Car Insurance in New Mexico

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Table of Contents
  • How Much is Car Insurance in New Mexico?
  • Real Quotes for Jerry.ai Customers in New Mexico
  • The Cheapest Car Insurance in New Mexico
  • Most Popular Insurance Companies in New Mexico
  • Cost to Insure Different Cars in New Mexico
  • Car Insurance Laws in New Mexico
  • Car Registration Information in New Mexico

Looking for car insurance in New Mexico? Here you’ll find all the information you need on driving a car in The Land of Enchantment, regardless of what kind of car you own, what your budget is, or what kind of driver you are. Whether you live in Albuquerque or Santa Fe, Roswell or Farmington — you can read on for the cheapest car insurance, the best car insurance, and the laws you need to know for New Mexico car insurance.

How Much is Car Insurance in New Mexico?

Why do car insurance quotes differ by state? First of all, each state has different laws around what kind of coverage you need to legally drive. Insurance companies also look at the number of car accidents and thefts in an area, how much people are generally using their car, and how likely an area is to have a natural disaster, among other factors. But while you can’t always control where you live, you can get cheap car insurance by choosing an insurance policy that has the best rates for your needs. If you live in New Mexico, here’s what you should know about how much you’ll pay for insurance: On average, drivers in New Mexico pay $2,276.55 each year for car insurance. This means drivers in New Mexico pay 25% below the average for the rest of the country. But however much you pay, you can use our advice on this page to save money.

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What’s Your Rate?

But how do you know what policy is right for you in New Mexico? The truth is that insurance companies take many different factors into account when coming up with your quote. They create a profile based not only on where you live in New Mexico, but also on your credit score, marital status, the kind of car you own, and much more.

Not only does your profile change what kind of price you’ll get on car insurance, but it also might change the kind of coverage you want! Not all tiers are the same, and it’s important to know what you’re looking for. You could save money on your monthly or yearly insurance premiums by having a higher deductible. But if you do get into an accident or need to file a claim, that choice will cause you to pay more out of pocket.

The best way to make sure you’re always getting the best coverage for the right price is to let us do all the legwork for you. We can compare quotes from over 40 different insurance companies and find you the best rates in 45 seconds — no matter what kind of coverage you’re looking for.

Real Quotes for Jerry.ai Customers in New Mexico

CreatedCarsCustomerCarrierMonthly premiumAmount savedType of coverage
2021-01-23
  • Nissan Altima 2.5s
20 year old femaleProgressive$90.50$84.50Basic
2020-12-22
  • Kia Forte
40 year old maleNationwide$139.45$101.55Preferred
2020-12-20
  • Buick Envision
53 year old femaleTravelers$98.08$41.92Standard
2021-01-15
  • Lexus Rx 400h
92 year old femaleProgressive$58.33$442.67Basic
2020-12-15
  • Toyota Rav4 Le
26 year old femaleProgressive$83.17$63.61Preferred

The Cheapest Car Insurance in New Mexico

Which companies offer cheap car insurance in New Mexico? Below, we’ve ranked New Mexico car insurance companies based on which ones have, on average, the cheapest car insurance quotes for basic, standard, and preferred coverage levels for different profiles. These are averages to give you a sense of what drivers in your state are paying. But remember — it’s impossible to know what your quotes will be until you start comparing for yourself. That’s why we’re also showing you some real quotes we were able to find for our members recently. If you shop for insurance wisely, you can get a great deal without sacrificing your own safety and protection.

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Cheapest Car Insurance in New Mexico for Basic Coverage

There’s all kinds of auto insurance you can get in New Mexico, depending on what your priorities are. But if your priority is the least expensive premium payments, you’ll want to check out a basic plan. In most states you legally need car insurance to drive. Basic plans ensure that you have the minimum coverage required by New Mexico. These are also plans with liability-only coverage. We were able to look at the average price drivers are paying for basic insurance coverage in New Mexico, as well as real quotes from actual Jerry.ai customers. You can customize these charts to find rates depending on your driving record, your age, how many cars you drive, you gender, and whether or not you’re a homeowner — all huge factors real insurance companies use in determining rates.

Average Cheapest Car Insurance for Basic Coverage in New Mexico

Filters
RankCompany nameAvg. Annual Premium
1Kemper$797.04
2Progressive$934.74
3Bristol West$1,247.88

Real Jerry Quotes for Basic Coverage in New Mexico

Filters
CreatedCarsCustomerCarrierMonthly premiumAmount saved
2020-12-26
  • Ford Expedition Xlt
  • Honda Civic Si
  • Nissan Armada Sv
52 year old femaleProgressive$91.67$295.33
2021-01-26
  • Ford Fusion Se
19 year old maleProgressive$121.83$13.17
2021-01-09
  • Mazda Mazda2
25 year old femaleKemper$62.33$85.67
2020-11-23
  • Hyundai Sonata Se
24 year old maleProgressive$51.17$127.83
2021-02-12
  • Ram 1500 Longhorn
  • Jeep Grand Cherokee Trailhawk
29 year old maleProgressive$52.83$77.17

Average Cheapest Car Insurance for Standard Plans in New Mexico

Most drivers will want more than the basic minimum coverage that New Mexico requires — but still don’t want to break the bank. Standard plans offer both collision insurance and comprehensive insurance which gives you more protection than a basic plan. These plans generally offer a $1,000 deductible.

Below you’ll find the average price drivers are paying for standard insurance coverage in New Mexico, as well as real quotes from actual Jerry.ai customers. You can customize these charts to find rates depending on your driving record, your age, how many cars you drive, you gender, and whether or not you’re a homeowner. All of these factors can impact premiums, so be sure to take a look at averages and quotes from drivers similar to you!

Average Cheapest Car Insurance for Standard Coverage in New Mexico

Filters
RankCompany nameAvg. Annual Premium
1Gainsco$1,151.76
2Kemper$1,288.97
3Progressive$1,462.68
4Nationwide$1,524.61
5Travelers$1,545.76
6Safeco$1,906.98

Real Jerry Quotes for Standard Coverage in New Mexico

Filters
CreatedCarsCustomerCarrierMonthly premiumAmount saved
2021-01-25
  • Fiat 500l Pop
41 year old femaleProgressive$63.33$53.67
2020-11-24
  • Ford Flex Limited
  • Hyundai Elantra GT
32 year old maleProgressive$126.83$198.17
2021-02-17
  • Chevrolet Camaro Ls
22 year old maleProgressive$151.83$78.17
2020-11-21
  • Mercedes-Benz Cla 250
22 year old maleProgressive$134.83$177.42
2020-12-22
  • Ford Explorer
  • Chevrolet Sonic Ls
23 year old maleMetlife$132.83$167.17

Cheapest Car Insurance in New Mexico for Preferred Coverage

Preferred coverage protects New Mexico drivers the most against any accidents or theft. Like basic plans, you’ll have collision insurance and comprehensive insurance. This is higher end full coverage, generally with $500 deductibles. That means you’ll be paying less out of pocket in the event of a claim. The downside? Your premiums are likely to be higher than what drivers with standard plans are paying. But if you comparison shop, you can still find the preferred insurance policy that’s less expensive.

We were able to look at the average price drivers are paying for preferred insurance coverage in New Mexico, as well as real quotes from actual Jerry.ai customers. You can customize these charts to find rates depending on your age, your driving record, whether you’re over or under 25 year old, the number of cars your drive, you gender, and if you own a home — all huge factors real insurance companies use in determining rates.

Average Cheapest Car Insurance for Preferred Coverage in New Mexico

Filters
RankCompany nameAvg. Annual Premium
1Gainsco$1,231.93
2Kemper$1,482.52
3Progressive$1,615.78
4Travelers$1,666.35
5Nationwide$1,849.17
6Safeco$2,339.96

Real Jerry Quotes for Preferred Coverage in New Mexico

Filters
CreatedCarsCustomerCarrierMonthly premiumAmount saved
2021-01-13
  • Toyota Prius
  • Honda Pilot Exl
33 year old femaleProgressive$73.33$142.67
2020-12-28
  • Ford Mustang
21 year old maleKemper$137.17$32.83
2021-02-22
  • Hyundai Santa Fe Se
  • Ram 1500 Slt
  • Dodge Challenger R/t
  • Nissan Altima 2.5
40 year old maleProgressive$199.83$200.17
2020-11-27
  • Volkswagen Jetta Sel
20 year old maleProgressive$175.83$74.17
2020-12-28
  • Toyota Tacoma Double Cab
27 year old maleKemper$77.58$27.42
Insurance companyAverage annual premium in New Mexico
Progressive$1,421.17
Kemper$1,316.67
Bristol West$1,228.80
Nationwide$2,503.29
Gainsco$1,394
Travelers$650

Cost to Insure Different Cars in New Mexico

Auto insurance companies look into several different factors when coming up with their rates. A big one is what state you’re in — which is why it’s so important for New Mexico drivers to compare their rates to people in the same state. The car you drive can be a big factor as well. No matter what town, city, or country you live in, certain cars are just going to cost you more in coverage than others. Check out our chart to find out how much different cars cost to insure in New Mexico. And you can use our table of real quotes from Jerry.ai customers to see what people just like you are paying.

Filters
CreatedCarsCustomerCarrierMonthly premiumAmount savedType of coverage
2020-12-29
  • Volkswagen Jetta Sel
20 year old maleProgressive$51.67$198.33Basic
2020-12-20
  • Ford F250 Super Duty
27 year old maleSafeco$187.45$216.55Preferred
2020-11-22
  • Hyundai Sonata Sel
26 year old maleProgressive$88.50$11.50Preferred
2021-01-05
  • Ford Fusion Se
19 year old femaleProgressive$90$90Basic
2021-02-14
  • Chevrolet Cruze Limited Ls
26 year old maleSafeco$142.31$84.69Standard
2021-01-17
  • Jeep Gladiator Sport
27 year old maleProgressive$150.67$51.33Preferred
2021-02-08
  • Toyota Corolla L
34 year old maleKemper$59.58$20.42Preferred

Car Insurance Laws in New Mexico

Like most other states, New Mexico mandates how much car insurance every driver is required to carry. If you live and drive in New Mexico, here’s what you should know about the minimum coverage required by law in New Mexico.

What Car Insurance is Required by Law in New Mexico?

Prior to even registering a car in New Mexico, drivers must first obtain vehicle insurance that meets minimum coverage amounts for the state. Proof of insurance for Bodily Injury Liability (BIL) and Property Damage Liability (PDL) are required for every driver.

New Mexico is an at-fault state and the driver who is determined to be responsible for the accident is liable for all of the associated costs. If you’re at fault, BIL provides a minimum coverage amount that helps pay for medical bills, lost wages, and other expenses other people involved in the accident may incur.

Similarly, property damage expenses are the responsibility of the party who caused the car accident. That can include almost anything from the other vehicles to utilities, buildings, hydrants, and so on. Mandatory PDL coverage levels may be minimal and may not completely cover accrued costs, which could result in you being sued for additional expenses.

While it’s not mandatory coverage, New Mexico residents should consider other types of auto insurance coverage, such as Personal Injury Protection (PIP), uninsured motorist coverage, and underinsured motorist coverage. PIP insurance affords you coverage for medical bills if you’re injured in an accident. Uninsured and underinsured motorist coverages are also protection for you in the event the other driver doesn’t have proper or sufficient insurance on their car.

Can You Drive a Car Without Insurance in New Mexico?

You are not permitted to legally drive a car in New Mexico if you don’t have the minimum coverage. If you’re caught driving without insurance, a fine of up to $300, up to 90 days in prison, or both may be levied for a first offence. For subsequent offences, a fine of up to $1,000 and up to six months in prison could be applied.

If you’re convicted of driving without insurance, you’ll need to file for proof of insurance to reinstate your registration in the form of an SR-22 certificate. This certificate proves to authorities that you have valid liability insurance that meets the minimums set out by New Mexico. It must be requested from your insurer and costs around $15. Your premiums will likely increase with a conviction.

What Are the Minimum Car Insurance Requirements in New Mexico?

As you would expect, New Mexico requires that any driver carries minimum amounts of auto insurance coverage while driving. Not only does this protect the driver, but it protects others that might be involved in a car accident as well as property damage that results. To legally drive a car in New Mexico, drivers must carry the following minimum coverage amounts.

Minimum Insurance Requirements in New Mexico

  • Bodily injury liability: $25,000 per person and $50,000 per accident
  • Property damage liability: $10,000 per accident

Uninsured motorist bodily injury and property damage coverages are often seen as mandatory but can be opted out. A signed form from your insurer must be filed with the state, by law, if you want to opt out.

Car Registration Information in New Mexico

Once you’ve secured vehicle insurance, you must register your vehicle with a New Mexico MVD Field Office. For first-time registrations, you must visit the Field Office in person within 30 days to comply with state law, where they will verify the vehicle identification number (VIN) on the car.

When you initially register your vehicle in New Mexico, you will receive license plates that have to be installed on the front and rear of your car. A registration certificate is also issued that contains the vehicle owner’s information and the license plate number attached to the VIN.

Registering a car in New Mexico is fairly simple. When you visit the MVD Field Office, you need to bring either the certificate of title or the dealer agreement and Manufacturer’s Certificate of Origin, your current insurance card, your auto insurance policy and a letter verifying the coverage, and proof of New Mexico residency. Renewing your registration can be completed online, by mail, or in person at an MVD field office.

Initial registration fees and annual renewal fees are the same in New Mexico, and they’re based on the vehicle’s weight and category. Fees range from $35 to $207 per year and can be paid for one or two years at a time.

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