What Insurance is Cheapest for High School Students in Albuquerque?

It’s hard to avoid all the captivating commercials from companies like Farmers and The General claiming dirt cheap rates. So you should just pick one at random, right?

It’s not quite that easy, unfortunately, as there are a lot of unknown factors like if you want the added protection of full coverage, if you are currently insured, whether you are a man or a woman, and how old you are. If you keep reading, we will teach you about the things that influence insurance rates and hopefully give you enough understanding to have a solid foundation to find cheaper car insurance in Albuquerque.

Shopping around for low-priced auto insurance is challenging, and finding out which company has the cheapest auto insurance rates for high school students will take even more shopping around. Each insurer uses a different method to set their prices, so let’s begin by taking a look at the overall cheapest auto insurance companies in Albuquerque.

It’s important to know that Albuquerque, NM auto insurance rates are determined by lots of factors that may substantially change the price you pay. Simply getting older, buying a safer car, or having an accident can trigger price changes that can make some companies more affordable than competitors.

Best Car Insurance Prices for Students

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USAA offers some of the best car insurance rates in Albuquerque at around $677 each year. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the cheapest Albuquerque, NM car insurance companies.

As shown above, if you have coverage with Farm Bureau Mutual and switched to Allied, you may realize a yearly price reduction of approximately $256. Insureds with Farmers might save as much as $305 a year, and State Farm policyholders might lower prices by up to $339 a year.

Bear in mind that those prices are averages across all drivers and vehicles and and are not calculated with a specific zip code for high school students. So the auto insurance company that fits your age and vehicle best may not even be in the list above. That’s why you need to quote rates from as many companies as possible using your own driver data and vehicle information.

The type of vehicle requiring coverage is one of the primary factors when shopping for affordable auto insurance for high school students. Vehicles with high performance, a lack of advanced safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than more economical and safe models. The next table ranks car insurance prices for the most budget-friendly automobiles to buy insurance for.

Cheapest Vehicles to Insure in Albuquerque, NM
Vehicle Make and Model Estimated Cost for Full Coverage
Ford Escape XLS 2WD $5,599
Honda CR-V LX 4WD $5,608
Hyundai Elantra GLS Touring Station Wagon $5,599
Toyota Prius $6,044
Ford F-150 XL Super Cab 4WD $6,302
Dodge Grand Caravan CV $6,312
Ford Explorer XLT 4WD $6,302
Ford Edge SEL 2WD $6,593
Chevrolet Impala LT $6,645
Volkswagen Jetta LE 4-Dr Sedan $6,653
Ford Fusion S 4-Dr Sedan $6,645
Toyota RAV4 Limited 4WD $6,653
GMC Sierra SLE Crew Cab 2WD $6,645
Chevrolet Equinox LS 2WD $6,652
Toyota Tacoma Double Cab 4WD $6,696
Chevrolet Malibu LT $6,701
Honda Civic VP 4-Dr Sedan $6,933
Ford Focus SEL 4-Dr Sedan $6,939
Toyota Corolla LE $6,984
Nissan Altima 2.5 S 4-Dr Sedan $6,993
Honda Odyssey EX-L $6,984
Chevrolet Silverado LTZ Crew Cab 4WD $7,035
Jeep Grand Cherokee Limited 4WD $7,044
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Table data assumes single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, and claim-free. Information does not factor in your specific Albuquerque, NM location which can raise or lower price quotes noticeably.

Based upon the rates shown, you can expect vehicles like the Ford Escape, Honda CR-V, Hyundai Elantra, Toyota Prius, and Ford F-150 will be a few of the cheapest vehicles to insure for teenagers. Rates will be more expensive just due to the fact that there is more inherent risk for high school students, but generally speaking those models will most likely have the least expensive rates compared to all other vehicles.

Liability rates compared to full coverage

Buying cheaper auto insurance is probably important to most vehicle owners, and one great way to reduce the cost of insurance for high school students is to buy liability only. The example below visualizes the comparison of car insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no claims or driving citations, $100 deductibles, single marital status, and no discounts are taken into consideration.

As an overall average, comprehensive and collision coverage on your policy costs an additional $2,518 per year more than carrying just liability coverage. At some point, about every driver wonders if paying for full coverage is a waste of money. There is no specific rule to stop buying physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.

Careless driving habits raise Albuquerque auto insurance rates

The easiest way to enjoy the cheapest auto insurance premiums in Albuquerque for teenagers is to be a cautious driver and have a clean driving record. The diagram below demonstrates how citations and fender-benders increase insurance rates for different age categories. The premiums assume a married male driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.

The data charted above shows the average cost of car insurance in Albuquerque per year with a clean driving record and no accidents is $1,580. Get one speeding ticket and the average cost rises to $1,813, an increase of $233 each year. Now include one accident along with the one speeding ticket and the yearly cost of auto insurance for high school students jumps again to an average of $2,468. That’s an increase of $888, or $74 per month, just for not maintaining a clean driving record!

Best auto insurance company in Albuquerque

Selecting the highest-rated auto insurance company is hard considering how many companies there are in New Mexico. The company rank data listed below could help you decide which car insurance companies you want to consider when comparing rate quotes.

The rankings below are only made up of the largest companies in the United States, so smaller regional companies are not taken into consideration for this list. If you’d like to compare prices from these top insurers and more, click here.

Top 15 Auto Insurance Companies for High School Students in Albuquerque, NM
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
USAA 98 100 100 94% A++ 98.6
American Family 98 89 100 86% A 95.4
State Farm 88 93 96 90% A++ 92.4
The Hartford 94 92 90 89% A+ 91.7
AAA Insurance 88 89 95 91% A 91.2
GEICO 84 93 93 89% A++ 90.3
The General 89 91 89 88% A- 90
Titan Insurance 90 87 91 95% A+ 89.6
Progressive 84 91 93 87% A+ 89.5
Allstate 85 90 92 88% A+ 89.3
Nationwide 87 88 84 90% A+ 88.7
Liberty Mutual 84 87 93 88% A 88.5
21st Century 85 86 87 88% A 86.7
Esurance 85 80 95 87% A+ 85.9
Safeco 85 85 85 86% A 85.8
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Data Source: Insure.com Best Car Insurance Companies