Determining which company has the best insurance rates after a speeding ticket may require more work in order to find coverage that fits your budget.
Each auto insurance company has their own guidelines for setting rates, so let’s take a look at the overall cheapest insurance companies in New Mexico. It’s a good idea to know that Albuquerque insurance rates are impacted by many factors that will increase or decrease the cost of coverage. Simply getting older, buying a home instead of renting, or getting a reckless driving citation can trigger rate changes that can now make some companies more affordable than others.
Find the Best Cheap Insurance with Licence Points
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,178|
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USAA generally has some of the best car insurance rates in Albuquerque at around $657 a year. This is $911 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers would also be considered some of the lowest-priced Albuquerque, NM auto insurance companies.
As depicted above, if you are insured with Farm Bureau Mutual and switched to USAA, you could see an annual savings of about $521. Drivers with Farmers may save as much as $658 a year, and The Hartford customers might reduce prices by as much as $669 a year.
If you want to see how much you could save, click here to get quotes or visit any of the low-priced companies below.
Remember that these policy prices are averages across all drivers and vehicles in New Mexico and do not take into consideration a specific vehicle garaging location after a speeding ticket. So the auto insurance company that has the cheapest price for you may not even be in the list above. That’s why you need to get auto insurance quotes using your own specific driver and vehicle information.
The vehicle model you are buying coverage for is one of the main factors when quoting economical insurance after a speeding ticket. Vehicles with higher performance characteristics, poor crash test ratings, or a high likelihood of having liability claims will cost much more to insure than safer models. The next table presents car insurance costs for some of the cheapest automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,996|
|Honda CR-V LX 4WD||$2,006|
|Ford Explorer XLT 4WD||$2,231|
|Ford Escape Limited 2WD||$2,234|
|Hyundai Elantra SE Touring Station Wagon||$2,322|
|Ford Edge SEL AWD||$2,331|
|Ford F-150 STX Regular Cab 2WD||$2,394|
|Toyota Tacoma Double Cab 4WD||$2,410|
|Chevrolet Equinox LT 2WD||$2,524|
|Toyota RAV4 2WD||$2,529|
|Nissan Rogue SL 2WD||$2,530|
|Honda Civic Hybrid 4-Dr Sedan||$2,540|
|Chevrolet Malibu LTZ||$2,546|
|Dodge Grand Caravan Crew||$2,575|
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Data based on single male driver age 30, two speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, and homeowner. Table data does not factor in vehicle location which can change premiums considerably.
Looking at the numbers, you can assume that vehicles like the Honda Accord, Honda CR-V, and Toyota Prius will be the cheaper vehicles to insure after a few driving violations.
The illustration below demonstrates how deductible levels can affect insurance prices when trying to find cheap insurance after a speeding ticket. The premiums are based on a married female driver, comp and collision included, and no policy discounts are applied.
A 40-year-old driver could save $220 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $334 by selecting a $1,000 deductible. Younger drivers, like the 20-year-old, have the ability to save as much as $544 or even more by selecting a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it is a good idea to have emergency funds available to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Discounts on Albuquerque insurance rates
Auto insurance companies that provide coverage after a speeding ticket may provide premium discounts that could reduce prices by 40% or more if you meet the requirements. A few of the larger companies and some of the premium reductions they offer are detailed below.
- State Farm may offer discounts for safe vehicle, passive restraint, anti-theft, Steer Clear safe driver discount, multiple autos, driver’s education, and good driver.
- GEICO offers discounts including five-year accident-free, military active duty, anti-theft, good student, and multi-vehicle.
- SAFECO offers discounts for anti-lock brakes, teen safety rewards, anti-theft, bundle discounts, homeowner, and safe driver.
- Farmers Insurance may have discounts that include bundle discounts, youthful driver, alternative fuel, switch companies, and good student.
- AAA has discounts for education and occupation, pay-in-full, anti-theft, multi-policy, AAA membership discount, multi-car, and good student.
- USAA policyholders can earn discounts including loyalty savings, new vehicle, driver training, family discount, and multi-vehicle.
The diagram below shows the comparison of insurance costs with and without discounts applied to the policy rates. The information is based on a female driver, three violations and no at-fault accidents, New Mexico state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with multiple vehicle, anti-theft, multiple policy, homeowner, vehicle safety, and marriage discounts applied. In this example, theamount saved on insurance after a speeding ticket is 28% or $732.
Reckless driving habits raise insurance rates
The recommended way to receive cheap insurance rates in Albuquerque after a few driving violations is to drive safely and avoid accidents and traffic violations. The diagram below highlights how speeding tickets and at-fault claims can impact insurance costs for different age groups. The data assumes a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are taken into consideration.
In the previous chart, the average cost of a car insurance policy per year with a clean driving record and no accidents is $1,378. Receive one speeding ticket and the average cost jumps to $1,613, an increase of $234 each year. Then add one accident along with the one speeding ticket and the yearly cost of insurance after a speeding ticket goes up to an average of $2,262. That’s an increase of $884, or $74 per month, just for not paying attention while driving!
How to find budget-friendly auto insurance after a speeding ticket
The list below summarizes many penny-pinching ideas that can help Albuquerque drivers get lower-cost coverage.
- Higher credit ratings may save you money
- Bundle home and auto and save
- Avoid getting tickets or violations
- Raise deductibles to save money
- Avoid having at-fault accidents
- Try to pay small claims out-of-pocket
- Compare rate quotes often
The last suggestion is highly important, as was noted in the article above. Coverage prices can be modified anytime, so don’t be afraid to switch to a new company if you can find a cheaper rate. We understand brand loyalty, but it isn’t a good idea if that dedication is costing a wad of cash every year. Now is a great time to compare prices to find cheaper insurance after a speeding ticket in Albuquerque.
If you wish to have a consultation when shopping for the best coverage after a few driving violations, the professional agents shown below can aid you in deciding which auto insurance policy fits you best.
To find an Albuquerque insurance agency using an interactive map, click the button at the bottom or click here to compare price quotes.
Allstate Insurance: Valerie Muldez
8101 San Pedro Dr NE, Ste C1 – Albuquerque, NM 87113 – (505) 881-5056
Francis Harding – State Farm Insurance Agent
4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231
Aimee Abeyta – State Farm Insurance Agent
12836 Lomas Blvd NE a – Albuquerque, NM 87112 – (505) 292-3990