What is the Cheapest Car Insurance in Albuquerque, New Mexico?

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.

How much does car insurance cost in Albuquerque, NM?
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

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Cheapest New Mexico car insurance ranked by price
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.

Cheapest Vehicles to Insure in Albuquerque, NM
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

Save on car insurance for drivers in Albuquerque in AlbuquerqueInsurers 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.

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.

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.