Cheap Car Insurance in New Mexico for 2024
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Auto insurance is an important purchase, but finding cheap car insurance in New Mexico isn’t always easy. The best way to find cheap car insurance is to compare rates from multiple insurers.
The cheapest car insurance company in New Mexico is Geico at $1,109 per year on average, or $92 per month, according to the most recent NerdWallet analysis of full coverage car insurance rates in New Mexico. Meanwhile, the average cost of full coverage car insurance in New Mexico is $1,835 per year, or about $153 per month.
Did your rates go up? Auto insurance prices are on the rise in New Mexico. Be sure to get car insurance quotes from three or more companies to find the lowest rate possible.
Minimum coverage in New Mexico is $440 per year on average, but we found you can likely get a cheaper policy. For example, Progressive offers the cheapest rates in New Mexico at $278 per year, on average, for minimum coverage car insurance for a 35-year-old driver with a clean driving record.
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Easily compare personalized rates to see how much switching car insurance could save you.How we chose the cheapest companies in New Mexico
NerdWallet’s editorial team analyzed car insurance rates from 10 auto insurers in New Mexico and listed the five cheapest options for drivers in several age brackets and with different histories, all driving a 2021 Toyota Camry LE. For minimum coverage, we looked at rates that reflect the minimum requirements in New Mexico. For full coverage, we used the below coverage limits:
$100,000 bodily injury liability per person.
$300,000 bodily injury liability per accident.
$50,000 property damage liability per accident.
$100,000 uninsured motorist coverage per person.
$300,000 uninsured motorist coverage per accident.
Collision coverage with a $1,000 deductible.
Comprehensive coverage with a $1,000 deductible.
Cheapest for 20-year-old drivers
Drivers in their 20s may have to get a lot of quotes to find the best cheap car insurance. Prices can be sky-high for younger 20-somethings, but tend to come down as drivers get more experience on the road. Still, some companies routinely have better insurance rates for young drivers, so it's best to shop around to find them.
Cheapest full coverage car insurance in New Mexico for 20-year-olds
Drivers in New Mexico with clean driving records may want to consider the following companies, which had the lowest average rates:
- Geico: $2,078 per year, or about $173 per month.
- Progressive: $2,933 per year, or about $244 per month.
- Farm Bureau Financial Services: $2,959 per year, or about $247 per month.
- Nationwide: $3,803 per year, or about $317 per month.
- State Farm: $4,764 per year, or about $397 per month.
Cheapest minimum coverage car insurance in New Mexico for 20-year-olds
Drivers in New Mexico who want just the state minimum coverage may want to check with these companies, which had the lowest average rates:
- Geico: $556 per year, or about $46 per month.
- Progressive: $624 per year, or about $52 per month.
- Allstate: $863 per year, or about $72 per month.
- Kemper: $888 per year, or about $74 per month.
- Farm Bureau Financial Services: $919 per year, or about $77 per month.
Cheapest auto insurance in New Mexico for 20-year-olds with poor credit
Drivers with poor credit in New Mexico should look at the following insurers with the lowest average rates for minimum coverage:
- Geico: $730 per year, or about $61 per month.
- Progressive: $939 per year, or about $78 per month.
- Allstate: $1,018 per year, or about $85 per month.
- Kemper: $1,052 per year, or about $88 per month.
- Encompass: $1,574 per year, or about $131 per month.
Cheapest auto insurance in New Mexico for 20-year-old drivers with one speeding ticket
For drivers with a recent speeding ticket in New Mexico, here are the companies with the lowest average rates for minimum coverage:
- Geico: $651 per year, or about $54 per month.
- Progressive: $688 per year, or about $57 per month.
- Allstate: $946 per year, or about $79 per month.
- Kemper: $948 per year, or about $79 per month.
- Farm Bureau Financial Services: $1,047 per year, or about $87 per month.
Cheapest auto insurance in New Mexico for 20-year-old drivers with one at-fault crash
For drivers with a recent accident in New Mexico, here are the companies with the lowest average rates for minimum coverage:
- Progressive: $712 per year, or about $59 per month.
- Geico: $851 per year, or about $71 per month.
- Kemper: $978 per year, or about $82 per month.
- Allstate: $1,135 per year, or about $95 per month.
- Farm Bureau Financial Services: $1,386 per year, or about $116 per month.
Cheapest auto insurance in New Mexico for 20-year-old drivers after a DUI
The cheapest auto insurance we found after a DUI is shown here, alongside the insurers' average rates for minimum coverage.
- Progressive: $669 per year, or about $56 per month.
- Kemper: $956 per year, or about $80 per month.
- Geico: $1,046 per year, or about $87 per month.
- Allstate: $1,163 per year, or about $97 per month.
- State Farm: $1,713 per year, or about $143 per month.
Cheapest for 30-year-old drivers
By the time they reach their 30s, most drivers will enjoy cheaper car insurance rates than in their teens and 20s. Still, factors like a person’s driving record and car make and model can increase prices. Drivers in their 30s can get lower rates by shopping around and taking advantage of any car insurance discounts.
Cheapest full coverage car insurance in New Mexico for 30-year-olds
Drivers in New Mexico who want their state's minimum coverage can check with the following companies, which had the lowest average rates:
- Geico: $1,119 per year, or about $93 per month.
- Progressive: $1,607 per year, or about $134 per month.
- Nationwide: $1,792 per year, or about $149 per month.
- Farm Bureau Financial Services: $1,913 per year, or about $159 per month.
- State Farm: $2,373 per year, or about $198 per month.
Cheapest minimum coverage car insurance in New Mexico for 30-year-olds
Drivers in New Mexico who want their state's minimum coverage can check with the following companies, which had the lowest average rates:
- Progressive: $292 per year, or about $24 per month.
- Geico: $329 per year, or about $27 per month.
- Kemper: $340 per year, or about $28 per month.
- Farm Bureau Financial Services: $402 per year, or about $33 per month.
- State Farm: $443 per year, or about $37 per month.
Cheapest auto insurance in New Mexico for 30-year-olds with poor credit
Drivers with poor credit in New Mexico should consider the following companies with the lowest average rates for full coverage:
- Geico: $1,701 per year, or about $142 per month.
- Progressive: $2,433 per year, or about $203 per month.
- Nationwide: $2,501 per year, or about $208 per month.
- Farm Bureau Financial Services: $3,070 per year, or about $256 per month.
- Allstate: $4,455 per year, or about $371 per month.
Cheapest auto insurance in New Mexico for 30-year-old drivers with one speeding ticket
For drivers with a recent speeding ticket in New Mexico, here are the companies with the lowest average rates for minimum coverage:
- Progressive: $360 per year, or about $30 per month.
- Geico: $384 per year, or about $32 per month.
- Kemper: $398 per year, or about $33 per month.
- Farm Bureau Financial Services: $458 per year, or about $38 per month.
- State Farm: $501 per year, or about $42 per month.
Cheapest auto insurance in New Mexico for 30-year-old drivers with one at-fault crash
For drivers in New Mexico with a recent accident, here are the lowest average rate options for full coverage:
- Geico: $1,862 per year, or about $155 per month.
- Progressive: $2,423 per year, or about $202 per month.
- Farm Bureau Financial Services: $2,591 per year, or about $216 per month.
- Nationwide: $2,692 per year, or about $224 per month.
- State Farm: $2,918 per year, or about $243 per month.
Cheapest auto insurance in New Mexico for 30-year-old drivers after a DUI
For the cheapest auto insurance after a DUI, we found the following options for full coverage.
- Progressive: $1,813 per year, or about $151 per month.
- Geico: $2,172 per year, or about $181 per month.
- State Farm: $3,264 per year, or about $272 per month.
- Nationwide: $3,395 per year, or about $283 per month.
- Farm Bureau Financial Services: $3,480 per year, or about $290 per month.
Cheapest for 40-year-old drivers
Drivers in their 40s tend to have better insurance rates than their younger counterparts on average, but still pay more than older age groups. Shopping around for cheap car insurance quotes with multiple insurers is the best way to find lower rates. Good drivers who don’t get behind the wheel often might want to consider pay-per-mile insurance, which charges drivers by how many miles they drive.
Cheapest full coverage car insurance in New Mexico for 40-year-olds
Drivers in New Mexico with clean driving records may want to think about the following companies, which had the lowest average rates:
- Geico: $1,117 per year, or about $93 per month.
- Progressive: $1,408 per year, or about $117 per month.
- Nationwide: $1,740 per year, or about $145 per month.
- Farm Bureau Financial Services: $1,818 per year, or about $152 per month.
- State Farm: $2,298 per year, or about $191 per month.
Cheapest minimum coverage car insurance in New Mexico for 40-year-olds
Drivers in New Mexico who want just the minimum coverage may want to check prices from these companies, which had the lowest average rates:
- Progressive: $257 per year, or about $21 per month.
- Geico: $328 per year, or about $27 per month.
- Kemper: $354 per year, or about $30 per month.
- Farm Bureau Financial Services: $379 per year, or about $32 per month.
- State Farm: $449 per year, or about $37 per month.
Cheapest auto insurance in New Mexico for 40-year-olds with poor credit
Drivers with poor credit in New Mexico can check out the following insurers with the lowest average rates for full coverage:
- Geico: $1,698 per year, or about $142 per month.
- Progressive: $2,139 per year, or about $178 per month.
- Nationwide: $2,430 per year, or about $203 per month.
- Farm Bureau Financial Services: $2,956 per year, or about $246 per month.
- Allstate: $4,455 per year, or about $371 per month.
Cheapest auto insurance in New Mexico for 40-year-old drivers with one speeding ticket
For drivers with a recent speeding ticket in New Mexico, here are the companies with the lowest average rates for minimum coverage:
- Progressive: $324 per year, or about $27 per month.
- Geico: $382 per year, or about $32 per month.
- Kemper: $414 per year, or about $35 per month.
- Farm Bureau Financial Services: $432 per year, or about $36 per month.
- State Farm: $507 per year, or about $42 per month.
Cheapest auto insurance in New Mexico for 40-year-old drivers with one at-fault crash
For drivers with a recent accident living in New Mexico, here are the companies with the lowest average rates for full coverage:
- Geico: $1,819 per year, or about $152 per month.
- Progressive: $2,175 per year, or about $181 per month.
- Farm Bureau Financial Services: $2,449 per year, or about $204 per month.
- Nationwide: $2,632 per year, or about $219 per month.
- State Farm: $2,825 per year, or about $235 per month.
Cheapest auto insurance in New Mexico for 40-year-old drivers after a DUI
The cheapest full coverage auto insurance we found for drivers with a DUI came from the following companies.
- Progressive: $1,601 per year, or about $133 per month.
- Geico: $2,163 per year, or about $180 per month.
- State Farm: $3,160 per year, or about $263 per month.
- Farm Bureau Financial Services: $3,281 per year, or about $273 per month.
- Nationwide: $3,335 per year, or about $278 per month.
Cheapest for 50-year-old drivers
Drivers in their 50s have cheaper car insurance rates than most other age groups on average. Prices will continue to drop as they inch toward their 60s and gain more driving experience. Rates can still vary depending on other factors such as a driver’s gender and location, so it’s smart to shop around to find the best rate. Our list of cheap auto insurance companies is a good place to start.
Cheapest full coverage car insurance in New Mexico for 50-year-olds
Drivers in New Mexico with clean driving records may want to get quotes from these insurers, which had the lowest average rates:
- Geico: $1,110 per year, or about $93 per month.
- Progressive: $1,273 per year, or about $106 per month.
- Nationwide: $1,618 per year, or about $135 per month.
- Farm Bureau Financial Services: $1,667 per year, or about $139 per month.
- Farmers: $2,202 per year, or about $183 per month.
Cheapest minimum coverage car insurance in New Mexico for 50-year-olds
Drivers in New Mexico who opt for the state minimum coverage may want to consider the following companies, with the lowest average rates:
- Progressive: $229 per year, or about $19 per month.
- Kemper: $316 per year, or about $26 per month.
- Farm Bureau Financial Services: $320 per year, or about $27 per month.
- Geico: $334 per year, or about $28 per month.
- State Farm: $443 per year, or about $37 per month.
Cheapest auto insurance in New Mexico for 50-year-olds with poor credit
Drivers with poor credit in New Mexico can check with the following companies, which showed the lowest average rates for full coverage:
- Geico: $1,643 per year, or about $137 per month.
- Progressive: $1,937 per year, or about $161 per month.
- Nationwide: $2,269 per year, or about $189 per month.
- Farm Bureau Financial Services: $2,657 per year, or about $221 per month.
- Allstate: $3,957 per year, or about $330 per month.
Cheapest auto insurance in New Mexico for 50-year-old drivers with one speeding ticket
For drivers with a recent speeding ticket in New Mexico, here are the companies with the lowest average rates for minimum coverage:
- Progressive: $293 per year, or about $24 per month.
- Farm Bureau Financial Services: $365 per year, or about $30 per month.
- Kemper: $374 per year, or about $31 per month.
- Geico: $388 per year, or about $32 per month.
- State Farm: $500 per year, or about $42 per month.
Cheapest auto insurance in New Mexico for 50-year-old drivers with one at-fault crash
For drivers living in New Mexico with a recent accident, here are the insurers with the lowest average full coverage rates:
- Geico: $1,869 per year, or about $156 per month.
- Progressive: $2,025 per year, or about $169 per month.
- Farm Bureau Financial Services: $2,222 per year, or about $185 per month.
- Nationwide: $2,455 per year, or about $205 per month.
- State Farm: $2,729 per year, or about $227 per month.
Cheapest auto insurance in New Mexico for 50-year-old drivers after a DUI
The cheapest auto insurance we found for drivers with a recent DUI comes from the following companies, listed with rates for full coverage.
- Progressive: $1,461 per year, or about $122 per month.
- Geico: $2,194 per year, or about $183 per month.
- Farm Bureau Financial Services: $2,956 per year, or about $246 per month.
- State Farm: $3,055 per year, or about $255 per month.
- Nationwide: $3,161 per year, or about $263 per month.
Cheapest for 60-year-old drivers
Although 60-year-olds have cheaper car insurance rates than many other age groups on average, prices will start increasing as they get older. To find cheap car insurance for seniors, drivers in their 60s should make sure to shop around to find the best rate. Drivers in this age group should also take advantage of any available discounts for senior citizens.
Cheapest full coverage car insurance in New Mexico for 60-year-olds
Drivers in New Mexico with clean driving records may want to think about getting quotes from these companies, which had the lowest average rates:
- Geico: $1,115 per year, or about $93 per month.
- Progressive: $1,208 per year, or about $101 per month.
- Nationwide: $1,507 per year, or about $126 per month.
- Farm Bureau Financial Services: $1,624 per year, or about $135 per month.
- Farmers: $2,041 per year, or about $170 per month.
Cheapest minimum coverage car insurance in New Mexico for 60-year-olds
Drivers in New Mexico who want just the state minimum coverage may want to check with these insurers, which had the lowest average rates:
- Progressive: $217 per year, or about $18 per month.
- Kemper: $316 per year, or about $26 per month.
- Farm Bureau Financial Services: $321 per year, or about $27 per month.
- Geico: $331 per year, or about $28 per month.
- State Farm: $410 per year, or about $34 per month.
Cheapest auto insurance in New Mexico for 60-year-olds with poor credit
Drivers with poor credit in New Mexico can look at the following companies with the lowest average rates for full coverage:
- Geico: $1,634 per year, or about $136 per month.
- Progressive: $1,836 per year, or about $153 per month.
- Nationwide: $2,112 per year, or about $176 per month.
- Farm Bureau Financial Services: $2,572 per year, or about $214 per month.
- Allstate: $3,928 per year, or about $327 per month.
Cheapest auto insurance in New Mexico for 60-year-old drivers with one speeding ticket
For drivers with a recent speeding ticket in New Mexico, here are the companies with the lowest average rates for minimum coverage:
- Progressive: $282 per year, or about $23 per month.
- Farm Bureau Financial Services: $367 per year, or about $31 per month.
- Kemper: $376 per year, or about $31 per month.
- Geico: $389 per year, or about $32 per month.
- State Farm: $463 per year, or about $39 per month.
Cheapest auto insurance in New Mexico for 60-year-old drivers with one at-fault crash
For drivers with a recent accident living in New Mexico, here are the companies with the lowest average rates for full coverage:
- Geico: $1,847 per year, or about $154 per month.
- Progressive: $1,957 per year, or about $163 per month.
- Farm Bureau Financial Services: $2,152 per year, or about $179 per month.
- Nationwide: $2,342 per year, or about $195 per month.
- State Farm: $2,541 per year, or about $212 per month.
Cheapest auto insurance in New Mexico for 60-year-old drivers after a DUI
The cheapest auto insurance we found after a DUI came from the following companies, shown with their average rates for full coverage.
- Progressive: $1,392 per year, or about $116 per month.
- Geico: $2,163 per year, or about $180 per month.
- State Farm: $2,844 per year, or about $237 per month.
- Farm Bureau Financial Services: $2,860 per year, or about $238 per month.
- Nationwide: $3,058 per year, or about $255 per month.
Cheapest for 70-year-old drivers
Car insurance costs may start to rise for 70-year-old drivers. To find the cheapest possible coverage, shop around and compare quotes from multiple companies. Also, look for insurers that offer discounts for seniors. For example, some insurers offer discounts to senior drivers who take a defensive driving course.
Cheapest full coverage car insurance in New Mexico for 70-year-olds
Drivers in New Mexico with clean driving records may want to think about getting quotes from these companies, which had the lowest average rates:
- Geico: $1,251 per year, or about $104 per month.
- Progressive: $1,269 per year, or about $106 per month.
- Nationwide: $1,635 per year, or about $136 per month.
- Farm Bureau Financial Services: $1,655 per year, or about $138 per month.
- State Farm: $2,132 per year, or about $178 per month.
Cheapest minimum coverage car insurance in New Mexico for 70-year-olds
Drivers in New Mexico who want just the state minimum coverage may want to check with these insurers, which had the lowest average rates:
- Progressive: $238 per year, or about $20 per month.
- Geico: $363 per year, or about $30 per month.
- Farm Bureau Financial Services: $370 per year, or about $31 per month.
- Kemper: $442 per year, or about $37 per month.
- State Farm: $442 per year, or about $37 per month.
Cheapest auto insurance in New Mexico for 70-year-olds with poor credit
Drivers with poor credit in New Mexico can look at the following companies with the lowest average rates for full coverage:
- Geico: $1,729 per year, or about $144 per month.
- Progressive: $1,920 per year, or about $160 per month.
- Nationwide: $2,345 per year, or about $195 per month.
- Farm Bureau Financial Services: $2,653 per year, or about $221 per month.
- Allstate: $4,096 per year, or about $341 per month.
Cheapest auto insurance in New Mexico for 70-year-old drivers with one speeding ticket
For drivers with a recent speeding ticket in New Mexico, here are the companies with the lowest average rates for minimum coverage:
- Progressive: $321 per year, or about $27 per month.
- Farm Bureau Financial Services: $421 per year, or about $35 per month.
- Geico: $434 per year, or about $36 per month.
- State Farm: $500 per year, or about $42 per month.
- Kemper: $502 per year, or about $42 per month.
Cheapest auto insurance in New Mexico for 70-year-old drivers with one at-fault crash
For drivers with a recent accident living in New Mexico, here are the companies with the lowest average rates for full coverage:
- Geico: $2,025 per year, or about $169 per month.
- Progressive: $2,162 per year, or about $180 per month.
- Farm Bureau Financial Services: $2,194 per year, or about $183 per month.
- Nationwide: $2,539 per year, or about $212 per month.
- State Farm: $2,636 per year, or about $220 per month.
Cheapest auto insurance in New Mexico for 70-year-old drivers after a DUI
The cheapest auto insurance we found after a DUI came from the following companies, shown with their average rates for full coverage.
- Progressive: $1,456 per year, or about $121 per month.
- Geico: $2,325 per year, or about $194 per month.
- Farm Bureau Financial Services: $2,911 per year, or about $243 per month.
- State Farm: $2,964 per year, or about $247 per month.
- Nationwide: $3,242 per year, or about $270 per month.
Cheapest car insurance for military families
If you're an active member of the military or a veteran — or have an immediate family member who is — chances are you'll get a relatively cheap rate with USAA, a company that isn't available to the general public.
Because of that restriction, USAA isn't ranked with the others, but it was among the cheapest three auto insurance options for 70 of the 70 driver profiles we examined.
Minimum required auto insurance in New Mexico
New Mexico requires drivers to carry liability insurance, which covers others’ injury treatment and property damage if you’re at fault in a crash.
You must select at least the following minimum liability limits:
$25,000 bodily injury liability per person.
$50,000 bodily injury liability per crash.
$10,000 property damage liability per crash.
Most drivers can benefit from choosing more than the bare minimum because a crash could easily result in damage that surpasses the amounts above. Also consider other coverages that can strengthen your policy. For instance, liability coverage won’t pay to replace your car if it’s stolen; you’d need comprehensive coverage for that.
Read NerdWallet’s guide to minimum car insurance requirements by state for more details about coverages you may want for your New Mexico auto policy.
Alternative car insurance for high-risk drivers
If you've been denied car insurance on the open market — because of DUIs, crashes or other circumstances — you can apply for coverage through the New Mexico Motor Vehicle Insurance Plan.
For more help shopping for cheap car insurance in New Mexico, try NerdWallet's car insurance comparison tool.
For our “good driver” profile, NerdWallet averaged insurance estimates for single male and female drivers with good credit and no tickets or violations. The analysis included 5-10 of the largest insurance companies in each state; smaller insurers were also included when rates were available. Liberty Mutual and its subsidiaries were excluded from our analysis as rates were not available.
For full coverage policies, we used the following coverage limits:
$100,000 bodily injury liability per person.
$300,000 bodily injury liability per accident.
$50,000 property damage liability per accident.
$100,000 uninsured motorist coverage per person.
$300,000 uninsured motorist coverage per accident.
Collision coverage with a $1,000 deductible.
Comprehensive coverage with a $1,000 deductible.
In states where required, minimum additional coverages were added. Some policies include additional coverages at the insurer’s discretion.
We used a 2021 Toyota Camry LE for all drivers and assumed 12,000 annual miles driven.
We analyzed rates for drivers 20 to 70 years old in ten-year increments. For the average cost of full and minimum coverage in each state, we looked at 35-year-old drivers.
We used the same assumptions for all other driver profiles, with the following exceptions:
For drivers with minimum coverage, we adjusted the numbers above to reflect the minimum required coverage by law in the state.
We changed the credit tier from “good” to “poor” as reported to the insurer to see rates for drivers with poor credit.
For drivers with one at-fault crash, we added a single at-fault crash that happened six months ago, resulting in $10,000 in property damage and no bodily injury claim.
For drivers with a DUI, we added a single drunken driving violation that happened six months ago.
We looked at 35-year-old drivers to find the cheapest company overall, the cheapest company for minimum coverage and the cheapest company for drivers with poor credit in states where credit history is used to price rates. We looked at 20-year-old drivers to find the cheapest company for young drivers.
These are rates generated through Quadrant Information Services. Your own rates will be different. Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.
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