One of the more important things that are used to help calculate insurance cost is where you keep your car in Albuquerque. Areas with high crime rates or more dense population likely pay more, whereas areas that tend to be more rural have the enjoyment of a little cheaper coverage.
The next table shows the highest-priced places in New Mexico for uninsured drivers to purchase a policy in. Albuquerque is ranked at #1 with an annual cost of $1,431 for the average insurance policy, which is approximately $119 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Albuquerque | $1,431 |
| 2 | South Valley | $1,377 |
| 3 | Santa Fe | $1,342 |
| 4 | Artesia | $1,317 |
| 5 | Rio Rancho | $1,282 |
| 6 | North Valley | $1,277 |
| 7 | Los Lunas | $1,263 |
| 8 | Los Alamos | $1,256 |
| 9 | Hobbs | $1,246 |
| 10 | Espanola | $1,236 |
| 11 | Gallup | $1,224 |
| 12 | Carlsbad | $1,213 |
| 13 | Roswell | $1,186 |
| 14 | Farmington | $1,183 |
| 15 | Clovis | $1,180 |
| 16 | Portales | $1,175 |
| 17 | Lovington | $1,159 |
| 18 | Las Vegas | $1,149 |
| 19 | Deming | $1,143 |
| 20 | Chaparral | $1,114 |
| 21 | Las Cruces | $1,109 |
| 22 | Anthony | $1,098 |
| 23 | Silver City | $1,063 |
| 24 | Sunland Park | $1,054 |
| 25 | Alamogordo | $1,031 |
| Find the Best Rates Go | ||
Rates are estimated as the garaging address in Albuquerque can change prices noticeably.
Determining which companies quote the lowest-priced car insurance rates for uninsured drivers involves a little more effort in order to find the lowest price quote.
Every insurance company uses a different method to set premium rates, so let’s rank the car insurance companies with the overall cheapest rates in Albuquerque. It’s important to understand that Albuquerque, NM car insurance rates are calculated based on many things that may substantially change the price you pay for coverage. Improving your credit score, moving across town, or getting a reckless driving citation can trigger price changes that can cause some rates to be cheaper in comparison to the competition.
Best Car Insurance Prices in New Mexico
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $657 |
| 2 | Allied | $958 |
| 3 | Safeco | $1,014 |
| 4 | Farm Bureau Mutual | $1,202 |
| 5 | Farmers | $1,263 |
| 6 | State Farm | $1,310 |
| 7 | The Hartford | $1,352 |
| 8 | Central Mutual | $1,368 |
| 9 | Progressive | $1,490 |
| 10 | Travelers | $1,522 |
| 11 | MetLife | $1,578 |
| 12 | California Casualty | $1,639 |
| 13 | GEICO | $1,640 |
| 14 | Encompass | $1,694 |
| 15 | Allstate | $2,385 |
| 16 | Liberty Mutual | $2,479 |
| 17 | Sentry | $3,114 |
| Find Your Rate Go | ||
USAA normally has some of the cheapest car insurance rates in Albuquerque at around $657 each year. Allied, Safeco, Farm Bureau Mutual, and Farmers would also be considered some of the most economical Albuquerque, NM car insurance companies.
As shown in the table above, if you buy coverage from Safeco and switched to USAA, you could see an annual savings of roughly $357. New Mexico drivers with Farm Bureau Mutual may save as much as $545 a year, and Farmers insureds might reduce rates by $606 a year.
To see if you’re overpaying, click here to start your free quote or feel free to get quotes from the companies below.
Understand that those estimates are averaged across all ages of drivers and types of vehicles and do not factor in a specific zip code for uninsured drivers. So the insurer that has the cheapest price for you may not even be in the top 17 companies shown above. That is why you need to compare as many prices as possible using your own driver data and vehicle information.
The illustration below demonstrates how deductibles can impact insurance costs when trying to find cheap insurance for uninsured drivers. Data assumes a married male driver, full physical damage coverage, and no discounts are factored in.
The chart above illustrates that a 40-year-old driver could reduce rates by $224 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $340 by selecting a $1,000 deductible. Young drivers, like the 20-year-old, could roll back prices as much as $748 or more by choosing a higher deductible.
When using a larger deductible, it is essential to have spare funds to enable you to pay the extra out-of-pocket expense, which deters some people from using high deductibles.
Do you need full coverage?
Paying a lower price for car insurance is probably important to most drivers, and one easy way to reduce the cost of insurance for uninsured drivers is to buy only liability coverage. The example below shows the comparison of insurance costs with full coverage compared to only the New Mexico minimum liability coverage. The data assumes no claims, a clean driving record, $100 deductibles, marital status is single, and no discounts are factored in.
If we average the cost for ages 20 through 70, comp and collision coverage costs an extra $2,474 per year more than just buying liability only. That brings up the question when is the right time to remove full coverage. There is no exact formula of when to phase out physical damage insurance, but there is a broad guideline. If the annual cost of having full coverage is more than around 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s say your vehicle’s settlement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would receive is $5,000 after paying the physical damage deductible. If it’s costing in excess of $500 annually for your policy with full coverage, then it may be the right time to buy liability only.
There are some cases where removing full coverage is not a good idea. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not eliminate full coverage.
Albuquerque car insurance rates
Albuquerque car insurance rates are calculated based on many things that may substantially change the cost of a policy. Getting older, getting divorced, or getting a few speeding tickets can trigger price changes that can now make some companies more affordable than before. Also, car insurance companies modify rates as needed in order to be able to pay unexpected claims. Higher than usual claims may cause increased rates, while a better claims history may result in lower-cost Albuquerque car insurance rates.
To illustrate this example, the data below compares the cheapest car insurance in Albuquerque, NM for a 45-year-old female driver with a clear driving record, no claims, and solid credit. If we estimate prices based on her current risk profile, USAA might offer the most affordable car insurance rates in Albuquerque at $849 a year. This is $719 less than the average policy premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers round out the rest of the cheapest Albuquerque, NM auto insurance companies.
Now let’s give the driver in the first example a claim, bad credit, and a few traffic violations. Since each company uses their own calculation for setting rates, getting updated rate quotes may now show a new list of the cheapest companies as shown below.
Allied now has the cheapest insurance rate in Albuquerque, NM with USAA, The Hartford, Central Mutual, and Safeco also being competitive. This demonstrates why drivers need to perform a complete rate comparison when trying to find the cheapest auto insurance quotes for uninsured drivers. Rates consist of many things and change frequently, so the lowest-price company when you last compared rates may now be quite expensive.
How to find low-cost insurance for uninsured drivers
Here are some of the recommended penny-pinching suggestions that can help New Mexico drivers locate cheap auto insurance.
- Drop full coverage on older vehicles
- Buying home and auto insurance together can earn discounts
- Do not get into accidents that are your fault
- Lower rates by purchasing a safer vehicle
- Pay cheaper rates with good credit scores
- Compare quotes from other companies often
The last idea is extremely important, as was emphasized in this piece. Insurance prices change frequently, so you should be ready to buy a policy from a new company if you find a cheaper price. We understand brand loyalty, but it isn’t a good idea if that stubbornness costs you thousands of dollars over the life of your policy. Now is a great time to compare prices to find cheaper car insurance for uninsured drivers in Albuquerque.