Anamarie Waite, Car Insurance Writer
@anamarie.waite
You can get car insurance discounts in New Mexico based on how you drive, the car you own, and your relationship with your insurance company. In New Mexico, car insurance companies are allowed to consider factors such as employment, residential, and marital status when setting premiums. That means there are also discounts available for being married, owning a home, or being affiliated with certain employers or educational institutions.
Almost anyone can get a discount on car insurance in New Mexico because most insurance companies make it easy to qualify for a variety of savings.
Car Insurance Discounts in New Mexico
Discount | How It Works | Potential Savings |
Customer Loyalty | Insurance companies reward long-term customers with lower rates. | Up to 10% |
Good Driver | Drivers with a clean record and no claims history save on insurance. | 10% to 30% |
Driver Education | Insurance companies are required by state law to provide a discount to older drivers who complete an approved defensive driving course. Drivers must be 50 years of age or older to qualify. | 5% to 10% |
Continuously Insured | Drivers who have been insured for 6 months or more save on insurance. | 5% to 25% |
Billing and Payments | If you pay for your policy in full, set up automatic payments, pay online, or go paperless, you can save. | 2% to 25% |
Policy Bundling | Insure multiple vehicles or get different policy types (like home and auto) from the same company to earn a discount. | 1% to 12% |
Good Student | Young drivers with a "B" average or higher are eligible for discounts. | 5% to 20% |
Usage-Based | Some insurance companies offer discounts for drivers who are willing to have their driving habits monitored by an electronic device attached to your car and/or your smartphone. | 1% to 30% |
Safety Features | Cars featuring multiple airbags, anti-lock brakes, daytime running lights, and other safety add-ons can save on car insurance. | 2% to 30% |
Anti-Theft Systems | Car alarms, LoJack, steering wheel locks, or other anti-theft features can make comprehensive coverage more affordable. | 5% to 25% |
New Mexico insurers typically offer discounts that fall into one of three categories - policy discounts, driver discounts, and vehicle discounts.
Policy discounts typically reward customer behavior that is desirable to the insurance company. For example, most New Mexico drivers can save by registering for paperless billing or getting both home and auto policies from the same company. Driver discounts are available to New Mexico residents who are lower-risk to insure, like those with clean driving records. And vehicle discounts help drivers save if their car has certain safety features or anti-theft systems.
To learn more, check out WalletHub's guide to the cheapest car insurance in New Mexico.
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What is the cheapest full coverage car insurance in New Mexico?
GEICO has the cheapest full coverage car insurance in New Mexico, charging an average of $158 per month or $1,894 per year. This is cheaper than the $3,814 per year drivers pay for full coverage in New Mexico on average.
Cheapest Full Coverage Car Insurance in New Mexico
- GEICO: $158 per month or $1,894 per year
- USAA: $160 per month or $1,918 per year
- State Farm: $173 per month or $2,074 per year
- Central Mutual: $193 per month or $2,317 per year
- Nationwide: $216 per month or $2,588 per year
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