Finding low-cost car insurance is tough enough, and figuring out which company quotes the best car insurance rates for teenage males takes a bit more work. Each insurer has a different formula for determining prices, so we’ll go over the lowest cost car insurance companies in Albuquerque.
Find the Best Cheap Insurance for Teens
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,178|
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USAA offers some of the best car insurance rates in Albuquerque at around $677 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers also qualify as some of the best Albuquerque, NM car insurance companies.
In the above rates, if you currently have coverage with Farm Bureau Mutual and switched to Allied, you could earn savings of in the vicinity of $220. Drivers with Farmers may save as much as $318 a year, and Central Mutual insureds might lower prices by $356 a year.
It’s important to note that these rates are averaged across all types of drivers and the different vehicles they drive and are not factoring in a specific zip code for teenage males. So the company that has the cheapest rates for you may not even be in the top 17 companies shown above. That helps illustrate why you need to compare as many prices as possible using your own personalized driver profile and vehicle information.
The make and model of vehicle on the policy is a large consideration when comparing cheaper insurance for teenage males. Vehicles with reasonable performance levels, modern passenger safety features, or a positive history of liability claims will cost much less to insure than adrenaline junky models.
The next list features coverage prices for a selection of the more affordable vehicles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$6,586|
|Honda CR-V EX-L 2WD||$6,649|
|Jeep Wrangler Rubicon 4WD 2-Dr||$7,411|
|Ford F-150 XLT Super Cab 4WD||$7,474|
|Chevrolet Impala LS||$7,752|
|Honda Odyssey EX W/Rear Entertainment||$7,762|
|Toyota RAV4 Limited 4WD||$7,815|
|Chevrolet Silverado LT Extended Cab 4WD||$7,821|
|Volkswagen Jetta S 4-Dr Sedan||$7,815|
|Dodge Grand Caravan Hero||$7,822|
|Ford Explorer Limited 2WD||$7,878|
|Ford Focus SES 4-Dr Sedan||$8,156|
|Toyota Tacoma X-Runner 2WD||$8,219|
|Toyota Corolla LE||$8,226|
|Hyundai Elantra SE 4-Dr Sedan||$8,219|
|Ford Edge Sport AWD||$8,229|
|Toyota Camry SE||$8,219|
|Jeep Grand Cherokee SRT-8 4WD||$8,282|
|Chevrolet Malibu LTZ||$8,288|
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Premium data assumes single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in vehicle garaging location which can alter insurance rates substantially.
Looking at the data, you can conclude that vehicles like the Ford Escape, Honda CR-V, Toyota Prius, and Jeep Wrangler are likely to be a few of the more affordable vehicles to insure for teen boys. The price for car insurance will trend higher because of the fact that there is more claim exposure for teenage males, but overall those particular models will most likely have the cheapest car insurance rates available.
Tickets and at-fault accidents raise rates
The common sense way to maintain the most affordable car insurance premiums in New Mexico for teen boys is to drive carefully and avoid accidents and traffic citations. The information below highlights how traffic violations and fender-benders drive up car insurance costs for different ages of insureds. The rate quotes are based on a single male driver, full coverage, $500 deductibles, and no discounts are applied.
In the chart above, the average cost of an auto insurance policy in New Mexico per year with no accidents or violations is $1,521. Add in one speeding ticket and the average cost surges to $1,714, an increase of $193 each year. Now get two accidents along with the one speeding ticket and the yearly cost of car insurance for teenage males increases to an average of $3,452. That’s an increase of $1,931, or $161 per month, just for a couple of infractions!
Get discounts on Albuquerque insurance rates
Auto insurance companies that provide coverage for teenage males may also provide price discounts that may potentially lower prices by 30% or more if you qualify for them. A list of companies and some of their more popular discounts are shown below.
- State Farm may include discounts for multiple policy, student away at school, multiple autos, driver’s education, safe vehicle, and defensive driving training.
- GEICO has discounts for multi-vehicle, seat belt use, military active duty, anti-theft, and five-year accident-free.
- SAFECO offers discounts including safe driver, homeowner, bundle discounts, anti-theft, multi-car, and accident prevention training.
- Farmers Insurance policyholders can earn discounts including multi-car, homeowner, pay in full, switch companies, and youthful driver.
- AAA offers premium reductions for multi-car, AAA membership discount, anti-theft, multi-policy, good driver, good student, and education and occupation.
- USAA offers discounts for safe driver, new vehicle, loyalty savings, family discount, military installation, multi-policy, and multi-vehicle.
The example below shows the difference between car insurance costs with and without discounts. The costs are based on a female driver, no accidents, no driving violations, New Mexico state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with passive restraint, paperless filing, anti-theft, paid-in-full, vehicle safety, and good student discounts applied. With discounts applied, theaverage yearly reduction on car insurance for teenage males is 28% or $837.
Comparing rates can save you money
Albuquerque car insurance rates are calculated based on many things that control the price of your policy. Getting older, moving to a different location, or getting into an accident can trigger price changes that can now make some companies more affordable than others. In addition to those changes, car insurance companies change the rates they charge in New Mexico every year or even multiple times each year in order to offset underwriting gains or losses. Significantly higher losses can cause increased rates, while less frequent claims may cause cheaper Albuquerque car insurance rates.
For instance, the chart below shows the company with the cheapest car insurance in Albuquerque, NM for a 40-year-old female driver with no accidents or violations, and solid credit. If we estimate prices based on her current rating profile, USAA may offer the cheapest car insurance rates in Albuquerque at $902 per year. This is $666 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also included in the top five cheapest Albuquerque, NM auto insurance companies.
In this example, we will give the driver from the first example an accident claim, a little lower credit rating, and a few traffic violations. Because every insurance company has their own unique process for determining prices, comparing quotes could now result in a different set of affordable companies as shown below.
USAA now has the best auto insurance rate in Albuquerque, NM with The Hartford, Central Mutual, Allied, and Safeco also having competitive pricing. This demonstrates why it is important to perform a complete rate comparison when trying to find cheap insurance rates for teenage males. Auto insurance prices can be determined by many things and change dramatically, so the most economical company the last time you shopped your coverage around may now be one of the more expensive options.