McKayla Girardin, Car Insurance Writer
@mckayla_girardin
Full coverage insurance in New Mexico costs $163 per month, or $1,959 per year, on average. This is cheaper than the national average cost of full coverage, which is $2,117 per year.
Cheapest Full Coverage Car Insurance in New Mexico
| Company | Average Yearly Cost | Average Monthly Cost |
| $1,066 per year | $89 per month | |
| $1,145 per year | $95 per month | |
| $1,171 per year | $98 per month | |
| $1,470 per year | $123 per month | |
| $1,562 per year | $130 per month |
Note: Premiums are average rates for a good driver in New Mexico; individual premiums will vary.
A full coverage policy usually includes collision and comprehensive insurance, plus the types of coverage required by New Mexico law. In New Mexico, liability insurance is mandatory for all drivers.
How to Get Cheaper Full Coverage Insurance in New Mexico
- Compare quotes from at least three different companies to make sure you're getting the best deal.
- Increase your deductible. Higher deductibles lead to lower premiums, but remember to only pick a deductible you'd be able to afford in an emergency.
- Make sure you're getting all the discounts you can qualify for.
- Sign up for usage-based insurance. Some insurance companies use either a plug-in device or a smartphone app to track you driving and will give you a discount for driving safely.
To learn more, check out WalletHub's guides to full coverage car insurance and the cheapest car insurance in New Mexico.
People also ask
How much is car insurance in New Mexico per month?
Car insurance in New Mexico costs $41 per month or $497 per year for minimum coverage, on average. The cheapest car insurance companies in New Mexico are GEICO, Progressive, and USAA, and getting quotes from several companies can help you find the best deal.
The average cost of car insurance in New Mexico is 156% higher than the national average auto insurance premium. There are several factors that affect how much you'll pay for car insurance...
read full answer by Candace Baker, Car Insurance WriterHow much is full coverage insurance?
Full coverage insurance costs $1,997 per year or $166 per month, on average. Full coverage car insurance is more expensive than the legal minimum auto insurance coverage because full coverage usually includes collision and comprehensive insurance as well as the minimum coverage required by a state.
The cost of full coverage car insurance varies based on the state, the driver’s chosen coverage limits, the driver’s risk factors, and the vehicle’s value. Additionally, comprehensive and...
read full answer by WalletHub, Financial CompanyWhat is full coverage insurance in New Mexico?
Full coverage insurance in New Mexico is usually defined as a policy that provides more than the state’s minimum liability coverage, which is $25,000 in bodily injury coverage per person, up to $50,000 per accident, and $10,000 in property damage coverage. Full coverage in New Mexico also includes optional collision and comprehensive insurance. As a result, full coverage insurance costs an average of $1,959 per year in New Mexico, while a state minimum policy costs $497 per year.
If you can’t afford...
read full answer by Anamarie Waite, Car Insurance WriterDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.