Like most states, car insurance providers in New Mexico take your credit score into account when determining your premiums. The average credit score in New Mexico (699) is 15 points lower than the national average (714), so maintaining good credit can set you apart from other drivers and potentially bring your rates down.2
- Excellent credit: USAA, $647
- Good credit: USAA, $859
- Bad credit: GEICO, $1,666
Customer Service Score
J.D. Power ranks the top car insurance providers in the Southwest based on their customer satisfaction ratings. Here are a few of the cheapest car insurance companies in New Mexico with the highest customer service scores in the Southwest.
- 856 J.D. Power score: USAA, $511
- 848 J.D. Power score: State Farm, $644
- 827 J.D. Power score: GEICO, $752
- 824 J.D. Power score: Allstate, $990
- 819 J.D. Power score: Farmers, $1,306
It should be no surprise that people with poor driving records tend to pay higher-than-average rates for car insurance. Car insurance companies consider the following factors when they assess your driving history:
- Accidents on your driving record
- Claims history
- Driver’s license points
- Moving violations
- Serious charges like DUIs or hit-and-runs
- Traffic-related violations (driving without insurance or a license)
The more violations, accidents, and convictions you have on your record, the higher your rates will likely be.
- Good driving record: GEICO, $1,065
- Bad driving record: State Farm, $1,788
If you’re one of the 14,300 active military members or 135,000 veterans in New Mexico, your best option for cheap car insurance is USAA.3 USAA’s membership is exclusive to active military members, veterans, and their families. With USAA, you and your family can enjoy some of the cheapest car insurance rates, the highest customer service scores, and the most comprehensive list of membership benefits, like discounts for car rentals and financial planning guidance.
- Active military personnel: USAA, $511
- Veterans: USAA, $511
Because married couples tend to be more financially stable and more risk-averse, insurance providers offer them cheaper rates than single drivers. On average, married American couples pay a little over $1,200 a year for car insurance, which is nearly 30 percent more than what married couples from New Mexico pay on average.
- Married: State Farm, $900