- Average car insurance cost in New Mexico is $1,216 per year, or around $101 per month, for a full-coverage policy.
- New Mexico has the cheapest average car insurance rates in the Southwest U.S. and ranks 14th out of all 50 states.
- Models like the Honda Passport, Chevrolet Colorado, Subaru Crosstrek, and Mazda CX-5 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 $1,216 per year for full coverage, which is 21.6% less than the national average rate of $1,551. Car insurance cost per month in New Mexico averages $101.
The next chart shows car insurance cost in New Mexico when averaged for all 2022 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 $1,216 per year in New Mexico, or about $101 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 $158 per year. This is called “bundling” your coverage.
- Having an at-fault accident could trigger a rate increase of up to $502 each year.
- Earning multiple policy discounts could save as much as $376 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 $324 per year.
- Increasing policy deductibles from $100 to $1,000 could save $552 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 $64 per year.
- A DUI or other major driving violation could cause rates to increase by $1,120 or more per year.
How expensive is car insurance in New Mexico?
When compared to surrounding states, New Mexico car insurance rates are 15.3% less than Texas, 17.8% less than Oklahoma, 25.2% less than Colorado, 10.3% less than Arizona, and 3.3% more than Utah.
In dollar figures, the $1,216 per year average cost of car insurance in New Mexico will cost $220 per year less than in Texas, $264 less than in Oklahoma, $410 less than in Colorado, $140 less than in Arizona, and $42 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 14th 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 24.9% cheaper than New York, 15.4% cheaper than New Jersey, 45.4% cheaper than Florida, 27.3% cheaper than Nevada, and 30.4% cheaper than California.
There are 13 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 15.4% more expensive than Maine, 23.8% more than Virginia, 10.3% more than Iowa, 5% more than Washington, and 25.9% 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-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 $1,060 per year or $88 per month
- Cheapest compact SUV insurance – Mazda CX-5 at $928 per year or $77 per month
- Cheapest midsize car insurance – Subaru Legacy at $1,184 per year or $99 per month
- Cheapest midsize SUV insurance – Honda Passport at $980 per year or $82 per month
- Cheapest full-size car insurance – Toyota Avalon at $1,282 per year or $107 per month
- Cheapest full-size SUV insurance – Chevrolet Tahoe at $1,226 per year or $102 per month
- Cheapest midsize pickup insurance – Chevrolet Colorado at $1,006 per year or $84 per month
- Cheapest full-size pickup insurance – Ford F150 at $1,178 per year or $98 per month
- Cheapest heavy duty pickup insurance – Ford F350 Super Duty at $1,324 per year or $110 per month
- Cheapest minivan insurance – Honda Odyssey at $1,140 per year or $95 per month
- Cheapest sports car insurance – Mazda MX-5 Miata at $1,056 per year or $88 per month
- Cheapest compact luxury car insurance – Mercedes-Benz A220 at $1,200 per year or $100 per month
- Cheapest compact luxury SUV insurance – Acura RDX at $1,046 per year or $87 per month
- Cheapest midsize luxury car insurance – Acura ILX at $1,124 per year or $94 per month
- Cheapest midsize luxury SUV insurance – Cadillac XT5 at $1,202 per year or $100 per month
- Cheapest full-size luxury car insurance – Audi A5 at $1,432 per year or $119 per month
- Cheapest full-size luxury SUV insurance – Volvo XC90 at $1,322 per year or $110 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 Chevrolet Trailblazer, Nissan Kicks, Subaru Crosstrek, and Toyota C-HR.
Average insurance rates for those small SUVs cost $1,010 or less per year for full coverage car insurance.
Some other models that are highly ranked in the cost comparison table are the Subaru Ascent, Acura RDX, Kia Seltos, 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 $87 or less per month.
The table below shows the top 75 vehicles with cheap New Mexico car insurance quotes from the 2022 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 $1,392 per year and ranges from $1,156 to $3,158 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 $902 to $2,432 per year for the driver profiles in the chart below. Ford Ranger insurance costs an average of $1,086 per year or $91 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 $986 to $2,662 per year for the example driver risk profiles, with average cost being $1,188 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 $958 to $2,616 per year, with the average cost being $1,154.
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 $1,300 per year. The chart below shows rates for additional driver profiles with prices ranging from $1,078 to $2,960 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 - $1,508 per year or $126 per month
- Las Cruces Car Insurance - $1,190 per year or $99 per month
- Rio Rancho Car Insurance - $1,392 per year or $116 per month
- Santa Fe Car Insurance - $1,332 per year or $111 per month
- Roswell Car Insurance - $1,322 per year or $110 per month
- Farmington Car Insurance - $1,182 per year or $99 per month
- Clovis Car Insurance - $1,360 per year or $113 per month