Who Has Affordable Car Insurance Quotes for a 20 Year Old Male in Albuquerque?

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.

How much does car insurance cost in Albuquerque, NM?
Rank City Premium Per Year
1 Albuquerque $1,431
2 Santa Fe $1,356
3 South Valley $1,336
4 North Valley $1,316
5 Los Lunas $1,289
6 Hobbs $1,284
7 Artesia $1,278
8 Espanola $1,273
9 Los Alamos $1,269
10 Rio Rancho $1,256
11 Gallup $1,212
12 Portales $1,186
13 Las Vegas $1,184
14 Clovis $1,180
15 Roswell $1,174
16 Lovington $1,171
17 Carlsbad $1,165
18 Deming $1,155
19 Farmington $1,148
20 Las Cruces $1,109
21 Anthony $1,109
22 Chaparral $1,081
23 Sunland Park $1,065
24 Alamogordo $1,063
25 Silver City $1,063
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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.

Cheapest Vehicles to Insure in Albuquerque, NM
Vehicle Estimated Cost for Full Coverage
Honda CR-V LX 2WD $3,928
Ford Escape XLT 4WD $3,986
Toyota Prius $4,339
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
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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.

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.

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