For young men, one of the largest considerations that are looked at to help calculate the cost of insurance is the neighborhood you call home. Larger areas likely pay more, whereas areas with less congestion have the luxury of cheap car insurance rates.
The illustration below rates the most expensive cities in New Mexico for 20 year old guys in which to buy car insurance. Albuquerque is ranked at #1 with a yearly premium of $1,431 for car insurance, which is about $119 monthly.
|Rank||City||Premium Per Year|
|Compare Rates Now Go|
Prices are comparative as specific Albuquerque zip code can change price quotes greatly.
The vehicle model that needs insurance is probably the biggest factor that determines whether or not you find economical insurance for 20 year old guys. Vehicles with more horsepower, a lack of modern safety features, or high incidents of liability claims will cost more to insure than more modest models. The table below shows car insurance premiums for the most budget-friendly automobiles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$3,928|
|Ford Escape XLT 4WD||$3,986|
|Ford Explorer Eddie Bauer 2WD||$4,372|
|Dodge Grand Caravan SE||$4,377|
|Toyota Tacoma 2WD||$4,608|
|Chevrolet Impala LS||$4,617|
|Honda Odyssey EX W/Rear Entertainment||$4,608|
|Volkswagen Jetta 2.0T Station Wagon||$4,630|
|Chevrolet Equinox LT AWD||$4,666|
|Toyota RAV4 Limited 2WD||$4,672|
|Toyota Camry LE||$4,666|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$4,722|
|Compare Cheap Rates Go|
Price data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, and safe-driver. Rate quotes do not factor in garaging location in Albuquerque, NM which can decrease or increase auto insurance rates noticeably.
Looking at the data, you can figure that models like the Honda CR-V, Ford Escape, and Toyota Prius are likely to be the cheapest vehicles to insure for young men. Car insurance rates will tend to be higher because of the fact that there is a higher risk for 20 year old guys, but overall those models will most likely have the cheapest car insurance rates compared to other types of vehicles.
Cost of full coverage
Reducing premiums for insurance should be important to the majority of vehicle owners, and one common way to buy cheap insurance for 20 year old guys is to buy only liability coverage. The chart below illustrates the comparison of insurance prices with and without full coverage. The prices are based on no claims or driving citations, $250 deductibles, drivers are single, and no additional discounts are factored in.
As an average for all age groups, full coverage on your policy costs an additional $1,695 per year over having just liability coverage. At some point, almost every driver questions when is it a good idea to stop buying full coverage. There is no set guideline of when to exclude physical damage coverage, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let’s pretend your vehicle’s claim settlement value is $6,500 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $5,500 after paying your deductible. If you are paying over $550 a year for your policy with full coverage, then you may want to consider only buying liability coverage.
Drive safe and save
The easiest method to receive the cheapest insurance rates for young men is to drive carefully and avoid accidents and violations. The chart below highlights how traffic violations and at-fault accidents can influence insurance costs for each age group. The data assumes a single male driver, full coverage, $1,000 deductibles, and no discounts are factored in.
The chart shows that the average cost of car insurance per year with a clean driving record and no accidents is $1,806. Add in one speeding ticket and the average cost jumps to $2,039, an increase of $234 each year. Now throw in one accident along with the one speeding ticket and the yearly cost of insurance for 20 year old guys jumps again to an average of $2,688. That’s an increase of $882, or $74 per month, just for not being a responsible driver!
How to find budget-friendly auto insurance for 20 year old guys
The list below summarizes some thrifty suggestions that can help Albuquerque drivers quote cheaper auto insurance.
- Too many claims can make car insurance unaffordable
- Ensure your driving record is clean
- Buy your auto and home insurance from the same company and save
- Increase your physical damage deductibles
- Accidents can significantly increase rates
- Good credit can save money
- Look for cheaper rates once a year by shopping around
That last idea is certainly necessary, as we discussed in the prior article. Insurance rates in Albuquerque fluctuate constantly, so don’t be tentative to switch to a new company if a cheaper rate is available.
Brand loyalty is great, but it’s not a good idea if that faithfulness ends up costing you hundreds every year. It takes less than five minutes to shop around and find cheaper insurance for 20 year old guys.
If you prefer to have professional advice when trying to find lower insurance rates for young men, the agencies below can most likely help you determine which auto insurance policy fits you best.
To find an Albuquerque insurance agency in your neighborhood, click the button at the bottom.
- Cindy Maxwell – State Farm Insurance Agent
8244 Menaul Blvd NE – Albuquerque, NM 87110 – (505) 883-9000
- Chavez Geissler Agency – Farmers Insurance
3517 Wyoming Blvd NE – Albuquerque, NM 87111 – (505) 271-2222
- Paul Whitson – State Farm Insurance Agent
8300 Carmel Ave NE #502 – Albuquerque, NM 87122 – (505) 888-1991
- Stephanie Valdez – State Farm Insurance Agent
5921 Lomas Blvd NE a – Albuquerque, NM 87110 – (505) 255-8676