If you live in New Mexico and are in search of low cost car insurance policies, use this calculator to see how much money can be saved!

Your age, driving record, vehicle type and credit history all play a part in determining premium costs. It is wise to shop around and compare quotes before purchasing new coverage so you can ensure you find an option suitable for your budget.

New Mexico drivers pay an average annual auto insurance premium of $1,295. This figure is lower than the national average of $1,357 but still higher than many states.

Avoiding common violations like speeding tickets can save money on auto insurance premiums by preventing traffic violations that could potentially raise rates up to 50%; depending on what was cited for and your insurer’s rating system for similar offenses.

New Mexico insurance companies use rating algorithms to calculate premiums. This system takes your driving history, location and risk factors into consideration to calculate an accurate quote and premium amount for you. The top companies use these systems to ensure they’re charging you an equitable price for their policies.

Some New Mexico drivers opt for no-fault auto insurance policies, which is a huge mistake. No-fault policies only cover damages to another car’s or property; no coverage exists for medical bills or lost wages; it would be better if full-coverage policies could cover these as well.

New Mexico state law mandates all motorists carry minimum liability coverage. This coverage protects you in case of an accident where you’re at fault; additionally, high-value vehicles or those seeking added peace of mind should consider purchasing additional liability and collision coverage to safeguard against major incidents.

Keep in mind that New Mexico has many drivers without insurance policies who could become a serious danger if involved in an accident, potentially leaving you with a large bill to cover.

An additional way to lower your premiums is selecting a higher deductible amount; this will save money when filing claims for damages.

New Mexico insurance policies typically feature a $500 deductible that you can use to cover any damages to your car, truck or SUV.

Uninsured motorist coverage can help cover any expenses you might be responsible for in an accident you cause, giving you peace of mind in case an incident does arise where it was your responsibility. This policy provides additional coverage; just ensure it fits within your policy’s parameters before purchasing it.

An independent insurance agency may also offer you more personalized solutions and may help find you the ideal policy at a more reasonable cost than going it alone. Some agencies provide this service for free; others charge a small fee to do it. In certain instances, independent agents can even offer discounts that you wouldn’t otherwise qualify for on policies purchased directly.