Cheap Car Insurance in New Mexico
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New Mexico Car Insurance Minimums
New Mexico requires all drivers to carry minimum liability insurance. Here are the state-mandated minimums:
Bodily Injury (per person)
$25,000
Bodily Injury (per accident)
$50,000
Property Damage
$10,000
At-fault (tort) state.
Source: NMSA 1978 § 66-5-208 (liability minimums, cited on mvd.newmexico.gov chapter 11 page), verified 2026-09-01.
What drives car insurance rates in New Mexico
Average spend per insured vehicle, 2023
$1,082
New Mexico drivers spent $1,082 per insured vehicle on liability, collision and comprehensive in 2023, against $1,282 nationally.
Claims paid per premium dollar, 2023
68.5¢
Auto insurers in New Mexico paid 68.5 cents in claims for every premium dollar in 2023; the median state was 72 cents.
Traffic deaths per 100 million miles, 2024
1.43
New Mexico recorded 409 traffic deaths in 2024, 1.43 per 100 million vehicle miles against 1.19 nationally. Injury claims follow crash severity.
Vehicle thefts per 100,000 residents, 2025
320.9
New Mexico reported 6,820 motor vehicle thefts in 2025, 320.9 per 100,000 residents, from 499.9 the year before. Theft claims are paid under comprehensive coverage.
Uninsured drivers, 2023
24.1%
The Insurance Research Council estimates 24.1% of New Mexico drivers carried no liability insurance in 2023, against 15.4% nationally. Uninsured motorist coverage is what pays when one of them hits you.
Natural-hazard loss rank
#39
FEMA ranks New Mexico #39 of 51 for expected annual loss from natural hazards; flood accounts for 66% of that loss, and comprehensive coverage is what pays for flood damage.
- Average spend per insured vehicle, 2023: NAIC Auto Insurance Database Report, 2023 data
- Claims paid per premium dollar, 2023: NAIC Profitability by Line by State, 2023
- Traffic deaths per 100 million miles, 2024: NHTSA Fatality Analysis Reporting System, 2024
- Vehicle thefts per 100,000 residents, 2025: FBI Crime in the United States, 2025
- Uninsured drivers, 2023: Insurance Research Council, 2023 data
- Natural-hazard loss rank: FEMA National Risk Index
Largest auto insurers in New Mexico
The ten insurer groups that wrote the most auto premium in New Mexico in 2025, with their share of the state total of $2.2 billion.
| # | Insurer group | Market share | Premiums written |
|---|---|---|---|
| 1 | State Farm Group | 24.28% | $525 million |
| 2 | Progressive Group | 21% | $454 million |
| 3 | Berkshire Hathaway Group | 10.48% | $227 million |
| 4 | United Services Automobile Association Group | 9.13% | $197 million |
| 5 | Allstate Insurance Group | 8% | $173 million |
| 6 | Farmers Insurance Group | 7.88% | $170 million |
| 7 | Liberty Mutual Group | 3.87% | $84 million |
| 8 | Sentry Insurance Group | 2.86% | $62 million |
| 9 | Auto Club Enterprises Insurance Group | 2.24% | $49 million |
| 10 | Iowa Farm Bureau Group | 2.1% | $45 million |
Source: NAIC Market Share Reports, 2025 data, direct premiums written by insurer group. GEICO writes inside Berkshire Hathaway Group. Ranking is market commentary; it says nothing about which carriers a quote comparison includes.
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