The make and model of vehicle requiring coverage is probably the most important factor when trying to find economical auto insurance for used cars. Vehicles with economical engines, a great safety record, or a positive history of liability claims will cost less to insure than fast, unsafe models.
The list below showcases car insurance costs for some of the cheapest automobiles to insure in New Mexico.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$1,405|
|Ford Escape XLT 4WD||$1,537|
|Ford Explorer XLT AWD||$1,540|
|Toyota Tacoma 2WD||$1,596|
|Ford Edge SEL 2WD||$1,606|
|Jeep Wrangler Sport 4WD 2-Dr||$1,622|
|Ford F-150 XL Regular Cab 2WD||$1,632|
|Chevrolet Malibu Hybrid||$1,627|
|Honda Odyssey EX-L W/Rear Entertainment||$1,714|
|Hyundai Elantra GLS 4-Dr Sedan||$1,719|
|Nissan Rogue SL 2WD||$1,744|
|GMC Sierra SL Crew Cab 4WD||$1,750|
|Jeep Grand Cherokee Limited 2WD||$1,744|
|Chevrolet Impala LS||$1,746|
|Dodge Grand Caravan Hero||$1,780|
|Nissan Altima 2.5 4-Dr Sedan||$1,789|
|Chevrolet Equinox LS AWD||$1,780|
|Toyota RAV4 Sport 4WD||$1,787|
|Dodge Ram 3500 Crew Cab ST 2WD||$1,807|
|Ford Focus SE 2-Dr Coupe||$1,831|
|Honda Accord EX-L 2-Dr Coupe||$1,860|
|Chevrolet Silverado LTZ Extended Cab 2WD||$1,866|
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Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Rate information does not factor in specific location which can modify premium rates greatly.
Based on these rates, we can assume that makes and models like the Honda CR-V, Ford Escape, and Ford Explorer are likely to be the cheapest vehicles to insure for pre-owned vehicles.
Buying low-priced auto insurance is not the easiest thing to accomplish, and figuring out which company offers the most affordable car insurance rates for used cars calls for even more rate comparisons.
Each auto insurer uses their own method for establishing rates, so first let’s look at the rankings for the car insurance companies with the overall best prices in Albuquerque, NM. It’s important that readers know that Albuquerque, NM car insurance rates are based on many factors that will increase or decrease the cost of having a policy. Taking a driver safety course, buying a home, or getting a few speeding tickets can cause premium changes that can now make some companies less affordable than competitors.
Find Cheaper Auto Insurance for Used Cars
USAA generally has some of the most affordable car insurance rates in Albuquerque at around $683 annually. This is $885 less than the average premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the lowest-priced Albuquerque, NM car insurance companies.
As illustrated above, if you are currently insured with Farm Bureau Mutual and switched to Allied, you might achieve a yearly savings of in the vicinity of $294. New Mexico drivers with Farmers may save as much as $356 a year, and State Farm customers might cut rates by $390 a year.
To discover how much you can save, click here to get quotes or click through to the companies below.
Remember that these premiums are averages across all drivers and vehicles and do not take into consideration a specific location for used cars. So the company that is best for you may not even be in the top 17 companies in the list above. That point stresses why you need to compare rates from multiple companies using your own specific driver information and vehicle.
Discount Albuquerque car insurance rates
Insurance providers that offer quotes for used cars may additionally offer rate discounts that could reduce prices by as much as 35% if you are eligible. The best car insurance companies and their offered discounts are outlined below.
- Mercury Insurance has savings for multi-car, low natural disaster claims, location of vehicle, good driver, type of vehicle, and professional/association.
- Farmers Insurance has discounts for homeowner, early shopping, teen driver, mature driver, good student, and switch companies.
- Farm Bureau offers premium reductions for multi-vehicle, driver training, youthful driver, renewal discount, and safe driver.
- State Farm offers discounts including safe vehicle, accident-free, good student, multiple autos, student away at school, and passive restraint.
- Allstate may offer discounts for good student, senior citizen, passive restraint, eSmart discount, and teenSMART discount.
- GEICO may include discounts for military active duty, anti-theft, five-year accident-free, membership and employees, anti-lock brakes, air bags, and driver training.
The chart below shows the difference between insurance rates with and without discounts applied. The rates are based on a male driver, no claims, a clean driving record, New Mexico state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with anti-theft, accident-free, multiple vehicle, vehicle safety, homeowner, and multiple policy discounts applied. When drivers qualify for the discounts, theamount saved on car insurance for used cars is 28% or $573.
Rate increases following a ticket or accident
In a perfect world, the ideal way to enjoy low car insurance prices for pre-owned vehicles is to pay attention while driving and not receive tickets or have accidents. The chart below demonstrates how citations and accident claims can increase 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 policy discounts are applied.
The chart shows that the average cost of car insurance per year with no accidents and a clean driving record is $2,385. Get written up for two speeding tickets and the average cost rises to $3,214, an increase of $829 each year. Now throw in two accidents along with the two speeding tickets and the 12-month cost of car insurance for used cars goes up to an average of $6,132. That’s an increase of $3,747, or $312 per month, just for not driving responsibly!
How to find more affordable auto insurance for used cars
The list below summarizes many penny-pinching suggestions that can help drivers buy cheaper car insurance.
- Home or renters coverage can save on auto insurance
- Do not pay for full coverage if not needed
- Avoid accidents
- Safe vehicles generally have lower rates
- Improve your credit score
- Compare prices as often as possible
That last idea is particularly crucial, as was discussed in this article. Coverage prices can change significantly in a year, so don’t be tentative to buy from a different company if you can save money.
Sticking with a specific company is fine, but we do not recommend it if it’s costing you a lot of money. Now is a great time to shop around to find cheaper insurance for used cars in Albuquerque.