|State Farm||$70 /mo|
How to Get Cheap Car Insurance in New Mexico?
As of 2000; New Mexico has 59,927 route miles of highway out of which 7,037 have received federal aid. The mountain roads and high rate of accident fatalities have resulted in higher car insurance rates. Still, the average rate of auto insurance in New Mexico is lower as compared to the national average rate.
As a result; RateForce has created a list of some popular car insurance companies where you can get cheap rates for your policy:
Which are the Best Car Insurance Companies in NM?
The first and foremost important question that we need to answer before buying car insurance is; do we need the best car insurance quote or a cheap car insurance quote? Even though both seem like similar terms but the difference between the best and cheap policy is huge. Cheap car insurance may not include everything you need but the best car insurance policy will be custom made as per your profile and requirements. If you are looking for the best car insurance policy below is the list of all the top car insurance carriers in New Mexico:
|State Farm||$70 /mo|
How To Get Best Car Insurance Coverage In New Mexico?
Minimum Car Insurance Requirements in New Mexico
Throughout the country in each and every state; the requirements and laws for auto insurance are unique. For every driver in the state; minimum requirements for car insurance are mandatory to drive or park any vehicle. The same happens in New Mexico; there are certain fixed New Mexico car insurance laws for liability that you have to keep in your car all the time. Below are the detailed minimum car insurance requirements for every driver in the new Mexico state:
- Bodily Injury Liability(BIL) Coverage:
The first coverage type that comes into the picture is BIL which is mandatory in almost every state of the country. In an accident, if a driver is proved to be at fault then he or she will be completely responsible to bear all the expenses related to the medical services of the victim. Hence; the car insurance company will cover the treatment of the driver and the passengers as well as the pedestrian in an accident.
Below are the limits for BIL in New Mexico state:
$25,000 per person; when only one victim has suffered it can be another driver or single pedestrian in that accident.
$50,000 per accident; when there were other passengers that got injured or died in the car or if there are more than one pedestrian who was harmed in the accident.
- Property Damage Liability(PDL) Coverage:
Let’s consider a simple scenario; your car collides with the private property of another person in order to save a dog. This includes walls, doors, gates, garden benches, or even fencing of another person. Or you hit another car in an accident. In such cases, you will be responsible for repairing all the damages caused to another person’s private property. Your car insurance company will get the liability for the damage cost.
In New Mexico; the cost of property damage liability coverage is not that high as compared to some states of the country; $10,000 per accident. While; in some states like Connecticut this cost can go up to $25,000 per accident.
Cheap Minimum Liability Car Insurance Companies in New Mexico
Here is the list of best companies that provide the lowest average rates to drivers for state minimum insurance coverage in New Mexico:
- State Farm: $49 per month
- Progressive: $61 per month
- GEICO: $76 per month
- Travelers: $89 per month
- Allstate: $104 per month
Cheap Basic Full Insurance Coverage in New Mexico
Here is the list of top insurance companies that provide the lowest average rates to drivers for our unique basic full insurance coverage in NM. It includes collision and comprehensive auto insurance coverage apart from state minimum auto insurance coverage.
- Progressive: $131 per month
- Travelers: $149 per month
- State Farm: $163 per month
- GEICO: $178 per month
- GAINSCO: $194 per month
Cheapest Premium Full Insurance Coverage in New Mexico
Here is the list of top auto insurance carriers that provide the cheapest full coverage in NM. This covers all coverages as defined by state law in full coverage requirements with maximum benefits. Drivers with a clean driving record may consider this option.
- Nationwide: $170 per month
- State Farm: $198 per month
- Progressive: $213 per month
- GEICO: $237 per month
- Allstate: $251 per month
Additional Auto Insurance Coverage In New Mexico
- Comprehensive Insurance:
It covers the damages caused by flood, fire, stealing the car, falling of a tree or a pole, or collision with any animal.
- Roadside Service:
Most of the companies provide roadside assistance to fix your flat tire, to deliver gas, to tow your car, get your keys out of the locked car or jump start your vehicle.
- Collision Insurance:
In New Mexico, collision insurance usually comes with a deductible. A deductible amount will be paid by the customer for the repairs before the insurance company pays. The higher the deductible amount the lower will be the insurance rates.
- Underinsured and Uninsured Motorists:
This insurance is only for the injuries and not for the property damage. If an underinsured or uninsured motorist hits your car resulting in bodily injuries to you or your passengers then your insurance will come into the picture.
- Rental Auto Reimbursement:
Most of the insurance companies in New Mexico provide a temporary service of transportation protection when your vehicle is under repair.
- Medical and Funeral Services:
Most of the carriers cover the cost of ambulance and the transportation of dead body. It is optional for the insurance providers to cover the cost of medical services and funeral services.
Cheap Car Insurance Quotes in New Mexico on Ticket Profile
Wondering how car insurance companies decide the amount of your policy? Wondering how different drivers get different quotes for car insurance? The simple answer for this is; ticket profile. Each insurance company considers different factors when it comes to calculating the final cost of car insurance for any driver. Some of these factors are car model, car type, age of the driver, experience on the road, the location where the driver lives, etc. And these factors are the major reason for the difference in the cost of each driver’s policy.
Based on these factors companies have created some ticket profiles that are used to categorize the drovers. Drivers among these categories get the highest or lowest car insurance rates. Below are the different ticket profiles for drivers in New Mexico state:
Cheapest Car Insurance for Drivers with a DUI in New Mexico
Driving under the influence is considered one of the biggest crimes as you are putting your and others’ lives in danger. And drivers with DUI on their driving records are considered as the riskiest ones. A DUI conviction can be given for driving under the influence of drugs, alcohol, or any other substance that can affect the working of your brain. Which as a result can affect your driving skill.
Below is the list of some auto insurance companies in New Mexico that provides affordable rates to DUI drivers:
|Liberty Mutual||$209 /mo|
|GEICO||$171 /mo||GAINSCO||$196 /mo|
Cheap New Mexico Car Insurance Rates For Drivers With An At-Fault Accident
In 2018, more than 380 people in New Mexico died in different road accidents. Now all the car insurance companies will consider these drivers that were involved and responsible for the accidents as risky drivers. Some car insurance companies might even deny covering drivers with At-fault convictions on their record. The option for accident forgiveness is available for some cases but the results are not guaranteed. Not all insurance companies provide accident forgiveness options. Below is the list of some leading car insurance companies in New Mexico where you can get affordable car insurance for at-fault drivers
Cheap Car Insurance Rates For Speeding Drivers in NM
Speeding vehicles are responsible for thousands of accidents every year in our country. Do you know in 2019; more than nine thousand people died in road accidents due to speeding vehicles. Drivers who have speeding tickets on their records are potentially risky for everyone. Car insurance companies also consider these drivers as risky and hence they provide high insurance rates to these drivers. We have created a list that includes all the top car insurance companies in New Mexico that can provide you with an affordable rate:
|State Farm||$95 /mo|
|Liberty Mutual||$212 /mo|
|State Farm||$235 /mo|
Cheapest Coverage for Drivers with Poor Credit in New Mexico
Even though considering the credit score of a driver to calculate the insurance rates is banned by the government. Still, credit score plays a unique role in the cost calculation indirectly. Drivers that have poor credit scores are considered less reliable and less responsible to pay for the premium on time by insurance companies. Hence these drivers get higher insurance rates. Are you also trying to find affordable car insurance rates but your credit scores are making it difficult? Below is a list of some companies that you can try to get affordable rates:
Cheap Car Insurance For Young Drivers in NM
In the year 2018; over 200 people lost their lives in car crashes that involved distracted teen drivers. Young drivers or teen drivers are considered risky because they don’t have enough driving experience as well as skills to drive any vehicle safely. That is why they get the highest car insurance rates as compared to all the other drivers. There is an option of student discount but only for those who have scored a grade point of B or higher.
Check out the list of all the leading car insurance companies in New Mexico where you can get cheap car insurance for young drivers:
|Liberty Mutual||$138 /mo|
|State Farm||$98 /mo|
Best Auto Insurance For Good Drivers in NM
If you have maintained a clean driving record then it can be very beneficial for you in the long run. Drivers that have zero tickets, DUIs, or at-fault accidents on their records get the lowest car insurance rates as compared to all the other ticket profiles. Combining these rates with other discount types reduces the cost of car insurance premiums to great extent.
We have a team of experts that have created a list of all the top car insurance companies in New Mexico that can provide you cheap rates as good drivers:
Which Car Insurance Discounts are available in New Mexico?
The easiest way to get affordable car insurance in New Mexico is to get as many discounts as possible. Every company provides different types of discounts for car drivers. Here are the four most common discounts you can ask from any car insurance company:
PIP AE Limit Discounts:
As per the latest New Mexico Car Insurance law; drivers can decide the coverage limit in Personal Injury Protection Allowable Expenses. Now the drivers have the choice between unlimited coverage, $500,000, $250,000, and $50,000. If the driver’s employer cover’s the accident-related injury; then a complete opt-out option is also available.
Bundling Policies Discounts:
If a driver buys insurance coverage for more than one asset from one company then the company considers it as bundling. The insurance carrier provides a good discount to push the driver into buying other policies from the company. In such cases, the driver should also try to negotiate as much as possible to get a more discounted price.
Advance Full Payment Discounts:
If a driver is capable of paying the annual insurance premium in advance then the company provides certain discounts. The advance payment shows that the customer is loyal and trustworthy. Along with that this also saves the company’s time and efforts to get a monthly premium. Hence; to reward and promote such a process; the insurance carrier provides good discounts.
Multiple Vehicle Discounts
When a driver has more than one vehicle and insurance coverage is required for the vehicles. The insurance company will try its best to push the driver into buying the coverage for other vehicles from them. As a result; the driver can ask for good discounted rates from the insurance provider. Most of the time the company provides a discount of up to 20 percent.
SR-22 Car Insurance in New Mexico State
Have you tried searching for SR-22 insurance recently? If yes then you must be aware of the importance as well as the cost of SR-22 insurance in any state. SR-22 stands for Safety Responsibility-22 insurance which is compulsory for every driver that has a suspended license. The reason for the suspension of the license can be anything like too many DUIs or more than one speeding ticket or even driving around without car insurance proof.
Any driver can apply for SR-22; the process of application is not that expensive or complex. But the cost of buying SR-22 insurance is expensive. As the driver will be considered as the riskiest one as a result will get the highest car insurance cost. We have curated a list of all the top car insurance companies where drivers can get affordable rates for SR-22 insurance in New Mexico:
|Company||Average Annual Rate||Annual Average Premium with SR-22 and DUI|
Best Cities for Cheap Car Insurance in New Mexico
One of the major factors that affect the car insurance cost is the location of the driver. The state, city, and even the area where you live and drive your vehicle to affect the cost of your insurance policy. The auto insurance company in your city will check different aspects like crime rate, road condition, and type of people living in that area. After considering all these aspects your insurance company will provide you with the final quotation.
Below is the list of some of the major cities of New Mexico with their average car insurance rates. This will help you to understand how location plays an important role in the calculation of policy rates:
|City||Avg. Annual Premium|
|Rio Rancho||$125 /mo|
FAQs About Car Insurance In New Mexico
What is the average cost of car insurance in New Mexico?
The average car insurance rate in New Mexico state is $1335 per year and $112 per month. This is 6.8 percent lower as compared to the national average car insurance cost.
Which are the cheapest car insurance companies in New Mexico?
Even though the cost of car insurance varies from driver to driver; below are some companies that have lower costs as compared to others:
- USAA: $809
- Geico: $972
- State Farm: $1,057
- Nationwide: $1,141
- Progressive: $1,249
- Farmers Insurance: $1,512
Is PIP mandatory in New Mexico?
No, personal injury protection in New Mexico is not mandatory. Also, it is not even available in most of the insurance companies in the state.
Can you insure a vehicle without registering it in New Mexico?
No. Every driver has to buy insurance first in New Mexico before registration of the car. The driver will have to show proof of insurance during vehicle registration.
Is New Mexico a no-fault state for car insurance?
No, In New Mexico the insurance laws are fault-based.
How much is the grace period to buy car insurance for a new car in New Mexico?
The grace period for a new car in New Mexico is 2 to 30 days for every type of car. A certain amount of late fees will be applied after this grace period.
Editorial Guidelines: The above content is meant as general information to help you understand the different aspects of auto insurance. This information does not refer to any specific auto insurance policy. Coverages and other features vary between insurers, vary by state, and are not available in all states. References to costs of coverages/repair, average or typical premiums, amounts of losses, deductibles, etc., are indicative and may not apply to your situation. We encourage you to speak to our insurance representative and to read your policy contract to fully understand your coverages.