- Average car insurance cost in New Mexico is $1,450 per year, or around $121 per month, for a full-coverage policy.
- New Mexico ranks in first place in the Southwest and 13th out of all 50 U.S. states for overall car insurance affordability.
- Models like the Nissan Rogue Sport, Mazda CX-5, Honda Passport, and Chevrolet Trailblazer have cheap car insurance in New Mexico.
How much does car insurance cost in New Mexico?
The average cost of car insurance in New Mexico is $1,450 per year for full coverage, which is 13.9% less expensive than the national average rate of $1,685. Car insurance cost per month in New Mexico averages $121.
The next chart shows car insurance cost in New Mexico when averaged for all 2023 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 $1,450 per year in New Mexico, or about $121 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 $186 per year. This is called “bundling” your coverage.
- Having an at-fault accident could trigger a rate increase of up to $596 each year.
- Earning multiple policy discounts could save as much as $452 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 $382 per year.
- Increasing policy deductibles from $100 to $1,000 could save $666 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 $76 per year.
- A DUI or other major driving violation could cause rates to increase by $1,332 or more per year.
How expensive is car insurance in New Mexico?
When compared to surrounding states, New Mexico car insurance rates are 11.5% less than Texas, 25.6% less than Oklahoma, 23.4% less than Colorado, 10.4% less than Arizona, and 6.2% less than Utah.
In dollar figures, the $1,450 per year average cost of car insurance in New Mexico will cost $188 per year less than in Texas, $498 less than in Oklahoma, $442 less than in Colorado, $168 less than in Arizona, and $96 less 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 13th 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 29% cheaper than New York, 32.1% cheaper than New Jersey, 34% cheaper than Florida, 31.3% cheaper than Nevada, and 32.1% cheaper than California.
There are some states that have cheaper average car insurance rates than New Mexico, however. When compared to a few of those states, average New Mexico car insurance cost is 36.5% more expensive than Maine, 23.5% more expensive than Virginia, 22.9% more expensive than Iowa, and 31.8% more expensive 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-30, 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 – Subaru Impreza at $1,200 per year or $100 per month
- Cheapest compact SUV insurance – Chevrolet Trailblazer at $1,098 per year or $92 per month
- Cheapest midsize car insurance – Subaru Legacy at $1,336 per year or $111 per month
- Cheapest midsize SUV insurance – Honda Passport at $1,128 per year or $94 per month
- Cheapest full-size car insurance – Chrysler 300 at $1,414 per year or $118 per month
- Cheapest full-size SUV insurance – Chevrolet Tahoe at $1,360 per year or $113 per month
- Cheapest midsize pickup insurance – Ford Maverick at $1,204 per year or $100 per month
- Cheapest full-size pickup insurance – Nissan Titan at $1,436 per year or $120 per month
- Cheapest heavy duty pickup insurance – GMC Sierra 2500 HD at $1,484 per year or $124 per month
- Cheapest minivan insurance – Honda Odyssey at $1,326 per year or $111 per month
- Cheapest sports car insurance – Mazda MX-5 Miata at $1,340 per year or $112 per month
- Cheapest compact luxury car insurance – Acura Integra at $1,302 per year or $109 per month
- Cheapest compact luxury SUV insurance – Acura RDX at $1,208 per year or $101 per month
- Cheapest midsize luxury car insurance – Cadillac CT5 at $1,560 per year or $130 per month
- Cheapest midsize luxury SUV insurance – Lexus RX 350 at $1,298 per year or $108 per month
- Cheapest full-size luxury car insurance – Audi A5 at $1,626 per year or $136 per month
- Cheapest full-size luxury SUV insurance – Volvo XC90 at $1,496 per year or $125 per month
What vehicles have cheap car insurance in New Mexico?
The vehicles with the cheapest average auto insurance prices in New Mexico, tend to be small SUVs and crossovers like the Nissan Kicks, Subaru Crosstrek, Nissan Rogue Sport, and Mazda CX-5.
Average insurance rates for those small SUVs cost $1,140 or less per year for full coverage car insurance.
Some other models that are highly ranked in the cost comparison table are the Acura RDX, Honda HR-V, Subaru Impreza, and Ford Maverick. The average rates are marginally higher for those models than the crossovers and compact SUVs that rank at the top, but they still have an average cost of $101 or less per month.
The table below shows the top 75 vehicles with cheap New Mexico car insurance quotes from the 2023 model year.
Driver risk factors influence car insurance rates
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 $1,584 per year and ranges from $1,316 to $3,590 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 $1,068 to $2,908 per year for the driver profiles in the chart below. Ford Ranger insurance costs an average of $1,288 per year or $107 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 $1,118 to $3,008 per year for the example driver risk profiles, with average cost being $1,346 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 $1,118 to $3,052 per year, with the average cost being $1,344.
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 $1,492 per year. The chart below shows rates for additional driver profiles with prices ranging from $1,240 to $3,394 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 - $1,686 per year or $141 per month
- Las Cruces Car Insurance - $1,354 per year or $113 per month
- Rio Rancho Car Insurance - $1,566 per year or $131 per month
- Santa Fe Car Insurance - $1,502 per year or $125 per month
- Roswell Car Insurance - $1,492 per year or $124 per month
- Farmington Car Insurance - $1,348 per year or $112 per month
- Clovis Car Insurance - $1,530 per year or $128 per month
- Hobbs Car Insurance - $1,540 per year or $128 per month
