One of the more important components that are looked at to help calculate the price you pay for insurance is where you call home in Albuquerque. Regions with more people or even just more weather-related claims will most likely pay more, whereas areas with less crime or weather claims have the benefit of cheaper auto insurance prices.
The next table lists the most expensive cities in New Mexico for felons to purchase auto insurance in. Albuquerque comes in at #1 with a yearly cost of $1,417 for car insurance, which is around $118 monthly.
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Information shown are estimated as the specific geographic location can lower or raise premiums significantly.
The type of vehicle to be insured is one of the primary factors when looking for the best cheap auto insurance for felons. Vehicles with limited top-end speed, good crash test ratings, or a positive history of liability claims will cost much less to insure than fast, unsafe models.
The table below shows coverage premiums for a selection of the cheaper automobiles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$1,374|
|Ford Escape Limited 2WD||$1,537|
|Honda Accord LX 4-Dr Sedan||$1,556|
|Dodge Grand Caravan Hero||$1,627|
|Ford Explorer XLT 2WD||$1,683|
|Toyota Tacoma X-Runner 2WD||$1,714|
|Toyota Corolla LE||$1,724|
|Jeep Grand Cherokee SRT-8 4WD||$1,744|
|Kia Optima LX||$1,754|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$1,744|
|Honda Odyssey EX||$1,746|
|Ford F-150 Lariat Crew Cab Platinum 4WD||$1,775|
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Prices do not factor in your specific Albuquerque, NM location which can raise or lower premium rates noticeably.
Looking at the data, models like the Honda CR-V, Ford Escape, Honda Accord, and Dodge Grand Caravan will be a few of the cheaper vehicles to insure for felons.
The chart below highlights how deductible choice can impact premium costs when researching cheap insurance for felons. The rates are based on a single male driver, comp and collision included, and no other discounts are factored in.
In the chart above, a 40-year-old driver could reduce rates by $316 a year by increasing from a $100 deductible up to a $500 deductible, or save $476 by choosing a $1,000 deductible. Even younger drivers, such as the 20-year-old example, could reduce their rates $1,044 each year just by using higher deductibles. When insureds make the decision to increase the deductibles on their policy, it’s a good idea to have spare funds to allow you to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Cost difference between full coverage and liability
Reducing the cost of insurance should be important to the majority of drivers, and one way to buy cheaper insurance for felons is to buy liability only. The diagram below visualizes the comparison of insurance prices with full coverage compared to only the New Mexico minimum liability coverage. The costs are based on no claims or violations, $1,000 deductibles, single status, and no policy discounts are applied.
If we average the cost for all age groups, physical damage coverage on your policy costs $1,806 per year over liability only. That is a significant amount which raises the question if it’s worth it to buy full coverage. There isn’t a written rule of when to eliminate comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
There are some circumstances where eliminating full coverage is not a good plan. If you still have a lienholder on your title, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Drive responsibly or pay higher rates
The common sense way to obtain affordable insurance rates in Albuquerque for felons is to drive carefully and avoid getting tickets or having accidents. The example below highlights how speeding tickets and at-fault fender-benders can drive up annual premium costs for different age categories. The costs are based on a married male driver, comp and collision included, $250 deductibles, and no additional discounts are factored in.
In the previous chart, the average cost of a car insurance policy per year with no violations or accidents is $1,926. Get two speeding tickets and the average cost increases to $2,664, an increase of $737 each year. Now add in one accident along with the two speeding tickets and the 12-month cost of insurance for felons increases to an average of $3,416. That’s an increase of $1,489, or $124 per month, just for being a careless driver!