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Home Insurance and Car Insurance in New Mexico
New Mexico provides its residents with beautiful views, a varied climate and a diverse economy. That’s why over 2.1 million people call it home! But just like other states, you’ll want to shop for home and auto insurance in New Mexico to help protect you in the event of a catastrophe, accident or other unforeseen incident. Luckily, SelectQuote can help you find affordable coverage for your home and car by comparing quotes from several insurance companies at once.Homeowners Insurance in New Mexico
According to the most recent available data from the U.S. Census Bureau, the median value of owner-occupied housing in New Mexico sits roughly around $184,000, with 68.2% of homeowners occupying their residences.1 With so many people making such a substantial investment, it makes sense to protect their home with home insurance.When you work with SelectQuote, your home insurance policy is tailored to your needs and can be as simple as coverage for your home itself, your personal property and any kind of accidents that might occur on your property. It could also include additional coverage.The best way to determine your home insurance needs is to know the key differences between each type of coverage and to speak with a professional when it’s time to shop for your policy.
Homeowners Insurance Coverage Options in New Mexico
Home insurance isn’t a legal requirement in New Mexico, but if you’re buying your home with a mortgage loan, your lender will probably require it. Most home insurance policies sold in New Mexico cover a stable set of named perils and circumstances, and it’s important to understand the limitations to your home insurance coverage before something happens. Typical policies will include most of the following types of home insurance coverage:- Dwelling coverage protects the structure of your home, including walls, roof, windows and doors
- Personal property coverage helps cover losses that occur inside your home, like furniture or appliances—even when damaged or stolen outside the home.
- Liability coverage can defend and protect you from lawsuits if a person is injured on your property. It also helps protect you if you damage another person’s property
- Guest medical protection coverage pays medical expenses when someone is injured on your property.
- Coverage for other structures, such as detached garages.
- Additional living expenses coverage helps pay for lodging, food, laundry and other services if your home is rendered uninhabitable by a covered loss.
Common Causes of Loss in New Mexico
Like many other states, most of the hazards faced by New Mexico homeowners tend to be weather-based. Common causes of loss in the state include:- Wildfires
- Earthquakes
- Theft and property crime
- Flooding
Additional Coverage Options Recommended for New Mexico Homeowners
New Mexico home insurance policies tend to cover your dwelling, personal property, liability, medical payments and living expenses due to loss of use. Additional coverage you may want to consider can include:- Flood insurance: Flooding isn’t covered under most standard home insurance policies. Flood insurance can be purchased through your insurance company or through the National Flood Insurance Program (NFIP).
- Sump pump coverage: If your sump pump and pipes clog, it can lead to costly damage. This type of insurance isn’t usually included in a home insurance policy but you can buy an endorsement.
- Additional coverage for personal property: In some cases, your base home insurance policy may prove insufficient for paying the cost to replace or repair expensive items, such as jewelry, artwork or large electronics. If you own any of these items, you may want to buy additional coverage to protect them.
Our Home Insurance Partners in New Mexico
SelectQuote makes shopping for a home insurance policy simple. We partner with some of the most trusted home and auto insurance companies who operate in states like New Mexico, comparing their rates and coverages to find the right coverage for your situation at a price that fits your budget.What is the average home insurance cost in New Mexico?
Average home insurance rates in New Mexico can vary based on several details. The value of your home, its location, and potential hazards such as flooding or wildfire can come into play. According to the Insurance Information Institute, New Mexico homeowners insurance on average costs $1,017.2 The average home insurance cost in New Mexico for SelectQuote customers is $107.66 a month.+Homeowners Insurance Discounts in New Mexico
If you’re concerned about the cost of your New Mexico home insurance, you’re not alone. Fortunately, there are plenty of discounts available. In addition to lowering your premiums through a higher deductible, you can look for the following discounts:- Discounts for filing fewer claims
- Customer loyalty discounts
- Discounts for installing home security systems
- Discounts for installing home security systems
- Bundled policy discounts for home and auto insurance coverage
Bundle Your Home and Auto Insurance to Save Money
How much money can you save with bundled home and auto insurance coverage? SelectQuote customers save an average of $693 per year when they bundle home and auto insurance coverage with one carrier.Average Home and Auto Insurance Rates in New Mexico
The average rates in the table below are sampled from actual SelectQuote customers who live in those cities. Rates may vary statewide based on location/ZIP code, age and condition of your home, and other factors.| City | Avg. Monthly Home Insurance Rate | Avg. Monthly Auto Insurance Rate | Avg. Monthly Rate of Bundled Policies |
| Albuquerque | $92.74 | $157.42 | $238.36 |
| Carlsbad | $156.44 | $125.62 | $242.13 |
| Las Cruces | $79.25 | $115.49 | $164.19 |
| Rio Rancho | $83.44 | $126.53 | $212.99 |
| Santa Fe | $133.53 | $147.39 | $173.63 |
Average monthly rates are from effective SelectQuote customer policies between 4/1/2022 and 3/31/2023.
Car Insurance in New Mexico
Unlike home insurance, which isn’t required in New Mexico, auto insurance is a necessary purchase for all licensed drivers. Finding affordable auto insurance can be as simple as comparing quotes from different insurance companies at once, but you need to know exactly what kind of coverage to ask about. Before you start shopping, familiarize yourself with New Mexico’s minimum legally required car insurance coverage—and the additional coverage you might need to fully protect your car.In 2021, over 619,000 vehicles were registered in the state of New Mexico, and all of them are required by law to have insurance.3
New Mexico Auto Insurance Laws and Requirements
New Mexico, like all other states, requires drivers to carry a minimum amount of insurance coverage to protect them from financial liability in the event of a car accident. This minimum liability coverage falls into two categories: bodily injury liability and property damage liability.Bodily injury liability coverage pays for expenses related to injuries or death of another driver or pedestrian when you’re at fault for an accident. Property damage liability coverage helps cover expenses related to property damage such as vehicles, homes, buildings and more, if you’re found to be at fault for the accident. Legal minimums for liability coverage are as follows4:- Bodily injury liability coverage: $25,000 per person and $50,000 per accident
- Property damage liability coverage: $10,000 per accident
- Uninsured motorist coverage, which can cover your medical expenses if the other driver is at fault and has no insurance.
- Underinsured motorist insurance, which helps pay the difference if you are in an accident where another driver is at fault and doesn’t have enough liability coverage.
- Medical payments coverage, which can help pay for medical or funeral expenses for you or your passengers if hurt in an accident.
- Collision coverage, which pays for expenses to repair or replace your car if it’s been damaged in an accident (regardless of fault).
- Comprehensive coverage, which can repair or replace your vehicle if it’s been stolen or damaged by an animal, fallen object, storm or vandalism.
| Types of Coverage | Minimum Coverage Nebraska Requires |
| Bodily Injury Liability Coverage |
|
| Property Damage Liability Coverage | $10,000 per accident |
| Uninsured/Underinsured Motorist Coverage | Not Required |
| Not required | |
| Not required | |
| Not required |
New Mexico Teen Driving Laws
New Mexico requires all drivers, regardless of age, to be covered by auto insurance. You can add your teen driver to your existing policy or have them shop for their own. It’s typically cheaper to add them to your policy.New Mexico requires drivers under the age of 18 to go through a graduated license program to get their license. The graduated program begins with a learner’s permit and a driver’s education program. Teen drivers must drive with adults who are 21 years of age or older and complete 50 hours of supervised practice. The teen must then maintain a clean driving record for 90 days before obtaining their provisional license.The provisional license requires that the teen pass the Department of Motor Vehicles (MVD) road skills exam and not drive with any passengers in the vehicle under the age of 21 who is not an immediate family member. There are also restrictions on when a driver may drive (between midnight and 5 a.m. unless heading to school work, religious functions or in a medical emergency). More information on the graduated license program can be found at the New Mexico MVD’s education portal.New Mexico Car Registration Information
Registering your vehicle in New Mexico requires you to provide several documents, including an odometer statement, purchase agreement (or dealer’s invoice) and a manufacturer’s certificate of origin (MCO). The MCO must be original.Much like other states, you’ll also be required to provide proof of insurance, specifically the minimum liability auto insurance policies. You can do this with your current car insurance card, a copy of your existing policy or a letter from the insurance carrier attesting to your coverage.What is the average car insurance cost in New Mexico?
What you pay for car insurance rates in New Mexico depends on several factors, but chief among them are your driving history and the type of car you drive (sports cars and luxury SUVs are more expensive to insure, for example). That’s not the only consideration, however. Other common influences on your car insurance premiums include:- Your credit rating
- Where you live
- Your car’s annual mileage
- How often and what you use your car for
- Your deductible when filing claims
Car Insurance Companies in New Mexico
SelectQuote provides New Mexico residents with quotes from leading auto insurance companies. We can compare rates and discounts from a wide range of trusted insurance carriers in just minutes. This allows us to help you save time and money when buying insurance coverage.New Mexico Home and Auto Insurance Frequently Asked Questions
Many people have questions about buying insurance whether it’s their first time shopping for coverage or if they’re looking to find a cheaper option. Some of the most common questions about buying insurance in New Mexico can be found below.How do I shop for insurance in New Mexico?
Shopping for home and auto insurance in New Mexico involves a similar process that boils down to three main details:
- Calculate your needed coverage
- Get quotes from multiple companies at once
- Ask for applicable discounts
How should I shop for homeowners insurance in New Mexico?
Whether you’re a first-time homebuyer or simply trying to compare insurance policies for the best deal, it’s important to know exactly what kind of coverage you need.- Start by taking inventory of your personal property and match it up with the current value of your home.
- Be sure to take all available discounts—including those for bundling home and auto insurance policies—into consideration.
- Don’t forget to make sure you understand whether your policy provides for the actual cash value of your belongings and home or the full replacement cost, which could be significantly more.
How should I shop for auto insurance in New Mexico?
- Compare rates from several companies at one time, making sure to include all the types of coverage you’ll need.
- Find out if your auto lender or bank requires full coverage.
- Different insurance companies may charge more based on your driving history, where you live and other risk factors; be sure to ask for discounts, especially if you’re a safe driver or have been with your current insurance company for a while.
Can I buy RV insurance in New Mexico?
RVs require a special type of insurance that combines the coverage of both homeowners and auto insurance. An RV policy’s rates are determined much like other insurance policies, but RVs are divided into different classes: A, B and C. For example, Class C RV policies will cost much less than a Class A RV policy.
Can I buy renters insurance in New Mexico?
You can buy renters insurance in New Mexico. Renters insurance is similar to homeowners insurance in that it helps protect your personal property should something happen to your apartment or rental home. Renters insurance is generally affordable and is often required by apartment complexes as part of your lease.
SelectQuote Can Shop New Mexico Home or Auto Insurance to Help Save You Time and Money
By shopping for home and auto insurance with SelectQuote, you can compare coverage and rates from some of the most trusted insurance companies. Let us compare rates and discounts for your home and auto policies—including bundled coverage options—to help save you time and money.Sources1. https://www.census.gov/quickfacts/NM2. https://www.iii.org3. https://www.statista.com4. https://www.mvd.newmexico.gov+Average rates calculated are based on effective SelectQuote customer policies in New Mexico between 4/1/2022 and 3/31/2023. Rates will vary based on level of coverage, location, age, and additional determining factors.
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