The words “low-cost” and “auto insurance” really don’t belong together, in particular when you are shopping around for the best car insurance for electric cars. Because it’s so expensive, let’s go over some of the things that have a considerable impact on auto insurance premiums, and find some ways to reduce the cost of the next policy you buy.
The make and model of vehicle driven is one of the biggest factors that determines the availability of low-priced car insurance for electric cars. Vehicles with higher performance characteristics, a lack of advanced safety features, or a history of substantial liability claims will cost much more to insure than safer models. The information below outlines coverage rates for the most budget-friendly automobiles to insure in New Mexico.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Ford Escape Limited 4WD||$1,552|
|Honda CR-V LX 4WD||$1,617|
|Toyota Camry LE||$1,689|
|Toyota Tacoma Double Cab 4WD||$1,694|
|Toyota RAV4 4WD||$1,689|
|Chevrolet Malibu LS||$1,696|
|Nissan Rogue SL 2WD||$1,811|
|GMC Sierra SLE Crew Cab 4WD||$1,813|
|Jeep Grand Cherokee SRT-8 4WD||$1,821|
|Chevrolet Silverado 2500HD LTZ Crew Cab 4WD||$1,813|
|Volkswagen Jetta SE 4-Dr Sedan||$1,820|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$1,813|
|Ford Fusion SEL 4-Dr Sedan||$1,823|
|Nissan Altima Hybrid 4-Dr Sedan||$1,813|
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Data variables include single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Table data does not factor in vehicle location which can affect coverage prices greatly.
By looking at the data, you can expect models like the Ford Escape, Honda CR-V, Toyota Camry, and Toyota Tacoma are going to be some of the cheaper vehicles to insure for eco-friendly vehicles.
For eco-friendly vehicles, one of the largest components that are used to help calculate insurance cost is where you choose to live. Cities with more crime and/or more people tend to pay more, whereas more rural areas benefit from lower rates.
The illustration below rates the most expensive places in New Mexico for electric cars to buy auto insurance in. Albuquerque comes in at #1 with the annual price of $1,389 for the average policyholder, which is approximately $116 monthly.
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Annual rates are comparative as vehicle location can alter price quotes substantially.
Best car insurance in New Mexico
Buying coverage from the best car insurance provider is hard considering how many different companies insure vehicles in Albuquerque. The company rank data in the lists below may help you choose which auto insurers to look at to insure your vehicles.
These rankings are for companies with a nationwide focus, so companies with more of a regional focus are not factored into this list. To view rates from these top-rated insurers and more, simply click here.
Top 10 Large Auto Insurers in Albuquerque Ranked by A.M. Best Rating
- USAA – A++
- Travelers – A++
- GEICO – A++
- State Farm – A++
- The Hartford – A+
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Titan Insurance – A+
- Progressive – A+
Top 10 Large Auto Insurers in Albuquerque Ranked by Customer Service
- State Farm
- The Hartford
- The General
- AAA Insurance
- American Family
- Liberty Mutual
The illustration below demonstrates how choosing different deductibles can raise or lower yearly insurance costs when searching for cheap insurance for electric cars. The data assumes a single female driver, comp and collision included, and no additional discounts are factored in.
As shown above, a 50-year-old driver could pocket $306 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $462 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old category, could possibly save $776 or more by selecting a higher deductible. When insureds make the decision to increase the deductibles on their policy, it is essential to have plenty of savings on hand to offset the extra out-of-pocket expense that is associated with using high deductibles.
Get discounts on Albuquerque auto insurance rates
Auto insurance companies that offer quotes for electric cars may provide policy discounts that could potentially reduce rates by 35% or more if you meet specific eligibility requirements. A few popular companies and the discounts they provide can be read below.
- Esurance has savings for defensive driver, online quote, anti-lock brakes, claim free, good student, renters, and Switch & Save.
- The Hartford may offer discounts for vehicle fuel type, air bag, driver training, anti-theft, bundle, and good student.
- AAA may have discounts that include multi-car, pay-in-full, AAA membership discount, education and occupation, good student, and anti-theft.
- GEICO offers premium reductions for five-year accident-free, emergency military deployment, multi-vehicle, federal employee, military active duty, seat belt use, and anti-lock brakes.
- State Farm policyholders can earn discounts including driver’s education, good student, anti-theft, accident-free, good driver, and defensive driving training.
The diagram below shows the comparison of insurance prices with and without discounts. The costs are based on a female driver, no claims or violations, New Mexico state minimum liability limits, full physical damage coverage, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with homeowner, passive restraint, claim-free, accident-free, safe-driver, and multiple vehicle discounts applied. When drivers take advantage of discounts, the average amount saved each year on car insurance for electric cars is 28% or $538.
The insurance agencies below can help you decide which coverages and limits you need, as many people would rather get some professional input when buying car insurance for electric cars. It can be hard to find coverage yourself, and a licensed agent can bring satisfaction knowing your coverage gives you sufficient coverage at claim time. To find an agent closest to you, click the button link following the list or click here to compare price quotes now.
Rosendo Aragon – State Farm Insurance Agent
1808 Lomas Blvd NW b – Albuquerque, NM 87104 – (505) 247-2921
Francis Harding – State Farm Insurance Agent
4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231
Greg Shamas – State Farm Insurance Agent
9680 Eagle Ranch Rd NW #2 – Albuquerque, NM 87114 – (505) 898-3648
Lanell Anderson – State Farm Insurance Agent
5600 Menaul Blvd NE – Albuquerque, NM 87110 – (505) 881-0550
Phil Pettit – State Farm Insurance Agent
3507 Wyoming Blvd NE B – Albuquerque, NM 87111 – (505) 875-1300