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Auto insurance is a legal requirement in most states, making it essential for nearly all drivers. However, you should agree with us that the high costs of insurance sometime limit drivers, especially the low- and middle-income individuals. So, insurance ought to be affordable to ensure that more drivers can comply with legal requirements, promoting widespread coverage that helps protect all road users from the financial fallout of accidents. So, in this comprehensive guide, we have put together a list of cheap car/auto insurance companies in New Mexico you may want to consider.
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As a car owner, it’s essential to protect yourself, your passengers, your vehicle, and any third parties in case of an accident or collision. The best way to ensure this, is by securing a cheap auto insurance policy that protects you from the financial burden of out-of-pocket expenses for damages to another person’s car, your own vehicle, or bodily injuries to your passengers. If you’re a New Mexico resident looking for guidance on purchasing an auto insurance policy affordably, this guide is for you.
What is auto (car) insurance?
Auto insurance is a policy that safeguards your car against damages from accidents, collisions, or vandalism. It is intended to cover repair costs for vehicle damage and, in the event of an accident causing injury, it also covers medical expenses for the injured parties. Additionally, auto insurance protects you from financial losses resulting from damages your car may cause to other vehicles or property during an accident.
What are the different types of auto insurance policies for cars?
Listed below are the common auto insurance policy coverages offered by different policy providers in Europe, USA, including New Mexico and other locations.
- Third-party coverage: This insurance policy protects you from the financial burden of paying for damages you caused to another person’s vehicle or to individuals in an accident.
- Collision Coverage: Provides insurance coverage for your car in case you collide with another vehicle, whether it is in motion or stationary. Your policy will cover the financial costs for the damages.
- Comprehensive coverage: In the event of a collision or accident, this type of policy will cover the costs of damages to both your car and the third party’s vehicle. Additionally, it provides coverage for any bodily injuries sustained by both parties involved in the collision.
Top 10 cheap insurance provider in New Mexico
Here are some of the best insurance companies in New Mexico that also offer cheap insurance coverage policies for you including auto, homeowners insurance, and other options you can think of:
1. State Farm
State Farm’s auto insurance covers both adult and teen drivers, as well as car rentals. Their coverage includes a variety of plans with car insurance discounts. One of their best savings options is the “bundle and save” feature, which allows you to bundle your auto insurance with homeowners, renters, or life insurance for additional savings.
2. USAA
This insurance policy is highly recommended, as it does not charge fees for monthly payment plans, allowing you to select a payment date that suits you best. Coverage includes liability, medical payments, collision, and comprehensive protection. Additionally, you can take advantage of discount offers and save up to 10% on your premium by bundling your auto and property policies.
3. Nationwide
Nationwide auto insurance provides you with a peace of mind with its flexible policy options, allowing you to customize coverage to fit your needs and those of your car. They offer both standard and optional coverages, including personal protection against financial losses from medical expenses, property damage, or car repairs. Additionally, their site features extra coverages, such as the Vanishing Deductible, which lets you earn a $100 discount on your deductible for each year of safe driving.
4. Central Insurance
Central Insurance provides affordable and high-quality auto insurance with coverage options including liability, collision, and comprehensive protection. As one of the most cost-effective insurance providers in New Mexico, Central Insurance offers competitive premiums and various plan discounts to help reduce your overall premium costs.
5. Geico insured
If you’re seeking affordable car insurance rates, Geico offers an option that allows you to customize coverage to suit your needs. Their policies include benefits for medical expenses for injured third parties, coverage for damages to your car, and damage to other people’s property. Like other providers, Geico also offers discounts on their plans.
6. Progressive
Progressive offers affordable auto insurance with competitive premium plans. Their coverage benefits include comprehensive, collision, and liability insurance. New customers can save an average of up to $793 by bundling their auto and homeowners insurance. Additional features include rental car reimbursement, roadside assistance, and lease payoff.
7. Allstate
Allstate auto insurance covers various types of vehicles, including rentals and classic cars. Their coverage options include collision, liability, and roadside assistance. They also offer uninsured or underinsured motorist coverage. Students can earn discounts by maintaining good grades, and if your vehicle is equipped with all necessary safety features, you can receive additional discounts on your policy from Allstate.
8. Farmers
This insurance provider offers standard car insurance coverage, including collision, comprehensive, bodily injury, and property damage. Farmers is well-known for its quick claims approval process and responsive customer support. If you wish to add more coverage after purchasing your policy, you can easily include options such as emergency roadside assistance, personal umbrella insurance, and new car replacement coverage.
9. Farm bureau financial services
When seeking auto insurance with Farm Bureau, their agents provide guidance to help you select and customize a policy that best suits your needs. Their coverage highlights include liability, collision, and medical coverage. If you’re involved in an accident with an uninsured or underinsured motorist, your policy will cover the resulting damage to your car or property.
10. Kemper
Kemper provides personal auto insurance with affordable rates and comprehensive coverage to protect you from financial losses due to collisions or accidents. Their standard policies include annual plans that allow you to lock in low rates for the entire year, helping you save money. New customers can receive a 10% discount by sharing their driving habits through the Kemper Co-Pilot mobile app.
How much is auto insurance in New Mexico
| Cheap Auto insurance in New Mexico | Full coverage cost | Liability coverage |
| State Farm | Annually, $1,779 Monthly, $148 | Annually, $494 Monthly, $41 |
| Allstate | Annually, $2,432 Monthly, $203 | Annually, $972 Monthly, $92 |
| USAA | Annually, $1,226 Monthly, $102 | Annually, $337 Monthly, $20 |
| Progressive | Annually, $2,175 Monthly, $181 | Annually, $624 Monthly, $47 |
| Geico insured | Annually, $1,607 Monthly, $134 | Annually, $744 Monthly, $62 |
| Central Insurance | Annually, $1,427 Monthly, $119 | Annually, $304 Monthly, $25 |
| Farmers | Annually, $2,202 Monthly, $183 | Annually, $ 769 Monthly, $72 |
| Nationwide | Annually, $2,632 Monthly, $219 | Annually, $447 Monthly, $37 |
| Kemper | Annually, $888 Monthly, $74 | Annually, $374 Monthly, $31 |
| Farm bureau financial services | Annually, $1,618 Monthly, $139 | Annually, $919 Monthly, $77 |
Editor’s Remarks
When searching for an auto insurance policy, consider factors such as your car’s make and model, brand, location, age, and driving experience. These factors will influence the premiums offered by different companies, so being informed about them will help you find cheap auto insurance providers in New Mexico. Additionally, make sure to ask all relevant questions about your policy to understand the coverage details and limitations.
Frequently Asked Questions
What is the cheapest car insurance in New Mexico?
Several companies offer cheap auto insurance in New Mexico, including USAA, where rates can be as low as $22 per month or $264 per year, depending on the coverage type you choose. Other companies providing cheap auto insurance in New Mexico include Progressive, Allstate, State Farm, and Geico.
What is the minimum car insurance in New Mexico?
The state’s minimum requirements for car insurance include:
– $10,000 for property damage in any one accident.
– $50,000 for bodily injury to two or more persons.
– $25,000 for bodily injury to or death of one person.
What is the cheapest legit car insurance?
The cheapest and most affordable car insurance you can be on the lookout for includes:
– USAA
– Nationwide
– Geico
– Progressive
– Allstate
How much does insurance cost in New Mexico?
The cost of full coverage auto insurance in New Mexico can vary based on your insurance provider and several factors such as your car’s make and model, your driving experience, age, and gender. On average, you can expect to pay $1,226 per year or $102 per month.
How much is the cheapest car insurance in USA?
Some of the most affordable and cheapest car insurance providers in the USA are USAA, costing $264 per year, Progressive at $1,593, Nationwide at $1,470, State Farm at $1,703, and Geico at $1,307.