Compare Cheap Auto Insurance in New Mexico

Cheapest Car Insurance in New Mexico With a Speeding Ticket: USAA and State Farm

With an average annual cost of $1,333, USAA offers the most affordable premiums for drivers with a speeding ticket in New Mexico. This is 44 percent less than the statewide average of $2,385. State Farm is next cheapest, with an average annual cost of $1,981. This is 17 percent less than the statewide average. If you’re caught speeding in New Mexico, expect your auto insurance premium to increase by about eight percent.

When it comes to customer and claims satisfaction, USAA has the highest third-party ratings of all our cheap providers in New Mexico. However, its CRASH Network Insurer Report Card grade is lower than average, suggesting that collision repair shops have raised questions about its claims practices.

Although Farm Bureau is not included as part of the J.D. Power Customer and Claims Satisfaction surveys, its B+ score from the CRASH Network is the highest among our cheap New Mexico providers, indicating a claims process that is more favorable for customers. Nationwide scored favorably in J.D. Power’s Customer and Claims Satisfaction surveys.

• Bundle multiple policies: Most auto insurance providers offer discounts for purchasing more than one policy. Common combinations include auto insurance and home insurance bundling, but many providers offer extensive bundling options–including pet insurance, classic car insurance and motorcycle insurance.
• Apply safe driver discounts: Many providers offer safe driving incentive discounts. These include no-claims discounts, which can lower your rates if you haven’t claimed on your policy within a certain number of years. They can also include telematics discounts, which monitor your driving (such as brake speed and phone usage) and reward safe driving habits with savings.
• Increase your deductible: Increasing your deductible means your premium payments will be lower. However, it will increase the out-of-pocket amount you need to pay if you do have an accident before your insurance policy pays out.
• Consider low mileage discounts: If you don’t drive often, find a provider that offers low mileage discounts. Some insurers will only charge you for the miles you drive, creating opportunities for savings.
• Maintain a clean driving record: Insurance premiums increase significantly for drivers with high-risk profiles. One of the best ways to keep your auto insurance rates low is to practice safe, defensive driving and maintain your clean driving record.

Auto insurance rates can vary significantly by location, even within a state. Among the larger cities, Las Cruces offers some of the lowest auto insurance rates in New Mexico. Rates are higher in Hobbs and Albuquerque.

New Mexico requires all drivers to carry property damage and bodily injury liability coverage, which pay for the other party’s medical costs and property damage if you cause an accident. The legal minimum coverage limits are:

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

Though these figures represent the legal minimum limits in New Mexico, for most drivers minimum coverage car insurance is not enough to cover the cost of an accident. It’s wise to raise your limits and add coverages like uninsured/underinsured motorist (UIM), collision and comprehensive to your policy.

New Mexico has the second-highest rate of uninsured drivers of any state in the United States — one in four drivers does not carry auto insurance.⁴ If you’re involved in an accident with a driver who doesn’t have insurance or whose limits are too low to cover your damages, UIM will pay for your injuries and other losses. It’s wise to add to your policy, with limits as high as your own liability limits.

We analyze average premiums in New Mexico for full and minimum coverage for good drivers with good credit as well as various driver profiles, including those with DUIs, accidents, low credit and teenagers. Full coverage averages use the following limits:

• Bodily injury liability: $100,000 per person/$300,000 per accident
• Property damage liability: $100,000 per accident
• Uninsured and underinsured motorist bodily injury: $100,000 per person/$300,000 per accident
• Comprehensive and collision: $500 deductible