Is car insurance required in New Mexico?
Yes, New Mexico requires a car insurance policy with a minimum amount of liability coverage, as do most states. But minimum coverage may not be the full extent of coverage you may want.
As of October 2022, 25/50/10 liability coverage limits are the minimum required in New Mexico.
COVERAGE TYPE
NEW MEXICO MINIMUM REQUIREMENTS
Bodily injury liability
$25,000 per person; $50,000 per accident
Property damage liability
$10,000 per accident
COVERAGE TYPE
Bodily injury liability
NEW MEXICO MINIMUM REQUIREMENTS
$25,000 per person; $50,000 per accident
COVERAGE TYPE
Property damage liability
NEW MEXICO MINIMUM REQUIREMENTS
$10,000 per accident
What does car insurance in New Mexico cost, on average?
In New Mexico, the average annual premium for full coverage (liability, collision and comprehensive) was $1,123 in 2019, according to the most recent data available from the National Association of Insurance Commissioners (NAIC). However, premiums have changed in most states since then. Also, your cost will also depend on how much coverage you choose as well as your own driving history and the cars you drive.
What does car insurance typically cover in New Mexico?
An auto insurance policy in New Mexico typically includes coverage for bodily injury and property damage liability as well as optional collision and comprehensive coverage, in case of covered damage or theft.
Farmers® also offers Rental or Rental Alternative coverage (for when your car is in the shop), Vehicle Replacement Plus (if your newer car is totaled) and Enhanced Roadside and Ride Assistance. Read more about coverage options in New Mexico with a Farmers Flex Personal Auto policy.
New Mexico car insurance discounts
Farmers offers a variety of discounts for car insurance customers in New Mexico. For example:
- Welcome Discount
- Loyalty Discount
- Five-Year Accident-Free Discount
- Multi-Policy Discount
- Signal®, which can reward you with an initial discount when you use our Signal app
Learn more about additional discounts that may be available in New Mexico.
Santa Fe
New Mexico’s state capital is the highest capital city in the U.S. at 7,199 feet above sea level. — World Atlas
More coverage options in New Mexico
New Mexico home insurance
Learn more about what home insurance in New Mexico covers, available discounts and more.
New Mexico renters insurance
Renters insurance can help cover what your landlord’s insurance policy doesn’t, such as furniture, electronics and other personal belongings.
Learn From Experience
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