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Santa Fe drivers pay an average of $122 per month for car insurance, according to Compare.com data. Fortunately, several auto insurers in Santa Fe, including State Farm, offer rates well below that average.
In this guide, we’ll explore the best car insurance options for different types of drivers in Santa Fe and offer some strategies for finding lower rates.
Key Takeaways:
- Santa Fe drivers pay an average of $71 per month for liability-only insurance and $173 per month for full coverage.
- State Farm offers the lowest average car insurance premium in Santa Fe, at $43 per month.
- New Mexico requires 25/50/10 in minimum-liability coverage.
In This Article:
- Average Price for Car Insurance in Santa Fe
- Cheapest Santa Fe Car Insurance Companies
- Best Santa Fe Car Insurance Companies of 2024
- Santa Fe Rate Breakdowns by Driver and Coverage Type
- New Mexico Auto Insurance Requirements
- Frequently Asked Questions
How Much Is Car Insurance in Santa Fe?
On average, Santa Fe drivers pay $122 per month for car insurance. But this number is just an average and should be used only as a rough guide. Your personal rate will vary based on a variety of factors, including your age, ZIP code, vehicle choice, driving history, and more.
Now, let’s take a closer look at some of the cheapest insurers in Santa Fe.
Compare Quotes from Santa Fe’s Cheapest Insurers
Santa Fe’s Cheapest Car Insurance Companies
Even though Santa Fe’s average car insurance rate is $122 per month, there are still plenty of ways to save. Comparing quotes from different companies can help you find a rate that fits your budget.
The table below lists the cheapest car insurance companies in Santa Fe and their average monthly premiums.
| Company | Average Monthly Premium |
|---|---|
| State Farm | $43 |
| USAA | $52 |
| GEICO | $54 |
| Midvale Home & Auto | $83 |
| Allstate | $85 |
State Farm offers the cheapest car insurance in Santa Fe, at $43 per month, according to Compare.com data. But these are just averages — your personal rate might be lower or higher based on your unique driver profile.
In the next sections, we’ll highlight the best auto insurance companies for specific demographics of drivers.
Top 3 Best Santa Fe Insurance Companies of 2024
Many factors affect your car insurance rates, including your driving record, age, coverage levels, location, vehicle choice, and so much more. No single company is the “best” for everyone — but shopping around and comparing rates can help you find the best company for you.
We picked the following companies based on a combination of average rates in Santa Fe, available discounts, customer reviews, and coverage options.
Best overall value: State Farm
- Average premium: $43 per month
- Compare.com Rating: 4.90 out of 5
Pros:
- Among the cheapest rates in Santa Fe
- Above-average J.D. Power customer satisfaction score
Cons:
- Doesn’t offer gap insurance
- May lack the personalized touch of smaller insurers
State Farm is the largest insurance company in the country by market share, according to the National Association of Insurance Commissioners (NAIC). Not only that, but the company’s average rate of $43 per month is among the lowest in Santa Fe. State Farm also offers some of the most affordable rates in Santa Fe to teens, seniors, and drivers with spotty driving records.
Best for teens and young drivers: GEICO
- Average premium: $54 per month
- Compare.com Rating: 4.65 out of 5
Pros:
- Among the cheapest rates in Santa Fe
- Wide range of insurance products
Cons:
- Doesn’t offer gap insurance
- Below-average J.D. Power customer satisfaction score
GEICO is the third-largest car insurance company in the country by market share, according to the NAIC. And at $54 per month, GEICO is among the cheapest car insurance companies in Santa Fe. Teens in Santa Fe can save even more when they take advantage of GEICO’s student-friendly discounts, including good student and student away at school.
Best for discounts: USAA
- Average premium: $52 per month
- Compare.com Rating: 4.91 out of 5
Pros:
- High J.D. Power customer satisfaction score
- Competitive car insurance rates
Cons:
- Only available to military members and their families
- Doesn’t offer gap insurance
Santa Fe drivers who choose USAA pay just $52 per month for car insurance, which places it among the city’s most affordable auto insurance companies. And you can save even more when you qualify for any of USAA’s generous discounts, including a safe driver discount, multi-policy discount, loyalty discount, and perks when you shop at certain retailers.
USAA also offers discounts if you bundle auto insurance, home insurance, renters insurance, and more. Speak to USAA’s team of experienced agents to see if you qualify.
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Cheapest Company for Liability Insurance: State Farm
The coverage levels you choose directly affect your car insurance rates. A higher coverage level typically comes with higher rates, and vice versa. Liability coverage at the state-minimum limits is the cheapest policy available — though it covers vehicle repairs and medical bills only for the other driver after a car accident — not your own.
The average rate for a liability policy in Santa Fe is $71 per month, but several companies offer much cheaper average rates. The table below highlights the cheapest liability-only policies in Santa Fe.
| Company | Average Monthly Premium |
|---|---|
| State Farm | $31 |
| USAA | $37 |
| GEICO | $38 |
| Hallmark | $53 |
| Midvale Home & Auto | $55 |
State Farm is the cheapest insurer in Santa Fe for liability insurance, offering an average rate of $31 per month, according to Compare.com data.
Now, let’s take a look at the cheapest full-coverage car insurance companies in Santa Fe.
Cheapest Company for Full-Coverage Insurance: State Farm
Full-coverage insurance includes liability insurance, as well as collision coverage and comprehensive coverage. These cover damage to your own vehicle if you get into a car accident or a non-collision event (e.g., severe weather, vandalism, theft), respectively.
Full coverage might be a good option if you’re driving a new or high-value vehicle — though the price tag will be higher. On average, Santa Fe drivers pay $173 per month for full coverage.
The table below shows the cheapest full-coverage options in Santa Fe.
| Company | Average Monthly Premium |
|---|---|
| State Farm | $55 |
| USAA | $67 |
| GEICO | $69 |
| Allstate | $110 |
| Midvale Home & Auto | $111 |
State Farm offers the cheapest full-coverage auto policy in Santa Fe, with an average rate of $55 per month, according to our data.
Compare Santa Fe Auto Insurance Rates by Driving Record
Your driving record has a significant effect on your car insurance rates. A history of at-fault accidents or traffic violations makes you a greater risk in the eyes of car insurance companies. To offset the risk, companies will charge you higher rates.
The table below shows the citywide average monthly premium for different driving records, as well as the cheapest insurer for each infraction.
| Driving Record | Citywide Average Monthly Premium | Cheapest Insurer | Cheapest Insurer’s Average Monthly Premium |
|---|---|---|---|
| Clean record | $173 | State Farm | $55 |
| Speeding ticket | $251 | State Farm | $80 |
| At-fault accident | $264 | State Farm | $84 |
| DUI | $299 | State Farm | $95 |
In the following sections, we’ll explore each infraction and the cheapest car insurance company in Santa Fe for each one.
Cheapest car insurance in Santa Fe after a ticket: State Farm
Getting a speeding ticket on your record will cause your rates to go up. Rates go up by 24% on average, according to Compare.com data.
State Farm is the cheapest option in Santa Fe for drivers with one speeding ticket, with an average premium of $80 per month.
Cheapest car insurance in Santa Fe after an accident: State Farm
Your insurance rates will almost always increase after an at-fault accident. On average, rates rise by 34% nationally, according to Compare.com data.
State Farm is the cheapest option in Santa Fe for drivers with an at-fault accident on their record. Its average monthly premium is just $84.
Cheapest car insurance in Santa Fe after a DUI: State Farm
Driving under the influence (DUI) is one of the most serious traffic violations, and it will cause your auto insurance rates to skyrocket. We found that rates tend to rise by 50% on average after a DUI — the steepest change of any violation.
State Farm is the cheapest option in Santa Fe for drivers with a DUI on their record, with an average premium of $95 per month.
Compare Santa Fe Auto Insurance Rates by Age
Your age is one of the most important factors affecting your car insurance rates. Younger drivers pay higher rates because insurers view them as riskier to insure. But rates tend to decline as you age and increase slightly around your 70s.
Here are the average rates in Santa Fe by age, as well as each age group’s cheapest insurer.
| Age Group | Citywide Average Monthly Premium | Cheapest Insurer | Cheapest Insurer’s Average Monthly Premium |
|---|---|---|---|
| Teens | $331 | State Farm | $105 |
| 20s | $229 | State Farm | $73 |
| 30s | $162 | State Farm | $51 |
| 40s | $154 | State Farm | $49 |
| 50s | $129 | State Farm | $41 |
| 60s | $115 | State Farm | $36 |
| 70s | $136 | State Farm | $43 |
In the next two sections, we’ll break down the cheapest coverage options in Santa Fe for teen drivers and senior drivers.
Cheapest car insurance for Santa Fe teens: State Farm
Teenagers are by far the most expensive drivers to insure. They have the highest risk for fatal crashes of all age groups, according to the Centers for Disease Control and Prevention (CDC). Auto insurers charge teens higher rates on average to account for these risks. Teens in Santa Fe pay $331 per month for car insurance on average — the highest of any age group.
State Farm is the cheapest option for Santa Fe teens, with an average monthly rate of $105, according to Compare.com data.
Cheapest car insurance for Santa Fe seniors: State Farm
Drivers approaching retirement pay some of the lowest rates around. These drivers tend to rack up fewer miles on the road, which lowers the likelihood of an accident. Senior drivers in Santa Fe pay $136 per month for car insurance on average, according to our analysis.
Santa Fe seniors in their 60s can find the cheapest car insurance with State Farm, at an average monthly premium of $36. While rates slightly increase for drivers in their 70s, State Farm provides the most affordable coverage, at $143 per month, according to our data.
New Mexico Auto Insurance Requirements
New Mexico drivers must purchase insurance at the following minimum coverage limits to legally drive in the state:
- $25,000 in bodily injury liability insurance per person
- $50,000 in bodily injury liability insurance per accident
- $10,000 in property damage liability insurance per accident
If you don’t get the required auto insurance, the New Mexico MVD may suspend your vehicle registration. Visit the NM Motor Vehicle Department site for more information on the state’s car insurance requirements.
How to Get Cheaper Car Insurance in Santa Fe
Santa Fe drivers can use the following strategies to lower their auto coverage premiums:
- Practice safe driving habits: Going a year or more without an at-fault accident or traffic violation can qualify you for discounts that lower your car insurance rates. And even if you have a recent ticket or accident, most tend to fall off your record within five years. So safe driving today can save you money tomorrow.
- Choose a safe car: Cars with strong safety records and advanced safety features are cheaper to insure.
- Take advantage of discounts: Plenty of insurers offer discounts for things such as bundling policies, insuring multiple cars, and being a safe driver to help you lower your costs. Speak with your insurance agent to see what you qualify for.
- Raise your deductible: Choosing a higher deductible typically lowers your monthly premiums — though you take on more financial risk if you file an auto claim.
- Shop around and compare quotes: Receiving car insurance quotes from at least five different insurance companies is the best way to help you save money.
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Santa Fe Auto Insurance FAQs
Here are answers to some commonly asked questions about car insurance in Santa Fe.
Which company has the cheapest car insurance in Santa Fe?
State Farm offers the cheapest insurance premiums in Santa Fe, with an average rate of $43 per month, according to Compare.com data. But keep in mind that auto insurance rates vary by person, driving history, and coverage level.
How much is car insurance in Santa Fe?
Santa Fe drivers pay an average of $122 per month for car insurance, according to Compare.com data. Liability insurance and full-coverage rates are $71 and $173 per month, respectively.
How much car insurance coverage does New Mexico require?
New Mexico law requires drivers to purchase at least $25,000 in bodily injury liability insurance per person, $50,000 in bodily injury liability insurance per accident, and $10,000 in property damage liability insurance to legallly drive.
What happens if you get caught driving without insurance in Santa Fe?
If a police officer catches you driving uninsured, the state may suspend your registration, and you’ll need to pay a $30 reinstatement fee.
Data Methodology:
Data scientists at Compare.com analyzed more than 50 million real-time auto insurance quotes from more than 75 partner insurers in order to compile the rates and statistics seen in this article. Compare.com’s auto insurance data includes coverage analysis and details on drivers’ vehicles, driving records, insurance histories, and demographic information.
All the rates listed in this article have been collected from a combination of real Compare.com quotes and external insurance rate data gathered in collaboration with Quadrant Information Services. Compare.com uses these observations to provide readers with insights into how auto insurance companies determine their premiums.
Sources:
- J.D. Power, “2023 U.S. Auto Insurance Study,” accessed June 15, 2024.
- Insurance Information Institute, “What determines the price of an auto insurance policy?,” accessed June 15, 2024.
- National Association of Insurance Commissioners, “2023 Property and Casualty Market Share,” accessed June 15, 2024.
- Motor Vehicle Division New Mexico, “Insurance,” accessed June 15, 2024.
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