Who Has Affordable Auto Insurance for Government Employees in Albuquerque?

The vehicle to be insured is a significant factor in finding economical coverage for government employees. Vehicles with higher performance, poor crash test ratings, or a track record of large liability claims will cost quite a bit more to insure than safer models.

The next list features car insurance premiums for the most cost-effective vehicles to buy coverage for.

Cheapest Vehicles to Insure in Albuquerque, NM
Vehicle Insured Estimated Cost for Full Coverage
Ford Escape XLT 4WD $1,375
Toyota Tacoma 4WD $1,508
Ford Explorer XLT 2WD $1,518
Honda CR-V EX 4WD $1,558
Ford Edge SE AWD $1,563
Ford Fusion S 4-Dr Sedan $1,594
Jeep Grand Cherokee Laredo 2WD $1,604
Hyundai Elantra SE Touring Station Wagon $1,602
Ford F-150 XLT Regular Cab 2WD $1,673
Toyota Prius $1,680
Chevrolet Silverado LT Regular Cab $1,707
Chevrolet Equinox LTZ AWD $1,709
Dodge Ram Quad Cab SLT 2WD $1,735
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Prices above based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Price information does not factor in garaging location in Albuquerque, NM which can lower or raise price quotes considerably.

Looking at the data, we can assume that vehicles like the Ford Escape, Toyota Tacoma, and Ford Explorer will be the most budget-friendly vehicles to insure for state and federal workers.

Deciphering which company quotes the best car insurance rates for government employees will involve more time than just picking a company at random.

Each auto insurance company uses different criteria to set their prices, so we need to take a look at the car insurance companies with the most affordable rates in Albuquerque, NM. We do need to point out that Albuquerque, NM car insurance rates are calculated based on many things that may substantially change the policy premium. Simply having a birthday, getting divorced, or getting a DUI can trigger price changes that may make certain companies cheaper in comparison to the competition.

Best Car Insurance Prices in New Mexico

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Rankings for the cheapest New Mexico auto insurance companies
Rank Company Cost Per Year
1 USAA $683
2 Allied $930
3 Safeco $1,004
4 Farm Bureau Mutual $1,214
5 Farmers $1,276
6 The Hartford $1,312
7 Central Mutual $1,314
8 State Farm $1,336
9 Progressive $1,535
10 Travelers $1,584
11 California Casualty $1,591
12 GEICO $1,592
13 MetLife $1,626
14 Encompass $1,711
15 Allstate $2,314
16 Liberty Mutual $2,479
17 Sentry $3,208
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USAA may have some of the lowest car insurance rates in Albuquerque at around $683 a year. This is $885 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers would also be considered some of the cheaper Albuquerque, NM insurance companies.

In the rate table above, if you are insured with Farmers and switched to Allied, you could earn an annual premium reduction of in the neighborhood of $346. New Mexico drivers with The Hartford may save as much as $382 a year, and Central Mutual insureds might reduce rates by $384 a year.

Understand that those prices are averages across all types of drivers and the different vehicles they drive and and are not calculated with a specific vehicle garaging location for government employees. So the insurer that is best suited for you may not even be in the top 17 companies shown above. That point stresses why you need to get rate quotes using your own specific driver and vehicle information.

For state and federal workers, one of the largest criteria that are looked at to determine insurance cost is where you call home. Areas with more people or even just a higher incidence of claims are more likely to have higher rates, whereas less populated areas have the gratification of cheaper auto insurance rates.

The next table lists the priciest cities in New Mexico for government employees to buy an auto insurance policy in. Albuquerque ranks #1 with an annual cost of $1,389 for the average policyholder, which is approximately $116 per month.

How much does car insurance cost in Albuquerque, NM?
Rank City Average Per Year
1 Albuquerque $1,389
2 South Valley $1,377
3 Santa Fe $1,342
4 Artesia $1,330
5 Los Alamos $1,295
6 North Valley $1,290
7 Los Lunas $1,263
8 Espanola $1,260
9 Hobbs $1,246
10 Rio Rancho $1,244
11 Gallup $1,224
12 Carlsbad $1,213
13 Roswell $1,174
14 Lovington $1,171
15 Las Vegas $1,149
16 Clovis $1,145
17 Deming $1,143
18 Portales $1,140
19 Farmington $1,137
20 Las Cruces $1,098
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Information shown are approximated as the vehicle garaging location can alter rates greatly.

Price comparison of only insuring for liability

Saving money on car insurance is the goal of the majority of vehicle owners, and one good way to find cheap insurance for government employees is to only buy liability insurance. The information below compares yearly insurance costs with full coverage compared to only the New Mexico minimum liability coverage. The prices are based on no violations or claims, $250 deductibles, drivers are single, and no discounts are applied.

As an average for all age groups, physical damage insurance costs an extra $2,262 per year over and above liability only. That amount may make you wonder when is it a good idea to stop buying full coverage. There is no set rule of when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, then it might be time to buy liability only.

For example, let’s pretend your vehicle’s settlement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $5,000 after the policy deductible has been paid. If you are paying over $500 a year for physical damage coverage, then you may need to consider dropping full coverage.

The chart below shows how different deductible levels can raise or lower insurance premiums when getting quotes for cheap insurance for government employees. The information is based on a married female driver, full physical damage coverage, and no additional discounts are factored in.

The chart above illustrates that a 50-year-old driver could lower their policy premium by $296 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $446 by selecting a $1,000 deductible. Younger drivers, such as the Age 20 example, can cut up to $736 each year by selecting a higher deductible.

When using a larger deductible, it will now be necessary to have spare funds to satisfy the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

Discount Albuquerque insurance

Cheaper Albuquerque, NM car insurance for state and federal workersInsurance providers that offer cheap quotes for government employees may have premium discounts that could potentially reduce rates by 30% or more if you qualify. A list of companies and a selection of discounts are detailed below.

The information below shows the comparison of insurance prices with and without discounts applied to the premium. The premium estimates are based on a female driver, no claims or driving citations, New Mexico state minimum liability limits, comp and collision included, and $100 deductibles.

The first bar for each age group shows insurance cost with no discounts. The second shows the rates with claim-free, safe-driver, marriage, multiple vehicle, anti-theft, and passive restraint discounts applied. When these discounts are applied to the policy premium, theamount saved on car insurance for government employees is 28% or $660.

Here’s why price comparisons are so important

Albuquerque, NM car insurance rates are based on many factors which can significantly increase or decrease the cost of having a policy. Improving your credit rating, moving to a new city, or having a fender bender can produce rate changes resulting in some rates now being more affordable than others.

In addition to those changes, insurers file new New Mexico auto insurance rates multiple times each year to adjust for gains or losses. Higher than normal claims may result in higher priced premiums, while a profitable period can produce cheaper Albuquerque car insurance rates.

As an example, the graph below demonstrates which company has the cheapest car insurance in Albuquerque, NM for a 40-year-old female driver with no violations or accidents, and a good credit history. Based on her current risk profile, USAA may have the most affordable car insurance rates in Albuquerque at $884 each year. This is $684 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and State Farm are the remaining best Albuquerque, NM auto insurance companies.

The example below compares rates after we give the driver in the first chart a chargeable accident, poor credit, and a blemish on her driving record. Due to the fact that each insurance company has a different process to set premium rates, comparing rates most likely will result in a new list of the cheapest companies as shown below.

Allied now has the cheapest car insurance in Albuquerque with USAA, Central Mutual, The Hartford, and Safeco also being competitive. This example demonstrates why consumers need to take the time to compare as many rates as possible to find the best insurance rates for government employees.

Prices can be determined by many factors and can change substantially, so the best price two years ago may now be one of the more expensive options.