New Mexico car insurance calculator

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As a motorist in New Mexico, understanding the significance of securing car insurance that complies with the state’s minimum requirements is crucial. Yet, discovering the optimal coverage that aligns with your budget can be a challenging endeavor. This is where our New Mexico car insurance calculator proves invaluable.

Utilize our auto insurance calculator to approximate your annual and monthly car insurance expenses in New Mexico, taking into account your vehicle’s make and model. This empowers you to make well-informed decisions about your coverage.

New Mexico car insurance calculator

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*It is recommended that you should get full coverage car insurance for vehicles 2020 or newer.

Methodology

Insure.com commissioned Quadrant Information Services to calculate average auto insurance rates for vehicles from 2006 to 2023.

Our hypothetical driver is a 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage.

Rates for vehicles up until 2023 includes uninsured motorist coverage (since some states require it, we do it for all) and PIP or Medical Payments, if it is required by state law. This hypothetical driver has a clean record and good credit.

For liability 100/300 is rates the same hypothetical driver but with liability limits of 100/300/50, uninsured/underinsured motorist in matching amounts and PIP or MedPay, if required by state. We recommend limits this high, even if you have only liability coverage. A state-minimum policy includes only the basic state liability limits and any other state-required coverages, such as uninsured motorist or PIP.

Averages were calculated using data from six large carriers, such as Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm. Rates were averaged across multiple ZIP codes and insurance companies. Average rates are for comparative purposes; your rate will depend on your personal factors.

How much is vehicle model important in calculating car insurance in New Mexico

In New Mexico, the make and model of a vehicle can significantly impact car insurance rates. Insurers consider various factors, including a vehicle’s make and model, when determining premiums.

For instance, the car insurance rate for a 2022 Acura ILX 2.4L is $1,452 a year for a full coverage policy, whereas average insurance premiums in New Mexico for a Toyota 4Runner Limited is $1,560 annually – that’s $108 more compared to Acura ILX 2.4L.

How insurers calculate car insurance in New Mexico using car model year

In New Mexico and many other places, a car’s model year can influence how much you pay for car insurance. For example, someone with a 2021 Chevrolet Blazer 2LT pays around $1,513 a year for insurance, whereas the car insurance rate for a 2022 Chevrolet Blazer 2LT is $1,520 per year.

Does the cost of car insurance in New Mexico decrease as a vehicle gets older?

In general, car insurance costs decrease for older car models in New Mexico. As a vehicle ages, it typically loses value due to depreciation. Since car insurance covers the cost of repair or replacement of a vehicle, the insurance company’s liability decreases when insuring an older vehicle. This results in lower New Mexico car insurance premiums.

Individuals driving a 2020 Honda Accord LX in New Mexico pay $133 monthly for a full coverage car insurance policy; conversely, car insurance for the 2022 Honda Accord LX costs every month in New Mexico is $120 which is $13 less than the 2020 model.

Older vehicles may be less attractive to thieves than newer models with advanced security features. The lower risk of theft can also lead to lower insurance premiums.

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Auto insurance premiums vary significantly from city to city, so drivers need to be sure they’re getting the best deal. Insure.com has done the research for you. Get more information on auto insurance rates by city below.

Car insurance rates in New Mexico by city

Car insurance cost estimate in New Mexico

The average premium for car insurance in New Mexico is $1,505 per year or $125 per month, though your specific premium may vary based on the coverage level you choose. Here is an estimate of car insurance costs in New Mexico for different coverage levels.

Car insurance in New Mexico usually costs about $1,505 per year or $125 per month. But remember, your actual price might be different based on the coverage you pick. Let’s take a look at estimated car insurance costs in New Mexico for different coverage levels.

50/100/50 Liability Only	Full Coverage	Non-Owner State Minimum Liability Only	State Minimum Liability Only
$546	$1,505	$303	$376

The bottom line: New Mexico car insurance calculator

The car insurance calculator for New Mexico figures out your rates using things like where you are and the year, make, and model of your vehicle. Just put in your details, and the calculator gives you an idea of what you might pay. Keep in mind that rates can differ, so it’s smart to get quotes from a few different insurance companies to find the best deal for what you need.