What Insurance is Cheapest for Lyft Drivers in Albuquerque?

The words “low-priced” and “insurance” really shouldn’t be used together, specifically when trying to find the best price on coverage for Lyft drivers. Let’s introduce you to a few of the things that have a considerable impact on auto insurance rates, and find out if we can help you reduce the price of the next policy you buy.

Deciding which company quotes the cheapest insurance rates for Lyft drivers will involve a bit more effort in order to find the lowest price.

Every insurance provider has a different process to establish rates, so let’s rank the most affordable insurance companies in Albuquerque, NM.

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Cheapest New Mexico auto insurance companies
Rank Company Cost Per Year
1 USAA $663
2 Allied $948
3 Safeco $984
4 Farm Bureau Mutual $1,214
5 State Farm $1,297
6 Central Mutual $1,314
7 Farmers $1,315
8 The Hartford $1,326
9 Progressive $1,535
10 California Casualty $1,575
11 Travelers $1,584
12 GEICO $1,640
13 MetLife $1,642
14 Encompass $1,694
15 Allstate $2,408
16 Liberty Mutual $2,454
17 Sentry $3,208
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USAA may offer some of the cheapest car insurance rates in Albuquerque at around $663 a year. Allied, Safeco, Farm Bureau Mutual, and State Farm would also make the list of some of the most economical Albuquerque, NM insurance companies.

As the example above demonstrates, if you are insured with Allied and switched to USAA, you might see annual savings of roughly $285. Policyholders with Safeco may save as much as $321 a year, and Farm Bureau Mutual customers might realize rate reductions of up to $551 a year.

Bear in mind that those premiums are averages across all ages of drivers and types of vehicles and and are not figured with a vehicle location for Lyft drivers. So the auto insurance company that is best suited for you may not even be in the top 17 companies in the list above. That helps illustrate why you need to get car insurance quotes using your own individual information.

The vehicle on the policy is probably the most important factor when quoting the lowest-priced coverage for Lyft drivers. Vehicles with high performance, a lack of safety features, or high incidents of liability claims will cost significantly more to insure than more economical and safe models. The information below estimates coverage costs for a handful of the most economical vehicles to insure in New Mexico.

Cheapest Vehicles to Insure in Albuquerque, NM
Make and Model Estimated Cost for Full Coverage
Ford Escape XLT 2WD $1,468
Toyota Prius $1,622
Honda Accord LX 4-Dr Sedan $1,682
Hyundai Elantra GLS Touring Station Wagon $1,690
Honda CR-V EX-L 4WD $1,718
Toyota Corolla XRS $1,858
Chevrolet Silverado 3500HD LT Crew Cab 2WD $1,894
Honda Odyssey EX W/Rear Entertainment $1,954
Chevrolet Impala LS $1,959
Ford Focus S 4-Dr Sedan $1,954
Toyota RAV4 Sport 2WD $1,990
Chevrolet Malibu LS $2,000
Chevrolet Silverado LS Regular Cab 2WD $1,993
Ford Explorer Eddie Bauer 2WD $2,015
Ford F-350 XLT Crew Cab Cabela Turbo Diesel 2WD $2,018
Dodge Grand Caravan Crew $2,029
Toyota Tacoma Double Cab TRD Sport Package 4WD $2,037
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Table data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Prices do not factor in specific zip code location which can lower or raise premiums greatly.

Looking at the data, vehicles like the Ford Escape, Toyota Prius, Honda Accord, and Hyundai Elantra are most likely going to be some of the more affordable vehicles to insure for Lyft vehicles.

For Lyft vehicles, one of the more important factors that are used to help calculate insurance cost is where you keep your car. Areas with increased crime or more people tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims benefit from having to pay less for coverage.

The next table shows the highest-priced areas in New Mexico for Lyft drivers to purchase car insurance in. Albuquerque is ranked #1 with the annual price of $1,417 for the average insured, which is about $118 monthly.

Car insurance prices in Albuquerque
Rank City Annual Premium
1 Albuquerque $1,417
2 South Valley $1,377
3 Santa Fe $1,316
4 Los Lunas $1,302
5 Hobbs $1,296
6 North Valley $1,290
7 Artesia $1,278
8 Los Alamos $1,256
9 Rio Rancho $1,256
10 Espanola $1,236
11 Gallup $1,224
12 Carlsbad $1,213
13 Las Vegas $1,195
14 Roswell $1,186
15 Portales $1,186
16 Lovington $1,159
17 Clovis $1,145
18 Farmington $1,137
19 Las Cruces $1,131
20 Deming $1,109
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Information shown are comparative as vehicle location can impact coverage prices considerably.

Buying coverage from the best auto insurance provider can be difficult considering how many different insurance companies sell coverage in New Mexico. The company ratings below can help you select which auto insurance companies you want to consider when shopping around. These rankings only include companies that insure vehicles nationwide, so companies that may only write in New Mexico are not factored into this list.

Top 15 Insurance Companies for Lyft Drivers 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

Discount Albuquerque car insurance

Discounts on insurance for Lyft driversInsurance providers that offer cheap quotes for Lyft drivers may also provide price discounts that could lower prices by 30% or more if you are eligible to receive them. A few of the larger companies and their possible discounts are included below.

The example below visualizes the comparison of insurance costs with and without discounts. The premiums assume a female driver, no accidents or driving violations, New Mexico state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.

The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with vehicle safety, accident-free, multiple policy, claim-free, homeowner, and passive restraint discounts applied. When drivers take advantage of discounts, the average amount saved each year on insurance for Lyft drivers is 28% or $482.

Why are you paying too much for car insurance?

New Mexico insurance rates are impacted by many things which can substantially change the price you have to pay. Simply improving your credit, getting divorced, or getting a ticket for careless driving can trigger price changes resulting in some companies being more affordable than competitors.

In addition to those changes, auto insurance companies amend premium rates as needed in order to maintain liquidity for claims. Significantly higher claims can cause price increases, while a lower level of claims can produce cheaper Albuquerque car insurance rates.

For example, the graph below shows a variety of companies that have the cheapest car insurance in Albuquerque, NM for a 40-year-old male driver with no prior claims, no tickets, and good credit. When quoting prices based on his current risk profile, USAA quotes the lowest car insurance rates in Albuquerque at $930 annually. This is $638 less than the average policy premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are the remaining best Albuquerque, NM auto insurance companies.

In this next rate comparison, we will give the driver in the first example an accident claim, slightly worse credit, and a speeding ticket. Because each company has a unique formula for determining prices, comparing insurance quotes may result in a slightly different list of the cheapest car insurance companies in Albuquerque as shown below.

USAA now has the best car insurance rate in Albuquerque, NM with Central Mutual, Safeco, State Farm, and Allied now being in the top five. This shows why it is so important to shop around with many companies when trying to find the best car insurance rates for Lyft drivers. Insurance prices are impacted by many things and can increase or decrease at any time, so the lowest-price company the last time you shopped your coverage around may now be quite expensive.

The agents below are willing to answer your questions and help you decide which policy is best, as some drivers wish to have some professional guidance when shopping for cheaper insurance for Lyft drivers. It can be challenging to find coverage yourself, so a professional agent can give satisfaction knowing your policy gives you sufficient coverage for your assets. To locate an Albuquerque car insurance agency in your neighborhood, click the button link following the list.

J. B. Martin Insurance Agency
8500 Menaul Blvd NE #345Albuquerque, NM 87112(505) 888-8846

Mike Volk – State Farm Insurance Agent
3716 Central Ave SEAlbuquerque, NM 87108(505) 232-2886

Berger Briggs Real Estate and Insurance Inc
4333 Pan American FwyAlbuquerque, NM 87107(505) 247-0444

Matt Medina – State Farm Insurance Agent
4253 Montgomery Blvd NE g205Albuquerque, NM 87109(505) 881-8100

Associated Insurance Professionals, Inc
1429 Carlisle Blvd NEAlbuquerque, NM 87110(505) 265-3704

Find an Albuquerque, NM insurance agent near you

How to find economical auto insurance for Lyft drivers

It is possible to find better rates, and here are many thrifty solutions that can help drivers find more affordable coverage.

The last suggestion is remarkably valuable, as we pointed out in the prior information. Prices charged by auto insurers in Albuquerque can be modified anytime, so drivers shouldn’t be reluctant to buy from a different company if a lower price can be found. Many consumers stick with the same company and that’s fine, but it’s not a great idea if that devotion results in you overpaying lots of money. Take a few minutes and compare prices to find cheaper car insurance for Lyft drivers.