For people with poor credit, one of the more important components that aid in calculating insurance cost is where you keep your vehicle in Albuquerque. Cities with larger populations will most likely have higher rates, whereas areas that tend to be more rural get the luxury of paying less.
The information below shows the most costly cities in New Mexico for drivers with bad credit in which to buy car insurance. Albuquerque makes the list at #1 with the yearly price of $1,417 for the average insurance policy, which is approximately $118 each month.
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Annual rates are comparative as vehicle location can revise rates significantly.
Finding out which company has the best auto insurance rates for drivers with bad credit takes a bit more effort than just getting one or two price quotes.
Each auto insurance company has a different formula for determining rates, so let’s take a look at the auto insurance companies that tend to have lower prices in New Mexico.
Lowest Insurance Price Quotes with Bad Credit
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,214|
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USAA generally has some of the most affordable car insurance rates in Albuquerque at around $683 a year. This is $885 less than the average premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers also rank well as some of the most economical Albuquerque, NM insurance companies.
As shown in the rates above, if you have coverage with Allied and switched to USAA, you may see yearly savings of about $237. Policyholders with Safeco may save as much as $291 a year, and Farm Bureau Mutual policyholders might see rate reductions of $531 a year.
Bear in mind that those estimates are averaged across all drivers and vehicles and and are not calculated with a specific vehicle garaging location for drivers with bad credit. So the company that is most affordable for your situation may not even be in the top 17 companies in the list above. That’s why you need to compare prices as often as possible using your own driver data and vehicle information.
The vehicle that is being insured is one of the main factors that determines if you can find cheaper auto insurance for drivers with bad credit. Vehicles with limited top-end speed, good crash test ratings, or a low likelihood of liability claims will cost substantially less to insure than higher performance models.
The table below features insurance costs for the most affordable vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,317|
|Honda CR-V LX 4WD||$1,327|
|Ford Escape XLS 4WD||$1,441|
|Jeep Wrangler Sport 4WD 2-Dr||$1,485|
|Chevrolet Impala LS||$1,526|
|Nissan Rogue SL 2WD||$1,671|
|GMC Sierra SLE Regular Cab 4WD||$1,680|
|Toyota Corolla XRS||$1,671|
|Ford F-150 Lariat King Ranch 2WD||$1,680|
|Chevrolet Malibu LTZ||$1,671|
|Ford Edge SEL 2WD||$1,674|
|Ford Focus S 4-Dr Sedan||$1,679|
|Jeep Grand Cherokee Laredo 2WD||$1,707|
|Honda Odyssey EX W/Rear Entertainment||$1,718|
|Toyota Camry LE||$1,759|
|Toyota RAV4 Sport 4WD||$1,765|
|Volkswagen Jetta S 4-Dr Sedan||$1,759|
|Honda Civic VP 4-Dr Sedan||$1,767|
|Hyundai Elantra Blue 4-Dr Sedan||$1,777|
|Ford F-250 XL Super Cab 2WD||$1,785|
|Toyota Camry Hybrid||$1,795|
|Kia Optima EX||$1,785|
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Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Information does not factor in vehicle garaging location which can change prices significantly.
Looking at the data, cars like the Honda Accord, Honda CR-V, Ford Escape, Toyota Prius, and Jeep Wrangler will be the cheapest vehicles to insure for people with poor credit. Auto insurance rates will be more costly just because there is more exposure for drivers with bad credit, but generally speaking those models will probably have the lowest prices that you are likely to find.
Get discount Albuquerque car insurance
Insurers that sell policies for drivers with bad credit may additionally offer price discounts that could potentially reduce rates by as much as 40% or more if you are eligible. A list of companies and some of the premium reductions they offer are detailed below.
- Farmers Insurance offers discounts including good student, bundle discounts, distant student, homeowner, switch companies, and multi-car.
- Esurance may include discounts for online quote, homeowner, multi-policy, renters, good student, and anti-lock brakes.
- State Farm has discounts for Drive Safe & Save, anti-theft, good student, multiple policy, and accident-free.
- GEICO offers premium reductions for federal employee, good student, multi-vehicle, military active duty, anti-theft, multi-policy, and defensive driver.
- Allstate has savings for utility vehicle, eSmart discount, new car, multi-policy, economy car, and senior citizen.
The chart below shows the comparison of auto insurance rates with and without policy discounts. The information is based on a male driver, a clean driving record, no at-fault accidents, New Mexico state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with defensive driving course, passive restraint, anti-theft, safe-driver, accident-free, and claim-free discounts applied. When discounts are applied, theaverage yearly reduction on auto insurance for drivers with bad credit is 28% or $468.
Selecting the top insurance company is hard considering how many choices there are in Albuquerque. The ranking information displayed below may help you choose which companies to look at when comparing rate quotes. The ratings below are only comprised of companies with a nationwide focus, so smaller companies that only insure vehicles in New Mexico are not included in these rankings.
Top 10 Major Auto Insurance Providers Overall in Albuquerque
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
How to find low-cost auto insurance for drivers with bad credit
Here are many money-saving suggestions that can help New Mexico drivers find cheaper coverage.
- Buying home and auto insurance together can earn discounts
- Drive vehicles with five-star safety ratings
- Full coverage may not be needed on older vehicles
- Do not get into accidents that are your fault
- Improve your credit score
- Compare prices frequently to find the best deal
The last item on the list is certainly significant, as was stressed in the prior article. Car insurance rates in Albuquerque adjust frequently, so drivers shouldn’t hesitate to switch to a new company if a cheaper rate is available.
Having a favorite company is fine, but it’s not a great idea if it’s costing you a small fortune. In less than five minutes you could shop around and find cheaper car insurance for drivers with bad credit.
The agencies below can help you determine which auto insurance policy fits you best, since some drivers have questions and prefer to have some professional guidance when trying to find the best insurance rates for people with poor credit. It can be difficult to find the best coverage yourself, and insurance agents can give comfort knowing your policy gives you adequate protection in case of an accident or claim. To locate an Albuquerque insurance agent close to where you live, click the button at the bottom or click here to get price quotes now.
Commercial West Insurance
2616 Mesilla St NE #2 – Albuquerque, NM 87110 – (505) 255-9577
Lanell Anderson – State Farm Insurance Agent
5600 Menaul Blvd NE – Albuquerque, NM 87110 – (505) 881-0550
Francis Harding – State Farm Insurance Agent
4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231
Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444