Full coverage insurance in New Mexico costs an average of $318 per month. 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.
Average Cost of Full Coverage Insurance in New Mexico
Car insurance in New Mexico is $41 per month for minimum coverage and $163 per month for full coverage, on average. The cheapest insurance companies in New Mexico are State Farm, Geico and Nationwide, and getting quotes from several companies can help you find the best deal.
The average cost of car insurance in New Mexico is 31% lower than the national average auto insurance premium, and New Mexico ranks 16 out of 50 for the most affordable car insurance rates in the U.S.. There are several factors that affect how much you’ll pay for car insurance in New Mexico, including your driving record, age, location, the amount of coverage that you purchase, and the insurance company you buy it from.
Finally, it’s worth noting that car insurance premiums in New Mexico are low, compared to the cost of coverage in neighboring states like Nevada and Arizona. You can find more details in the table below.
Cost of Car Insurance in New Mexico vs. Neighboring States
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, … read full answercomprehensive and collision insurance are subject to a deductible, and drivers can select a higher deductible in return for a lower premium. Drivers can also minimize the cost of full coverage car insurance by comparing rates and checking for discounts.
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… read full answer. 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 to repair or replace your car after an accident, collision and comprehensive are important coverage types—even if they’re not required. Collision insurance covers repair or replacement costs if you are in an accident, drive into an object, or flip your car. Comprehensive insurance covers repair or replacement costs if your car is damaged by falling objects, natural disasters, floods, fires, theft, vandalism, or animals. Full coverage insurance costs an average of $1,959 per year in New Mexico, while a state minimum policy costs $497 per year. Lenders usually require collision and comprehensive in addition to the insurance you must have under New Mexico law when you finance a car.
Most people should also choose higher liability coverage limits than what is required by New Mexico law. If you cause an accident and your liability limits don’t cover the whole bill, you are still personally responsible for the rest. In the end, “full coverage” means having the right amount of coverage to protect your assets in a worst-case scenario.
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