Who Has Affordable Auto Insurance Rates for Good Drivers in Albuquerque?

The type of vehicle you are trying to insure is probably the most important factor that determines the availability of low-cost coverage for good drivers. Vehicles with limited speed and performance, a great safety record, or a positive history of liability claims will cost significantly less to insure than adrenaline junky models.

The information below showcases auto insurance prices for the cheaper automobiles to insure in New Mexico.

Cheapest Vehicles to Insure in Albuquerque, NM
Make, Model, and Trim Level Estimated Cost for Full Coverage
Honda Accord LX 4-Dr Sedan $1,381
Hyundai Elantra SE Touring Station Wagon $1,496
Chevrolet Impala LS $1,602
Ford Escape XLT 4WD $1,616
Chevrolet Equinox LT AWD $1,632
Ford Explorer Eddie Bauer 4WD $1,664
Honda CR-V LX 2WD $1,693
Honda Odyssey EX-L W/Navigation $1,717
Toyota Camry SE $1,722
Honda Civic Hybrid 4-Dr Sedan $1,749
Toyota Prius $1,755
Chevrolet Silverado LT Extended Cab 2WD $1,749
Volkswagen Jetta 2.0T 4-Dr Sedan $1,756
GMC Sierra 2500HD SLE Regular Cab 4WD $1,749
Kia Optima LX $1,755
Chevrolet Malibu Hybrid $1,872
Nissan Altima 2.5 4-Dr Sedan $1,880
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Premium 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 claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Rates do not factor in your specific Albuquerque, NM location which can increase or decrease price quotes substantially.

Based on these rates, we can conclude that models like the Honda Accord, Hyundai Elantra, Chevrolet Impala, and Ford Escape are most likely going to be a few of the cheapest vehicles to insure for safe drivers.

For safe drivers, one of the largest things that help determine the amount you pay for auto insurance is the neighborhood you call home. Larger areas are more likely to have higher rates, whereas areas that tend to be more rural benefit from lower coverage costs.

The following table ranks the most costly cities in New Mexico for good drivers in which to purchase auto insurance. Albuquerque ranks #1 with an annual cost of $1,389 for coverage, which is approximately $116 each month.

How much is car insurance in Albuquerque?
Rank City Annual Rate
1 Albuquerque $1,389
2 South Valley $1,377
3 North Valley $1,316
4 Santa Fe $1,316
5 Rio Rancho $1,294
6 Artesia $1,278
7 Los Alamos $1,269
8 Hobbs $1,258
9 Los Lunas $1,250
10 Espanola $1,223
11 Roswell $1,222
12 Carlsbad $1,201
13 Gallup $1,188
14 Portales $1,186
15 Las Vegas $1,184
16 Lovington $1,171
17 Farmington $1,148
18 Clovis $1,145
19 Deming $1,121
20 Las Cruces $1,109
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Annual rates are approximated as the garaging address in Albuquerque can affect premium rates substantially.

Finding out which company has the cheapest insurance rates for good drivers will involve a tad more effort than just quoting one company’s rates.

Every insurance provider has a different process for determining prices, so we’ll take a look at the lowest cost insurance companies in Albuquerque. It’s important to know that Albuquerque insurance rates are impacted by many things that may substantially change the price of coverage. Simply having a birthday, having a claim, or getting a driving violation may prompt premium changes that can now make some companies more affordable than competitors.

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Cheapest insurance companies in New Mexico
Rank Company Cost Per Year
1 USAA $677
2 Allied $920
3 Safeco $984
4 Farm Bureau Mutual $1,166
5 Farmers $1,276
6 State Farm $1,297
7 Central Mutual $1,314
8 The Hartford $1,366
9 Travelers $1,537
10 Progressive $1,550
11 California Casualty $1,591
12 GEICO $1,592
13 MetLife $1,594
14 Encompass $1,711
15 Allstate $2,385
16 Liberty Mutual $2,454
17 Sentry $3,114
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USAA may offer some of the cheapest car insurance rates in Albuquerque at around $677 annually. This is $891 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the lowest-priced Albuquerque, NM insurance companies.

As shown above, if you are a policyholder with Farm Bureau Mutual and switched to USAA, you may realize savings of approximately $489. Policyholders with Farmers may save as much as $599 a year, and State Farm policyholders might reduce prices by as much as $620 a year.

To discover how much you can save, click here to get a free quote or visit any of the low-priced companies below.

Be aware that those rates are averaged across all types of insureds and vehicles and do not take into consideration an exact zip code location for good drivers. So the auto insurance company that has the cheapest price for you may not even be in the top 17 companies in the list above. That point stresses why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.

The example below shows how choosing a deductible can increase or decrease insurance costs when trying to find cheap insurance for good drivers. The premiums assume a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.

A 50-year-old driver could reduce rates by $358 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $540 by switching to a $1,000 deductible. Youthful drivers, like the age 20 example, can cut $1,194 every year by selecting a higher deductible.

If you do raise deductibles, it will be required to have plenty of savings on hand to satisfy the extra out-of-pocket expense, which is the one shortcoming of high deductibles.

Should you buy full coverage?

Finding the cheapest insurance is important to the majority of vehicle owners, and one of the fastest ways to find cheap insurance for good drivers is to buy only liability coverage. The illustration below shows the difference between insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no claims or violations, $500 deductibles, single marital status, and no other discounts are factored in.

Averaged out for all age groups, full coverage on your policy costs an additional $1,521 per year more than insuring for liability only. That proposes the question when is the right time to remove full coverage. There is no exact rule for excluding comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.

For example, let’s say your vehicle’s settlement value is $8,500 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $7,500 after you pay the deductible. If you are paying more than $750 a year for full coverage, then you might want to think about dropping full coverage.

Insuring your vehicle with the highest-rated car insurance provider can be challenging considering how many companies provide coverage in New Mexico. The ranking data shown below can help you decide which coverage providers you want to consider when buying insurance for good drivers. These ratings are for major nationwide insurance companies, so companies that may only write in New Mexico will not be included in these rankings.

Albuquerque, NM Insurance Company Rankings
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
USAA 98 100 100 94% A++ 98.6
American Family 98 89 100 86% A 95.4
State Farm 88 93 96 90% A++ 92.4
The Hartford 94 92 90 89% A+ 91.7
AAA Insurance 88 89 95 91% A 91.2
GEICO 84 93 93 89% A++ 90.3
The General 89 91 89 88% A- 90
Titan Insurance 90 87 91 95% A+ 89.6
Progressive 84 91 93 87% A+ 89.5
Allstate 85 90 92 88% A+ 89.3
Nationwide 87 88 84 90% A+ 88.7
Liberty Mutual 84 87 93 88% A 88.5
21st Century 85 86 87 88% A 86.7
Esurance 85 80 95 87% A+ 85.9
Safeco 85 85 85 86% A 85.8
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Data Source: Insure.com Best Car Insurance Companies