How much is Tesla Model Y insurance in New Mexico?
For the driver profile in our methodology, a 2024 Tesla Model Y costs between $53/mo at the state minimum and $438/mo for low-deductible full coverage. Most owners land in the full-coverage row — lenders and lessors require it.
| Coverage level | What it covers | Monthly | Annual |
|---|---|---|---|
| Minimum Coverage | Other people's injuries and property only | $53 – $88 | $636 – $1,056 |
| Liability Only | Higher limits; still nothing for your car | $94 – $156 | $1,128 – $1,872 |
| Full CoverageMost ownersYou’re viewing this tier | Adds damage to your Model Y, theft, glass | $223 – $371 | $2,676 – $4,452 |
| Full Coverage + Low Deductible | Same, with less out of pocket per claim | $263 – $438 | $3,156 – $5,256 |
What full coverage includes
- Liability at recommended limits, above 25/50/10
- Comprehensive: theft, hail, vandalism, fire, animal strike, glass
- Collision on the Model Y, $500 deductible
- Uninsured/underinsured motorist — not listed as part of the state minimum here
What New Mexico requires to drive a Model Y
New Mexico lists 25/50/10 as the liability floor. That is what makes a Model Y legal to drive — not full coverage, not a $500 deductible, and not a particular carrier.
- Liability floor
- 25/50/10
- Fault system
- New Mexico is a tort (at-fault) state — the driver who causes a crash is who liability pays for.
- PIP
- PIP is not a required minimum in this state.
- Uninsured motorist in the minimum
- UM/UIM is not listed as part of the state minimum in our registry — it is typically added, not assumed.
- Uninsured-driver share (from state notes)
- About 22% — cited in this state’s notes that feed the page, not a live NAIC pull.
New Mexico Department of Insurance · New Mexico insurance hub
Model Y insurance cost by model year
Newer models cost more to insure — a 2024 Model Y runs about 17% more than a 2020 — because comp and collision track replacement value and parts cost. Liability barely moves with age.
| Model year | Full coverage / mo | Liability / mo | vs. 2024 |
|---|---|---|---|
| 2024 | $223 – $371 | $94 – $156 | — |
| 2023 | $212 – $352 | $93 – $154 | −5% |
| 2022 | $203 – $338 | $92 – $153 | −9% |
| 2021 | $194 – $323 | $90 – $150 | −13% |
| 2020 | $185 – $308 | $88 – $147 | −17% |
Model Y vs. comparable vehicles
How the Model Y stacks up against the vehicles shoppers most often cross-shop it with. Same coverage, same driver profile.
| Vehicle | Full coverage / mo | vs. Model Y | Why it differs |
|---|---|---|---|
| Tesla Model Y | $223 – $371 | — | Above-average claim severity |
| Tesla Model 3 | $223 – $371 | — | Model 3 shares the tech; the lower ride height trims a few dollars. |
| BMW X5 | $223 – $371 | — | X5's conventional drivetrain repairs at more shops for less. |
| Lexus RX | $223 – $371 | — | RX is the cheapest of the luxury-SUV set to put right after a claim. |
Model Y insurance cost by New Mexico city
Albuquerque drivers pay about 14% above the state average while Roswell runs 7% below. City pricing follows claim frequency — dense-metro traffic and repair costs carry the surcharge.
| City | Full coverage / mo | vs. NM average |
|---|---|---|
| Albuquerque | $254 – $423 | +14% |
| Rio Rancho | $236 – $393 | +6% |
| Santa Fe | $219 – $364 | −2% |
| Las Cruces | $212 – $352 | −5% |
| Roswell | $207 – $345 | −7% |
Why Model Y insurance costs what it costs
Full coverage on a 2024 Tesla Model Y in New Mexico stacks recommended liability limits on top of 25/50/10, plus comprehensive and collision at a $500 deductible. Lenders and lessors typically require that stack for the life of the loan; New Mexico law itself does not.
The Model Y is a electric SUV in the luxury / EV MSRP tier, with above-average claim severity in our model and a 5-star NHTSA overall rating in our registry. It is not on the NICB top-100 most-stolen list in our registry, so theft is not a modeled comprehensive surcharge here.
About 58% of this modeled full-coverage premium is comprehensive and collision — the part that tracks the Model Y's replacement and repair cost rather than New Mexico's liability floor. The $250-deductible sibling is $263 – $438.
Albuquerque is modeled 14% above the NM average ($254 – $423/mo full coverage on this Model Y); Roswell is modeled 7% below at $207 – $345. Those city factors scale the same band as the hero — they are not a second rate file. New Mexico's notes cite a roughly 22% uninsured-driver share. UM/UIM is not listed as part of the state minimum here, so it is a separate decision — and the piece that typically pays your injuries when the other driver has no (or not enough) liability.
What the model knows about this Model Y
- NHTSA overall
- 5 starsFeeds the safety multiplier in our rate model. We do not publish IIHS/HLDI scores — they are not in this registry.
- NICB theft list
- Not in top 100No theft surcharge is applied for this vehicle in the model.
- MSRP tier
- luxury / EVReplacement-cost proxy. Higher tiers raise the full-coverage mid-point.
- Repair severity
- highClaim-severity proxy used only on comprehensive/collision, not on the liability floor.
Is full coverage the right tier for you?
- The Model Y is financed or leased — the lender’s contract typically requires comprehensive and collision
- You want a modeled $223 – $371/mo cap on repairing this luxury / EV-tier electric SUV instead of paying a shop out of pocket
- You drive in New Mexico, where this page’s notes cite a roughly 22% uninsured-driver share — UM/UIM is the injury backstop when the other driver cannot pay
- A paid-off Model Y whose actual cash value is well below ~$2,676–$4,452 a year in modeled full-coverage premium
- Very low annual miles where you would rather keep liability and drop the first-party lines
- Drivers who already keep $500+ reserved and want to price the $250-deductible tier ($263 – $438) before deciding
$500 vs $250 deductible on a Model Y
On a Model Y this model prices a $250 deductible at $40–$67/mo above the $500 deductible. You save $250 per comprehensive or collision claim; you pay the extra premium every month whether you claim or not.
| Tier | Deductible | Monthly | Annual | In this file |
|---|---|---|---|---|
| Standard full coverageYou’re viewing this tier | $500 | $223 – $371 | $2,676–$4,452 | Default first-party deductible in this model |
| Low-deductible full coverage | $250 | $263 – $438 | $3,156–$5,256 | Priced at 1.18× the $500 band in rates.ts |
Add-ons that are not automatic on full coverage
These are typical market add-ons, not New Mexico mandates and not priced in our rate model. Confirm each line on a quote.
- Rental reimbursement
If this Model Y is your only car, a shop visit without a rental add-on is an out-of-pocket week.
Not automatic on full coverage. Typical market price cited elsewhere on this site is $5–15/mo — confirm on the quote, do not treat that as a filed NM rate.
- Loan/lease payoff (gap)
New or financed Tesla Model Y: actual cash value after a total loss can sit below the loan.
State law does not require gap. Lenders sometimes sell it at the dealership; price it against the same add-on on the auto policy.
- Roadside assistance
Useful on a electric SUV you drive far from a dealer network — towing, lockout, flat.
2024 vehicles may still have factory roadside; stacking two roadside products rarely helps.
- Medical payments (MedPay)
New Mexico does not require PIP, so MedPay is the usual small first-party medical add-on for occupants.
It is not a substitute for health insurance, and it is not required in this state.
- Uninsured/underinsured motorist
New Mexico notes cite a roughly 22% uninsured-driver share, and UM is not in the listed minimum.
This is usually the highest-leverage add-on on a minimum or liability-only policy. Confirm reject/stack rules on the quote.
Carriers that commonly quote New Mexico
These are carriers we have real logos for and that commonly quote New Mexico. We do not publish a per-carrier Model Y price — that would be a fabricated quote. The range on this page is the modeled band, not “from $X at GEICO.”
GEICOLowest base rate
ProgressiveSR-22 + tickets
State FarmBundling + agents
How to lower your Model Y rate
- Raise your deductible to $1,000. On a Model Y premium this is the single biggest lever you control directly.Saves ~$24–$45/mo
- Shop at least three carriers. Rates for the identical Model Y profile differ by 2x or more between carriers in New Mexico.Saves up to $1,000+/yr
- Clean up billing. Paid-in-full, paperless, and autopay credits stack — small individually, real together, and none are applied unless you ask.Saves 3–8%
- Ask about EV and safety-tech discounts. Several carriers file credits for ADAS-equipped vehicles and garaged EVs — they are not applied automatically.Saves 3–10%
- Report your real mileage. Commuting under ~10,000 miles a year moves you down a rating band with most carriers, and pay-per-mile programs go further if you drive little.Saves 5–15%
- Bundle home or renters. Multi-policy is the largest standing discount most carriers file — typically 10–20% off the auto side.Saves 10–20%
About these numbers
Sources. Rate ranges are modeled from average premiums published by the New Mexico Department of Insurance and industry rate data, adjusted per vehicle using NICB theft rankings, NHTSA safety ratings, MSRP tier, and repair-severity data. They are estimates, not filed quotes.
Rating profile. Unless noted: a 35–55-year-old driver with a clean record, average credit where states allow it, 12,000 annual miles, and standard $500 comprehensive and collision deductibles. Your rate will differ — that is the point of quoting.
Ranges, not averages. We publish a band rather than a single average because the spread between carriers for the same driver routinely exceeds 2x — a lone number hides the gap that makes shopping worth your time.
What this model does not do. It does not publish age-band prices, ticket/DUI/credit surcharge tables, per-carrier quotes, J.D. Power ranks, NAIC complaint indexes, or IIHS/HLDI scores. Vehicle knobs are only the four in the rate model: MSRP tier, NICB theft rank, NHTSA stars, and repair-severity tier. The $250-deductible band is the $500 band × 1.18.
Tesla Model Y insurance in New Mexico: FAQ
01Is full coverage required on a financed Model Y in New Mexico?
Typically yes, by contract — not by New Mexico statute. The state floor is 25/50/10. A lender can force-place a policy if you drop comprehensive or collision. This page models the $500-deductible stack at $223 – $371.
02What does New Mexico actually require to drive a Model Y?
New Mexico lists 25/50/10 as the liability floor. Full coverage is a market/lender product on top of that, modeled here at $223 – $371 for a 2024 Tesla Model Y.
03Should I add uninsured-motorist coverage on a Model Y in New Mexico?
New Mexico's notes cite a roughly 22% uninsured-driver share, and UM/UIM is not listed as part of the state minimum. Collision (on full coverage) can still repair the Model Y after a hit-and-run; UM/UIM is what typically pays your injuries when the other driver cannot.
04Does Model Y insurance cost more in Albuquerque than in Roswell?
In this model, yes — Albuquerque is 14% vs the NM average ($254 – $423/mo full coverage) and Roswell is -7% ($207 – $345). Same 2024 Tesla Model Y, same driver profile; only the city factor changes.
05Does a 5-star NHTSA rating lower Model Y insurance in New Mexico?
This model applies a small credit for a 5-star overall NHTSA rating (the Model Y is a 5). It is one of four vehicle modifiers next to MSRP tier, theft rank, and repair tier — not a standalone “safety discount” we can quote as a percent off your bill.
06When does dropping collision on an older Model Y in New Mexico make sense?
When the car’s actual cash value is no longer worth a modeled $2,676–$4,452 a year in full coverage. A common rule of thumb is to drop first-party coverages when 10× the annual premium exceeds the car’s value — keep the liability portion either way. New Mexico still wants 25/50/10 on the road.
