Looking for Cheap Car Insurance in New Mexico?
New Mexico's unique mix of geography and culture makes this southwestern state one of the most historically rich and exciting destinations in the country—which means there's little wonder as to why so many people spend time on the road here.
But with a high number of uninsured drivers, crowded roads, and plenty more factors that can lead to higher insurance premiums, it's important for consumers to compare car insurance quotes in New Mexico before they settle into a policy.
Your geographic location is just one of the many factors that determine your insurance rates. Whether you're in a high-demand area like Albuquerque, New Mexico, or a low-demand area like Santa Fe, New Mexico, it's important to compare multiple providers to find the best coverage for your price.
Carlay will help you with that! Carlay is an app that lets you compare rates from more than 50 insurers so you can find the cheapest insurance deals. It handles all the paperwork and phone calls so you don't have to, and most importantly, it monitors your car insurance policy before renewal to make sure you're getting the best deal.
Here are some quotes from real Carlay customers:
How Much Does Car Insurance Cost in New Mexico?
The average basic car insurance premium in New Mexico is $1,712 per year. If you decide to opt for full coverage, you can expect an average cost of $2,033 per year.
To buy basic liability car insurance, the average American pays $1,783 per year; to buy full coverage car insurance, the average American pays $2,485 per year.
What contributes to the insurance rates in New Mexico?
The following are a few of the factors that can affect how much you pay for car insurance in New Mexico:
- Uninsured drivers
New Mexico drivers might be surprised to learn that the state has the highest percentage of uninsured drivers in the country. According to the Insurance Research Council, more than 1 in 5 New Mexico drivers operate a vehicle without insurance. This makes car insurance especially important.
- High population densities
City centers like Santa Fe and Albuquerque have high population densities, extensive local transportation systems, and thriving nightlife scenes—but also some of the highest car insurance rates in the state.
- Congested roadways
New Mexico is known for its beautiful scenery and rich culture, but along with the beauty comes high insurance costs. Congested roadways increase the risk of accidents and claims, making it expensive for insurers to do business in the Land of Enchantment.
Here's how you can save money with Carlay Insurance in New Mexico versus the national average:
|All Coverage Before Carlay||All Coverage After Carlay||Minimum Coverage Before Carlay||Minimum Coverage After Carlay||Full Coverage Before Carlay||Full Coverage After Carlay|
|All Coverage Before Carlay||$2,106||$2,489|
|All Coverage After Carlay||$1,440||$1,671|
|Minimum Coverage Before Carlay||$2,336||$2,360|
|Minimum Coverage After Carlay||$1,122||$1,390|
|Full Coverage Before Carlay||$2,189||$2,761|
|Full Coverage After Carlay||$1,606||$1,963|
Top auto insurance providers in New Mexico
Choosing the right insurance company for you might take a little work. Insurance companies have formulas they use to calculate the likelihood of you getting in an accident, so if you collect quotes from five different insurance companies, you will probably end up with five different rates for identical coverage.
Factors like your age, driving experience, and geographical location all affect the rate you pay for auto insurance. And the car you drive can raise or lower premiums, too. Driving an Audi A8 will require you to pay higher insurance costs than a Mazda 3 since the former is more expensive.
Carlay customers in New Mexico have found some great deals with various insurance companies.
What Car Insurance Do You Need in New Mexico?
In most states, people are required to purchase a certain amount of automobile insurance before they can legally drive. In New Mexico, you need at least the following minimum auto insurance coverage to legally drive:
|Bodily injury liability||$25,000 per person / $50,000 per accident||Covers the costs associated with injuries you cause to others|
|Property damage liability||$10,000 per accident||Covers the costs associated with the damage you cause to other people's vehicles or property|
If you travel without the proper documentation, you may face the consequences, including:
- Fine of up to $300
- Up to 90 days in jail
- Suspension of registration and license plate
- Financial liability in the event of an accident
Consider purchasing as much coverage as you can afford for loss or damage to your belongings. Some helpful options are:
|Collision insurance||Covers damages that are the result of a collision with a vehicle or stationary object|
|Comprehensive insurance||Covers damages that aren't the result of a collision, such as vandalism, theft, or a natural disaster|
|Uninsured motorist coverage||Reimburses you for your expenses from an accident caused by an uninsured driver|
|Personal injury protection||Covers medical expenses, lost wages, and rehabilitation costs after an accident|
|Rental reimbursement||Reimburses you for your rental car expenses while your car is being repaired after a claimable accident|
Let Carlay help you find the best policy (or shop around for a better deal than you're already getting) hassle-free. Carlay is a reliable app designed to help you make better decisions when it comes to car expenses. Carlay helps you compare quotes from over 50 providers like Travelers and Safeco to find a policy that meets your needs. Once you've found a policy you like, the transition from start to completion is Carlay's job.
Now that you've determined the type of insurance coverage you need let's explore the factors that contribute to your premium.
How is Your Cost of Car Insurance Determined in New Mexico?
Your insurance rates can be influenced by many conditions, but age, driving record, location, and the type of vehicle you drive are some of the most important.
- Cost to insure your car in New Mexico by age
Young drivers are statistically more likely to be involved in an accident, drive impaired or distracted, and fail to wear seatbelts. For these reasons, they're considered high-risk drivers and face steep premiums.
What young drivers in New Mexico need to know
- The graduated licensing law in New Mexico gives young drivers the chance to gain experience and develop their
skills more gradually.
- You can improve your driving skills and lower your insurance rates by taking a defensive driving course.
- A good grade average can help students qualify for a good student discount when buying car insurance.
Whether you're young or old, comparison shopping at Carlay is the best way to find the lowest rates for car insurance. Here are the average rates for drivers by their age:
|Age Group||Average Cost||Annual Savings with Carlay|
- Cost to insure your car in New Mexico with a poor driving record
Driving records can help determine the cost of car insurance. Because riskier drivers are sometimes charged more, if you have tickets or accidents on your driving record, you may have to pay a higher New Mexico car insurance rate.
After receiving some traffic tickets, you may be interested in learning how to save money on your car insurance. Luckily, comparing rates online using a tool like Carlay can help you save big bucks on your next policy.
Poor-driving Carlay customers have been able to save money on their car insurance with the following discounts:
|Driving Violation||Average Cost||Annual Savings with Carlay|
|Speeding under 15||$3,298||$1,281|
|Failure to Obey Traffic Sign||$1,637||$429|
|Speeding over 15||$1,092||$84|
- Cost to insure your car in New Mexico based on where you live
New Mexico has cities like Albuquerque with a population density of over 3,000 people per square mile. The influx of tourists during the warmer months creates traffic problems. This means that your address can affect how much you pay for car insurance.
Urban drivers pay more than rural ones for car insurance due to higher accidents, theft, and claim rates. Here are the 10 least expensive places to live in New Mexico if you drive:
|City||Average Cost||Annual Savings with Carlay|
- Cost to insure your car in New Mexico based on the type of car you drive
And finally, the type of car you have in your garage will influence how much money you spend on car insurance. If you shop around and are willing to buy a mid-range vehicle such as a Ford Fusion or Mazda CX-5, rates aren't too bad.
If you drive less and buy an inexpensive car, you may find that your insurance costs are lower because your car will be cheaper to repair or replace if you're in an accident. But, if you own a car that's fancy, like a Tesla or a Mercedes, you'll typically pay higher car insurance rates.
Here is the cost of insuring some popular car makes and models with and without Carlay:
How to Save Money On Car Insurance in New Mexico?
It's well worth looking for ways to save money on your annual car insurance premium. To save on car insurance, check out the following methods for lowering your annual premium.
- Shop around for quotes
If you must choose just one method of lowering your rates, consider comparison shopping. Carlay makes getting the best price for your insurance coverage a snap.
Carlay is a time-saving, money-saving app for people who have cars. Once you sign up, Carlay will find you great deals on car insurance with more than 50 insurers. When you're ready to move forward with your quote, Carlay handles the switchover from start to finish, so all you have to do is check out and enjoy your savings.
- Look for discounts
If you live in New Mexico, there are a number of certificate discounts available through insurers. Some companies also allow you to stack multiple certificates and discounts to reduce your insurance premium.
|Discount type||Who is eligible?|
|Driver safety discounts||Drivers in New Mexico who have been accident-free for several years can usually get a “safe driver” discount.|
|Defensive driving discounts||New Mexico drivers can qualify for a 5% discount by taking an approved defensive driving course. The course teaches how to avoid accidents, assess weather and traffic conditions, and drive safely. Check with your provider about approved programs.|
|Good student discounts||If you're under 25 and a full-time student, you could get a huge discount on your car insurance premium. There's also a “student away at school” discount for families where a child under 25 lives away from home and only drives during vacations.|
|Bundling your policies||Get your car and home policies from the same company and you could enjoy a reduced premium|
|Telematics programs||By installing a small device in your car to track driving behavior, New Mexico drivers can get rewards and discounts just for driving safely! It's free to enroll and the company ships the device right to your doorstep.|
- Increase your deductible
Your deductible is the amount you have to pay when you make a claim on your insurance policy before your insurer pays out. Increasing your deductible, often from $500 to $1000, can save you as much as 25% on your premium. Just be sure that you can afford to pay this amount each time you need to. Otherwise, if you are in an accident and can't afford it, you may find yourself in financial trouble.
Registering Your Car in New Mexico
To register your car in New Mexico, the MVD requires the following items:
- Valid driver's license or ID card
- Proof of insurance
- Proof of sales tax payment
- Car title or signed lease agreement
- Application for vehicle registration
- Smog check certificate, if applicable.
New Mexico drivers must renew their vehicle registrations annually.