Finding dependable, low-priced car insurance is easier said than done, and finding out which company has the cheapest car insurance rates for immigrants involves more quotes for comparison. Each insurer has a unique approach to establish rates, so we’ll go over the most budget-friendly car insurance companies in Albuquerque, NM.
Find the Best Cheap Insurance for Migrants
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,166|
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USAA may have some of the lowest car insurance rates in Albuquerque at around $657 annually. This is $911 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the cheaper Albuquerque, NM auto insurance companies.
In the rate table above, if you are a customer of Farmers and switched to Allied, you might achieve an annual premium reduction of about $372. Customers with State Farm could save as much as $406 a year, and The Hartford customers might lower prices by $436 a year.
To see if your current coverage is too expensive, click here to get quotes or quote prices from the following companies.
These estimates are averages for all types of insureds and vehicles and and are not figured with an exact zip code location for immigrants. So the company that can offer you the best price may not even be in the list above. That emphasizes why you need to compare rates from multiple companies using your own individual information.
The vehicle model requiring insurance is one of the main factors when comparing the cheapest car insurance for immigrants. Vehicles with economical engines, modern passenger safety features, or a track record of few liability claims will cost substantially less to insure than adrenaline junky models.
The data below illustrates auto insurance rates for a number of the cheapest vehicles to insure in New Mexico.
|Vehicle||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$1,405|
|Honda CR-V EX-L 2WD||$1,438|
|Honda Odyssey EX W/Rear Entertainment||$1,632|
|Ford Edge SE AWD||$1,637|
|Honda Civic VP 4-Dr Sedan||$1,718|
|Honda Accord LX-P 4-Dr Sedan||$1,723|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$1,782|
|Chevrolet Silverado LT Regular Cab 2WD||$1,785|
|Jeep Wrangler Sport 4WD 2-Dr||$1,795|
|Dodge Ram Quad Cab TRX4 Off Road 2WD||$1,817|
|GMC Sierra 2500HD SLT Extended Cab 4WD||$1,869|
|Ford Focus SES 2-Dr Coupe||$1,871|
|Chevrolet Impala LS||$1,877|
|Ford Escape Limited 4WD||$1,874|
|Kia Optima EX||$1,904|
|Nissan Altima 2.5 S 2-Dr Coupe||$1,913|
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Data rating is based on 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, claim-free, safe-driver, multi-vehicle, and multi-policy. Price estimates do not factor in garaging location in Albuquerque, NM which can alter coverage prices substantially.
By looking at the data, models like the Hyundai Elantra, Honda CR-V, Honda Odyssey, Ford Edge, and Honda Civic will definitely be some of the most economical vehicles to insure for foreigners.
For foreigners, one of the largest criteria that help determine the amount you pay for auto insurance is where you call home. Areas with more people or even just a higher incidence of claims tend to have higher auto insurance costs, whereas areas that tend to be more rural have the luxury of lower rates.
The following table lists the highest-priced areas in New Mexico for immigrants to buy auto insurance in. Albuquerque ranks #1 with a yearly cost of $1,417 for coverage, which is approximately $118 each month.
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Rate information is approximated as the specific Albuquerque residence address can influence insurance rates noticeably.
Get discount Albuquerque auto insurance
Auto insurance companies that provide policies for immigrants may additionally offer rate discounts that could lower prices by 30% or more if you meet eligibility requirements. Larger car insurance companies and their possible discounts can be found below.
- GEICO offers discounts for anti-theft, membership and employees, driver training, federal employee, multi-vehicle, anti-lock brakes, and daytime running lights.
- Mercury Insurance offers premium reductions for location of vehicle, low natural disaster claims, good driver, ease of repair, and age of vehicle.
- Farmers Insurance may have discounts that include multi-car, pay in full, bundle discounts, early shopping, teen driver, and homeowner.
- Auto-Owners Insurance discounts include group or association, mature driver, anti-theft, multi-policy, and teen driver.
- Liberty Mutual offers discounts including newly retired, newly married, safety features, new graduate, multi-car, and multi-policy.
- SAFECO may include discounts for drive less, homeowner, safe driver, multi-car, bundle discounts, accident prevention training, and anti-theft.
- Progressive has discounts for continuous coverage, online signing, homeowner, online quote discount, good student, multi-vehicle, and multi-policy.
- USAA may offer discounts for defensive driver, multi-vehicle, military installation, safe driver, and new vehicle.
The information below illustrates the difference between insurance premiums with and without some available policy discounts. The premiums are based on a male driver, a clean driving record, no claims, New Mexico state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with marriage, accident-free, multiple vehicle, defensive driving course, passive restraint, and multiple policy discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on car insurance for immigrants is 28% or $460.
Insurance rate increases from tickets or accidents
The best way to get affordable car insurance rates for foreigners is to drive carefully and not get tickets or have accidents. The diagram below demonstrates how speeding tickets and fender-benders raise yearly insurance costs for different age categories. The premiums assume a single female driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
The data charted above shows the average cost of a car insurance policy per year with no accidents and a clean driving record is $1,582. Receive one speeding ticket and the average cost increases to $1,793, an increase of $211 each year. Now get two accidents along with the one speeding ticket and the annual cost of car insurance for immigrants jumps again to an average of $3,627. That’s an increase of $2,044, or $170 per month, just for not driving attentively!
The illustration below illustrates how your choice of deductibles can raise or lower premium costs when researching cheap insurance for immigrants. The premiums assume a married male driver, comp and collision included, and no policy discounts are applied.
As shown above, a 30-year-old driver could cut expenses by $334 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $504 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old, can cut up to $1,020 every year by choosing a larger deductible amount. If you make the decision to raise deductibles, it is essential to have additional savings on hand to be able to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Don’t make the mistake of not shopping around
Albuquerque, NM car insurance rates are impacted by many factors which can substantially decrease or increase the cost of coverage. Simply having a birthday, moving to a new city, or getting a couple of tickets may prompt premium changes resulting in some companies being cheaper than competitors. Additionally, auto insurance companies amend premium rates as needed in order to protect their financial rating. An extended period of higher than normal claims may cause more expensive prices, while profitable underwriting can produce lower-cost Albuquerque car insurance rates.
The data below compares the cheapest car insurance in Albuquerque, NM for a 30-year-old male driver with no prior accidents, a clean driving record, and a decent credit rating. If we estimate prices based on his personal risk profile, USAA has the lowest car insurance rates in Albuquerque at $911 each year. This is $657 less than the average premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are the remainder of the best Albuquerque, NM auto insurance companies.
In the next rate comparison, we’ll give the driver in the first example a claim surcharge, bad credit, and an imperfect driving record. Because each insurer uses their own calculation for setting rates, analyzing rates may result in a completely different list of companies as shown below.
USAA now has the lowest price in Albuquerque, NM with Allied, The Hartford, Central Mutual, and Safeco now rounding out the top five. This example proves why it is crucial to do a thorough rate comparison when trying to get the most affordable car insurance rates for immigrants. Car insurance prices are calculated by many factors and can decrease or increase without notice, so the best price three years ago may now be one of the more expensive options.