The words “economical” and “insurance” probably shouldn’t be used in the same sentence, especially when comparison shopping for the best coverage prices for high mileage drivers. Because it’s so expensive, let’s open your eyes to some of the things that significantly impact insurance rates, and find a way to lower the price of the next policy you buy.
One of the many components that aid in calculating the cost of insurance is your address. Areas with high crime rates or more dense population tend to pay slightly more, whereas less populated areas have the luxury of lower rates.
The illustration below ranks the most expensive places in New Mexico for high mileage drivers to purchase auto insurance in. Albuquerque is listed at #1 with an annual rate of $1,389 on average, which is about $116 monthly.
|Rank||City||Premium Per Year|
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Rates are approximated as specific Albuquerque garaging address can change coverage rates greatly.
Finding dependable, low-cost insurance is not easy, and finding out which companies have the best car insurance rates for high mileage drivers involves a little more work. Each auto insurance company uses their own method to determine premium rates, so let’s begin by examining the car insurance companies with the overall cheapest rates in Albuquerque, NM.
It’s a good idea to know that Albuquerque car insurance rates are based on many factors that may substantially change the price of coverage. Things like getting older, buying a higher-value vehicle, or getting a reckless driving citation may cause policy rate changes that may make certain companies cheaper than competitors.
Best Auto Insurance Prices in New Mexico
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,178|
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USAA offers some of the most affordable car insurance rates in Albuquerque at around $683 a year. Allied, Safeco, Farm Bureau Mutual, and State Farm also make the cut as some of the best Albuquerque, NM auto insurance companies.
As shown in the rates above, if you have coverage with State Farm and switched to Allied, you might achieve a yearly savings of upwards of $367. New Mexico drivers with Farmers may save as much as $372 a year, and The Hartford insureds might cut rates by $382 a year.
These prices are averages across all ages of drivers and types of vehicles and and are not figured with a specific vehicle garaging location for high mileage drivers. So the auto insurance company that fits your situation best may not even be in the top 17 companies in the list above. That illustrates why you need to compare prices as often as possible using your own personal information and vehicle type.
The type of vehicle needing coverage is a significant factor when comparison shopping for cheaper auto insurance for high mileage drivers. Vehicles with limited speed and performance, good safety features, or a low likelihood of liability claims will cost significantly less to insure than high performance models.
The next list shows insurance prices for a selection of the most economical vehicles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Explorer XLT 4WD||$1,647|
|Ford Focus S 4-Dr Sedan||$1,701|
|Honda CR-V EX 4WD||$1,718|
|Chevrolet Malibu LS||$1,734|
|Ford Escape XLT 4WD||$1,844|
|Chevrolet Silverado LS Extended Cab 2WD||$1,858|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$1,867|
|Kia Optima LX||$1,858|
|Toyota Corolla XRS||$1,866|
|Ford F-150 Lariat Crew Cab Harley 4WD||$1,894|
|Honda Civic SI 4-Dr Sedan||$1,916|
|Honda Accord EX 2-Dr Coupe||$1,949|
|Toyota Tacoma 2WD||$1,954|
|Hyundai Sonata Limited 4-Dr Sedan||$1,982|
|Ford Fusion Sport AWD 4-Dr Sedan||$1,985|
|Toyota Camry LE||$1,990|
|Toyota RAV4 Limited 4WD||$2,000|
|Jeep Wrangler Sahara 4WD 2-Dr||$2,015|
|Chevrolet Silverado 3500HD LTZ Crew Cab Diesel 2WD||$2,018|
|Dodge Grand Caravan Crew||$2,029|
|Hyundai Elantra Blue 4-Dr Sedan||$2,056|
|Ford Edge SEL AWD||$2,084|
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, homeowner, and multi-vehicle. Price information does not factor in specific Albuquerque, NM garaging location which can increase or decrease rates significantly.
Based upon the rates shown, you can assume that models like the Ford Explorer, Ford Focus, Honda CR-V, Chevrolet Malibu, and Ford Escape will be some of the cheapest vehicles to insure for high mileage drivers.
Safe drivers Albuquerque pay cheaper rates
In a perfect world, the ideal way to snag affordable car insurance rates for high mileage drivers is to be a safe driver and have a clean driving record. The information below shows how traffic citations and at-fault claims raise annual premium costs for each different age category. The price estimates are based on a married female driver, comp and collision included, $1,000 deductibles, and no other discounts are factored in.
In the previous chart, the average cost of auto insurance per year with no violations or accidents is $1,378. Get one speeding ticket and the average cost hikes up to $1,613, an increase of $234 each year. Now add in two accidents along with the one speeding ticket and the yearly cost of car insurance for high mileage drivers increases to an average of $3,811. That’s an increase of $2,433, or $203 per month, just for a couple of infractions!
Car insurance companies ranked
Ending up with a good quality insurer can be difficult considering how many choices you have in Albuquerque. The ranking information shown next could help you analyze which car insurance companies you want to consider when comparing rate quotes. The ratings below are for the largest companies in America, so companies that may only write in New Mexico are not included in the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Why it’s important to shop around
Albuquerque, NM car insurance rates are impacted by many things which can substantially change the price you pay for coverage. Improving your credit rating, increasing deductibles, or getting a DUI can trigger rate changes that can now make some companies cheaper than others. In addition, car insurance companies change prices as needed to help ensure profitability. Significantly higher claims may cause rate increases, while a profitable period may cause lower-priced Albuquerque car insurance rates.
To illustrate this point, the bar chart below shows the cheapest car insurance in Albuquerque, NM for a 40-year-old female driver with no accidents, a clean driving record, and a good credit history. When comparing rates based on her personal profile, USAA offers the cheapest car insurance rates in Albuquerque at $902 each year. This is $666 less than the average premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and The Hartford also make the list of the most affordable Albuquerque, NM auto insurance companies.
The example below compares rates after we give the driver in the first chart a couple of claims, slightly worse credit, and a couple of points charged on her driving record. Since each auto insurer has their own formula to set their prices, comparing rates will most likely result in a slightly different list of companies as shown below.
USAA now has the cheapest rate in Albuquerque with Allied, State Farm, Central Mutual, and Safeco now rounding out the top five. This shows why consumers need to take the time to shop around to get affordable insurance quotes for high mileage drivers. Auto insurance prices consist of many different factors and can increase or decrease at any time, so the best company when you bought your policy may now not even be in the top five.