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New Mexico Cheapest Car Insurance & Best Car Insurance Coverage

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Updated January 26th, 2021

If you are in the market for the cheapest auto insurance in New Mexico, your best options will be Farm Bureau Financial, Allied, and Progressive.

Each insurer can offer quotes from 17 to over 31% lower for drivers with a good driving history.

You want to put other insurance companies on your list for savings are Farmers, GEICO, and State Farm.

Each can save you from 10 to nearly 20% cheaper than drivers of a similar age and profile.

Regional carriers you should take a look at are Loya and Encompass.

Depending on your driving history, each insurer should be able to get you a lower than average premium.

This article will cover minimum insurance requirements, affordable insurers by city and age, and a few cost-saving strategies to help you find the lowest premium possible.

If you would like to skip to a certain portion of the article, there is a table of contents down a little and to the right.

Minimum Auto Insurance Requirements in New Mexico

CoverageNew Mexico Minimum Liability CoverageRecommended 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 injured 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 Farm Bureau, Progressive, and Farmers. All three are 20% lower than the comparable insurers. As illustrated, the male driver owned the 2013 Honda Accord with a good driving history and decent credit. For additional details, please see the table below.

Property Damage Liability

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

In New Mexico, the minimum property damage liability coverage 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 the 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 number of drivers and uninsured motorists. 

Inexpensive premium options for a 35 year old in NMNote: 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 the table below.

Cheapest Auto Insurance Carriers by Age & Company

Below we queried the overall most affordable insurers for drivers from 25 to 55 years of age.

The lowest price carriers throughout the age spectrum are GEICO, Farm Bureau Financial, and Progressive.

All three can offer quotes over 22% cheaper than the median rate for similar age drivers.

Depending on your location, we found Farm Bureau Financial can offer quotes as competitive if not better than GEICO and Progressive.

Other competitive insurers are Farmers, Allied, and State Farm.

All three can offer rates from 10 to 19+% lower than the median quote for similar profile drivers.

Allied, at times, can offer quotes nearly as competitive a Farm Bureau Financial.

Two regional carriers to check out are Loya and Encompass.

Both can offer competitive quotes about 10% lower than the median rate.

It is also best to blend national and regional companies to find the most savings when shopping for the cheapest auto insurance in New Mexico.

With the list, you have a blend of 8 insurers that offer lower than average quotes for drivers with a decent driving history.

Which should help you find the lowest premium and maintain coverage.

New Mexico CompanyAverage Rate 25 Y/O Driver30 Y/O Driver35 Y/O Driver40 Y/O Driver45 Y/O Driver55 Y/O Driver
GEICO$1,300$890$819$734$612$502
Farm Bureau$1,340$1,003$912$798$644$527
Progressive$1,346$1,024$914$825$659$538
Farmers$1,356$1,045$945$845$670$549
Allied$1,380$1,087$944$865$655$540
State Farm$1,402$1,121$940$870$657$548
Allstate$1,412$1,144$947$857$680$578
Liberty Mutual$1,438$1,172$987$855$703$570
Loya$1,456$1,189$980$860$732$601
Encompass$1,543$1,230$1,003$876$733$599
Sentry$1,575$1,245$1,043$859$740$621
MetLife$1,623$1,340$1,046$876$755$632
Hartford$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 the rate table above.

Comprehensive, Collision & Uninsured Motorist Coverage

Comprehensive and collision coverage is 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 will 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), it 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, & Complaints

Below are the best carriers by rate change over 12 to 18 months, complaints, and consumer ratings.

The average rate change for insurers in New Mexico average 1.9%.

Which is average for both national and regional carriers.

If you get a traffic violation, your rate can rise significantly.

And in some instances, if your credit is lowered, you could see a rise in your premiums.

The amount of complaints is low across the board for all companies.

However, large national companies will have more complaints since they write more premiums.

This is normal and to be expected.

The top carriers we mentioned, Farm Bureau Financial, Progressive, GEICO, and Allied all, have good financial strength.

Any of them listed below have the capacity to pay out a large legitimate claim.

Consumer rating data is an average of reputable online sources.

Any other data complied from the Insurance Information Institute (III.org), RMIIA.org, JD Power & Associates, and AM Best.

New Mexico CompanyPremiumsRate Change# 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 qualify 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 tell your insurance company about it and what you can do to lower your insurance rate.

One suggestion is to take a defensive driver course to offset any “points” you may have on your license.

You can click here for available defensive driver courses from New Mexico’s DMV.

Average Premium by City

Location is a primary factor for insurers to determine how much you pay for your premium.

Below are 24 mid-size cities throughout New Mexico.

The lowest average premium is $1,290 to the highest at $1,550 per year.

Which is a variance of 17% at a premium price.

If you have a significantly higher premium than those listed below, you may have poor driving history, poor credit, or y young (teen) driver.

To keep your premium as low as possible, make sure to maintain a good driving history, good credit, and never let your premium lapse.

If you would like a comparison of quotes by major cities, please read further below.

CityAvg PremiumPopulationCityAvg PremiumPopulationCityAvg PremiumPopulation
Angel Fire$1,2901,113El Prado$1,3672,727Placitas$1,3204,977
Aztec$1,5116,763Gallup$1,50521,678Portales$1,32512,280
Belen$1,4867,122Kirtland$1,500250Raton$1,4406,103
Bloomfield$1,4117,090La Luz$1,49097,618Rio Lucio$1,550379
Cedar Crest$1,3761,000Las Vegas$1,50813,753Santa Teresa$1,4654,258
Chupadero$1,487362Los 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, NM lowest premium choices for 30, 45, and 55 year old.

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 queried 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 Company30 Y/O Driver45 Y/O Driver55 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

Las Cruces, NM

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

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 the most expensive is Allstate at $727.

Allstate’s quote is nearly 20% lower than the average premium in Las Cruces.

Las Cruces Company30 Y/O45 Y/O55 Y/O
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

Rio Rancho, NM

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

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 Rancho Company30 Y/O45 Y/O55 Y/O
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

Santa Fe, NM

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

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.

It would be smart for a senior driver to get quotes from all carriers illustrated to find maximum savings and optimum coverage.

Santa Fe Company30 Y/O45 Y/O55 Y/O
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

Roswell, NM

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

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 Company30 Y/O45 Y/O55 Y/O
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

Farmington, NM

Farmington least expensive insurers by price for 30 to 55 y/o drivers.

If you are looking for the lowest premium in Farmington, get quotes from Farm Bureau, Allied, and Progressive.

We queried each at $921, $943, and $980 per year for a 30-year-old driver.

All three are over 26% lower than the “mean” quote for similar age drivers.

State Farm is competitive with a low quote at $1,043 per year.

A 45-year-old can find cheap quotes with the same three companies.

Farm Bureau is the lowest with a quote at $737.

Which is 24% lower than the median rate for similar profile drivers.

Allied is competitive with a $768 or more than 22% lower than the “mean” quote.

A 55-year-old can find the lowest options with Farm Bureau and Allied.

We queried each at $547 and $567 respectfully for full coverage.

Or more than 23% lower than the median rate for comparable age drivers in Farmington.

Farmington Company30 Y/O45 Y/O55 Y/O
Farm Bureau$921$737$547
Allied$943$768$567
Progressive$980$800$600
State Farm$1,043$876$623
GEICO$1,056$903$670
Farmers$1,145$932$701
Allstate$1,190$955$723

Clovis, NM

Clovis affordable premium prices for 25 to 55 y/o drivers.

Drivers in Clovis can find the cheapest auto insurance by getting quotes from Allied, Farm Bureau, and Progressive.

We queried each at $921, $945, and $978 per year for a 30-year-old driver.

Which is over 31% lower than the median rate for similar age drivers.

A 45-year-old can find a lower premium with the Allied and Farm Bureau.

Each queried at $722 and $740 respectfully per year for full coverage.

Progressive is competitive, with a low quote at $789.

A 55-year-old can find the best options with Allied, Farm Bureau, and Progressive.

We queried each at $517, $522, and $575 per year for full coverage.

All three are over 23% lower than the “mean” rate for similar age drivers.

It would be smart for all age drivers to get quotes from all carriers to find the most savings while maintaining coverage.

Clovis Company30 Y/O45 Y/O55 Y/O
Allied$921$722$517
Farm Bureau$945$740$522
Progressive$978$789$575
Farmers$1,056$805$643
State Farm$1,090$827$656
GEICO$1,100$879$697
Allstate$1,127$900$707

Hobbs, NM

Hobbs, NM low-cost premium options for all drivers.

Drivers in Hobbs can find the least expensive insurance with Farm Bureau, Progressive, and Allied.

We queried each at $922, $945, and $976, respectfully for a 30-year-old.

Which is nearly 30% lower than the median rate for similar age drivers.

State Farm and Farmers are slightly higher with quotes at $1,065 and $1,127, respectfully.

A 45-year-old can find the cheapest quotes with Farm Bureau, Progressive, and Allied.

Each queried at $719, $740, and $745 per year for full coverage.

All three carriers are over 22% lower than the median rate.

A 55-year-old can find the lowest prices with Farm Bureau and Progressive.

Farm Bureau is the lowest at $515 per year for full coverage.

Or more than the 23% lower than the “mean” quote for similar profile drivers.

Progressive is quite low at $545, making them nearly as competitive.

Hobbs Company30 Y/O45 Y/O55 Y/O
Farm Bureau$922$719$515
Progressive$945$740$545
Allied$976$745$576
State Farm$1,065$779$590
Farmers$1,127$821$631
GEICO$1,187$834$648
Allstate$1,203$987$675

Alamogordo, NM

Alamogordo cheapest policy choices for 30 to 55 y/o drivers.

If you aren’t getting affordable coverage in Alamogordo, you are probably looking in the wrong place.

Start by getting quotes from Farm Bureau, Allied, and Progressive.

We queried each at $943, $980, and $1,045 per year for a 30-year-old driver.

Which is 25 to 28% lower than the median quote for similar age drivers.

A 45-year-old find low quotes with Farm Bureau or Allied.

Each queried at $740 and $765 respectfully for full coverage.

Both carriers are over 24% lower than the “mean” quote for drivers.

A 55-year-old can find the lowest prices with Farm Bureau, Allied, and Progressive.

Farm Bureau is the cheapest at $546 per year for full coverage.

Which is over 22% lower than the median rate for similar profile drivers in Alamogordo.

Alamogordo Company30 Y/O45 Y/O55 Y/O
Farm Bureau$943$740$546
Allied$980$765$580
Progressive$1,045$802$609
State Farm$1,089$814$632
Farmers$1,131$843$655
GEICO$1,176$855$689
Allstate$1,212$889$712

Carlsbad, NM

Carlsbad, NM low-cost premium choices for all drivers.

Drivers in Carlsbad can find the cheapest car insurance by getting quotes from Farm Bureau, Progressive, and Allied.

We queried each at $911, $935, and $978 per year for a 30-year-old.

All three carriers offer quotes over 24% lower than the median rate for similar age drivers.

State Farm and Farmers offer competitive quotes with prices at $1,032 and $1,065.

A 45-year-old can find cheap quotes with Farm Bureau and Progressive.

Both insurers queried at $732 and $745 respectfully for full coverage.

Or over 21% lower than the median quote.

A 55-year-old can find the best choices with the Farm Bureau, Progressive, and Allied.

All three are under $600 per year. Farm Bureau is the lowest at $537.

Progressive and Allied are competitive with quotes at $545 and $571, respectfully.

Carlsbad Company30 Y/O45 Y/O55 Y/O
Farm Bureau$911$732$537
Progressive$935$745$545
Allied$978$790$571
State Farm$1,032$825$609
Farmers$1,065$868$612
GEICO$1,087$895$632
Allstate$1,138$912$658

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

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

Greg Fowler

Managing Member of AutoInsureSavings LLC, Greg has been in the insurance industry for 12 years and enjoys rebuilding vehicles. His goal is to help drivers save on anything related to automobiles. Travel and enjoying the outdoors are some of his hobbies. The best way to reach him is at his Twitter or Facebook Profile.

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