Cheapest Car Insurance Rates in 2023

Best Car Insurance Companies in New Mexico

• State Farm
• Farm Bureau
• Progressive
• Allstate
• American Family
• Safeco

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

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

FAQ

General Information on Auto Insurance

Most of the information here also applies to most states in the US.

Cost Concerns and Issues

Avoid getting ripped off and up your chances of getting lower rates through this section.

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.

Accidents and Claims

When you get into an accident, what happens? Know more about your rights and what you should do here.

DMV Rules and Regulations on Auto Insurance

Below are certain rules enforced by the DMV as well as its application in certain situations.

Other Questions

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.