Who Has the Cheapest Motorcycle Insurance in New Mexico?
Dairyland has the cheapest motorcycle insurance in New Mexico, at $20 per month.
Find Cheap Motorcycle Insurance Quotes in New Mexico
Best cheap motorcycle insurance in NM
How we chose the top companies
Cheapest motorcycle insurance in New Mexico
Dairyland has the best rates for motorcycle insurance in New Mexico.
A full coverage policy from Dairyland costs just $20 per month. That's 38% cheaper than the statewide average.
Cheapest insurance companies
Find Cheap Motorcycle Insurance Quotes in New Mexico
The average cost of motorcycle insurance in New Mexico is $32 per month — that’s about the same as the national average, which is also $32 per month.
Cheap motorcycle insurance quotes in New Mexico
Company | Monthly rate | ||
|---|---|---|---|
| Dairyland | 2.0 out of 5 | $20 | |
| Allstate | 3.5 out of 5 3.5 out of 5 | $27 | |
| Harley-Davidson | 3.0 out of 5 | $27 | |
| Progressive | 3.5 out of 5 | $31 | |
| Geico | 2.0 out of 5 | $35 | |
| Nationwide | 1.5 out of 5 | $52 | |
Best motorcycle insurance rates: Dairyland
Best overall: Allstate
Best for veterans: USAA
New Mexico motorcycle insurance cost by city
Alamogordo, near White Sands National Park, has the cheapest motorcycle insurance quotes among New Mexico's larger cities.
The average cost of motorcycle insurance in Alamogordo is $29 per month for full coverage.
Belen and Los Lunas, both in Valencia County, have the most expensive rates, averaging $37 per month. This could be because both cities have fairly high property crime rates.
Higher crime rates mean you're more likely to have your bike stolen or vandalized. Insurance companies increase rates to account for that risk.
Full coverage motorcycle quotes in New Mexico by city
Average motorcycle insurance cost in NM by city
City | Monthly cost | % from average |
|---|---|---|
| Alamogordo | $29 | -8% |
| Albuquerque | $35 | 11% |
| Anthony | $33 | 2% |
| Artesia | $31 | -2% |
| Belen | $37 | 16% |
New Mexico motorcycle insurance laws
New Mexico riders are required to show proof of financial responsibility by getting motorcycle insurance, or by providing a surety bond or cash deposit of $60,000 to the State Treasurer's office.
Buying motorcycle insurance is the most common and easiest of these options.
If you choose to get a motorcycle insurance policy, you’ll need to have a minimum amount of liability coverage. An insurance company may write this requirement as 25/50/10.
- Bodily injury liability insurance: $25,000 per person and $50,000 per accident
- Property damage liability insurance: $10,000 per accident
The minimum insurance required in New Mexico doesn't protect your motorcycle. So if you’d have a hard time replacing your bike after an accident, you should consider adding collision and comprehensive insurance.
Frequently asked questions
How much is motorcycle insurance in New Mexico?
The average cost of full coverage motorcycle insurance in New Mexico is $32 per month. However, riders can find much cheaper rates at Dairyland, as full coverage from that company costs just $20 per month, on average.
Does NM require motorcycle insurance?
To legally ride a motorcycle in New Mexico, you’ll have to show proof of financial responsibility. The most common way to do this is by getting motorcycle insurance. The state requires you to have a minimum of $25,000 of bodily injury coverage per person and $50,000 per accident and $10,000 of property damage liability.
What company has the cheapest motorcycle insurance in New Mexico?
Dairyland has the cheapest motorcycle insurance quotes in New Mexico, averaging $20 per month for a full coverage policy. That's $12 per month cheaper than the statewide average.
Methodology
ValuePenguin collected quotes across 33 cities across New Mexico from six top motorcycle insurance companies in the state. Quotes are for a 45-year-old single man who owns a 2018 Honda CMX500 Rebel.
Rates are for a full coverage policy. It includes higher liability limits than the state requirement, collision coverage and comprehensive coverage.
- Bodily injury liability: $50,000 per person and $100,000 per accident
- Property damage liability: $25,000 per accident
- Uninsured and underinsured motorist bodily injury: $50,000 per person and $100,000 per accident
- Uninsured and underinsured motorist property damage: $25,000 per accident
- Medical payments: $5,000
- Comprehensive and collision deductible: $500
The ValuePenguin team has a combined total of more than 50 years of experience in the property and casualty insurance industry.
About the Author
Lead Writer
Matt Timmons is a Lead Writer on the insurance team at ValuePenguin, where he writes in-depth and timely pieces helping find the right coverage for them.
He's covered insurance at ValuePenguin since 2018, specializing in auto and home insurance, as well as life insurance. He's paid special attention to the EV insurance market, where prices are much higher than for gas cars.
Before he started writing about personal finance, Matt wrote about professional skills and online tools at an e-learning company.
How insurance helped Matt
During freshman orientation in college, Matt's iPod was stolen off his table while he was eating lunch. Luckily, he'd bought a college insurance plan the day before and he had money to buy a replacement before classes started.
Expertise
- Auto insurance
- Home insurance
- Insurance rate analysis
- Life insurance
Referenced by
- CNBC
- Miami Herald
- Yahoo! Finance
Education
- BA, Wesleyan University
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
