Drivers across New Mexico face the difficulty of finding affordable car insurance policies, as various factors influence your rates such as where you live and type of vehicle you drive. ValuePenguin analyzed data from thousands of quotes received by auto insurers throughout the state and country in order to help drivers compare car insurance premiums in New Mexico and nationwide.
Age and gender also influence how much you pay for coverage. Younger drivers typically pay more due to being considered high-risk drivers; on average women typically pay less for equivalent policies than men. Your credit score also plays a factor, since insurers use it to predict whether future claims might occur; those with poor credit can expect to pay up to 2.1 times more than those with excellent scores.
Your car and the amount of coverage you choose both have an effect on your premiums. Sports cars and luxury vehicles typically cost more to insure due to their higher repair and replacement costs; choosing higher liability limits and lower deductibles could either raise or lower them further.
Drivers can save by shopping around and gathering multiple quotes. With such intense competition in the car insurance industry, rates change regularly – even if you have been with one provider for some time already, it pays to compare options; you might find cheaper coverage elsewhere or discover discounts you weren’t aware of before.
New Mexico car insurance policies mandate minimum liability coverages, but what really determines their car insurance premiums in New Mexico is their driving record. Maintaining a clean record for five years or longer may lower your rates significantly; conversely if multiple at-fault accidents or DUI convictions have taken place your premiums will skyrocket significantly.
Although New Mexico boasts a relatively low accident rate, its national average remains over 100 accidents per 100,000 residents, meaning drivers in this state may pay higher insurance premiums than elsewhere in the U.S.
Insurance premiums differ widely across cities and towns across New Mexico due to crime statistics and repair costs in each area, such as Rio Rancho and Albuquerque where average premiums tend to be higher than elsewhere.
Other factors that could impact your rates include your commute distance, annual mileage, marital status, and gender. Your marital status might have some influence; insurers tend to assume married drivers are more responsible on the road; but it won’t make enough difference on its own to offset any differences from other factors affecting rates.