Car Insurance Cost Per Month in New Mexico

On the 2022/2023 Auto Insurance Database Report (2023 data year), a policy in New Mexico carrying liability, collision and comprehensive averaged $108 a month, and the liability portion alone $52. The average insured vehicle in the state cost $90 a month, whether or not it carried the physical damage coverages, which ranks New Mexico #22 of 51 jurisdictions (1 = cheapest). These are averages across every driver, vehicle and limit in the state, not quotes, and the NAIC series runs about two years behind.

New Mexico requires minimum liability coverage of 25/50/10.

The top three carriers by market share in New Mexico are State Farm, GEICO, Progressive, per NAIC market share filings. Market share does not equal cheapest price -- the best rate for your specific profile (age, vehicle, driving record, credit score in states where legal) requires comparing quotes. We recommend comparing at least 3 carriers. carinsurancecomparisontool.com offers a side-by-side carrier comparison.

No. New Mexico is an at-fault state. When an accident occurs, the at-fault driver's liability coverage pays for the other driver's injuries and property damage. This means your state-minimum liability coverage must be high enough to cover a potential claim against you.

High uninsured-driver rate (around 21%) and rural road conditions lift rates above neighboring Colorado.

Yes, in most cases. New Mexico allows insurers to use a credit-based insurance score (distinct from your FICO) to predict claim likelihood. A poor credit-based score can add 20-100% to your premium. Improving your credit over 12-24 months can generate meaningful savings at renewal.