The type of vehicle that needs insurance is a significant factor when quoting the lowest-priced insurance for active military. Vehicles with limited top-end speed, advanced safety features, or a low likelihood of liability claims will cost quite a bit less to insure than higher performance models.
The information below ranks car insurance costs for the cheapest vehicles to insure in New Mexico.
|Vehicle||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$1,487|
|Hyundai Elantra SE Touring Station Wagon||$1,616|
|Honda CR-V EX-L 2WD||$1,666|
|Ford Escape XLT 2WD||$1,682|
|Chevrolet Silverado LS Extended Cab 4WD||$1,762|
|Toyota RAV4 2WD||$1,769|
|Honda Odyssey EX-L W/Rear Entertainment||$1,855|
|Ford Edge Limited AWD||$1,865|
|Chevrolet Malibu LTZ||$1,888|
|Ford Focus S 4-Dr Sedan||$1,941|
|Toyota Tacoma Double Cab 4WD||$1,963|
|Ford Explorer Eddie Bauer 4WD||$1,971|
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Prices do not factor in vehicle garaging location which can raise or lower premium rates greatly.
By looking at the data, you can assume that cars like the Honda Accord, Hyundai Elantra, and Toyota Prius are likely to be a few of the more affordable vehicles to insure for military personnel.
Figuring out which company has the most affordable insurance rates for active military may require a little more work in order to find the best price. Every auto insurer has a unique formula for filing rates in each state, so we’ll take a look at the most competitive insurance companies in New Mexico.
We do need to point out that Albuquerque, NM insurance rates are determined by lots of factors which can significantly increase or decrease the cost of having a policy. Simply getting older, buying another vehicle, or getting a DUI can trigger rate changes that may make certain companies cheaper than before.
Find Cheaper Car Insurance for Military
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,202|
|Compare Rates Now Go|
USAA has some of the cheapest car insurance rates in Albuquerque at around $657 each year. This is $911 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers also make the cut as some of the cheaper Albuquerque, NM car insurance companies.
As the example above demonstrates, if you currently have coverage with Farmers and switched to Allied, you could realize an annual savings of in the neighborhood of $328. New Mexico drivers with State Farm might save as much as $349 a year, and Central Mutual customers might reduce rates by $406 a year.
To find out how much you can save, click here to get quotes or click through to the companies below.
It’s important to note that these premium estimates are averages for all types of insureds and vehicles and and are not figured with an exact zip code location for active military. So the insurer that fits your needs best may not even be in the top 17 companies shown above. That illustrates why you need to compare rates from multiple companies using your own specific driver information and vehicle.
How to get discounts on Albuquerque insurance
Car insurance companies that sell policies for active military may also offer price discounts that could lower prices by 30% or more if you can meet the requirements. The best insurance companies and a selection of discounts can be found below.
- GEICO may include discounts for daytime running lights, emergency military deployment, five-year accident-free, air bags, and defensive driver.
- Travelers offers premium reductions for IntelliDrive, save driver, hybrid/electric vehicle, driver training, multi-policy, new car, and student away at school.
- Nationwide includes discounts for business or organization, easy pay, accident-free, Farm Bureau membership, good student, multi-policy, and family plan.
- Farmers Insurance has savings for teen driver, multi-car, switch companies, distant student, early shopping, business and professional, and homeowner.
- Esurance has discounts for DriveSense, claim free, paid-in-full, good driver, emergency road assistance, and anti-lock brakes.
- State Farm offers discounts for driver’s education, safe vehicle, Drive Safe & Save, accident-free, student away at school, and defensive driving training.
- Progressive discounts include good student, multi-policy, homeowner, online quote discount, and online signing.
- Mercury Insurance policyholders can earn discounts including ease of repair, accident-free, location of vehicle, good driver, annual mileage, and age of vehicle.
The information below visualizes the comparison of car insurance rates with and without discounts applied to the premium. The price estimates are based on a female driver, no claims or violations, New Mexico state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with vehicle safety, multiple vehicle, passive restraint, defensive driving course, multiple policy, and safe-driver discounts applied. When these discounts are applied, theamount saved on insurance for active military is 28% or $360.
Bad driving habits will cost you more
The ideal way to earn the most affordable insurance rates in Albuquerque for military personnel is to drive safely and avoid accidents and traffic violations. The illustration below demonstrates how traffic citations and at-fault fender-benders can raise auto insurance rates for each different age group. The prices are based on a married male driver, full physical damage coverage, $500 deductibles, and no discounts are factored in.
The data charted above shows the average cost of a car insurance policy in Albuquerque per year with no accidents or violations is $1,723. Factor in one speeding ticket and the average cost rises to $1,984, an increase of $261 each year. Then add one accident along with the one speeding ticket and the yearly cost of insurance for active military jumps again to an average of $2,713. That’s an increase of $990, or $83 per month, just for not being a responsible driver!
You may be paying too much for car insurance
New Mexico insurance rates are impacted by many factors that control the price you pay for coverage. Simply turning a year older, getting married, or having a fender bender can produce rate changes that can make some companies cheaper than competitors.
Not only that, but auto insurance companies change their prices without warning in order to maintain liquidity for claims. Heavier than normal losses can result in rate hikes, while long-term profits can result in lower-cost Albuquerque car insurance rates.
To help illustrate this point, the data below analyzes the cheapest car insurance in Albuquerque, NM for a 40-year-old female driver with a good driving record, no prior claims, and good credit. Based on her personal profile, USAA quotes the cheapest car insurance rates in Albuquerque at $930 each year. This is $638 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are the rest of the best Albuquerque, NM auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison a chargeable accident, a lower credit score, and a few blemishes on her driving record. Due to the fact that every insurance company has a different process to establish rates, comparing rates may now result in a different ranking of affordable companies as shown below.
Allied now has the cheapest price in Albuquerque, NM with USAA, Central Mutual, Safeco, and The Hartford also having competitive pricing. This example illustrates why Albuquerque drivers need to perform a complete rate comparison to find affordable insurance rates for active military.
Car insurance prices are impacted by many things and change dramatically, so the lowest-price company the last time you checked may now be wasting a lot of money.