Cheap Auto Insurance Quotes in New Mexico

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New Mexico Car Insurance Averages for Annual Premiums

$370
Minimum Coverage Average
$1374
Full Coverage Average
$1051
All Coverage Types Average

Cheapest Car Insurance in New Mexico

Getting cheap car insurance in New Mexico doesn't necessarily mean getting a low quality policy.  Many insurance carriers offer discounts on your car insurance policy.  These discounts come from things like:

  • Adding multiple vehicles to a policy
  • Bundling home and auto insurance together
  • Paying for your policy upfront
  • Passing a defensive driving training course
  • Keeping your driving record in good standing
  • Updating your policy info on a regular basis
  • Checking your rates, deductible, and limits
  • Using an anti-theft security system on your car
  • Being careful with the type of vehicle your purchase

Make sure you ask the agent you speak with about what you can do to get New Mexico affordable car insurance.  Get them to go through all of the auto insurance discounts they offer so you don't miss any.

 

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Best Car Insurance in New Mexico

The Insureist™ Data Science team ranks the best insurance companies in New Mexico using multiple factors.  This includes areas such as financial health, reliability, quality, online reviews, and customer service.  Data is gathered from multiple credible sources that include:
  • Forbes
  • Consumer Reports
  • Standard & Poor’s
  • J.D. Power
  • Moody’s
  • A.M. Best

The best auto insurance companies in New Mexico are determined based on these results.

Car Insurance in New Mexico

New Mexico Vehicle insurance pricing will be different from city to city.  The Insureist™ Data Science team analyzed each metro area in New Mexico to give you an idea of the average insurance premium in each city.  NM insurance rates will vary depending on your driving record, personal history, and other information unique to your situation.

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Types of New Mexico Car Insurance Quotes

The cheapest insurance companies in New Mexico will be different from person to person.  This is because everyone has a unique history when it comes to the factors that impact the rate you pay for insurance in New Mexico. Average rates may vary depending on the profile and background of the policyholder depending on these and other factors:

  • Age
  • Vehicle make and model
  • Insurance claim history
  • Credit score
  • Driving record
  • Gender
  • Marital status
  • Legal liability requirements
  • Where you live
  • Miles driven each year

Cheap Auto Insurance for Good Drivers

Drivers who drive clean and traffic citations can have car insurance rates significantly lower in the state of New Mexico.

Cheap Auto Insurance for Drivers with DUI

Everyone makes a mistake and has to deal with the consequences, but the consequences of a DUI can be severe. These penalties include fines into the thousands of dollars. Finding affordable rates for NM car insurance after a DUI is no small feat, but if you really have trouble getting an affordable rate, consider only liability insurance as a way to save.

Cheap Auto Insurance for Drivers with an At-Fault Accident

Even a tiny fender bender can lift interest rates to levels that will significantly alter your budget. Insurers look at different time frames to track your driving history, from the time of your accident to the date of your accident and even up to a few months later. One company could look at the last five years, while the other could look at the last three years and so on.

Cheap Auto Insurance for Speeding Drivers

Speeding tickets can directly impact the rate you pay for NM auto insurance.  Get enough of them and you can even lose your license.

Cheap Auto Insurance for Young Drivers

Inexperienced drivers pose a higher risk to insurance providers so their rates can be significantly higher than average drivers. Novice drivers should be especially careful to maintain a clean driving record and comply with all speed limits and other driving regulations. Some NM insurance companies can provide more favorable rates than others for younger drives. It's worth getting multiple quotes so you can save money on your monthly insurance premiums.

New Mexico SR‌-22 Insurance

You will need to get SR‌-22 insurance in NM if it's ordered by the state or a court. If it's a court that orders it, then the judge will notify you of this at the hearing. If it's ordered by the state, then you will get a letter from the DM/BMV.

Not all drivers need an SR-22. It's generally only required if you are caught driving without a valid license or valid insurance. You may also need an SR-22 in these cases:

  • Convicted of a DUI or DWI
  • Operating a vehicle without insurance
  • Too many violations or accidents where you are at-fault
  • Multiple offenses in a short time frame (i.e. getting 4 speeding tickets within a few months)
  • Refusing to pay child support that is court-ordered
  • Having to obtain a hardship license

The SR-22 is not an insurance policy. It's a document that your insurance company in NM files with the state to prove you have adequate car insurance. This allows you to legally drive again if you are ordered to get an SR-22. Not all insurers offer SR-22s so you may need to shop around.

FAQs - New Mexico Car Insurance & Driving Facts

Which car insurance is best in New Mexico?

The best car insurance company in New Mexico will vary depending on where you are located in the state and what type of coverage you need. It's a good idea to get a quote from multiple NM insurance companies to get the best deal for you. Here are the largest insurance companies in the US that you may consider starting with: State Farm, GEICO, Progressive Corporation, Allstate, USAA, Liberty Mutual, Farmers Insurance Group, Nationwide Mutual Insurance Company, American Family Insurance, The Travelers Companies. Please note that they may or may not provide specific kinds of coverage in your area.

How much car insurance do i need in New Mexico?

The minimum auto insurance liability coverage required in the state of New Mexico is 25/50/10. This means that you must by law have at least the following coverages: $25000 bodily injury coverage per person, $50000 bodily injury coverage per accident, $10000 property damage coverage per accident. While these are the legal minimums to drive in New Mexico, many experts recommend that you get liability coverage of at least 100/300/50 if you can afford it. This means you should strongly consider: $100,000 bodily injury coverage per person, $300,000 bodily injury coverage per accident, $50,000 property damage coverage per accident. You may also consider getting additional NM auto insurance coverage depending on your financial situation.

How much does car insurance cost in New Mexico?

The average annual cost of an auto insurance policy in New Mexico is $1051. The average minimum coverage annual cost in New Mexico is $370. The average full coverage annual cost in New Mexico is $1374.

How does car insurance work in New Mexico?

Car insurance pays for damage caused by the driver, but can also cover repairs and medical bills. Motorists buy policies from auto insurance companies that promise some coverage for different situations. There are different types of car insurance for drivers in different states, and there are many different levels of coverage available from different companies. Vehicle insurance is mandatory in 48 states, but the specific insurance requirements and costs vary from state to state for each driver.

What are the different types of car insurance in New Mexico?

These are the 5 typical components of an auto insurance policy: Liability Coverage - Pays for injuries to people and damage to property caused by you in an accident; Uninsured and Underinsured Motorist Coverage - Pays your medical bills if you are in an accident and the other driver does not have an insurance policy or does not have a big enough one; Comprehensive Coverage - Pays for damage to your car from fire, hail, flood, falling objects, vandalism, hitting an animal, and theft of your car; Collision Coverage - Pays for the repair or replacement of your car after an accident; Medical Payments Coverage - Pays for covering the cost of medical expenses related to an accident.

Additional Insights

New Mexico Map

New Mexico

Vehicle Insurance

New Mexico (Spanish: Nuevo México [ˈnweβo ˈmexiko] (About this soundlisten); Navajo: Yootó Hahoodzo [joː˩tʰo˥ ha˩hoː˩tso˩]) is a state in the Southwestern United States; its capital is Santa Fe, which was founded in 1610 as capital of Nuevo México (itself established as a province of New Spain in 1598), while its largest city is Albuquerque with its accompanying metropolitan area. It is one of the Mountain States and shares the Four Corners region with Utah, Colorado, and Arizona. New Mexico is also bordered by the state of Texas to the east-southeast, Oklahoma to the northeast, and the Mexican states of Chihuahua to the south and Sonora to the southwest. With an estimated population of 2,096,829 as of the July 1, 2019, U.S. Census Bureau estimate, New Mexico is the 36th largest state by population. With a total area of 121,590 sq mi (314,900 km2), it is the fifth-largest and sixth-least densely populated of the 50 states. Due to their geographic locations, northern and eastern New Mexico exhibit a colder, alpine climate, while western and southern New Mexico exhibit a warmer, arid climate.

The economy of New Mexico is dependent on oil drilling, mineral extraction, dryland farming, cattle ranching, acequia and landrace agriculture, lumber milling, retail trade, scientific research laboratories, technological development, as well as the arts, especially textiles and visual arts. As of 2018, its total gross domestic product (GDP) was $101 billion with a GDP per capita of $45,465. State tax policy results in low to moderate taxation of resident personal income compared to most U.S. states, with special consideration for military personnel, and gives tax credits and exemptions to favorable industries. Because of this, its film industry has grown and contributed $1.23 billion to its overall economy. Due to its large area and economic climate, New Mexico has a large U.S. military presence marked notably with the White Sands Missile Range. Various U.S. national security agencies base their research and testing arms in New Mexico, such as the Sandia and Los Alamos National Laboratories. During the 1940s, Project Y of the Manhattan Project developed and built the country's first atomic bomb and nuclear test, Trinity.

Inhabited by Native Americans for many thousands of years before European exploration, it was colonized by the Spanish in 1598 as part of the Imperial Spanish viceroyalty of New Spain. In 1563, it was named Nuevo México after the Aztec Valley of Mexico by Spanish settlers, more than 250 years before the establishment and naming of the present-day country of Mexico; thus, the present-day state of New Mexico was not named after the country today known as Mexico. After Mexican independence in 1821, New Mexico became a Mexican territory with considerable autonomy. This autonomy was threatened, however, by the centralizing tendencies of the Mexican government from the 1830s onward, with rising tensions eventually leading to the Revolt of 1837. At the same time, the region became more economically dependent on the United States. At the conclusion of the Mexican–American War in 1848, the United States annexed New Mexico as the U.S. New Mexico Territory. It was admitted to the Union as the 47th state on January 6, 1912.

Its history has given New Mexico the highest percentage of Hispanic and Latino Americans, and the second-highest percentage of Native Americans as a population proportion (after Alaska). New Mexico is home to part of the Navajo Nation, 19 federally recognized Pueblo communities of Puebloan peoples, and three different federally recognized Apache tribes. In prehistoric times, the area was home to Ancestral Puebloans, Mogollon, and the modern extant Comanche and Utes inhabited the state. The largest Hispanic and Latino groups represented include the Hispanos of New Mexico, Chicanos, and Mexicans. The New Mexican flag features the state's Spanish origins with the same scarlet and gold coloration as Spain's Cross of Burgundy, along with the ancient sun symbol of the Zia, a Puebloan tribe. These indigenous, Hispanic, Mexican, Latin, and American frontier roots are reflected in the eponymous New Mexican cuisine and the New Mexico music genre.

Source

Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.

Source

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