Auto Insurance in New Mexico

New Mexico’s auto insurance rates are right in line with the national average — $1,620 per year, compared to $1,669 nationwide. That said, how much you’ll pay can vary a lot depending on your car, your coverage, and your address. Use our tool to find your best rates:

Average annual rate in New Mexico
$0 $5,000
North Carolina car owners pay the least
Average annual rate in the US
Michigan car owners pay the most

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Find the best auto insurance in New Mexico

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Our Review of the Best Auto Insurance in New Mexico

In New Mexico, the state premiums are about $100 higher than the national average, so expect to pay a little bit more in the state than you would in other parts of the country. Keep in mind that your insurance rate will vary depending on the area where you live, your driving record, and more, so be sure to compare several quotes before choosing an insurance provider.

New Mexico Minimum Liability

Bodily Injury

per person
per accident

Property Damage

per accident

The minimum liability coverage in New Mexico is 25/50/10, that is, $25,000 per-person and $50,000 per-accident bodily injury coverage, and $10,000 of property damage coverage, which is much lower than the recommended minimum of 50/100/100. This means that you may want to purchase additional coverage in order to cover all costs of an accident.

Accidents can be prohibitively expensive. In fact, in 2013, the average claim for bodily injuries was $15,443, according to the Insurance Information Institute. Additionally, in the event of an accident, any claims made beyond the amount of your coverage won’t be covered by your insurance company; you’ll need to cover them yourself. That’s why opting for more coverage, like 100/300/100, can help you avoid heavy loads of debt in the event that anything happens to you or your vehicle.

If you want to get the best coverage for an amount you can afford, first shop around at various insurance companies because rates vary based on things such as your driving record. While looking for the best rate might take time and effort, it will pay off in the long run when you save on your premiums.

Cheapest Car Insurance in New Mexico

Yearly Rate

  • $1,217
    State Farm
  • $2,257
  • $1,398
  • $1,946
  • $955

For the cheapest auto insurance companies in the state of New Mexico, check out the list in this section. Money-conscious drivers should consider these companies because they are the most affordable on the market.

While choosing the cheapest insurance policy possible might be enticing, remember that many insurance companies that offer cheap rates skimp on customer service. In addition, some may not have local offices with regional agents who can ensure fast claims processing time.

Where is car insurance most affordable?

The rate you pay for auto insurance in New Mexico can vary from one geographical area to another.

For example, residents of Albuquerque can expect to pay a bit higher than the state average for premiums, while residents in Santa Fe, Rio Rancho, and Las Cruces can expect to spend less.

If you want the lowest insurance prices in New Mexico, find towns that are not the bustling cosmopolitan city centers, like Santa Fe and Albuquerque. Generally, the more remote desert towns offer the most affordable insurance prices.

Albuquerque Auto Insurance

Population: 556,495
New Mexico

One of New Mexico’s most cultured cities, Albuquerque is home to about 557,000 people. The bustling city is home to the University of New Mexico, as well as several Air Force bases. This city is sprawling, and though there are public transportation options, most people here tend to drive. If you’ll find yourself in traffic, ensure you have the best auto insurance. The rates in Albuquerque are higher than the national average, but you can shop around to find the best deal and coverage for you.

Las Cruces Auto Insurance

Population: 101,324
Las Cruces
New Mexico

A city with a population of 101,324, Las Cruces is home to New Mexico State University, as well as several government sites, like the White Sands Test Facility and Missile Range. This large metropolitan area has many drivers, and if you’re one of them, know that the average cost of insurance in this city is lower than the state average.

Rio Rancho Auto Insurance

Population: 91,956
Rio Rancho
New Mexico

Located nearby Albuquerque, Rio Rancho is a fast-growing small town that is home to about 92,000 people. Because many Rio Rancho residents commute into and out of Albuquerque for work, there are often many cars on the road, particularly at rush hour. Fortunately, auto insurance premiums in Rio Rancho are lower than the average in the state of New Mexico.

Santa Fe Auto Insurance

Population: 69,976
Santa Fe
New Mexico

Santa Fe is one of the leading cultural centers of the United States. The city is home to a population of 69,976 people, and the cost of auto insurance premiums here is lower than the state average. This state capital town has many historical sites, museums, annual events, and more, and it draws many visitors who drive into and out of the city day after day.

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