Car insurance costs $110 per month on average in New Mexico. Learn more about how rates are determined.
Auto insurance policies are affordable in New Mexico. The average auto insurance premium in New Mexico is $1,331 per year — 6.8% less than the US average.
Your car insurance premiums are affected by factors aside from geography. Car insurance rates price based on various factors, including a driver's age, credit rating, driving history, gender and marital status.
We analyzed New Mexico car insurance rates by each of the primary rating factors. Learn how much car insurance costs in your state — or enter your ZIP code to receive personalized rates from top auto insurance companies.
It's a common phenomenon: as you age, your car insurance prices change. Generally speaking, auto insurance is more costly for young drivers, as car insurance companies consider newer motorists as riskier.
In New Mexico, auto insurance runs $6,861 each year for a 16-year-old driver and only $1,188 per year for a driver in their 50s.
|Age||Average Yearly Rate|
While gender doesn’t have as significant an impact on auto insurance costs as state or age, it is used as a rating factor by underwriters.
|Gender||Average Yearly Rate|
If you think you might not be getting the best possible value for your money with your present auto insurance company, the best option is to compare offerings from a variety of insurance companies.
One benefit of married life — aside from the wedding gifts — is the price cut you typically receive on auto insurance. In New Mexico, married drivers save $108 each year on car insurance. This is more than the U.S.-wide average savings of $76.
|Marital Status||Average Annual Premium|
Auto insurance for divorced drivers in New Mexico is the 27th most expensive in the nation. If you're overpaying for your policy, shop around. You could find a great policy for less!
Auto insurance companies use credit history as a prediction of how reliable a client will be. Historical data suggest drivers who maintain good credit are usually more reliable auto insurance clients: they less commonly file claims.
In New Mexico, a driver with excellent credit saves $1,047 each year in insurance payments, compared to a driver who has a bad credit history. Learn more about how credit can impact car insurance costs in New Mexico:
|Credit Level||Average Annual Rate|
|Very Poor (300-579)||$2,196.43|
|Very Good (740-799)||$1,363.55|
Finding affordable car insurance if you have a low credit score can be stressful. But we're here to assist. Check out our guide to getting car insurance with bad credit and learn how to save!
If you’re found at-fault in a car accident or found guilty of a vehicular offense, your car insurance costs are bound to climb. The more violations you rack up, the more expensive your car insurance policy becomes.
In New Mexico, your first minor at-fault crash will cost you $641 per year in auto insurance premiums. A DUI or DWI — considered among the most serious vehicular violations — could increase your yearly insurance rates in New Mexico by as much as $686.
|Age||Average Annual Premium|
|At-Fault Accident (<$1,000)||$1,972.34|
|At-Fault Accident ($1,000-$2,000)||$2,524.73|
|At-Fault Accident (>$2,000)||$1,972.34|
|Speeding (21-25 MPH > limit)||$2,229.85|
|Speeding (16-20 MPH > limit)||$2,229.85|
If you are looking for a better deal on auto insurance, it's worth comparing rates to get reasonably priced coverage that suits you.
How much you are charged monthly for car insurance depends on the level of coverage you select. Liability-only coverage typically is less expensive, while low-deductible comprehensive coverage costs more. In New Mexico, the price gap between state-minimum liability-only coverage and comprehensive coverage with a $500 deductible is $689.
|Coverage Level||Average Annual Rate|
|$100K/$300K/$100K Bodily Injury/Property Damage — Liability Only||$672|
|$100K/$300K/$100K Bodily Injury/Property Damage — $1,000 Comprehensive/Collision||$1,218|
|$100K/$300K/$100K Bodily Injury/Property Damage — $500 Comprehensive/Collision||$1,362|
|$50K/$100K/$50K Bodily Injury/Property Damage — Liability Only||$577|
|$50K/$100K/$50K Bodily Injury/Property Damage — $1,000 Comprehensive/Collision||$1,122|
|$50K/$100K/$50K Bodily Injury/Property Damage — $500 Comprehensive/Collision||$1,266|
|State Minimum — Liability Only||$488|
|State Minimum — $1,000 Comprehensive/Collision||$1,032|
|State Minimum — $500 Comprehensive/Collision||$1,177|
If you're facing above-average car insurance costs, think about weighing rates to find affordable insurance coverage that meets your requirements.