New Mexico Car Insurance with Bad Credit

The Zebra
March 12, 2019

Auto insurance can be expensive if you have bad credit. Car insurance companies use credit as a major rating factor, setting prices based in part on clients' credit scores. Since auto insurance companies rely on data that show clients with low credit scores have a greater likelihood of filing car insurance claims, the companies compensate for this risk by charging more expensive rates.

Car insurance rates with bad credit depends on where you live, which insurance company you use, and a variety of other factors. See below typical insurance prices for drivers with bad credit in major New Mexico cities and rates from top auto insurance companies, plus a few tips on how to save on auto insurance with bad credit in New Mexico.


Car insurance for drivers with bad credit in New Mexico:

  1. Average rates
  2. Prices by city
  3. Costs by carrier

Car insurance rates with bad credit in New Mexico

Drivers in New Mexico pay an average penalty of $920 annually for having a credit score at the low end of the scale. Drivers in either the “poor” or “below fair to poor” credit tier will also pay higher-than-average rates.


NEW MEXICO CAR INSURANCE RATES WITH BAD CREDIT

Credit TierAverage Annual Rate in New Mexico
Worst$2,251
Poor$2,039
Below Fair to Poor$1,878
Average — All Credit Tiers$1,331

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Car insurance rates with bad credit in New Mexico cities

Car insurance rates also depend on the geographic area where you park your car. Insurance companies use your address to estimate your odds of filing a claim: the more claim-prone your area,, the more expensive rates you’ll pay.

Listed below are major New Mexico cities and their typical auto insurance rates for drivers with poor credit ratings.


BAD CREDIT CAR INSURANCE RATES IN NEW MEXICO CITIES

CityAverage Annual Rate — Worst CreditAverage Annual Rate — Poor CreditAverage Annual Rate — Below Fair to Poor Credit
Albuquerque$2,612$2,368$2,181
Las Cruces$2,012$1,827$1,683
Rio Rancho$2,444$2,222$2,045
Santa Fe$2,339$2,125$1,957
Roswell$2,276$2,060$1,898

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Cheap car insurance companies for bad credit in New Mexico

Another factor contributing to how much you pay for auto insurance is the company you choose. Every auto insurance company rates policies differently, giving rating factors varying weights in their calculations. Credit can be a primary differentiator in price from one insurance company to the next. In New Mexico, the most affordable major insurance company with bad credit is USAA, which offers a discount of $348 per year versus the second-most affordable company, GEICO.

See below prices from popular car insurance companies in New Mexico for drivers with bad credit.


NEW MEXICO CAR INSURANCE PREMIUMS WITH BAD CREDIT — BY COMPANY

CompanyAverage Annual Rate — Worst Credit Tier
USAA$1,568
GEICO$1,917
Farm Bureau$1,957
State Farm$2,293
Progressive$2,623

If you're dealing with the difficulty of buying auto insurance with a bad credit history, remember these tips:

  1. View car insurance quotes
  2. Know when — and when not — to file a claim
  3. Know what determines auto insurance rates

Compare rates from top car insurance companies.