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UPDATED: May 12, 2020
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Shopping for the best New Mexico auto insurance can be confusing. Nobody wants to pay more than necessary for insurance, but it is important to consider several factors in deciding which company offers the best coverage at an affordable price.
The best strategy is to find out what companies are highly regarded for customer service, financial strength, and value of coverage compared with price.
Financial strength is defined as the company’s ability to stand by its financial obligations.
The first step in choosing a car insurance company is to rank available car insurance in the state. Take into consideration the type of vehicle, location, and driver profile, which further narrows the field.
Then take the top companies on the list and call a local insurance agent from each for a direct quote.
Save time by entering your ZIP code into our FREE car insurance comparison search!
Best Car Insurance Companies in New Mexico
- Allstate – ranked high because of great customer service and financial strength, offers “accident forgiveness” to keep premiums from going up after one incident and new car replacement if the vehicle is totaled within the first three model years
- Amica Mutual – has the highest possible customer service ranking and strong financial stability, allows policyholders to choose the repair facility to be used, offers excellent roadside assistance, pledges to pay all claims within 24 hours after reaching an agreement and receiving documentation
- State Farm – has been protecting car owners since 1922, has high customer service ranking and strong finances, and offers a number of discounts
- Progressive – ranks high in customer service and financial strength and offers to show the rates from competitors on their own website to help customers choose a premium
- Geico – a solid company with a high customer service ranking and a low complaint ratio, offers modern insurance for classic cars as well as other vehicles
- AAA – famous for its excellent roadside service, ranks high in both value and customer service, is financially stable, and offers discounts to customers who insure both their home and their car
- MetLife – ranks high in customer service and financial strength and offers a deductible saving benefit for good drivers, full replacement for total losses, and enhanced coverage for rental car damage
- Travelers – earns excellent grades for customer service and financial stability, offers various policies to fit the needs of both private and business vehicle owners, has a guaranteed auto repair program that includes auto glass repair shops that will service the car in your driveway
- Liberty Mutual – has good financial strength and offers quality customer service discounts for multiple accounts to cover both home and automobile, as well as personal liability coverage up to $1,000,000
- The Hartford – offers a program with AARP for drivers over 50 that includes a disappearing deductible, first accident forgiveness, lifetime renewability, and RecoverCare (which pays for shopping, cooking, cleaning, transportation, and yard work for a policyholder who has been injured in an accident)
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When comparing insurance companies and quotes, make sure you are comparing apples to apples. Liability car insurance is the most important component. It covers injuries and property damage if the policyholder is judged to have caused an accident.
Liability coverage limits are indicated by three numbers, such as 50/100/25.
- The first number shows maximum liability coverage in thousands of dollars for each person injured
- The second number shows total bodily injury coverage for each accident
- The third number shows the maximum amount of property damage coverage for a single accident
Imagine you were involved in an accident in which only the driver of the other car was injured. The total medical cost for that individual mounted to $75,000. Even though your liability coverage is $100,000 for bodily injury, you will still have to pay $25,000 out of your own pocket.
A driver who owns significant assets may be forced to sell them in order to meet this expense.
For this reason, it is important to make sure the policy shows the same liability maximum per individual that it states per single accident.
Put your insurance money where it will give you the best protection. It is much better to purchase a policy with a higher deductible but more liability coverage.
Collision and Comprehensive Car Insurance
Collision insurance pays to repair or replace your car if you are involved in an accident. When purchasing collision coverage, consider the car you drive. If it is an older model, opt for a higher deductible and less coverage for the vehicle to keep car insurance affordable.
Drivers of new cars will want to purchase more coverage. Some companies offer to replace a car that is totaled within the first three model years, instead of just paying the depreciated value of the car.
Comprehensive insurance covers the vehicle for theft, flood, vandalism, and other hazards not related to automobile accidents. Again, consider the value of the car before purchasing this type of car insurance.
Personal Injury Coverage
Personal medical bills stemming from an accident are covered by personal injury insurance. If you have health insurance, this may be an expense you want to skip unless it also covers lost wages.
As you can see, there is more to comparing auto insurance companies than simply getting quotes online.
To get adequate coverage, make sure the company is dependable. Look for discounts that many companies offer, and figure out which company can cover what needs the most coverage.
Then you will know that your purchase is both adequate and wise.
Instantly compare New Mexico car insurance companies by entering your ZIP code below now!