You have seen the commercials from companies like Nationwide, GEICO, and Farmers that say if you switch you’ll get enormous savings. So you just need to choose any one of them, right?
It’s not that simple, unfortunately, as there are many unknowns such as tickets or driving violations, if you just need liability coverage, whether or not your vehicle has good safety ratings, and how experienced of a driver you are, that all impact the price you pay. If you keep reading, we will teach you about some of these factors and hopefully give you enough understanding to have a jump start in finding the best auto insurance in Albuquerque.
One of the many components that aid in calculating auto insurance rates is where you live in Albuquerque. Cities with more crime and/or more people tend to pay more, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The illustration below ranks the priciest cities in New Mexico with multiple speeding tickets to buy auto insurance in. Albuquerque is ranked #1 with a yearly cost of $1,375 for car insurance, which is approximately $115 per month.
|Rank||City||Average Per Year|
|Find Cheaper Insurance Go|
Price information shown is approximated as the vehicle garaging location can decrease or increase rates significantly.
The car, truck, or SUV driven is one of the largest factors when comparing cheaper coverage with multiple speeding tickets. Vehicles with high performance features, poor safety features, or a history of substantial liability claims will cost quite a bit more to insure than more modest models.
The data below illustrates auto insurance premiums for a selection of the most budget-friendly vehicles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,995|
|Hyundai Elantra GLS Touring Station Wagon||$2,129|
|Ford Escape XLT 4WD||$2,230|
|Jeep Wrangler Sport 4WD 2-Dr||$2,262|
|Volkswagen Jetta 2.0T Station Wagon||$2,347|
|Toyota RAV4 Limited 4WD||$2,358|
|Honda Accord EX-L 4-Dr Sedan||$2,361|
|Toyota Tacoma Double Cab 4WD||$2,403|
|Ford Explorer Eddie Bauer AWD||$2,409|
|Dodge Grand Caravan Crew||$2,403|
|Nissan Altima 2.5 S 4-Dr Sedan||$2,491|
|Ford Edge SEL AWD||$2,521|
|Ford Fusion Sport 4-Dr Sedan||$2,537|
|Ford F-150 FX4 Super Cab 4WD||$2,574|
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Data rating is based on single male driver age 50, two speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, and homeowner. Estimates do not factor in zip code location which can affect insurance rates considerably.
By looking at the data, you can figure that cars like the Honda CR-V, Hyundai Elantra, and Ford Escape will definitely be some of the most economical vehicles to insure after a few driving violations.
Determining which companies quote the best car insurance rates with multiple speeding tickets involves a bit more work than just picking a company at random. Each insurer has a unique approach for setting prices, so we need to take a look at the car insurance companies with the overall cheapest rates in New Mexico.
It’s important to know that Albuquerque, NM car insurance rates are impacted by many factors that control the price of coverage. Improving your credit score, buying a different vehicle, or getting a speeding ticket can produce rate changes that can cause some rates to be more affordable than others.
Find the Cheapest Auto Insurance with License Points
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,202|
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USAA generally has some of the best car insurance rates in Albuquerque at around $663 annually. This is $905 less than the average policy premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Central Mutual are also some of the cheaper Albuquerque, NM car insurance companies.
As illustrated above, if you currently have a policy with Central Mutual and switched to Allied, you could see a yearly price reduction of around $384. New Mexico drivers with Farmers could save as much as $385 a year, and State Farm policyholders might lower prices by $419 a year.
These policy prices are averaged across all insureds and vehicles and and are not calculated with an exact location with multiple speeding tickets. So the auto insurance company that is best suited for you may not even be in the top 17 companies shown above. That illustrates why you need to get rate quotes from many companies using your own driver data and vehicle information.
The example below shows how different deductible levels can impact insurance costs when trying to find cheap insurance with multiple speeding tickets. The rates are based on a married female driver, full coverage, and no discounts are applied to the premium.
The chart above illustrates that a 30-year-old driver could pocket $344 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $518 by selecting a $1,000 deductible. Younger drivers, like the 20-year-old, could save up to $736 or more by using a higher deductible.
If you do make the decision to raise your deductibles, it will be necessary to have enough savings to allow you to pay the extra out-of-pocket expense that is associated with using high deductibles.
Albuquerque car insurance company ratings
Ending up with the right insurance company can be rather challenging considering how many different companies insure vehicles in New Mexico. The ranking information below can help you choose which auto insurance companies to look at to insure your vehicles. The ratings below only include large insurance companies, so companies that have a smaller presence are not taken into consideration for these rankings.
Top 10 Major Car Insurance Companies in Albuquerque Ranked by Value
- American Family
- The Hartford
- Titan Insurance
- The General
- AAA Insurance
- State Farm
The importance of shopping around
Albuquerque, NM car insurance rates are based on many factors which can substantially decrease or increase the price of your policy. Getting older, buying a home, or getting a speeding ticket can produce rate changes that can now make some companies cheaper than competitors.
Not only may your situation change, but insurance companies modify pricing as needed to adjust for gains or losses. A period of higher than normal claims can cause higher prices, while profitable underwriting can cause lower-cost Albuquerque car insurance rates.
To illustrate this point, the data below shows the cheapest car insurance in Albuquerque, NM for a 35-year-old male driver with no accidents or violations, and a high credit rating. If we compare prices based on his current risk factors, USAA has the cheapest car insurance rates in Albuquerque at $885 annually. This is $683 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and The Hartford are the remainder of the top five cheapest Albuquerque, NM auto insurance companies.
In this example, we will give the driver from the above example a claim surcharge, a little lower credit rating, and an imperfect driving record. Since each auto insurer has their own formula for determining rates in each state, analyzing rates may now result in a completely different list of companies as shown below.
USAA now has the cheapest insurance rate in Albuquerque, NM with Allied, State Farm, Central Mutual, and Safeco completing the list. This example illustrates why consumers need to take the time to shop around to find the most budget-friendly insurance rates with multiple speeding tickets. Rates are influenced by many risk factors and can change substantially, so the best price the last time you shopped around may now be quite expensive.
How to find budget-friendly car insurance with multiple speeding tickets
It is possible to find better rates, and here are a few penny-pinching ideas that can help New Mexico drivers locate cheap coverage.
- Save money by obeying traffic laws and keeping a clean driving record
- Bundle home and auto and earn a discount
- Drop full coverage on older vehicles
- Try to remain claim-free
- Buy vehicles with good safety ratings
- Maintain a safe distance and avoid accidents
- Look for cheaper rates once a year by shopping around
The last item on the list is remarkably crucial, as was pointed out in this piece. Auto insurance rates vary considerably, so drivers shouldn’t be resistant to buy a different policy if a cheaper price is available. Brand loyalty is not necessarily bad, but it’s not a good idea if that devotion results in you overpaying a lot of money every month. If you have a few minutes, now is a great time to compare prices to find cheaper auto insurance with multiple speeding tickets in Albuquerque.
If you like to get some professional advice when trying to find the best insurance rates with multiple speeding tickets, the insurance agencies listed below can help you decide which auto insurance coverages would be the best in your situation.
To find an Albuquerque insurance agent nearest to you, click the button at the bottom or click here to compare prices now.
Tim Gallegos – State Farm Insurance Agent
1100 Coors Blvd SW, Ste B2 – Albuquerque, NM 87121 – (505) 200-2319
State Farm: Nancy Berch
2716 San Pedro Dr NE – Albuquerque, NM 87110 – (505) 881-1008
Steve Kunkle – State Farm Insurance Agent
1336 Wyoming Blvd NE – Albuquerque, NM 87112 – (505) 292-5940
Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444
Erin Carnett – State Farm Insurance Agent
10200 Golf Course Rd NW a – Albuquerque, NM 87114 – (505) 898-4273