Who Has Cheap Auto Insurance Rates for Business Use in Albuquerque?

Buying budget auto insurance is not most people’s favorite thing to do, and deciding which insurers offer the best auto insurance rates for business use will require even more shopping around.

Every car insurance company uses different criteria for determining prices, so let’s begin by examining the most competitive auto insurance companies in New Mexico. It’s a good idea to know that Albuquerque auto insurance rates are impacted by many things which can significantly increase or decrease the policy price. Improving your credit score, buying another vehicle, or getting a speeding ticket may prompt premium changes resulting in some companies being higher-priced than before.

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New Mexico car insurance ranked by cost per year
Rank Company Cost Per Year
1 USAA $677
2 Allied $958
3 Safeco $1,014
4 Farm Bureau Mutual $1,202
5 Farmers $1,263
6 The Hartford $1,312
7 Central Mutual $1,328
8 State Farm $1,336
9 Progressive $1,535
10 Travelers $1,537
11 GEICO $1,624
12 California Casualty $1,639
13 MetLife $1,642
14 Encompass $1,643
15 Allstate $2,314
16 Liberty Mutual $2,454
17 Sentry $3,176
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USAA generally has some of the cheapest car insurance rates in Albuquerque at around $677 annually. This is $891 less than the average premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers also rank well as some of the cheapest Albuquerque, NM insurance companies.

As shown in the table above, if you currently have coverage with Farm Bureau Mutual and switched to USAA, you could earn an annual premium reduction of in the vicinity of $525. Drivers with Farmers could save as much as $586 a year, and The Hartford customers might reduce rates by $635 a year.

To find the cheapest coverage for you, click here to begin a quote or click through to the companies below.

Remember that these estimates are averages for all insureds and vehicles and and are not calculated with a specific location for business use. So the auto insurance company that can offer you the lowest price may not even be in the list above. That illustrates why you need to get rate quotes using your own individual information.

The vehicle model that is being insured is one of the main factors when trying to find the cheapest insurance for business use. Vehicles with average performance, excellent safety ratings, or a low likelihood of liability claims will cost less to insure than higher performance models.

The next list showcases insurance rates for a number of the cheaper vehicles to insure in New Mexico.

Cheapest Vehicles to Insure in Albuquerque, NM
Make and Model Estimated Cost for Full Coverage
Jeep Wrangler Sport Islander Package 4WD 2-Dr $1,425
Ford F-150 XL Crew Cab 2WD $1,456
Ford Escape XLS 4WD $1,488
Honda CR-V LX 4WD $1,495
Honda Accord LX-P 4-Dr Sedan $1,488
Ford Edge Limited 2WD $1,506
Chevrolet Malibu Hybrid $1,537
Chevrolet Silverado LS Regular Cab 2WD $1,539
Hyundai Elantra SE 4-Dr Sedan $1,614
Toyota Camry XLE $1,623
Honda Odyssey LX $1,635
Chevrolet Equinox LTZ AWD $1,643
GMC Sierra SLT Extended Cab 2WD $1,650
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Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Estimates do not factor in specific garaging location which can alter premium rates noticeably.

Based upon these rates, we can infer that models like the Jeep Wrangler, Ford F-150, Ford Escape, and Honda CR-V should be the most budget-friendly vehicles to insure for using your car for business. The price for an auto insurance policy will be more expensive because there is more liability exposure for business use, but in general those particular models will probably have the lowest insurance rates possible.

Cost difference between full coverage and liability

Saving money when shopping for auto insurance is important to the majority of vehicle owners, and an effective way to save on the cost of insurance for business use is to buy only liability coverage. The diagram below compares premium costs with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The costs are based on a clean driving record, no at-fault accidents, $250 deductibles, single marital status, and no additional discounts are factored in.

If all age groups are averaged, physical damage coverage costs an additional $2,262 per year more than just buying liability only. That proposes the question when is the right time to remove full coverage. There is no clear-cut rule of when to drop comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than around 10% of replacement cost minus your deductible, then it might be time to buy liability only.

Which auto insurance company is best in New Mexico?

Ending up with the best car insurance provider can be a challenge considering how many different companies insure vehicles in New Mexico. The ranking data shown next may help you analyze which auto insurers you want to consider when shopping car insurance rates for business use. These ratings are only made up of companies that insure vehicles nationwide, so smaller companies that only insure vehicles in New Mexico will not be included in this list.

Top 10 Major Auto Insurance Providers in Albuquerque Ranked by Claims Service

  1. State Farm
  2. Esurance
  3. AAA Insurance
  4. Progressive
  5. GEICO
  6. Liberty Mutual
  7. Allstate
  8. Titan Insurance
  9. The Hartford
  10. The General

Top 10 Major Auto Insurance Providers in Albuquerque Ranked by A.M. Best Rating

  1. USAA – A++
  2. Travelers – A++
  3. GEICO – A++
  4. State Farm – A++
  5. The Hartford – A+
  6. Esurance – A+
  7. Nationwide – A+
  8. Allstate – A+
  9. Titan Insurance – A+
  10. Progressive – A+

How to find cheaper insurance for business use

Below you’ll find a few penny-pinching ideas that can help drivers find low-cost coverage.

The last suggestion is incredibly necessary, as was pointed out in this write-up. Prices charged by auto insurers in Albuquerque can be changed at any time, so drivers shouldn’t hesitate to switch companies if you find a better deal. Being loyal to a particular company is commendable, but it’s not a great idea if that loyalty results in overpaying a small fortune year after year. Take a few minutes and compare rates to find cheaper car insurance for business use.

If you aren’t sure which coverage to buy and prefer to get some professional input when shopping for the best coverage for using your car for business, the insurance agencies below are willing to answer your questions and help you decide which coverage fits your budget. To locate an Albuquerque insurance agent using an interactive map, click the button at the bottom.

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