Car Insurance Calculator: New Mexico Drivers Can Find Low Rates
On average, auto insurance in New Mexico costs $1,331 annually – 6.8% lower than the national average. Insurers take into account several factors when setting premiums, including age/gender, credit history/driving record/marital status of drivers.
WalletHub conducted an exhaustive evaluation of top companies in New Mexico to identify the best options for drivers with specific characteristics. We examined quotes for 31 zip codes that represent at least 20% of its population, giving us insight into which providers were offering competitive prices and services.
Our analysis focused on 40 driver profiles and compared them against quotes from the top insurers in each category. Furthermore, WalletHub assessed each company’s service and claim handling capabilities.
Good Driver Profile
In creating our Good Driver profile, we took into account various driver characteristics like experience, accident history and credit score. Based on these assessments, we created a list of the top cheapest New Mexico car insurance companies.
State Farm was our top pick, offering the lowest monthly rate of $95 at 55% less than the national average for young drivers who have been involved in an at-fault accident.
Uninsured/Underinsured Motorist Coverage
In New Mexico, you must carry a minimum of $25,000 in bodily injury liability coverage for one person injured in an accident, $50,000 total bodily injury liability for all people involved, and $10,000 property damage liability.
Bodily injury liability protects you in case of an accident in which you cause injuries to someone else, while property damage liability pays for any damages sustained by the other party in case you were at fault for it. These two coverage types are essential to have, as they pay for things out of your control such as medical bills and vehicle repairs.
Consider purchasing uninsured motorist coverage, which will cover any medical bills if a driver hits you who is under-insured or doesn’t have any liability insurance at all.
Optional coverages can be an economical way to save on New Mexico car insurance. These include collision coverage, which pays for repairs after accidents; and comprehensive insurance, which protects against weather- or animal-related damage to your car.
However, not all insurers provide these features; thus, it’s essential to check which ones do before purchasing your policy.
If you’re searching for the cheapest car insurance in New Mexico, be sure to compare quotes from multiple providers. Doing this will guarantee you find the rate most suitable to your requirements.
Furthermore, always request a ValChoice report when purchasing a new policy. This is the only reliable way to assess an insurer’s value proposition, claims handling capabilities and overall customer service quality.
Finding the most competitive car insurance quote can be a time-consuming task, but it’s well worth the effort to find the ideal coverage for you. Our free calculator makes comparing prices from top companies in your area much simpler – and with it comes some great discounts too!