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New Mexico Car Insurance

Home of the International Hot Air Balloon Festival and a friendly culture that is filled with great people, many choose to move to New Mexico to start a family, work and live. There are many places to enjoy fantastic nature all around the state, and for those who enjoy beautiful scenery and community, it is a fantastic place.

New Mexico is a state where having a car can be immensely beneficial. Many stores, shops, and cities are relatively far apart from each other, though access to them is easy by vehicle. To drive legally in the state of New Mexico, a person will need to satisfy the financial responsibility laws in the state. Most people choose to do this by getting an auto insurance policy that fits the minimum requirements mandated. Here, General brings the top information about auto insurance rates to you, as well as free quotes for insurance plans.

There are numerous types of car insurance policies available, though most of them are not required by law. Consider which types of optional car coverage plans you are interested in purchasing, in addition to the required types.

Auto Insurance Requirements In New Mexico

It is essential to make sure that you have at least the minimum limits for car insurance in New Mexico when driving. This protects you financially, as well as other people in the community. New Mexico requires people to have liability insurance protection in order to drive legally. This includes coverage for injury and death due to bodily injury of $25,000 per person, as well as $50,000 for injury and death due to bodily injury coverage required per accident as well. Also, $10,000 of property damage liability coverage is needed.

Outside of these types of coverages, there are optional protections that people can purchase for themselves. This includes collision insurance coverage, comprehensive insurance coverage, medical payments coverage, towing and labor coverage, and uninsured motorist coverage. There are other coverage options like lease gap insurance available as well. If a person is financing or leasing a car in the state, the terms of their contract may include requirements for collision coverage, comprehensive coverage, and lease gap insurance.

Average Cost Of Coverage In New Mexico

Rates for automobile insurance in New Mexico are lower than the national average. With an average cost of $700 per year, drivers need to keep in mind that the rates that they pay will not necessarily be at this price point. Many different variables go into determining what a person will pay for automobile insurance. The best ways to save money on car insurance include shopping around, looking for discounts, and there are others below. Some factors used to determine rates can be improved upon, something to keep in mind.

A person’s driving record, credit score, and the make, year, and model of their vehicle, as well as other variables can be changed at certain points in a drivers life or over time. Continue to focus on being a safe driver, and you can save hundreds of dollars on car insurance over the years, for example.

Age Average Premium (yearly)
16 $6,861
17 $6,027
18 $5,089
19 $3,145
20s $1,726
30s $1,295
40s $1,261
50s $1,192
60s $1,227
70s $1,573

Cheapest Car Insurance Companies In New Mexico

Due to many factors being used to determine what a person will pay for car insurance; it is a smart plan to get auto insurance quotes from multiple companies. Among the least expensive car insurance companies in New Mexico are Geico and State Farm. Farm Bureau and Progressive are also popular companies in the state.

Some of the factors that go into the formulas auto insurance providers use to determine rates include the types of tickets a person has, whether or not they have filed an insurance claim in the past, whether they have a DUI or not, what their credit score is like, and the amounts of coverage they are looking to purchase.

Teen drivers can also be more expensive to get an insurance plan for than other age demographics. State Farm does well for teen drivers in many cases. The cheapest car insurance after getting a ticket can sometimes be found at Geico. Those who are looking for minimum coverage in the state often look to purchase policies at Farm Bureau, State Farm, and Geico.

Rank Company  Avg. Premium (annual)
1 Safeco $993
2 USAA $1,021
3 State Farm $1,065
4 Allied $1,251
5 Farm Bureau Mutual (IA Group) $1,258
6 The Hartford $1,337
7 GEICO $1,426
8 Progressive $1,512

Unique Car Insurance Rules And Penalties In New Mexico

The law in place to prevent people from driving without insurance in the state of New Mexico is called the Mandatory Financial Responsibility Act. All drivers are required to guarantee their financial responsibility in case a crash occurs. Breaking this law is considered a misdemeanor and can lead to the suspension of a person’s vehicle registration.

Also, fines of up to $300 or more, up to 90 days or more of jail time, and penalties that include a combination of the two can be given. The fines a person receives can increase as well, up to $1,000. To avoid having your driving privileges revoked, carry a valid auto insurance policy whenever you are driving.

If you end up in a position where you cannot show proof of insurance in the state, you will get a ticket. Penalties can be even more severe if this is your second or third offense or if you are involved in a car crash. In addition, you may be responsible for damages to property and other people involved in the accident if you are found to be at fault.

In New Mexico, the state enforces its insurance laws via an online monitoring system as well. A person cannot renew their vehicle registration unless an active car insurance plan is on record. People can also receive a notice of noncompliance even after providing a hard copy of their proof of insurance. Plus, if the computer system identifies you as being uninsured, the Motor Vehicle Department will send out a notice of noncompliance. After receiving this notice, you will have 30 days to resolve the issue with your insurance agent and update the status of your policy.

Violation Avg. Annual Auto Insurance Rate % Insurance Rate Increase $ Insurance Rate Increase
Hit and Run $2,239 66% $887
Refused Breathalyzer/Chemical Test $2,054 52% $703
DUI $2,054 52% $703
Racing $1,966 45% $615
Reckless Driving $2,028 50% $676
Driving with a Suspended License $1,929 43% $578
At-Fault Accident $1,927 43% $575
Driving with an Open Container $1,598 18% $246
Operating a Vehicle Without Permission $1,717 27% $365
Passing a School Bus $1,712 27% $361
Improper Passing $1,684 25% $332
Following Too Closely $1,684 25% $332
Speeding $1,615 19% $263
Failure to Stop at a Red Light $1,684 25% $332
Illegal Turn $1,685 25% $334
Driving Wrong Way/Wrong Lane $1,684 25% $332
Failure to Yield $1,684 25% $332
Speeding in a School Zone $1,649 22% $297
Driving Too Slowly $1,648 22% $296
Distracted Driving $1,663 23% $312
Driving with Expired Registration $1,470 9% $119
Failure to Show Documents $1,470 9% $119
Not-at-Fault Accident $1,480 9% $128
Failure to Use Child Safety Restraint $1,470 9% $119
Failure to Wear a Seat Belt $1,470 9% $119
Driving Without Lights $1,440 6% $88

How To Get The Cheapest Car Insurance In New Mexico

Getting cheap auto insurance starts by knowing what you are looking for. At General, you can comparison shop for the best prices on car insurance. Competition between car insurance companies drives prices down, so take advantage. Get free quotes for car insurance at General now.

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