Cheapest Car Insurance Rates in 2023
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Cheap SR 22 Auto Insurance in New Mexico: Best Companies & Quotes
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Joanna is an expert on understanding how the different laws and regulations in the car insurance industry shape the way that policies work.
Best Car Insurance Companies in New Mexico
- State Farm
- Farm Bureau
- American Family
|State Farm||Farm Bureau||Progressive||Allstate||American Family||Safeco|
|AM Best Financial Strength Rating||A++||A||A+||A+||A||A|
|JD Power 2019 Overall Customer Satisfaction score||5/5||N/A||3/5||3/5||3/5||3/5|
|Avg Annual Premium||$1,069||$1,493||$1,450||$1,735||$833||$1,138|
|Consumer Reports Reader Score||78||90||75||72||89||N/A|
|BBB Rating||A||Not Rated||A+||A+||A||B+|
Auto Insurance Statistics in New Mexico
Auto insurance rates in places like Albuquerque, New Mexico have remained significantly lower than the national average for many years. Drivers in New Mexico can enjoy taking advantage of these low auto insurance rates when taking out car insurance policies.
Top 10 Cheapest Car Insurance Companies in New Mexico
|Rank||Company Name||Avg. Annual Premium|
|5||Farm Bureau Mutual (IA Group)||$1,254|
|9||Central Mutual Insurance Co||$1,454|
Drunk Driving Fatalities
Drinking and driving is a dangerous activity in the state of New Mexico as well as in other states across the country. In order to avoid these fatalities, it is recommended to refrain from drinking and driving. The National Highway Traffic Safety Administration has done a tally of the number of drunk driving fatalities in New Mexico vs. nationwide.
Drunk driving fatalities in New Mexico from 2013 to 2017
Teen Drinking and Driving
Teen drinking and driving in New Mexico has been higher or close to the same level as the national averages for the past few years. The below statistics compare the percentage of New Mexico drivers that are teenagers who are drinking and driving related to national averages.
Teen Drinking & Driving in New Mexico vs. Nationwide (2017)
SR-22 Insurance in New Mexico
If you live in New Mexico, you're fortunate enough to be one of the few US residents that won't need to get an SR-22 if you want to begin driving again. This is one of the seven states that does not have any SR-22 requirement. Still, things can quickly change — it's always important to stay as up to date as possible if you have committed an infraction and want to begin driving again.
No matter what type of insurance you're purchasing, compare rates as thoroughly as possible — you will most likely be paying much more for insurance if you have a bad driving record.
Car Theft in New Mexico
Car theft in New Mexico has been consistently higher than the national average for many years. By finding out about the rate of car theft in New Mexico, drivers will have a more comprehensive understanding of the level of risk they take while driving and owning a car in the state.
Vehicle thefts by rank nationwide vs. New Mexico
Uninsured Motorists in New Mexico
If there is an accident involving an uninsured motorist in New Mexico, the other driver may have to pay out of pocket to cover the cost of damages and bills. This why it is necessary to carry uninsured and underinsured motorist coverage. The below data shows how well New Mexico ranks in the total number of reported uninsured motorists in the state in the year 2015.
Percentage of uninsured drivers (Top States in 2015)
A New Car
If you want the best rates, you’ll need a newer car. You don’t have to go out and buy one that’s brand new, but you do need one that’s not old. New cars are less expensive to insure. Additionally, you’ll find it’s less expensive to insure a vehicle that’s larger, such as an SUV or a truck. If you choose one of these with a very powerful engine, though, you’ll find it’s more expensive to insurance. Think big and not very fast if you want to get the best possible rates.
A Safe Address
Where you live is indicative of what you’ll pay for insurance. If you live in a neighborhood that’s safe and has no issue with crime, you’ll pay less. When you live in an unsafe neighborhood with a higher crime rate, you’ll pay more for your insurance. It’s because you are more likely to be robbed or your car vandalized in a neighborhood like this. Even if you have a low-crime neighborhood, you might still pay more if your home address is located in an area that’s not economically thriving. The reason is most people who live in areas with a low economic status are less likely to have insurance of their own. Those who choose to pay for insurance end up paying for those who don’t.
A Good Credit Score
Your credit can be awful and you won’t be denied a policy. You’ll just pay far more for the same policy as someone else with a good credit score. If you have time to work on your credit, it’s advisable you do so. Obtain copies of your reports to check for any information that’s incorrect. If there is anything incorrect or mistakenly located on your report, please dispute the time with the credit bureau. You can improve your score significantly in as little as 30 days doing this. It can lower your rate by making you appear more responsible to the insurance company.
Your Driving Record
Why it surprises so many people their driving record is pulled when searching for insurance policies is a mystery. This is a standard procedure for all people in need of a new insurance policy. No one wants to give a low rate to a driver who is always speeding, constantly breaking the law, and in accidents all the time. They want to give the low rates to people who drive well and safely. If your driving record is spotty or bad, go ahead and expect to pay more for your policy.
To find the best insurance rates in New Mexico, you’ll want to see about contacting cheap car insurance companies such as Geico, Allied, Farm Bureau, Farmers, or Progressive. They charge far less on average than any other company in New Mexico. These are a great starting point for you if you don’t know where to look for a lower rate. Apply for a quote with each company, but understand this quote is not the final price you’ll pay for insurance. You will need to provide more personal information for a final rate, but you can compare prices this way and use them as a negotiation tool when you contact your current insurance company to discuss a better policy rate.
Types of Auto Insurance Coverage in New Mexico:
- Comprehensive Insurance Coverage
- Bodily Injury Liability Insurance
- Uninsured/Underinsured Motorist Bodily Injury Insurance
- Uninsured Motorist Property Damage Insurance
- Property Damage Liability Insurance
Minimum Requirements For Car Insurance in New Mexico
There are minimum requirements for car insurance in the state of New Mexico. According to The New Mexico Office of Secretary of Insurance, it is mandatory to have liability coverage and uninsured/underinsured motorist coverage.
Liability Coverage minimums for the state of New Mexico:
- $25,000 per individual to cover bodily injury or death
- $50,000 per accident involving bodily injuries or deaths
- $10,000 for property damage
Source: New Mexico Office of Secretary of Insurance
Cheap Auto Insurance Discounts
At CheapAutoInsurance.co, we aim to help you save as much as possible in the state of New Mexico. One of the ways to do so is by choosing discounts that apply to your situation so you can get even more savings. Browse the list below to find some of the most common auto insurance discounts.
- Anti-theft discount
- Mature driver discount
- Military or Veteran discount
- Bundling insurance policies discount
- Senior citizen discount
- Car safety features discount
- Good student discount
- Defensive driving discount
- Low-mileage discount
- Multi-car auto insurance discount
- Infrequent usage discount
General Information on Auto Insurance
Most of the information here also applies to most states in the US.
What is the minimum auto insurance coverage in New Mexico?
What type of car insurance coverage do I need to buy a car in New Mexico?
What auto insurance is required in New Mexico with a lien?
When did auto insurance become mandatory in NM?
What is a full coverage auto insurance in NM?
According to New Mexico law, how long does it take to buy auto insurance?
How long do accidents affect car insurance in New Mexico?
How necessary is uninsured motorist auto insurance in New Mexico?
Do you need car liability insurance when renting a car in New Mexico?
How much car liability insurance do I need in New Mexico?
Who needs commercial auto insurance in New Mexico?
Cost Concerns and Issues
Avoid getting ripped off and up your chances of getting lower rates through this section.
How much is car insurance per month in New Mexico?
How does New Mexico rank with car insurance?
What is the cheapest car insurance in NM?
Why is New Mexico auto insurance expensive?
How much does a dui increase car insurance in New Mexico?
How do I save money on car insurance New Mexico?
Car insurance premium goes down at what age in New Mexico?
Why do you really need auto insurance quotes in New Mexico?
How do I compare car insurance quotes in New Mexico?
How do I find the lowest car insurance rates in New Mexico for a senior citizen?
How do I beat high cost of auto insurance in New Mexico?
How does a credit scores effect auto insurance rates in NM 2018?
How much does antique car insurance cost a year in New Mexico?
How much more is motorbike insurance insurance than car in New Mexico?
Auto Insurance Recommendations
If you want to see what companies you should check out based on different criteria, this is the right place to look.
How do I find the best car insurance in New Mexico?
What is the best car insurance in New Mexico?
What is the best auto & home insurance in New Mexico?
Which auto insurance has lowest rates for teen drivers in New Mexico?
Where can I get car insurance in New Mexico online?
Where do I get high risk auto insurance in New Mexico?
Accidents and Claims
When you get into an accident, what happens? Know more about your rights and what you should do here.
What is the time limit on car insurance claims in New Mexico?
According to NM law, who is entitled to car accident insurance, the children or the spouse?
Does the Hartford Insurance in New Mexico cover iPads or laptop when my car was stolen?
In NM vehicle insurance, the other party at fault. Who pays for rental car?
In NM, what is the car insurance standard pay out on a three-car accident with minor injuries?
How do I check my car insurance claims online in NM?
According to New Mexico insurance law, what happens when at fault driver refuse to pay?
What do I need on New Mexico insurance to pay car damage in hit and run?
How do you find out about another person's car insurance in New Mexico?
What would happen to the rental car if my insurance is canceled, and I had a wreck in New Mexico?
DMV Rules and Regulations on Auto Insurance
Below are certain rules enforced by the DMV as well as its application in certain situations.
How do I change car insurance if I am moving from Portland to New Mexico?
When do you change your auto insurance coverage during a divorce in New Mexico?
In New Mexico, how do I cancel a car insurance policy I’ve had for only one month?
Does New Mexico electronically look up your insurance car when registering a vehicle?
What is my 3-digit auto insurance ID number in New Mexico?
How do I find out if I have no car insurance in New Mexico?
Do I need to show proof car insurance when I get my NM driver's license?
In New Mexico, where do I send my proof of high risk car insurance?
Those that cannot be categorized in the previous sections indicate that they are not as much of a concern to New Mexico residents. Both the questions below are related to when you should have an auto insurance.