Who Has Affordable Albuquerque Auto Insurance Rates for Homeowners?

For people who own their homes, one of the big components that are looked at to help calculate the cost of insurance is your zip code in Albuquerque. More densely populated places tend to pay more, whereas areas with lower vehicle theft rates and fewer weather claims can boast about having cheaper rates.

The information below rates the highest-priced places in New Mexico for homeowners in which to buy car insurance. Albuquerque makes the list at #1 with an annual rate of $1,389 for the average insured, which is around $116 per month.

How much is auto insurance in Albuquerque, NM?
Rank City Premium Per Year
1 Albuquerque $1,389
2 South Valley $1,349
3 Santa Fe $1,302
4 Los Alamos $1,295
5 North Valley $1,290
6 Los Lunas $1,289
7 Rio Rancho $1,282
8 Artesia $1,278
9 Hobbs $1,258
10 Espanola $1,236
11 Roswell $1,222
12 Carlsbad $1,201
13 Las Vegas $1,195
14 Lovington $1,195
15 Gallup $1,188
16 Portales $1,175
17 Farmington $1,172
18 Clovis $1,145
19 Las Cruces $1,131
20 Deming $1,109
21 Anthony $1,098
22 Sunland Park $1,087
23 Chaparral $1,081
24 Silver City $1,063
25 Alamogordo $1,041
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Annual rates are approximated as the garaging address in Albuquerque can affect price quotes greatly.

Figuring out which companies have the best car insurance rates for homeowners may require a little more effort in order to find the best price. Every insurance provider uses a little different formula to set policy rates, so let’s examine the car insurance companies with the overall best prices in Albuquerque.

We do need to point out that Albuquerque car insurance rates are impacted by many things which can significantly increase or decrease the policy premium. Getting older, having a teen driver, or getting a speeding ticket may prompt premium changes that can cause some rates to be cheaper than before.

Best Auto Insurance Prices for Homeowners

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Who has the cheapest car insurance in New Mexico?
Rank Company Cost Per Year
1 USAA $657
2 Allied $920
3 Safeco $1,014
4 Farm Bureau Mutual $1,202
5 The Hartford $1,312
6 Farmers $1,315
7 State Farm $1,336
8 Central Mutual $1,354
9 Progressive $1,550
10 Travelers $1,584
11 GEICO $1,592
12 California Casualty $1,639
13 MetLife $1,642
14 Encompass $1,694
15 Allstate $2,408
16 Liberty Mutual $2,454
17 Sentry $3,176
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USAA generally has some of the lowest car insurance rates in Albuquerque at around $657 annually. Allied, Safeco, Farm Bureau Mutual, and The Hartford would also make the list of some of the lowest-priced Albuquerque, NM car insurance companies.

In this example, if you are a policyholder with The Hartford and switched to Allied, you may see an annual premium reduction of about $392. Insureds with Farmers might save as much as $395 a year, and State Farm policyholders might see rate reductions of $416 a year.

Bear in mind that those premium estimates are averaged for all insureds and vehicles and and are not figured with a vehicle location for homeowners. So the car insurance company that can offer you the best rate may not even be in the top 17 companies shown above. That points out the importance of why you need to get rate quotes from many companies using your own driver and vehicle profiles.

The make and model of vehicle you are trying to insure is a large factor when trying to find low-cost auto insurance for homeowners. Vehicles with lower performance, good crash test ratings, or a low likelihood of having liability claims will cost quite a bit less to insure than high performance models.

The information below ranks insurance prices for a number of the most economical vehicles to insure.

Cheapest Vehicles to Insure in Albuquerque, NM
Vehicle Make and Model Estimated Cost for Full Coverage
Hyundai Elantra SE Touring Station Wagon $1,500
Honda Accord EX 4-Dr Sedan $1,585
Chevrolet Malibu LT $1,665
Ford Edge Sport AWD $1,721
Toyota Camry SE $1,730
Honda CR-V EX-L 2WD $1,737
GMC Sierra 2500HD SLE Regular Cab 4WD $1,751
Toyota Prius $1,756
Chevrolet Equinox LTZ AWD $1,751
Ford Explorer XLT 2WD $1,777
GMC Sierra 3500HD SLT Extended Cab 2WD $1,783
Ford Focus SE 4-Dr Sedan $1,839
Ford Escape Limited 4WD $1,844
Jeep Wrangler Unlimited Sport 2WD 4-Dr $1,903
Toyota Tacoma Double Cab TRD Sport Package 4WD $1,908
Honda Civic VP 4-Dr Sedan $1,937
Nissan Altima 3.5 SR 2-Dr Coupe $1,956
Honda Odyssey EX-L W/Navigation $1,972
Ford Fusion SEL 4-Dr Sedan $2,007
Jeep Grand Cherokee Limited 2WD $2,017
Toyota RAV4 Limited 4WD $2,007
GMC Sierra SLE Regular Cab 2WD $2,016
Chevrolet Silverado 2500HD LTZ Crew Cab 4WD $2,007
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Data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Premium costs do not factor in zip code location which can revise premiums significantly.

Based upon the table data, you can figure that cars like the Hyundai Elantra, Honda Accord, and Chevrolet Malibu are most likely going to be some of the cheapest vehicles to insure for people who own their homes.

Responsible drivers pay cheaper car insurance rates

The easiest method to enjoy good car insurance rates in New Mexico for people who own their homes is to drive cautiously and avoid at-fault accidents and violations. The information below illustrates how speeding tickets and accidents influence insurance costs for different age groups of insureds. The information is based on a single female driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.

In the example above, the average cost of auto insurance in New Mexico per year with no violations or accidents is $1,753. Get written up for two speeding tickets and the average cost jumps to $2,357, an increase of $604 each year. Now add in two accidents along with the two speeding tickets and the yearly cost of car insurance for homeowners goes up to an average of $4,499. That’s an increase of $2,746, or $229 per month, just for a couple of infractions!

Get discounts on Albuquerque auto insurance rates

Save on car insurance for people who own their homes in AlbuquerqueInsurance companies that sell policies for homeowners may also provide rate discounts that can lower rates by as much as 25% or more if you meet specific criteria. The best car insurance companies and the discounts they provide are detailed below.

The example below visualizes the comparison of insurance premiums with and without discounts applied to the policy rates. The data is based on a male driver, a clean driving record, no claims, New Mexico state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with defensive driving course, multiple vehicle, accident-free, passive restraint, safe-driver, and vehicle safety discounts applied. With discounts applied, theaverage yearly reduction on car insurance for homeowners is 28% or $573.

Why you should be shopping around

New Mexico car insurance rates are influenced by many factors which can substantially decrease or increase your annual premium. Improving your credit score, adding a teenager to your policy, or getting caught speeding can cause premium changes that can make some companies much cheaper than others.

In addition to those changes, companies modify pricing every year to ensure their profitability. Higher than usual claims can cause increased policy costs, while a better loss history may result in lower-priced Albuquerque car insurance rates.

To help illustrate this point, the data below demonstrates which company has the cheapest car insurance in Albuquerque, NM for a 40-year-old male driver with a clear driving record, no claims, and great credit. If we look at prices based on his personal risk profile, USAA quotes the most affordable car insurance rates in Albuquerque at $876 annually. This is $692 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also included in the cheapest Albuquerque, NM auto insurance companies.

Let’s now give the driver from the first rate comparison an at-fault accident, a lower credit rating, and a speeding ticket. Because each insurer uses a different method to establish rates, comparing insurance quotes will most likely result in a completely different list of cheap Albuquerque auto insurance companies as shown below.

Allied now has the best auto insurance rate in Albuquerque, NM with USAA, Central Mutual, The Hartford, and Safeco also having competitive pricing. This example illustrates why consumers need to take the time to shop around when trying to get cheap insurance rates for homeowners.

Rates can be determined by many factors and can decrease or increase without notice, so the best option the last time you shopped your coverage around may now be quite expensive.