New Mexico Car Insurance Calculator

New Mexico’s state regulations mandate all drivers must maintain auto liability coverage to legally drive on public roads. Residents have two options for meeting this requirement – purchase or depositing $60,000 into the State Treasurer’s Office to establish financial responsibility or buy car insurance from an accredited insurer – once one meets these minimum requirements they should carry proof of coverage at all times in case police officers require proof.

Car insurance rates in New Mexico depend on many different factors, from your vehicle and driving history to credit score and more. To help New Mexicans understand what factors play a part in their rates, we analyzed data from the insurance marketplace to establish average premiums across NM for several driver profiles.

Drivers with excellent credit typically pay around 80% less for car insurance than drivers with poor scores, on average. That’s because insurers view good credit scores as indicators of responsible behavior behind the wheel and charge lower premiums to those who possess them. Even those with less-than-stellar scores can improve their score and save by avoiding debt, paying bills on time and getting a secured credit card.

Your deductible amount is another important factor when selecting New Mexico car insurance rates. A higher deductible tends to lead to reduced premiums, since you’re responsible for covering more of the costs in case of a claim filing; however, when making your selection it is essential that the balance between coverage levels and deductible amounts be carefully considered when choosing a policy.

As well as your age and driving record, other factors that could have an effect on car insurance rates in New Mexico include vehicle type and whether or not there’s a teen driver on your policy. Younger drivers typically incur higher premiums because they present greater risks to insurers; adding one could triple your rate. It is wise to discuss this option with your insurer beforehand to avoid surprises later.

Speeding tickets can significantly raise New Mexico car insurance premiums as they’re considered evidence of irresponsible driving. On average, drivers with speeding tickets pay more for coverage compared to drivers without any speeding tickets in their past driving history; so if you have recently received one it may be worthwhile shopping around for better rates before your renewal renewal date arrives.