In 2022, the average cost of a full coverage auto policy in New Mexico was $1,449, according to data from Quadrant Information Systems. A year later, in 2023, that average premium has increased to $1,943. The 34.1% rise is the 10th highest of any state in the country.
Many of the factors that contributed to the rise in the state’s auto premiums were factors nationwide, such as general inflation. However, some of the reasons insurance rates jumped so much in the state…
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