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New Mexico Auto Insurance Requirements, Best Carrier by Consumer Ratings, & Lowest Insurers Compared by Age

Minimum Auto Insurance Requirements in New Mexico

CoverageNM Minimum Liability CoverageRecommended Auto Insurance Coverage
Bodily Injury Protection$25,000 / $50,000$25,000 / $50,000
Property Damage$10,000$25,000
Uninsured Motorist Coverage BIL*$25,000 / $50,000$25,000 / $50,000
Underinsured Motorist Coverage PD*$10,000$10,000
Medical PaymentsOptional$5,000
Comprehensive CoverageOptional$250 deductible
Collision CoverageOptional$250 deductible

*You may reject uninsured motorist coverage in New Mexico. To do so, state law requires that you return a signed paper form to your insurance company by mail.

Bodily Injury Liability

The state of New Mexico demands that everyone carry $25,000 to cover the doctor’s bills per hurt person with a $50,000 limit per accident for all people in the other vehicle.

Graph with the cheapest quotes for a 25 year old in New Mexico.

Note: The lowest premiums we queried for a 25 year old in New Mexico are with Farm Bureau, Progressive, and Farmers. All three are 20% lower than the comparable insurers. As illustrated, the male driver owned at 2013 Honda Accord with good driving history and decent credit. For additional details please see table below.

Property damage Liability

Property damage liability covers damages to the other party’s vehicle, or other property like roads signs or any other public property.

In New Mexico, the minimum property damage liability cover is set at $10,000.

NM lowest premium choices fora 30 y/o driver.

Note: A 30 year old can find quotes clustering between $1,003 and $1,121. The cheapest is Farm Bureau at $1,003. More details in the rate table below.

The list numbers for the state of New Mexico would 25/50/10. Each number is in thousands and the same as above respectfully.

If you have a newer vehicle it is recommended to carry more than the minimum coverage because of the amount of drivers and uninsured motorists in the state.

Inexpensive premium options for a 35 year old in NM

Note: The two lowest insurers for a 35 year old are with Farm Bureau and Progressive. Each queried at $912 and $914 respectfully for full coverage. Additional details in table below.

Cheapest Carriers by Age & Company

RankNM Auto Insurance CompanyAvg Ann. Rate for 25 Y/O DriverAvg Ann. Rate for 30 Y/O DriverAvg Ann. Rate for 35 Y/O DriverAvg Ann. Rate for 40 Y/O DriverAvg Ann. Rate for 45 Y/O DriverAvg Ann. Rate for 55 Y/O Driver
1GEICO$1,300$890$819$734$612$502
2Farm Bureau$1,340$1,003$912$798$644$527
3Progressive$1,346$1,024$914$825$659$538
4Farmers$1,356$1,045$945$845$670$549
5Allied$1,380$1,087$944$865$655$540
6State Farm$1,402$1,121$940$870$657$548
7Allstate$1,412$1,144$947$857$680$578
8Liberty Mutual$1,438$1,172$987$855$703$570
9Loya$1,456$1,189$980$860$732$601
10Encompass$1,543$1,230$1,003$876$733$599
11Sentry$1,575$1,245$1,043$859$740$621
12MetLife$1,623$1,340$1,046$876$755$632
13Hartford$1,689$1,365$1,082$895$751$638

Cheapest auto premium options for a 40 year old.

Note: The lowest price for a 40 year old driver is with Farm Bureau. The only carrier we queried which is less than $800 per year. The other carriers illustrated clustered between $825 and $870 per year. Please see rate table above.

Comprehensive, Collision & Uninsured Motorist Coverage

Comprehensive and collision cover are recommended for adequate protection for unforeseen accidents such as hail or fallen tree branches.

Uninsured motorist protection is a good idea since anywhere from 10% to 20% of drivers are driving without insurance in the state of New Mexico.

5 Affordable auto premium choices for a 45 year old driver.

Note: A 45 year old can find the lowest rates with Farm Bureau, Allied, and State Farm. Each quoted at $644, $655, and $657 respectfully for full coverage. More details in rate table above.

Uninsured motorist protection is going to help cover damages if the other driver does not have adequate or no insurance at all.

New Mexico is bordered by Texas and Arizona and has a higher than national average car theft rate. If you are carrying comprehensive coverage or “non-collision” (known as comprehensive too) would be adequate.

Least expensive premium choices for a 55 y/o driver.

Note: A 55 year old with good driving history can find quotes clustering between $527 and $549 per year.

Best Insurers by Consumer Rating, Rate Change over 18 Months, & Complaints

NM Auto Insurance CompanyPremiumsRate Change > 18 Months# of ComplaintsConsumer Rating out of 5 Stars
GEICO$126,092,000+1.7%44.5
Farm Bureau$83,431,000+1.7%24.0
Progressive$109,873,000+1.7%44.4
Farmers$161,604,000 +1.8%44.4
Allied$43,738,000+1.8%54.3
State Farm$223,332,000+1.9%84.3
Allstate$96,312,000+1.9%24.3
Liberty Mutual$56,335,000+1.9%14.4
Loya$25,517,000+2.0%14.0
Encompass$34,658,000+2.0%33.9
Sentry$40,866,000+2.1%33.9
MetLife$40,476,000+2.1%43.9
Hartford$41,509,000+2.2%23.9

Simple Strategies for Long Term Savings

Here are a few ideas to lower your car insurance premium if you reside in New Mexico:

  • If you use your vehicle for pleasure and not a daily commute your rates are lower
  • If you are a student and have good grades you will quality for a student discount
  • Anti-theft devices installed on the vehicle will reduce insurance rates
  • If you drive less than average you can reduce your premium even more

Uninsured Motorist Penalty for First-Time Offenders

If you are caught driving without insurance in the state of New Mexico first time offenders can get a $300 fine. If the Department of Motor Vehicles is aware then your license and registration can be suspended too.

Remember the most important part of insurance is driver history. If you have been in any accidents or had major traffic violations you want to be sure to tell your insurance company about it and what you can do to lower your insurance rate.

One suggestion is to take an defensive driver course to offset any “points” you may have on your license. You can click here for an available defensive driver courses from New Mexico’s DMV.

Average Premium by City

CityAvg PremiumPopulationCityAvg PremiumPopulationCityAvg PremiumPopulation
Alamogordo$1,29030,403Farmington$1,36745,877Placitas$1,3204,977
Albuquerque$1,511545,852 Gallup$1,50521,678Portales$1,32512,280
Aztec$1,4866,763Hobbs$1,50034,122Rio Rancho$1,44087,521
Carlsbad$1,41126,138Las Cruces$1,49097,618Roswell$1,55048,366
Cedar Crest$1,3761,000Las Vegas$1,50813,753Santa Fe$1,46567,947
Clovis$1,48737,775Los Alamos$1,48012,019Silver City$1,29510,315
Edgwood$1,4003,805Los Lunas$1,48514,835Taos$1,4575,763
Española$1,35910,224Lovington$1,48911,009University Park$1,4204,192

Albuquerque, NM

Albuquerque CompanyAvg Ann. Rate for 30 Y/O DriverAvg Ann. Rate for 45 Y/O DriverAvg Ann. Rate for 55 Y/O Driver
GEICO$1,122$840$700
Farm Bureau$1,155$903$725
Allied$1,186$915$778
Progressive$1,245$949$803
Farmers$1,287$980$805
State Farm$1,300$1,007$811
Allstate$1,344$1,087$869

Albuquerque is the largest city in the state with 560,000 residents. Home to Intel’s largest manufacturing facility the city is a center for timber, livestock and farming, and a growing area for high-technology industries. 

Other industries important to the economy include health services, banking, and tourism. With a wonderful climate, charming Spanish influence, strong economy, and cultural attractions make it a haven for young professionals and others from across the nation. 

Other area attractions include the Biological Park, Petroglyph National Monument, the National Atomic Museum and the Natural History Museum. The Sandia Mountains have caves containing remains of the continent’s oldest humans.

Interesting Facts about Albuquerque

  • Has more live theaters than any city in the nation per capita.
  • Has more parks per person than any city in the nation.
  • Is the only place where Route 66 crosses itself.
  • The only city that has prairie dog colonies right in the middle of town.

You can get an affordable auto premium if you get quotes from Farm Bureau, Allied, and Progressive. We queried each at $1,155, $1,186, and $1,245 per year for a 30 year old. Which is 22% lower than the “mean” rate of $1,511. Farmers and State Farm are approximately $155 more than the cheapest carrier. Or 16% less than the average premium.

For a 45 year old the lowest quotes are with Farm Bureau, Allied, and Progressive. Each at $903, $915, and $949 respectfully for full coverage. Which equates to 31% lower than the citywide average rate.

For a 55 year old we found two insurers less than $800 in Albuquerque. Farm Bureau and Allied each at $725 and $778 respectfully for full coverage.

Out of the 7 insurers we queried the most expensive is Allstate. Each queried at $1,344 for a 30 year old, $1,087 for a 45 year old, and $869 for a 55 year old driver.

Albuquerque, NM lowest premium choices for 30, 45, and 55 year old.

Las Cruces, NM

Las Cruces CompanyAvg Ann. Rate for 30 Y/O DriverAvg Ann. Rate for 45 Y/O DriverAvg Ann. Rate for 55 Y/O Driver
Farm Bureau$944$788$611
Allied$986$800$630
GEICO$1,007$814$629
Progressive$1,065$864$679
Farmers$1,121$870$700
State Farm$1,166$903$699
Allstate$1,189$943$727

Las Cruces is Spanish for “The Crosses” and is the 2nd largest city in the state with approximately 105,000 residents. Las Cruces is rich in attractions that celebrate the city’s history and cultural diversity.

The annual Whole Enchilada Fiesta is a huge event held every September where downtown Las Cruces is transformed into one big street party complete with food, live music, rides, a parade, and the creation of a very large enchilada.

Wonderful and Historic Old Mesilla, only minutes from Las Cruses, is a quaint town highlighted by a plaza filled with shops, boutiques, and restaurants.

Other notable attractions include, the La Viña Blues & Jazz Thing, Cinco de Mayo Fiesta,La Viña Wine Festival, Cowboy Days, and the Renaissance ArtsFaire.

Finding cheap quotes is fairly easy if you get quotes from Farm Bureau, Allied, and Progressive. We queried each at $944, $986, and $1,065 for a 30 year old. Which is 33% lower than the citywide average rate of $1,490 per year. It would be smart for a driver to get quotes from all insurers to find an optimum premium with the most savings.

For a 45 year old we found Farm Bureau at $788 per year for full coverage. Or more than $200 in annual savings. Allied was $12 more at $800 and Progressive less than 6% higher at $864. All three are 19% lower than the citywide “mean” rate.

For a 55 year old driver we found all insurers we queried clustering between $611 and $727. Farm Bureau is the cheapest at $611 while most expensive is Allstate at $727. Allstate’s quote is nearly 20% lower than the average premium in Las Cruces.

Las Cruces, NM cheapest auto premium options for a 30 and 45 year old.

Rio Rancho, NM

Rio Rancho CompanyAvg Ann. Rate for 30 Y/O DriverAvg Ann. Rate for 45 Y/O DriverAvg Ann. Rate for 55 Y/O Driver
GEICO$890$702$594
Farm Bureau$945$747$606
Allied$983$785$619
Progressive$1,054$812$648
Farmers$1,089$845$670
State Farm$1,126$890$690
Allstate$1,170$909$711

Rio Rancho is the 3rd largest city in the state with nearly 100,000 residents. It is 12 miles north of Albuquerque with Intel Corp as the largest employer. Residents enjoy the numerous parks, trails, bicycle paths and open space located in the city.

The scenic Jemez Mountains includes water falls, warm springs and attractive meadows. The Kasha-Katuwe Tent Rocks National Monument offers trails running through canyons, and features huge cone-shaped formations made from pumice.

The top of the Tent Ricks Trail offers spectacular views. Rio Rancho is the site of Intel’s Intel Fab 11X, one of the largest semiconductor fabrication plants in the world.

Drivers can find an inexpensive auto premium with Farm Bureau, Allied, and Progressive. We queried each at $945, $983, and $1,054 respectfully for a 30 year old. Which is 36% lower than the “mean” rate of $1,440 per year. Also, it equates to $350 in savings by getting quotes from our top three choices.

A 45 year old driver can find cheaper rates with Farm Bureau, Allied, and Progressive. Each quoted at $747, $785, and$812 per year for full coverage. Which is 40% lower than the citywide average premium for all three carriers.

A 55 year old can find quotes clustering between $606 and $711. Farm Bureau is the cheapest at $606 while Allstate is $105 more at $711. All carriers illustrated for a 55 year old are 45% lower than the “mean” rate in Rio Rancho.

Rio Ranch lowest premium choices for 30 and 45 year old.

Santa Fe, NM

Santa Fe CompanyAvg Ann. Rate for 30 Y/O DriverAvg Ann. Rate for 45 Y/O DriverAvg Ann. Rate for 55 Y/O Driver
GEICO$865$706$587
Allied$906$767$609
Progressive$932$814$622
Farm Bureau$969$832$656
Farmers$1,005$889$680
State Farm$1,057$890$723
Allstate$1,102$876$758

Santa Fe is the 3rd largest city with 85,000 residents. It is also the capital of New Mexico. The city is a major tourist area, especially the historic downtown which includes the prominent Santa Fe Plaza.

The town is well known as a primary center for museums as well as the arts, especially Canyon Road. Stunning architecture and sculptures can be seen all over the town. The area is also well known for its beautiful scenery and active nightlife scene.

Santa Fe is home to a vast amount of fairs, celebrations and festivals. Historic Native American ruins and a large number of American Indian pueblos are located in the area.

Interesting Facts about Santa Fe

  • Is the oldest state capital in the nation founded in 1608.
  • At 7,000 above sea level it is the United State’s highest capital city.
  • Today a museum, The Palace of Governors on the Santa Fe Plaza is the oldest government building in the United States.
  • Is the third-largest art market in the United States, after New York and Los Angeles.

The average premium in Santa Fe is $1,465 per year. We found Allied, Progressive, and Farm Bureau at $906, $932, and $969 respectfully for a 30 year old. Which is 41% lower than the average rate. Farmers and State Farm are 32% lower than the “mean” rate. Each quoted at $1,005 and $1,057 respectfully for full coverage.

For a 45 year old driver the lowest quotes are with Allied, Progressive, and Farm Bureau. We queried each at $767, $814, and $832 respectfully per year. Which is 45% lower than the citywide average premium.

A 55 year old can find the cheapest rates clustering between $609 and $758. Allied is the lowest at $609 or $400 in annual savings. For a senior driver it would be smart to get quotes from all carriers illustrated to find maximum savings and optimum coverage.

Santa Fe 5 lowest insurers by prices for 30 and 45 year old.

Roswell, NM

Roswell CompanyAvg Ann. Rate for 30 Y/O DriverAvg Ann. Rate for 45 Y/O DriverAvg Ann. Rate for 55 Y/O Driver
Farm Bureau$945$755$598
GEICO$989$768$605
Allied$1,027$770$612
Progressive$1,056$812$648
Farmers$1,082$843$644
State Farm$1,129$845$650
Allstate$1,130$868$649

Roswell is the 5th largest city in the state with approximately 50,000 residents. Famously known as the UFO capital in the nation from the 1947 UFO crash incident which later produced the “Alien Autopsy” film.

There are interesting things to do in Roswell which include The International UFO Museum, the Roswell Museum and Art Center and the Anderson Museum of Contemporary Art.

The outline of an iron cross of stones made by German POWs during the Second World War is suppose to be neat. Local festivals include the UFO Festival and the Pecos Valley Jazz and Arts Festival, which each attract a number of visitors every year.

Roswell has some of the highest premiums in the state with an average of $1,550 per year. Finding a cheaper premium is easy if you get quotes from Farm Bureau, Allied, and Progressive. We queried each at $945, $1,027, and $1,056 per year for a 30 year old. Which is 34% lower than the citywide “mean” rate. Farmers and State Farm are approximately $200 higher at $1,082 and $1,129 respectfully.

For a 45 year old the lowest quotes are with Farm Bureau, Allied, and Progressive. Each quoted at $755, $770, and $812 for full coverage. All three are nearly 50% lower than the “mean” rate of Roswell.

For a 55 year old driver the cheapest quotes are with Farm Bureau at $598 per year. Which equates to $450 or more per year in savings. For optimum coverage and savings it would be smart to get quotes from all carriers illustrated.

Roswell, NM 5 lowest premium choices by insurer for a 30 and 45 y/o.

Resources & Department of Motor Vehicles

Department of InsuranceDepartment of TransportationMotor Vehicle Division
4th, 1120 Paseo De Peralta, Santa Fe, NM 87501
(855) 427-5674
7500 Pan American East Fwy NE, Albuquerque, NM 87109
(505) 798-6600
801 4th St NW, Albuquerque, NM 87102
(505) 764-6650
WebsiteWebsiteWebsite

Final Thoughts

If you are comparing insurance quotes or looking to reduce your monthly premium, you want to be sure to talk to the broker/agent about each of the quotes you have and ask about other coverage that may be needed.

Sources

http://www.rmiia.org/auto/

http://www.mvd.newmexico.gov/vehicle-insurance.aspx

https://www.libertymutual.com/auto/car-insurance-coverage/new-mexico

https://www.dmv.org/nm-new-mexico/car-insurance.php

http://www.naic.org/

http://www.iihs.org/

Greg Fowler
I love to network, travel, and spend time with my children. When I am not doing that I am working on AutoInsureSavings or other websites. If I am working, the best way to reach me is via my Google+ Profile.

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