One of the more important things that are looked at to help calculate the price you pay for insurance is your address in Albuquerque. Larger areas are more likely to pay higher prices, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of lower rates.
The next table rates the priciest cities in New Mexico in which to buy car insurance. Albuquerque comes in at #1 with a yearly premium of $1,417 for car insurance, which is around $118 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Albuquerque | $1,417 |
| 2 | Santa Fe | $1,356 |
| 3 | South Valley | $1,336 |
| 4 | North Valley | $1,329 |
| 5 | Los Alamos | $1,308 |
| 6 | Artesia | $1,291 |
| 7 | Los Lunas | $1,289 |
| 8 | Hobbs | $1,284 |
| 9 | Rio Rancho | $1,282 |
| 10 | Espanola | $1,273 |
| 11 | Gallup | $1,224 |
| 12 | Portales | $1,186 |
| 13 | Roswell | $1,174 |
| 14 | Lovington | $1,171 |
| 15 | Clovis | $1,169 |
| 16 | Carlsbad | $1,165 |
| 17 | Las Vegas | $1,149 |
| 18 | Deming | $1,143 |
| 19 | Farmington | $1,137 |
| 20 | Las Cruces | $1,109 |
| 21 | Anthony | $1,109 |
| 22 | Silver City | $1,095 |
| 23 | Sunland Park | $1,087 |
| 24 | Chaparral | $1,070 |
| 25 | Alamogordo | $1,041 |
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Premium amounts are approximated as the specific geographic location can lower or raise insurance rates considerably.
Now that we know where Albuquerque ranks compared to other areas, finding decent, affordable insurance is not the easiest thing to do, and figuring out which companies have the cheapest car insurance rates in Albuquerque requires even more shopping around.
Each auto insurer uses their own formula for determining rates, so let’s rank the car insurance companies with the most affordable rates in New Mexico. It’s important to know that Albuquerque, NM car insurance rates are based on many factors which can significantly increase or decrease the price of your policy. That is why drivers need to compare rates when trying to find affordable auto insurance quotes in Albuquerque. Rates consist of many factors and can change substantially, so the cheapest option a year ago may now not even be in the top five.
Best Car Insurance Prices in Albuquerque
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $683 |
| 2 | Allied | $930 |
| 3 | Safeco | $1,004 |
| 4 | Farm Bureau Mutual | $1,166 |
| 5 | Farmers | $1,276 |
| 6 | State Farm | $1,310 |
| 7 | The Hartford | $1,366 |
| 8 | Central Mutual | $1,368 |
| 9 | Travelers | $1,522 |
| 10 | Progressive | $1,535 |
| 11 | MetLife | $1,578 |
| 12 | GEICO | $1,624 |
| 13 | California Casualty | $1,639 |
| 14 | Encompass | $1,711 |
| 15 | Allstate | $2,337 |
| 16 | Liberty Mutual | $2,554 |
| 17 | Sentry | $3,082 |
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USAA offers some of the most affordable car insurance rates in Albuquerque at around $683 per year. This is $885 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers would also be considered some of the most economical Albuquerque, NM auto insurance companies.
As shown in the rates above, if you are insured with Safeco and switched to USAA, you might see yearly savings of upwards of $321. Insureds with Farm Bureau Mutual might save as much as $483 a year, and Farmers customers might cut rates by $593 a year.
To compare your rates to other New Mexico insurance companies, click here to start a quote or feel free to get quotes from the companies below.
Understand that those premiums are averages for all insureds and vehicles and and are not figured with a vehicle location in Albuquerque. So the insurer that has the cheapest price for you may not even be in the top 17 companies in the list above. That point stresses why you need to quote rates from many companies using your own driver information and specific vehicle type.
The type of vehicle requiring insurance is one of the biggest factors when shopping for low-priced insurance in Albuquerque. Vehicles with high performance engines, poor safety ratings, or an increased likelihood of liability claims will cost quite a bit more to insure than safer models.
The information below presents coverage rates for a handful of the most economical automobiles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $1,468 |
| Hyundai Elantra SE Touring Station Wagon | $1,589 |
| Honda CR-V EX 4WD | $1,718 |
| Toyota RAV4 2WD | $1,735 |
| Toyota Camry LE | $1,743 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $1,768 |
| Nissan Altima 2.5 S 4-Dr Sedan | $1,826 |
| Chevrolet Impala LTZ | $1,836 |
| Ford Edge Sport 2WD | $1,826 |
| Ford Escape XLT 4WD | $1,845 |
| Volkswagen Jetta 2.0T 4-Dr Sedan | $1,859 |
| Jeep Wrangler Unlimited Rubicon 4WD 4-Dr | $1,919 |
| Toyota Camry Hybrid | $1,982 |
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Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Rates do not factor in specific zip code location which can raise or lower coverage rates significantly.
Based upon the rates shown, vehicles like the Honda Accord, Hyundai Elantra, Honda CR-V, and Toyota RAV4 are most likely to be a few of the cheaper vehicles to insure for drivers in Albuquerque.
Discount Albuquerque insurance
Insurers that offer cheap quotes in Albuquerque may provide policy discounts that can lower rates by 40% or more if you can meet the requirements. A list of companies and some of the discounts can be found below.
- GEICO offers discounts for emergency military deployment, military active duty, multi-policy, multi-vehicle, and membership and employees.
- Travelers may include discounts for payment discounts, good student, hybrid/electric vehicle, multi-policy, multi-car, home ownership, and early quote.
- Nationwide has discounts for accident-free, Farm Bureau membership, anti-theft, easy pay, business or organization, good student, and defensive driving.
- Farmers Insurance offers premium reductions for distant student, homeowner, good student, switch companies, alternative fuel, and mature driver.
- Esurance may have discounts that include anti-theft, online quote, renters, multi-policy, safety device, Pac-12 alumni, and Switch & Save.
- State Farm offers discounts including multiple policy, passive restraint, Steer Clear safe driver discount, anti-theft, defensive driving training, driver’s education, and accident-free.
- Progressive may offer discounts for homeowner, multi-policy, online quote discount, multi-vehicle, good student, continuous coverage, and online signing.
- Mercury Insurance includes discounts for type of vehicle, multi-car, age of vehicle, good student, and professional/association.
The chart below compares insurance rates with and without some available policy discounts. The premiums assume a female driver, a clean driving record, no at-fault accidents, New Mexico state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with anti-theft, multiple policy, vehicle safety, defensive driving course, accident-free, and marriage discounts applied. When discounts are factored in, theaverage yearly reduction on car insurance in Albuquerque is 28% or $444.
Responsible drivers pay cheaper car insurance rates
The easiest way to get the cheapest car insurance rates in Albuquerque for drivers in Albuquerque is to drive carefully and not get tickets or have accidents. The chart below shows how violations and fender-benders can impact auto insurance rates for each different age group. The price estimates are based on a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are taken into consideration.
In the previous chart, the average cost of car insurance in Albuquerque per year with a clean driving record and no accidents is $1,248. Get written up for two speeding tickets and the average cost surges to $1,716, an increase of $468 each year. Now add in two accidents along with the two speeding tickets and the annual cost of car insurance in Albuquerque increases to an average of $3,586. That’s an increase of $2,338, or $195 per month, just for a couple of infractions!
The diagram below illustrates how your choice of deductibles can affect insurance costs when getting quotes for cheap insurance in Albuquerque. The premium estimates are based on a married female driver, full physical damage coverage, and no discounts are applied.
The chart above illustrates that a 50-year-old driver could save $220 a year by increasing from a $100 deductible up to a $500 deductible, or save $334 by choosing a $1,000 deductible. Youthful drivers, like the Age 20 chart data, could save as much as $544 or more by choosing a larger deductible amount.
If you do raise deductibles, it is necessary to have spare funds to offset the extra out-of-pocket expense that deters many people from opting for higher deductibles.
How to find low-cost auto insurance in Albuquerque
The list below shows some of the recommended penny-pinching suggestions that can help drivers get cheaper coverage.
- Get cheaper liability coverage by choosing a safer vehicle
- Do not pay for full coverage on older vehicles
- Buying home and auto together can help save money
- Avoid filing excessive claims
- Better credit scores save money
- Increase your policy deductibles
- Shop around for cheaper prices often
The last item on the list is notably necessary, as was emphasized in this piece. Coverage prices adjust frequently, so don’t hesitate to buy a policy from a new company if you find a cheaper price.
Many drivers tend to have loyalty to a certain company, but it’s not recommended if your bullheadedness ends up costing you lots of money. It only take a few minutes to compare rates to find cheaper insurance in Albuquerque in Albuquerque.