Insurance

Best Ways To Get Affordable Car Insurance In New Mexico

Car owners in New Mexico have to be prepared for a wide range of potential problems, like floods, tornadoes, and wildfires, not to mention uninsured and underinsured motorists. Even the best drivers can cause an accident.

Car insurance is an important purchase but can be expensive, no doubt. Many factors contribute to why your premiums could be high. Location, age, gender, marital status, credit score, driving record, and the type and make of your vehicle. 

However, you can save by shopping around and comparing quotes from different insurers to get the best rates.

 

How To Get Affordable Car Insurance In New Mexico

There are ways that drivers can get cheap auto insurance in New Mexico. Below are some things you should consider when searching for cheap policies :

Shop Around

Different insurance providers have different rating systems resulting in different quotes for the same coverages. Shopping around would help you get the best policies for the coverage you want.

Utilize Discounts

Many companies offer at least a few discounts that could reduce your premium. Having one insurer to cover your home or business as well as your vehicle is often one of the biggest discounts.

Other savings include vehicle safety discounts, telematics programs, and teen driver discounts.

Drive Safely

Maintaining good driving practices and having a clean driving record could save you from increased premiums. Accidents, tickets, and DUI convictions could make your rates increase significantly because you are viewed as a high-risk driver.

Increase Your Deductibles

The deductible is the amount a policyholder would pay out of pocket when he files a claim for damage to his vehicle.

Increasing your deductibles will typically lower your premium, but take caution to choose an amount that will not negatively impact your finances if you file a claim.

Minimum Coverage Requirements In New Mexico 

The New Mexico law requires all registered drivers to have at least the minimum car liability insurance as it is in most states.

The auto liability insurance covers the bills for property damage and injuries you cause to the other party when you are involved in an at-fault accident. The two main components of auto liability insurance are bodily injury and property damage. 

Other components include the Underinsured motorist coverage and the Uninsured motorist coverage that protects you when a driver with little or no coverage hits you.

Although auto insurance companies in New Mexico are required to offer you uninsured and underinsured motorist coverage, you have an option to reject it in writing.

 Driving in New Mexico requires that you possess the following minimum coverage:

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

It is advised, however, to purchase a higher coverage limit to avoid hefty out-of-pocket expenses when you’re involved in a serious car accident.

Note that minimum coverage does not provide you any coverage for damage to your own vehicle. You need full coverage for that which adds comprehensive and collision. 

Read also:

Cheapest Car Insurance Companies In New Mexico

Some insurance providers offer cheaper premiums than others. The premiums vary based on individual information on your profile. Here are some companies offering the lowest quotes in New Mexico:

 

Car Insurance CompanyAverage Monthly Quote
Progressive$99
Kemper Specialty$131
Travelers$133
GAINSCO$133
Midvale Home & Auto$139
Dairyland$149
Kemper$160
Acuity$167
Safeco$169
Hallmark$172

 

Cheapest Full-Coverage Car Insurance In New Mexico

A full coverage car insurance policy includes comprehensive and collision coverage and also liability coverage. Full coverage may also include underinsured or uninsured motorist coverage. 

Full coverage increases your rates significantly but for your financial protection, it is worth it. Some companies however do not charge as much. Here are some of the cheapest insurers and the average monthly quote: 

 

Car Insurance CompanyAverage Monthly Quote
Progressive$116
Travelers$149
Midvale Home & Auto$159
Acuity$176
GAINSCO$180
Kemper Specialty$187
Safeco$195
Dairyland$202
Nationwide$213
The General$217

Cheap Car Insurance For Good Drivers In New Mexico

Good drivers typically pay lower insurance premiums on average than people with claims on their records in New Mexico. Good driving not only cuts your costs but ensures your safety as well. Here are some of the cheapest auto insurance companies offering the best rates to good drivers in New Mexico.

Car Insurance CompanyAverage Monthly Quote
Progressive$95
Midvale Home & Auto$120
Kemper Specialty$121
GAINSCO$125
Travelers$126
Dairyland$138
The General$156
Safeco$156
Hallmark$156
Bristol West$161

 

 

 

New Mexico Car Insurance Rates By Driving And Accident History

The cost of your car insurance policy depends on several individual factors, including your driving record. Drivers considered as high risk will pay higher premiums than drivers with a clean driving record. Accidents, DUI, and speeding tickets can raise your rates significantly.

The table below shows what drivers in New Mexico pay for each type of infraction.

 

InfractionAverage Monthly Cost
Clean Record$146
DUI$173
At-Fault Accident$205
Speeding Ticket$194

Cheap Car Insurance For Drivers With DUI In New Mexico

Driving under the influence (DUI) is a criminal offense in the US that can result in having your license suspended, serving jail time, and paying fines. Drivers with DUI pay higher premiums as they are considered high risk.

Below are some insurance providers that offer the best rates for drivers with a DUI:

 

Car Insurance CompanyAverage Monthly Quote
Progressive$119
Kemper Specialty$127
Dairyland$143
GAINSCO$146
Travelers$151
Kemper$157
Liberty Mutual$157
Safeco$165
Midvale Home & Auto$168
Bristol West$177

 

Cheap Car Insurance For Drivers With An At-Fault Accident In New Mexico

At-fault accidents affect car insurance premiums more than any other infraction in New Mexico. That’s because an accident on your record indicates to your insurance company that you’re at a greater risk for a crash. Here’s what drivers pay on average for insurance coverage after an at-fault accident in New Mexico.

Car Insurance CompanyAverage Monthly Quote
Progressive$116
Acuity$142
Travelers$146
Kemper Specialty$176
GAINSCO$180
Dairyland$205
Kemper$206
Safeco$211
Midvale Home & Auto$228
Bristol West$235

 

 

 

Cheap Car Insurance For Drivers With An At-Fault Accident In New Mexico

Having an at-fault accident on your record will make you pay higher premiums than an average driver because it indicates that you are at a greater risk for a crash. Here are some companies with the lowest average monthly quote in New Mexico:

 

 

Car Insurance CompanyAverage Monthly Quote
Progressive$116
Acuity$142
Travelers$146
Kemper Specialty$176
GAINSCO$180
Dairyland$205
Kemper$206
Safeco$211
Midvale Home & Auto$228
Bristol West$235

Cheap Car Insurance For Drivers With Speeding Tickets In New Mexico

A speeding ticket indicates to your insurance company that you’re not always taking precautions on the road and classifies you as a risk. And so, you’ll be charged higher premiums for car insurance if you have a speeding ticket on your driving record. Here are some of the cheapest companies and an average monthly quote of what drivers pay after a speeding ticket:

 

Car Insurance CompanyAverage Monthly Quote
Progressive$109
GAINSCO$148
Travelers$161
Kemper Specialty$161
Dairyland$184
Midvale Home & Auto$186
Kemper$190
Safeco$203
Bristol West$204
Hallmark$216

Car Insurance Rates By Credit Score In New Mexico

Drivers with better credit scores pay less for auto insurance in New Mexico. Here’s how much each credit tier pays for auto insurance on average in New Mexico:

Credit TierAverage Monthly Quote
Excellent$256
Good$273
Average$318
Poor$396

Car Insurance Rates By Driver Age In New Mexico

Age is a factor that auto insurance providers put into serious consideration  and it affects the rates you pay. Teens and young drivers pay the most premiums largely because of their inexperience behind the wheels and so they stand a greater chance of being in an accident.

Heres an average of what to expect based on age:

 

Age GroupAverage Monthly Rate
Teenagers$339
Under 25$269
20s$197
30s$144
40s$148
50s$132
60s$126
70s$139
80+$150

In summary, getting the best and affordable car insurance requires you to shop around for quotes and compare. All the best!

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