out of 1,000 factors within the J.D. Energy Satisfaction Examine for the area, placing it in fourth place general and above the regional common of 827.
We additionally advocate The Hartford due to its number of plan profit choices, which embrace
- 24-hour roadside help plans
- Authorized illustration for accidents
- Buyer restore service program
- No-deductible windshield restore service
- Emergency expense protection
- Disappearing collision deductible
- Accident forgiveness
- Deductible waiver
Plans provided by The Hartford include a lifetime renewability assure, which implies that after getting an insurance coverage coverage in place, you’ll be able to by no means be denied protection so long as you proceed to pay your premiums and keep a sound driver’s license.
| The Hartford Execs | The Hartford Cons |
|---|---|
| Number of plan choices in all 50 states | Excessive charges for younger drivers |
| Charge locked for 12 months and lifelong renewability | AARP membership required |
| Wonderful monetary power score and A+ score from the BBB | |
| Discounted charges for folks over age 50 |
Learn our full Hartford insurance coverage evaluate to be taught extra.
Allstate works by means of a community of native brokers to supply protection, which is probably going one of many causes it did so effectively within the J.D. Energy Satisfaction Examine for the area. It in the end ranked third, behind Geico and American Household. With a rating of 830 out of 1,000, it did higher than the regional common of 827.
Whereas our analysis signifies that, on common, Allstate tends to be dearer than a few of our different suggestions, this isn’t the case for all clients. Those that can benefit from Allstate’s many reductions could possibly get glorious New Mexico automobile insurance coverage with out paying a considerably increased price. Allstate reductions embrace:
- A number of coverage low cost
- A number of car low cost
- New car low cost
- Good scholar reductions for drivers underneath 25
- Security options low cost
- Anti-theft system low cost
- Early signing low cost
- Automated fee low cost
- Paperless billing low cost
- Pay-in-full low cost
- Protected driving low cost
In the event you don’t drive fairly often, Allstate could also be a good selection due to its Drivewise program. This program affords mileage-based reductions and rewards policyholders based mostly on driving information collected by means of a plugin system. Simply signing up for this system comes with a three-percent coverage low cost.
| Allstate Execs | Allstate Cons |
|---|---|
| Works by means of a community of native brokers to supply protection in all 50 states | Will be costly |
| Superior monetary power score by AM Greatest and A+ score with the BBB | Blended customer support evaluations |
| Mileage-based low cost program |
Study extra about this firm by studying our full Allstate insurance coverage evaluate.
Younger drivers in search of New Mexico automobile insurance coverage protection would do effectively to think about a State Farm coverage. Based mostly on our analysis, it’s the very best insurer for college students due to its many low cost affords, corresponding to:
- Protected driving reductions: Provides a reduction for having a clear driving report with no accidents or transferring violations for 3 years
- Driver coaching low cost: Provides a reduction for finishing a defensive driving course or a driver’s schooling course
- Scholar reductions: Gives reductions to college students away at college in addition to college students with good grades
- Protected car reductions: Gives reductions for autos which have trendy security options and anti-theft mechanisms
- Loyalty reductions: Gives as much as 20 p.c off for insuring a number of autos and 17 p.c off for bundling your house and auto insurance coverage insurance policies
Whereas State Farm didn’t price as extremely for the area within the J.D. Energy Satisfaction Examine, it nonetheless made a powerful displaying, ending up in fifth place general with 826 out of 1,000 factors. State Farm does rating effectively based on different buyer evaluate metrics. For instance, it holds an A+ score from the BBB.
| State Farm Execs | State Farm Cons |
|---|---|
| Largest auto insurer within the nation, out there in 48 states | Reported errors with autopay |
| Many reductions for teenagers and college students | Not taking new clients in Massachusetts or Rhode Island |
| Optimistic buyer evaluations | Increased charges than some opponents |
| Straightforward on-line quotes course of | |
| Superior monetary power score and A+ score from the BBB |
Study extra about this firm by studying our full State Farm insurance coverage evaluate.
New Mexico Automotive Insurance coverage Necessities
New Mexico automobile insurance coverage necessities state that every one drivers keep a 25/50/10 legal responsibility insurance coverage coverage. This implies:
- $25,000 bodily harm legal responsibility per particular person
- $50,000 bodily harm legal responsibility per accident
- $10,000 property harm legal responsibility per accident
New Mexico is an at-fault state. Which means in case you are chargeable for an accident, your insurance coverage supplier is not going to cowl damages to your car except you’ve gotten a complete automobile insurance coverage coverage. It’s also a good suggestion for drivers to keep up medical protection, collision, and uninsured/underinsured motorist protection, although these usually are not required by New Mexico state regulation.
Driving with out the state minimal insurance coverage is prohibited and may end up in the next penalties in New Mexico:
- First offense: Obtain a high quality as much as $300, imprisonment as much as 90 days, and suspension of registration
- Second offense: Obtain a high quality as much as $1,000, jail as much as 6 months, and suspension of registration
Along with authorized penalties, your private property might be in peril in case you get into an accident and are uninsured. As a result of New Mexico is just not a no-fault state, the opposite driver may sue you for damages in case you are uninsured or in case your insurance coverage doesn’t pay the total value of damages, repairs, and medical payments.
What To Know About Driving In New Mexico
Based mostly on information collected by the Insurance coverage Institute for Freeway Security (IIHS), New Mexico drivers traveled a mean of 18,710 miles per licensed driver in 2018. That is greater than in most states and could also be one of many causes that the state has a higher-than-average price of auto fatalities.
The examine discovered that there have been 391 auto deaths in New Mexico in 2018, which was 18.7 deaths per 100,000 folks residing within the state. That is a lot increased than the nationwide common of 11.2 deaths per 100,000 folks.
Watch out when driving in New Mexico. Don’t drive whereas drained or intoxicated, all the time put on your seatbelt, and be ready for driving on desert roads.
Remaining Ideas
For New Mexico automobile insurance coverage, we advocate drivers look into insurance policies from Geico, USAA, The Hartford, Allstate, and State Farm. Every of those suppliers affords low charges for the world, and all carried out effectively in regional buyer satisfaction surveys.
After all, in case you’re in search of the bottom doable price, the one method to discover it’s to match personalised quotes. Use the free device under to get began.
Methodology
In an effort to supply correct and unbiased data to shoppers, our professional evaluate crew collects information from dozens of auto insurance coverage suppliers to formulate rankings of the very best insurers. Corporations obtain a rating in every of the next classes, in addition to an general weighted rating out of 5.0 stars.
- Business Standing: Insurers with sturdy monetary scores and customer-first enterprise practices obtain the best scores on this class.
- Availability: We think about availability by state in addition to exclusions for particular teams of drivers.
- Protection: This score is predicated on sorts of insurance coverage out there, most protection limits, and add-on insurance policies.
- Value and Reductions: Our analysis crew evaluations auto insurance coverage price estimates generated by Quadrant Data Companies for a wide range of drivers in each state. Corporations with decrease costs and lots of automobile insurance coverage low cost alternatives obtain the very best scores.
- Buyer Service: We comb by means of buyer evaluations and shopper suggestions research from consultants like J.D. Energy.
- Know-how: Auto insurers with cell apps, superior on-line providers and telematics usually tend to meet shopper wants.
