Best Car Insurance In New Mexico

Key Points:

• You can find the best car insurance in New Mexico from State Farm, Central Insurance, Geico, USAA, and Allstate.
• Central Insurance offers the best rates on full and minimum coverage.
• USAA is the best option for military members in New Mexico.

Like nearly every state in the country, New Mexico requires all drivers to have car insurance. In this review, we’ll help you find the best New Mexico car insurance provider for your vehicle and budget. Our review team ranked the best car insurance companies in the nation based on coverage, industry standing, availability, costs, and more. We’ve used the same criteria to determine the top auto insurance companies in the Land of Enchantment.

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What Is The Best Car Insurance Company In New Mexico?

State Farm is our pick for the best car insurance in New Mexico. The company offers affordable auto insurance rates and useful discounts for students and teens. Its Drive Safe and Save™ program can help drivers save up to 30 percent for good driving habits. Plus, it ranked first on the J.D. Power 2023 U.S. Auto Insurance Study for the Southwest region.

New Mexico Car Insurance Company Comparison

The table below shows our top five picks for New Mexico car insurance including our rating and award for the provider.

*Not all companies were included in our rate estimates for each state. You may also notice that some car insurance companies are listed above those with higher star ratings. This is because our star ratings take into account nationwide factors, while our ranking looks specifically at what insurance providers are best for car insurance in New Mexico.

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5 Best Car Insurance Companies In New Mexico

Next, we’ll cover our top New Mexico car insurance recommendations in detail.

#1 State Farm: Best Overall Provider

Full Coverage Auto Insurance Cost: $1,779 per year or $148 per month
Minimum Liability Auto Insurance Cost: $494 per year or $41 per month
New Mexico Customer Service Rating: 835/1,000
Claims Satisfaction Rating: 891/1,000

State Farm is our pick for the best car insurance in New Mexico. The provider ranked first among standard insurance providers in the southwest United States on J.D. Power’s 2023 Auto Insurance Study and placed high on J.D. Power’s 2023 Claims Satisfaction Study. The company provides affordable rates and many discounts, including ones for safe driving, driver training, good students, bundling, and more. 

Learn more about this company by reading our full State Farm insurance review.

#2 Central Insurance: Best Rates In New Mexico

Full Coverage Auto Insurance Cost: $1,427 per year or $119 per month
Minimum Liability Auto Insurance Cost: $304 per year or $25 per month
New Mexico Customer Service Rating: N/A
Claims Satisfaction Rating: N/A

Central Insurance is a regional provider in 24 states including New Mexico. Our data shows it offers the cheapest rates for most drivers in the state for both minimum liability coverage and full coverage, which makes it a great option for drivers on a budget. The company offers a good selection of options plus perks like transportation expenses, towing, and original equipment coverage.

#3 Geico: Best For Basic Coverage

Full Coverage Auto Insurance Cost: $1,607 per year or $134 per month
Minimum Liability Auto Insurance Cost: $744 per year or $62 per month
New Mexico Customer Service Rating: 804/1,000
Claims Satisfaction Rating: 871/1,000

Geico’s low rates and consistently high customer satisfaction make it one of the best providers for New Mexico drivers. Geico also scores well by national satisfaction metrics. It holds an A+ rating from the Better Business Bureau (BBB) and many positive customer reviews. It’s also rated A++ for financial strength by AM Best, meaning it has the financials to back its policies. 

Learn more about the company by reading our full Geico review.

#4 USAA: Best For Military Members

Full Coverage Auto Insurance Cost: $1,226 per year or $102 per month
Minimum Liability Auto Insurance Cost: $337 per year or $28 per month
New Mexico Customer Service Rating: 879/1,000
Claims Satisfaction Rating: 900/1,000

USAA offers low rates in New Mexico and has high customer service ratings. USAA scored highest in the J.D. Power Auto Insurance Study for the Southwest region with a total of 879 out of 1,000 points, but isn’t eligible for ranking because it isn’t available for all drivers. USAA membership is restricted to military members and their immediate families. 

To learn more information about this provider, read our full USAA insurance review.

#5 Allstate: Good Claims Experience

Full Coverage Auto Insurance Cost: $2,432 per year or $203 per month
Minimum Liability Auto Insurance Cost: $972 per year or $81 per month
New Mexico Customer Service Rating: 801/1,000
Claims Satisfaction Rating: 882/1,000

While our research indicates that, on average, Allstate tends to be more expensive than some of our other recommendations, this isn’t the case for all customers. Those who can take advantage of Allstate’s many discounts may be able to get excellent New Mexico car insurance without paying a high rate. Allstate offers discounts for bundling multiple policies, new vehicles, good students, safety features, safe driving, and more.

Learn more about this company by reading our full Allstate insurance review.

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New Mexico Car Insurance Requirements

New Mexico state requirements dictate that all drivers maintain a 25/50/10 liability insurance policy. This means:

• $25,000 bodily injury liability per person
• $50,000 bodily injury liability per accident
• $10,000 property damage liability per accident

Note that liability insurance only compensates other people when you cause an accident. Your insurance provider won’t cover damages to your vehicle unless you have a full coverage car insurance policy, which includes collision and comprehensive coverage. It is also a good idea for drivers to maintain medical, uninsured/underinsured motorist coverage, and collision coverage, though these aren’t required by New Mexico state law.

Driving without the state minimum insurance is illegal. Uninsured motorists can receive a fine of up to $300, imprisonment for up to 90 days, and suspension of registration.

In addition to legal consequences, your personal assets could be in danger if you get into an accident while uninsured. The other driver could sue you for damages if you’re uninsured or if your insurance doesn’t pay the full cost of damages, repairs, and medical payments.

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What To Know About Driving In New Mexico

Based on data collected by the Federal Highway Administration, New Mexico drivers traveled an average of 17,786 miles per licensed driver in 2022. This is more than the U.S. average of 13,596 miles for the year.

New Mexico also has a higher-than-average rate of auto fatalities. An Insurance Institute for Highway Safety study found that there were 481 auto deaths in New Mexico in 2021, which equated to 22.7 deaths per 100,000 people living in the state. This is much higher than the national average of 12.9 deaths per 100,000 people.

Be careful when driving in New Mexico. Don’t drive while tired or intoxicated, always wear your seatbelt, and be prepared for driving on desert roads.

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Best Car Insurance In New Mexico: Our Take

For New Mexico car insurance, we recommend drivers look into policies from State Farm, Central Insurance, Geico, USAA, and Allstate. Each of these providers has pros and cons, so it’s best to compare multiple options to see what’s best for your driver profile. Rates can vary widely, even between providers. Cost estimates may depend on your age, vehicle, location, credit score, and whether you have a clean driving record or recent at-fault accidents, DUIs, or speeding tickets.

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New Mexico Car Insurance: FAQ

Below are a few frequently asked questions about car insurance in New Mexico.

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How We Rate Auto Insurers

Our review team extensively researches auto insurance providers to deliver informed and unbiased assessments of leading companies. We evaluate several key rating factors that are important to consumers to determine which providers are the best in the industry:

• Reliability: It’s important that an auto insurer is able to meet its claims obligations. Companies with a strong financial strength rating from AM Best score best in this category. Established insurers with a long history of reliable service also receive positive marks.
• Availability: Insurance companies that offer wider availability to consumers in terms of state availability and few eligibility requirements are more likely to meet consumer needs.
• Coverage: To determine our coverage score, we look at the number of coverage options available as well as coverage limits and deductible options. Our ratings also take into account additional services and benefits like roadside assistance.
• Pricing: Cost can be difficult to compare between insurers because so many factors impact annual premiums. The cheapest insurer for one driver may not be the cheapest for another. To determine our cost score, we look at insurance rate estimates generated by Quadrant Information Services, discount opportunities, and consumer reports.
• Service: We comb through customer reviews on sites like the Better Business Bureau (BBB) to learn about customer experiences. Insurers with a low volume of complaints score well in this area. We also consider the claims process, giving higher ratings to car insurance providers that offer a smooth experience.
• Technology: Providers with an online quote tool, easy-to-use claims app and a usage-based insurance app score best in this category.

*Data accurate at time of publication.

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