Who Has the Cheapest Motorcycle Insurance in New Mexico?
Dairyland has the cheapest motorcycle insurance quotes in New Mexico, with an average of $20 per month for full coverage.
Compare Motorcycle Quotes in New Mexico
Best cheap motorcycle insurance in NM
To help you find the best motorcycle insurance company in New Mexico, ValuePenguin collected more than 200 quotes from the 33 largest cities around the state.
Our experts rated the best motorcycle insurance companies in New Mexico based on customer service, coverage availability and cost.
To find the cheapest quotes, we compared rates for a full coverage policy with higher liability limits than the state minimum, collision coverage and comprehensive coverage. Full methodology.
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 43% cheaper than the statewide average.
Compare Motorcycle Quotes in New Mexico
The average cost of motorcycle insurance in New Mexico is $36 per month or $433 per year. That's $3 per month more than the national average of $33.
Cheap motorcycle insurance quotes in New Mexico
Company | Monthly rate | ||
|---|---|---|---|
| Dairyland | $20 | |
| Allstate | $27 | |
| Harley-Davidson | $27 | |
| Progressive | $31 | |
| Geico | $35 | |
Best motorcycle insurance for most people: Dairyland
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Editor rating
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Monthly rate
$20 ?
Pros and cons
Dairyland has the most affordable motorcycle insurance quotes in New Mexico, charging $20 per month for full coverage.
That's $16 per month cheaper than the statewide average. It's also $7 per month less expensive than the second-cheapest companies, Allstate and Harley-Davidson.
Dairyland is an excellent choice if you have a new motorcycle. It offers replacement cost coverage for motorcycles less than 3 years old. With this coverage, Dairyland will replace your bike with a brand new model if it's totaled in an accident. This is uncommon because most other companies only offer replacement cost coverage for bikes under 1 year old.
However, Dairyland may take longer to pay for repairs after an accident. The company gets 60% more complaints than other insurance companies of a similar size, according to the National Association of Insurance Commissioners (NAIC). That means customers aren't always happy with the service they get from Dairyland.
In addition, Dairyland doesn't sell homeowners or renters insurance. So, there are better choices for riders who prefer having all their policies with one company.
Best for bundling: Allstate
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Editor rating
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Monthly rate
$27 ?
Pros and cons
Allstate is the best choice for New Mexico riders who prefer working with one company for all their insurance needs. That's because Allstate offers many types of insurance, including homeowners, renters, boat and RV coverage.
Having all of your policies with one company can make your life much easier if you have an emergency that requires multiple claims.
Say you have a house fire that also damages your motorcycle and car. You'll have a more straightforward claims process if one company insures all three.
Allstate also has some of the most affordable motorcycle insurance rates in New Mexico. At $27 per month, full coverage from Allstate costs $9 per month less than the state average.
Allstate also offers several discounts to lower your insurance rates. Along with a discount for bundling your policies, you can save by:
- Insuring multiple motorcycles with Allstate
- Making automatic payments or paying your bill in full
- Taking a motorcycle safety course
- Switching your motorcycle policy to Allstate from another company
- Signing up for your new policy seven days or more before your old one expires
- Going five years without an at-fault accident or major ticket
Riders are typically happy with the customer service at Allstate. It gets 27% fewer complaints than other major insurance companies, according to the NAIC. That means you can trust Allstate to get you back on the road quickly after a crash.
Best for military families: USAA
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Editor rating
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Monthly rate
$29 ?
Pros and cons
If you or a family member has served in the armed forces, you should get a quote from USAA.
USAA works with Progressive to sell motorcycle insurance to the military community. In turn, Progressive offers a 5% discount to USAA members. USAA members can expect to pay an average of $29 per month for full coverage motorcycle insurance from Progressive.
That's $9 per month more expensive than the cheapest option, Dairyland. However, a standard policy from Progressive includes coverage that other companies typically charge extra for. It includes:
- Full replacement cost coverage, which repairs your bike with brand new parts after an accident, regardless of any wear and tear beforehand.
- Original equipment manufacturer (OEM) coverage, which guarantees Progressive will fix your bike using original manufacturer parts instead of aftermarket parts.
- Custom parts coverage of up to $3,000 to replace any upgrades or custom parts damaged in an accident, like a custom saddle or stereo system.
In addition, USAA has an excellent reputation for customer service. So, you can expect a fast and simple claims process after an accident.
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 $34 per month for full coverage.
Belen and Los Lunas, both in Valencia County, have the most expensive rates, averaging $40 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
City | Monthly cost | % from average |
|---|---|---|
| Alamogordo | $34 | -6% |
| Albuquerque | $39 | 8% |
| Anthony | $36 | 1% |
| Artesia | $36 | -2% |
| Belen | $40 | 12% |
New Mexico motorcycle insurance laws
New Mexico riders must show proof of financial responsibility by getting motorcycle insurance or a surety bond, or making a cash deposit of $60,000 with 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 must 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. If you would 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 $36 per month. However, riders can find much cheaper rates at Dairyland. Full coverage from Dairyland costs just $20 per month, on average.
Does NM require motorcycle insurance?
To legally ride a motorcycle in New Mexico, you must show proof of financial responsibility. The most common way to do this is by getting motorcycle insurance. You must 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 $16 per month cheaper than the statewide average.
Compare motorcycle insurance in New Mexico vs other states
Methodology
ValuePenguin collected quotes across 33 of the largest cities across New Mexico from seven 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
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.