- Average car insurance cost in New Mexico is $1,314 per year, or around $110 per month, for a full-coverage policy.
- New Mexico has the cheapest average car insurance rates in the Southwest U.S. and ranks 22nd out of all 50 states.
- For cheap car insurance in New Mexico, the best vehicles to insure are compact SUVs like the Honda CR-V, Mazda CX-3, Kia Sportage, and Subaru Forester.
How much does car insurance cost in New Mexico?
The average cost of car insurance in New Mexico is $1,314 per year for full coverage, which is 13.7% less than the national average rate of $1,523. Car insurance cost per month in New Mexico averages $110.
The next chart shows car insurance cost in New Mexico when averaged for all 2021 models. Rates are shown for multiple driver ages and policy deductible amounts.
The overall average rate in the chart above is the $500 deductible policy for a 40-year-old driver which costs $1,314 per year in New Mexico, or about $110 per month. When all other variables stay the same, car insurance gets cheaper as you age (up to about age 65), and higher deductibles will cost less than low deductibles.
One of the biggest factors that determines how much you’ll pay for car insurance is the type of vehicle you drive. The chart below shows average rates in New Mexico for ten of the more popular vehicles sold in the state.
Later in this article, we will rank the top 75 cheapest vehicles to insure in New Mexico. Out of the ten popular vehicles shown above, the six cheapest make it into the top 75. The Toyota RAV4, Toyota Camry, Chevy Silverado, and Ram 1500 pickup all have higher average costs which keep them off the list.
Many other factors impact the cost of car insurance such as your driving record and the discounts you qualify for. The list below breaks out some of these factors and how they may change the cost of car insurance in New Mexico.
- Insuring your car with the same company that insures your home could save an average of $170 per year. This is called “bundling” your coverage.
- Having an at-fault accident could trigger a rate increase of up to $538 each year.
- Earning multiple policy discounts could save as much as $410 per year. These discounts include things like multi-vehicle, multi-policy, safe driver, claim-free, customer loyalty, and others.
- Even minor traffic citations like failure to yield or a speeding ticket could increase the annual cost of car insurance in New Mexico by $346 per year.
- Increasing policy deductibles from $100 to $1,000 could save $598 or more each year. Just ensure you have adequate financial resources to cover a higher deductible.
- Insuring multiple vehicles on one policy could save as much as $70 per year.
- A DUI or other major driving violation could cause rates to increase by $1,204 or more per year.
How expensive is car insurance in New Mexico?
When compared to surrounding states, New Mexico car insurance rates are 10.7% less than Texas, 19.6% less than Oklahoma, 18.9% less than Colorado, 4.1% less than Arizona, and 6% more than Utah.
In dollar figures, the $1,314 per year average cost of car insurance in New Mexico will cost $158 per year less than in Texas, $320 less than in Oklahoma, $306 less than in Colorado, $56 less than in Arizona, and $74 more per year than in Utah.
The chart below shows how New Mexico compares to the other Southeast region states of Arizona, Texas, and Oklahoma.
Since New Mexico ranks 22nd overall for cheapest car insurance rates in the U.S, it compares favorably to many other states with higher rates.
When compared to some of the higher-prices states, the average cost of car insurance in New Mexico is 21.9% cheaper than New York, 10.7% cheaper than New Jersey, 35.8% cheaper than Florida, 22.6% cheaper than Nevada, and 21.6% cheaper than California.
There are 21 states that have cheaper average car insurance rates than New Mexico, however. When compared to some of those states, average New Mexico car insurance cost is 36.9% more expensive than Maine, 34.9% more than Virginia, 21.9% more than Illinois, 9.9% more than Washington, and 27.3% more than North Carolina.
New Mexico car insurance cost by vehicle segment
The chart below shows the average cost of car insurance in New Mexico broken down by each automotive segment. Small SUVs like the Honda CR-V, Mazda CX-3, and Kia Sportage tend to have some of the cheapest rates, while luxury models and sports cars tend to have the highest overall rates.
The list above is great for comparing the average car insurance cost between different vehicle types. But if you want to know the cheapest model in each segment, the list below is for you.
- Cheapest compact car insurance – Volkswagen Golf at $1,048 per year or $87 per month
- Cheapest compact SUV insurance – Subaru Forester at $974 per year or $81 per month
- Cheapest midsize car insurance – Mazda 6 at $1,220 per year or $102 per month
- Cheapest midsize SUV insurance – Ford Edge at $1,044 per year or $87 per month
- Cheapest full-size car insurance – Kia Cadenza at $1,334 per year or $111 per month
- Cheapest full-size SUV insurance – Toyota Sequoia at $1,298 per year or $108 per month
- Cheapest midsize pickup insurance – Toyota Tacoma at $1,106 per year or $92 per month
- Cheapest full-size pickup insurance – Ford F150 at $1,250 per year or $104 per month
- Cheapest heavy duty pickup insurance – Ford F350 Super Duty at $1,416 per year or $118 per month
- Cheapest minivan insurance – Kia Sedona at $1,112 per year or $93 per month
- Cheapest sports car insurance – Mazda Miata at $1,204 per year or $100 per month
- Cheapest compact luxury car insurance – Mercedes-Benz A220 at $1,288 per year or $107 per month
- Cheapest compact luxury SUV insurance – Volvo XC40 at $1,084 per year or $90 per month
- Cheapest midsize luxury car insurance – Acura ILX at $1,228 per year or $102 per month
- Cheapest midsize luxury SUV insurance – Volvo V60 at $1,240 per year or $103 per month
- Cheapest full-size luxury car insurance – Volvo S90 at $1,432 per year or $119 per month
- Cheapest full-size luxury SUV insurance – Volvo XC90 at $1,260 per year or $105 per month
What vehicles have cheap car insurance in New Mexico?
Many small and midsize SUVs, small and midsize cars, and even a few luxury models and full-size pickups make our list of the top 75 cheapest vehicles to insure in New Mexico. The Subaru Forester ranks number one, however, costing an average of $974 per year.
The table below shows the top 75 vehicles with cheap New Mexico car insurance quotes from the 2021 model year.
Variability of car insurance in New Mexico
We use a lot of average rates in our car insurance comparisons, but it’s important to show some examples of how much rates can vary based on different risk factors.
The charts below take some popular models from different segments and show rates for different scenarios like for a high-risk driver, for difference age groups, and for different policy deductibles.
Plotting them all on the same chart allows you to see how significantly rates can vary simply by have a different age of driver, or a poor driving record.
Ram 1500 pickup insurance rates
Ram 1500 insurance in New Mexico costs an average of $1,426 per year and ranges from $1,184 to $3,244 per year for the sample driver risk profiles shown in the chart below.
The Ram Truck is considered a full-size truck, and other popular models include the Toyota Tundra, GMC Sierra, Nissan Titan, Chevrolet Silverado, and Ford F150.
Ford Ranger insurance rates
Ford Ranger insurance rates in New Mexico range from $1,008 to $2,758 per year for the driver profiles in the chart below. Ford Ranger insurance costs an average of $1,218 per year or $102 per month in New Mexico.
The Ford Ranger belongs to the midsize truck segment, and other popular models include the Toyota Tacoma, Jeep Gladiator, Honda Ridgeline, GMC Canyon, and Nissan Frontier.
Nissan Sentra insurance rates
The chart below shows average Nissan Sentra insurance rates in New Mexico for different driver ages and risk profiles. Annual cost ranges from $1,076 to $2,948 per year for the example driver risk profiles, with average cost being $1,298 per year.
The Nissan Sentra is a compact car and other similar models include the Hyundai Elantra, Honda Civic, Toyota Corolla, Volkswagen Jetta, and Chevrolet Cruze.
Toyota RAV4 insurance rates
Average Toyota RAV4 insurance rates in New Mexico as shown in the chart below range from $1,046 to $2,864 per year, with the average cost being $1,264.
The Toyota RAV4 is considered a compact SUV, and other models in this segment include the Subaru Forester, Honda CR-V, Ford Escape, Chevrolet Equinox, and Mazda CX-5.
Ford Expedition insurance rates
The average cost for Ford Expedition insurance in New Mexico is $1,362 per year. The chart below shows rates for additional driver profiles with prices ranging from $1,132 to $3,090 per year.
The Ford Expedition is a large SUV and other vehicles in this segment include the Chevrolet Tahoe, Toyota Sequoia, Chevrolet Suburban, GMC Yukon, and .
New Mexico car insurance rates by city
Listed below are some of the larger cities in New Mexico and the average annual and monthly car insurance costs for each. Visit any page to view additional rate information, including average costs, rate comparisons, and the vehicles with the cheapest car insurance quotes in each city.
- Albuquerque Car Insurance - $1,466 per year or $122 per month
- Las Cruces Car Insurance - $1,148 per year or $96 per month
- Rio Rancho Car Insurance - $1,350 per year or $113 per month
- Santa Fe Car Insurance - $1,278 per year or $107 per month
- Roswell Car Insurance - $1,278 per year or $107 per month
