Who Has the Cheapest Auto Insurance for a Learners Permit in Albuquerque?

You have seen the ads from auto insurance companies like Nationwide and Farmers that claim enormous savings. So drivers just need to pick the company with the catchiest ad, right?

It’s just not that simple, as there are a whole bunch of unknown aspects like the amount of liability coverage you want, how well you maintain your credit, what physical damage coverage deductibles you want, and if you are a homeowner or renter, that all go into determining the rate you pay. This article will detail the best ways to avoid paying too much and should give you a good beginning to your search for cheaper coverage.

Deciphering which company offers the most affordable insurance rates for a learners permit calls for a little more work than just comparing rates from one or two companies. Each insurance company uses their own method for filing rates in each state, so let’s look at the rankings for the insurance companies that tend to have lower prices in New Mexico.

Keep in mind that Albuquerque insurance rates are impacted by many factors that may substantially change the price you pay. Simply improving your credit, buying a different vehicle, or getting a reckless driving citation can produce rate changes that can cause some rates to be cheaper 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 $974
4 Farm Bureau Mutual $1,214
5 Farmers $1,276
6 The Hartford $1,326
7 State Farm $1,336
8 Central Mutual $1,368
9 Travelers $1,537
10 Progressive $1,550
11 MetLife $1,578
12 California Casualty $1,591
13 GEICO $1,640
14 Encompass $1,694
15 Allstate $2,385
16 Liberty Mutual $2,454
17 Sentry $3,176
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USAA offers some of the lowest car insurance rates in Albuquerque at around $677 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers also make the cut as some of the best Albuquerque, NM car insurance companies.

As the example above demonstrates, if you currently have coverage with Farm Bureau Mutual and switched to USAA, you could realize yearly savings of in the vicinity of $537. Insureds with Farmers might save as much as $599 a year, and The Hartford customers might lower prices by $649 a year.

If you want to find out if you’re overpaying, click here to start a quote or quote rates from the companies below.

Remember that these policy prices are averages for all drivers and vehicles and do not take into consideration an exact location for a learners permit. So the car insurance company that has the lowest price for you may not even be in the list above. That emphasizes why you need to compare rates from multiple companies using your own specific driver and vehicle information.

For new drivers, one of the big criteria that are used to help calculate the amount you pay for auto insurance is where you choose to live in Albuquerque. Areas with more people or higher crime rates tend to pay more, whereas areas with less crime or weather claims tend to receive cheaper rates.

The table below ranks the most expensive places in New Mexico for a learners permit in which to purchase auto insurance. Albuquerque is listed at #2 with an annual rate of $1,389 for the average insurance policy, which is about $116 per month.

How much is auto insurance in Albuquerque, NM?
Rank City Annual Rate
1 South Valley $1,390
2 Albuquerque $1,389
3 Santa Fe $1,356
4 North Valley $1,316
5 Los Lunas $1,302
6 Los Alamos $1,295
7 Rio Rancho $1,294
8 Hobbs $1,284
9 Artesia $1,278
10 Espanola $1,273
11 Gallup $1,224
12 Lovington $1,195
13 Carlsbad $1,177
14 Roswell $1,174
15 Farmington $1,172
16 Las Vegas $1,160
17 Deming $1,155
18 Portales $1,151
19 Clovis $1,145
20 Las Cruces $1,109
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Prices are estimated as the garaging address in Albuquerque can increase or decrease premium rates significantly.

The make and model of vehicle driven is a large factor that determines whether or not you can buy cheaper coverage for a learners permit. Vehicles with higher performance, a lack of advanced safety features, or a high likelihood of having liability claims will cost significantly more to insure than more modest models.

The table below ranks coverage costs for a selection of the most economical automobiles to insure.

Cheapest Vehicles to Insure in Albuquerque, NM
Vehicle Estimated Cost for Full Coverage
Ford Escape XLS 4WD $5,420
Honda Accord EX 4-Dr Sedan $5,425
Honda CR-V EX 4WD $5,478
Volkswagen Jetta S 2.5 Station Wagon $5,833
Toyota Prius $5,891
Jeep Wrangler Rubicon 4WD 2-Dr $6,081
Dodge Grand Caravan CV $6,086
Ford Edge SEL AWD $6,379
Honda Civic DX 4-Dr Sedan $6,386
Toyota RAV4 Limited 4WD $6,437
Chevrolet Malibu Hybrid $6,447
Toyota Tacoma Double Cab TRD Sport Package 4WD $6,494
Ford Explorer Eddie Bauer 4WD $6,500
Toyota Camry SE $6,792
Hyundai Elantra GLS 4-Dr Sedan $6,802
Honda Odyssey EX-L $6,792
Nissan Altima 2.5 S 4-Dr Sedan $6,802
Chevrolet Impala LTZ $6,792
Chevrolet Equinox LTZ AWD $6,850
Toyota Corolla XRS $6,856
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Cost estimates assume single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, and safe-driver. Price estimates do not factor in Albuquerque, NM location which can decrease or increase insurance rates considerably.

Based upon these rates, vehicles like the Ford Escape, Honda Accord, Honda CR-V, Volkswagen Jetta, and Toyota Prius will be the less-costly vehicles to insure for new drivers. Rates will trend higher just because there is more risk for a learners permit, but generally speaking those makes and models will most likely have the best insurance prices compared to other types of vehicles.

The diagram below illustrates how choosing a deductible can influence annual premium costs when trying to find cheap insurance for a learners permit. The data is based on a single female driver, full coverage, and no discounts are taken into consideration.

In the chart above, a 40-year-old driver could reduce rates by $256 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $388 by changing to a $1,000 deductible. Young drivers, like the 20-year-old example, could save as much as $648 each year just by choosing higher deductibles when buying full coverage.

When raising deductibles, it is a good idea to have additional savings on hand to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.

Insurance company ratings

Selecting the best auto insurance company is difficult considering how many different companies sell coverage in New Mexico. The ranking information listed below could help you choose which providers you want to consider when comparing insurance rates for a learners permit. The ratings below only include companies with a nationwide focus, so companies that only write business in New Mexico or surrounding areas are not included in this list.

Top 10 Major Auto Insurers 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 Insurers Overall in Albuquerque

  1. USAA
  2. American Family
  3. State Farm
  4. The Hartford
  5. AAA Insurance
  6. GEICO
  7. The General
  8. Titan Insurance
  9. Progressive
  10. Allstate

How violations and accidents impact rates

A great way to get good insurance prices in Albuquerque for new drivers is to be a good driver and avoid accidents and violations. The information below demonstrates how citations and at-fault accidents drive up annual premium costs for different age groups. The costs are based on a married male driver, comp and collision included, $100 deductibles, and no discounts are applied.

The data above shows the average cost of auto insurance in New Mexico per year with no accidents or violations is $1,580. Get two speeding tickets and the average cost surges to $2,185, an increase of $605 each year. Now get two accidents along with the two speeding tickets and the yearly cost of insurance for a learners permit jumps again to an average of $4,327. That’s an increase of $2,747, or $229 per month, just for not driving safely!

The agents listed below can most likely aid you in deciding which coverages and limits you need, since some people prefer to have a professional recommendation when shopping for the best coverage for new drivers. It can be difficult to find the best policy yourself, and getting advice from a licensed agent can provide peace of mind knowing your policy gives you adequate protection in case of an accident or claim.

To find an agent using an interactive map, click the button at the bottom or click here to compare price quotes.

More Albuquerque, NM insurance agents

Ideas to find more affordable insurance for a learners permit

The list below shows a few penny-pinching ideas that can help New Mexico drivers buy lower-cost coverage.

The last tip in the list is extraordinarily important, as we discussed in the article above. Prices charged by auto insurers fluctuate considerably, so don’t hesitate to buy from a new company if you can save money. Many drivers have brand loyalty and that’s fine, but it’s not a great idea if your bullheadedness ends up costing you thousands of dollars over several years. Take a couple minutes and compare rates and find cheaper insurance for a learners permit in Albuquerque.