New Mexico Car Insurance Calculator

Many factors affect the cost of car insurance in New Mexico, from your age and gender to make and model of your vehicle. One effective strategy for lowering rates is comparing quotes regularly while shopping around. Savings opportunities also exist by reducing coverage, seeking discounts, increasing deductibles or bundling policies together. Some of the cheapest providers include Progressive, State Farm and GEICO – three insurance providers which you should look out for!

New Mexico law mandates liability and personal injury protection (PIP) insurance policies on any car driven in the state, with collision and comprehensive policies available as add-ons that protect it against damages and repairs.

New Mexico drivers must possess at least $100,000 per person and $300,000 per incident as minimum car insurance coverage. They may opt to increase these amounts for added protection; however, doing so will cause their premiums to increase accordingly.

Your driving record plays a large part in determining your New Mexico car insurance premiums. If there are traffic violations or at-fault accidents on your record, rates will likely be higher compared to drivers with no violations or accidents on record. Furthermore, drivers under 25 tend to pay more due to their limited driving experience.

Credit scores play an essential role in New Mexico auto insurance rates, with drivers with poor credit typically experiencing rates up to 2.1 times higher than drivers with excellent credit due to insurance companies seeing them as riskier drivers and anticipating that they may make claims against them in the future.

Although a DUI doesn’t always constitute sufficient grounds to cancel coverage, most insurance carriers take it into consideration when setting rates. They understand the long-term repercussions can include criminal records and job loss; additionally, you will likely be required to attend Victim Impact Panel hearings as part of probationary periods after your case concludes.

MoneyGeek can assist New Mexicans who are having difficulty selecting an auto policy by offering our easy-to-use car insurance calculator and instant quotes from multiple providers. After conducting extensive market research, MoneyGeek identified five of the best providers, based on customer ratings, claims handling satisfaction and price; Progressive was named first overall with State Farm coming in second and GEICO third – for more details read our comprehensive guide to car insurance in New Mexico!