New Mexico Car Insurance Cost for 2023

What is average car insurance cost in New Mexico? We break down average insurance rates and find the vehicles with the cheapest auto insurance quotes.

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How much does car insurance cost in New Mexico?

The average cost of car insurance in New Mexico is $1,490 per year for full coverage, which is 14.8% less expensive than the national average rate of $1,728. Car insurance cost per month in New Mexico averages $124.

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.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Chart shows average New Mexico car insurance rates for 2023 model year vehicles with safe driver and claim-free discounts applied. Full-coverage rates are averaged for all New Mexico zip codes.Data last updated on August 12, 2023
Average Car Insurance Cost in New Mexico
Average Car Insurance Cost in New Mexico
Driver Age Deductible Annual Cost Monthly Cost
20$1,000$2,506$209
$500$2,960$247
$250$3,442$287
30$1,000$1,316$110
$500$1,570$131
$250$1,834$153
40$1,000$1,258$105
$500$1,490$124
$250$1,732$144
50$1,000$1,146$96
$500$1,356$113
$250$1,576$131
60$1,000$1,122$94
$500$1,328$111
$250$1,544$129

The overall average rate in the chart above is the $500 deductible policy for a 40-year-old driver which costs $1,490 per year in New Mexico, or about $124 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.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average New Mexico car insurance cost is based on 2023 model year vehicles with safe driver and claim-free discounts applied. Physical damage deductibles are $500 and rates are averaged for all New Mexico Zip Codes.Data last updated on August 12, 2023
New Mexico Car Insurance Rates for Popular Vehicles
New Mexico Car Insurance Rates for Popular Vehicles
Make/Model Annual Rate Monthly Rate
Honda CR-V$1,262$105
Chevrolet Equinox$1,338$112
Nissan Rogue$1,366$114
Toyota RAV4$1,378$115
Toyota Corolla$1,394$116
Toyota Camry$1,414$118
Honda Civic$1,458$122
Ford F150$1,514$126
Chevrolet Silverado$1,628$136
Ram Truck$1,628$136

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 $192 per year. This is called “bundling” your coverage.
  • Having an at-fault accident could trigger a rate increase of up to $612 each year.
  • Earning multiple policy discounts could save as much as $464 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 $390 per year.
  • Increasing policy deductibles from $100 to $1,000 could save $686 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 $78 per year.
  • A DUI or other major driving violation could cause rates to increase by $1,368 or more per year.

How expensive is car insurance in New Mexico?

When compared to surrounding states, New Mexico car insurance rates are 11.7% less than Texas, 28.4% less than Oklahoma, 25.7% less than Colorado, 10.6% less than Arizona, and 6.1% less than Utah.

In dollar figures, the $1,490 per year average cost of car insurance in New Mexico will cost $186 per year less than in Texas, $494 less than in Oklahoma, $440 less than in Colorado, $166 less than in Arizona, and $94 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.

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New Mexico Car Insurance Cost Compared to Southwest Region
Average Car Insurance Cost in New Mexico Compared to Southwest Region
Southwest Region States Average Insurance Cost Annual Difference
New Mexico$1,490--
Arizona$1,656$166
Texas$1,676$186
Oklahoma$1,984$494

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 33.2% cheaper than New York, 37.5% cheaper than New Jersey, 39.6% cheaper than Florida, 36.3% cheaper than Nevada, and 37.2% 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 30.1% more expensive than Maine, 20.7% more expensive than Virginia, 20.1% more expensive than Iowa, and 26.4% 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.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average New Mexico car insurance cost by segment is based on 2023 model year vehicles with safe driver and claim-free discounts applied. Physical damage deductibles are $500 and rates are averaged for all New Mexico Zip Codes.Data last updated on August 11, 2023
New Mexico Car Insurance Rates by Vehicle Segment
New Mexico Car Insurance Rates by Vehicle Segment
Vehicle Segment Annual Rate Monthly Rate
Compact SUV$1,352$113
Midsize Pickup$1,408$117
Midsize SUV$1,452$121
Minivan$1,460$122
Compact Car$1,480$123
Midsize Car$1,518$127
Compact Luxury SUV$1,610$134
Half-ton Pickup$1,616$135
Large SUV$1,628$136
Compact Luxury Car$1,636$136
Heavy Duty Pickup$1,708$142
Midsize Luxury SUV$1,730$144
Large Car$1,732$144
Midsize Luxury Car$1,890$158
Sports Car$2,032$169
Large Luxury SUV$2,186$182
Large Luxury Car$2,296$191

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 insuranceSubaru Impreza at $1,230 per year or $103 per month
  • Cheapest compact SUV insuranceChevrolet Trailblazer at $1,126 per year or $94 per month
  • Cheapest midsize car insuranceSubaru Legacy at $1,370 per year or $114 per month
  • Cheapest midsize SUV insuranceHonda Passport at $1,156 per year or $96 per month
  • Cheapest full-size car insuranceChrysler 300 at $1,452 per year or $121 per month
  • Cheapest full-size SUV insuranceChevrolet Tahoe at $1,394 per year or $116 per month
  • Cheapest midsize pickup insuranceFord Maverick at $1,234 per year or $103 per month
  • Cheapest full-size pickup insuranceNissan Titan at $1,470 per year or $123 per month
  • Cheapest heavy duty pickup insuranceGMC Sierra 2500 HD at $1,524 per year or $127 per month
  • Cheapest minivan insuranceHonda Odyssey at $1,360 per year or $113 per month
  • Cheapest sports car insuranceMazda MX-5 Miata at $1,376 per year or $115 per month
  • Cheapest compact luxury car insuranceAcura Integra at $1,336 per year or $111 per month
  • Cheapest compact luxury SUV insuranceAcura RDX at $1,240 per year or $103 per month
  • Cheapest midsize luxury car insuranceCadillac CT5 at $1,600 per year or $133 per month
  • Cheapest midsize luxury SUV insuranceLexus RX 350 at $1,332 per year or $111 per month
  • Cheapest full-size luxury car insuranceAudi A5 at $1,672 per year or $139 per month
  • Cheapest full-size luxury SUV insuranceVolvo XC90 at $1,534 per year or $128 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 $1,168 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 $103 or less per month.

The table below shows the top 75 vehicles with cheap New Mexico car insurance quotes from the 2023 model year.

Top 75 Cheapest Vehicles to Insure in New Mexico
Rank Make/Model Annual Cost Monthly Cost
1Chevrolet Trailblazer$1,126$94
2Subaru Crosstrek$1,134$95
3Nissan Kicks$1,142$95
4Honda Passport$1,156$96
5Nissan Rogue Sport$1,162$97
6Mazda CX-5$1,168$97
7Buick Encore$1,186$99
8Buick Envision$1,188$99
9Kia Seltos$1,204$100
10Subaru Ascent$1,210$101
11Hyundai Venue$1,212$101
12Subaru Impreza$1,230$103
13Ford Maverick$1,234$103
14Honda HR-V$1,238$103
15Acura RDX$1,240$103
16Chevrolet Colorado$1,240$103
17Hyundai Kona$1,248$104
18Subaru Forester$1,256$105
19Ford Edge$1,260$105
20Honda CR-V$1,262$105
21Ford Explorer$1,266$106
22Mazda CX-30$1,266$106
23Volkswagen Atlas$1,270$106
24Chevrolet Trax$1,278$107
25Nissan Murano$1,278$107
26Subaru Outback$1,280$107
27Nissan Frontier$1,284$107
28Volkswagen Tiguan$1,292$108
29Ford Bronco Sport$1,296$108
30Fiat 500X$1,318$110
31Ford Ranger$1,320$110
32GMC Terrain$1,322$110
33Kia Soul$1,326$111
34Mitsubishi Eclipse Cross$1,328$111
35Volkswagen Atlas Cross Sport$1,330$111
36Lexus RX 350$1,332$111
37Acura Integra$1,336$111
38Chevrolet Equinox$1,338$112
39Cadillac XT4$1,342$112
40Toyota Corolla Cross$1,344$112
41Volkswagen Taos$1,346$112
42GMC Canyon$1,350$113
43Mazda CX-50$1,356$113
44Toyota Venza$1,356$113
45Honda Odyssey$1,360$113
46Toyota Tacoma$1,360$113
47Volkswagen Jetta$1,360$113
48Hyundai Tucson$1,362$114
49Ford Escape$1,364$114
50Kia Sorento$1,364$114
51Nissan Rogue$1,366$114
52Volvo XC40$1,368$114
53Subaru Legacy$1,370$114
54Infiniti QX50$1,376$115
55Mazda MX-5 Miata$1,376$115
56Toyota RAV4$1,378$115
57Hyundai Palisade$1,380$115
58Hyundai Santa Cruz$1,382$115
59Kia Niro$1,382$115
60Mazda MX-30$1,382$115
61Nissan Sentra$1,382$115
62Mini Cooper$1,388$116
63Lexus UX 250h$1,392$116
64Chevrolet Tahoe$1,394$116
65Toyota 4Runner$1,394$116
66Toyota Corolla$1,394$116
67Jeep Compass$1,398$117
68Volkswagen Golf$1,400$117
69Toyota Prius$1,402$117
70Mini Cooper Clubman$1,412$118
71Cadillac XT5$1,414$118
72Toyota Camry$1,414$118
73GMC Acadia$1,418$118
74Chevrolet Traverse$1,420$118
75Mazda 3$1,428$119

    Get Rates in Your AreaWhy is this important?

    Table Data Details: Average car insurance rate for each model assumes a 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to premiums. Full coverage physical damage deductibles are $500 and rates are averaged for all Zip Codes in New Mexico.Data last updated on August 11, 2023
    Top 75 Cheapest Vehicles to Insure 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 $1,628 per year and ranges from $1,350 to $3,688 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.

    Get Rates in Your AreaWhy is this important?

    Chart Data Details: Average rates are for a 2023 model year Ram Truck with safe driver and claim-free discounts applied to qualifying risk profiles. Discount Rate includes all possible rate discounts including multi-vehicle, multi-policy, homeowner, and others. Physical damage deductibles are $500 except for low and high deductible estimates which are $100 and $1,000, respectively. Average Ram Truck car insurance cost in New Mexico includes all Zip Codes and vehicle trim levels.Data last updated on August 11, 2023
    Ram Truck Insurance Cost in New Mexico
    2023 Ram Truck Insurance Cost in New Mexico
    Driver Risk Profile Annual Rate Monthly Rate
    High Risk Driver Age 30$3,688$307
    Safe Driver Age 20$3,230$269
    At-fault Accidents Age 40$2,296$191
    Low Deductibles Age 40$2,106$176
    Safe Driver Age 30$1,710$143
    Safe Driver Age 40$1,628$136
    Safe Driver Age 50$1,482$124
    Safe Driver Age 60$1,454$121
    High Deductibles Age 40$1,384$115
    Discount Rate Age 40$1,350$113

    Ford Ranger insurance rates

    Ford Ranger insurance rates in New Mexico range from $1,096 to $2,986 per year for the driver profiles in the chart below. Ford Ranger insurance costs an average of $1,320 per year or $110 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.

    Get Rates in Your AreaWhy is this important?

    Chart Data Details: Average rates are for a 2023 model year Ford Ranger with safe driver and claim-free discounts applied to qualifying risk profiles. Discount Rate includes all possible rate discounts including multi-vehicle, multi-policy, homeowner, and others. Physical damage deductibles are $500 except for low and high deductible estimates which are $100 and $1,000, respectively. Average Ford Ranger car insurance cost in New Mexico includes all Zip Codes and vehicle trim levels.Data last updated on August 11, 2023
    Ford Ranger Insurance Cost in New Mexico
    2023 Ford Ranger Insurance Cost in New Mexico
    Driver Risk Profile Annual Rate Monthly Rate
    High Risk Driver Age 30$2,986$249
    Safe Driver Age 20$2,616$218
    At-fault Accidents Age 40$1,866$156
    Low Deductibles Age 40$1,690$141
    Safe Driver Age 30$1,384$115
    Safe Driver Age 40$1,320$110
    Safe Driver Age 50$1,204$100
    Safe Driver Age 60$1,180$98
    High Deductibles Age 40$1,128$94
    Discount Rate Age 40$1,096$91

    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 $1,146 to $3,086 per year for the example driver risk profiles, with average cost being $1,382 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.

    Get Rates in Your AreaWhy is this important?

    Chart Data Details: Average rates are for a 2023 model year Nissan Sentra with safe driver and claim-free discounts applied to qualifying risk profiles. Discount Rate includes all possible rate discounts including multi-vehicle, multi-policy, homeowner, and others. Physical damage deductibles are $500 except for low and high deductible estimates which are $100 and $1,000, respectively. Average Nissan Sentra car insurance cost in New Mexico includes all Zip Codes and vehicle trim levels.Data last updated on August 11, 2023
    Nissan Sentra Insurance Cost in New Mexico
    2023 Nissan Sentra Insurance Cost in New Mexico
    Driver Risk Profile Annual Rate Monthly Rate
    High Risk Driver Age 30$3,086$257
    Safe Driver Age 20$2,702$225
    At-fault Accidents Age 40$1,946$162
    Low Deductibles Age 40$1,742$145
    Safe Driver Age 30$1,444$120
    Safe Driver Age 40$1,382$115
    Safe Driver Age 50$1,258$105
    Safe Driver Age 60$1,230$103
    High Deductibles Age 40$1,192$99
    Discount Rate Age 40$1,146$96

    Toyota RAV4 insurance rates

    Average Toyota RAV4 insurance rates in New Mexico as shown in the chart below range from $1,146 to $3,130 per year, with the average cost being $1,378.

    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.

    Get Rates in Your AreaWhy is this important?

    Chart Data Details: Average rates are for a 2023 model year Toyota RAV4 with safe driver and claim-free discounts applied to qualifying risk profiles. Discount Rate includes all possible rate discounts including multi-vehicle, multi-policy, homeowner, and others. Physical damage deductibles are $500 except for low and high deductible estimates which are $100 and $1,000, respectively. Average Toyota RAV4 car insurance cost in New Mexico includes all Zip Codes and vehicle trim levels.Data last updated on August 12, 2023
    Toyota RAV4 Insurance Cost in New Mexico
    2023 Toyota RAV4 Insurance Cost in New Mexico
    Driver Risk Profile Annual Rate Monthly Rate
    High Risk Driver Age 30$3,130$261
    Safe Driver Age 20$2,740$228
    At-fault Accidents Age 40$1,944$162
    Low Deductibles Age 40$1,806$151
    Safe Driver Age 30$1,458$122
    Safe Driver Age 40$1,378$115
    Safe Driver Age 50$1,256$105
    Safe Driver Age 60$1,234$103
    High Deductibles Age 40$1,158$97
    Discount Rate Age 40$1,146$96

    Ford Expedition insurance rates

    The average cost for Ford Expedition insurance in New Mexico is $1,532 per year. The chart below shows rates for additional driver profiles with prices ranging from $1,272 to $3,486 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 .

    Get Rates in Your AreaWhy is this important?

    Chart Data Details: Average rates are for a 2023 model year Ford Expedition with safe driver and claim-free discounts applied to qualifying risk profiles. Discount Rate includes all possible rate discounts including multi-vehicle, multi-policy, homeowner, and others. Physical damage deductibles are $500 except for low and high deductible estimates which are $100 and $1,000, respectively. Average Ford Expedition car insurance cost in New Mexico includes all Zip Codes and vehicle trim levels.Data last updated on August 12, 2023
    Ford Expedition Insurance Cost in New Mexico
    2023 Ford Expedition Insurance Cost in New Mexico
    Driver Risk Profile Annual Rate Monthly Rate
    High Risk Driver Age 30$3,486$291
    Safe Driver Age 20$3,052$254
    At-fault Accidents Age 40$2,154$180
    Low Deductibles Age 40$2,024$169
    Safe Driver Age 30$1,620$135
    Safe Driver Age 40$1,532$128
    Safe Driver Age 50$1,394$116
    Safe Driver Age 60$1,370$114
    High Deductibles Age 40$1,280$107
    Discount Rate Age 40$1,272$106

    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.