Who Has the Cheapest Car Insurance for a Company Car in Albuquerque?

For your employer’s vehicle, one of the largest things that help determine the amount you pay each year for auto insurance is where you live. Areas with more people or more claims tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents have the luxury of lower rates.

The illustration below shows the highest-priced places in New Mexico for a company car to buy an auto insurance policy in. Albuquerque is ranked #1 costing $1,389 for car insurance, which is about $116 per month.

Rate information is approximated as the garaging address in Albuquerque can increase or decrease coverage prices substantially.

Figuring out which companies offer the most affordable car insurance rates for a company car requires a little more sweat in order to find a policy that fits your budget. Every auto insurer uses their own method for setting prices, so we’ll take a look at the lowest cost car insurance companies in Albuquerque, NM.

It’s a good idea to be aware that New Mexico car insurance rates are calculated based on many things that may substantially change the price you have to pay for coverage. Simply getting older, buying another vehicle, or getting a few speeding tickets may prompt premium changes that can make some companies more affordable than before.

Lowest Insurance Price Quotes in New Mexico

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USAA has some of the most affordable car insurance rates in Albuquerque at around $657 per year. This is $911 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and State Farm would also be considered some of the lowest-priced Albuquerque, NM auto insurance companies.

As shown in the table above, if you buy coverage from Farm Bureau Mutual and switched to Allied, you could see a yearly savings of roughly $294. Policyholders with State Farm may save as much as $377 a year, and Farmers customers might cut rates by $382 a year.

To see if you’re overpaying, click here or feel free to get quotes from the companies below.

Understand that those premium estimates are averages across all insureds and vehicles and are not factoring in a vehicle location for a company car. So the insurer that is most affordable for your situation may not even be in the list above. That emphasizes why you need to get quotes using your own driver data and vehicle information.

The type of vehicle requiring coverage is one of the biggest factors that determines if you can find the best coverage for a company car. Vehicles with limited speed and performance, a plethora of safety features, or low incidents of liability claims will cost substantially less to insure than adrenaline junky models. The data below presents coverage costs for a handful of the cheaper vehicles to buy insurance for.

Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Prices do not factor in Albuquerque, NM location which can influence price quotes greatly.

Based upon the rates shown, you can expect models like the Honda Accord, Honda Odyssey, Honda CR-V, and Jeep Wrangler are going to be some of the cheapest vehicles to insure for your employer’s vehicle.

What is the best car insurance company in New Mexico?

Picking a good quality auto insurance company can be difficult considering how many different companies sell coverage in New Mexico. The information in the next section can help you decide which car insurance providers you want to consider when shopping your coverage around.

These rankings are only comprised of the largest companies in the United States, so smaller companies are not included in the list. If you wish to compare prices from the most competitive companies in New Mexico, click this link.

Top 10 Large Auto Insurance Companies 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

Get discount Albuquerque auto insurance rates

Insurance providers that offer cheap quotes for a company car may have policy discounts that could reduce prices by 35% or more if you qualify. Popular car insurance companies and their possible discounts are:

• GEICO may have discounts that include five-year accident-free, anti-lock brakes, seat belt use, membership and employees, driver training, military active duty, and good student.
• USAA discounts include multi-vehicle, defensive driver, family discount, annual mileage, multi-policy, and loyalty savings.
• Progressive offers premium reductions for online quote discount, multi-policy, good student, continuous coverage, online signing, multi-vehicle, and homeowner.
• American Family may include discounts for multi-vehicle, good driver, air bags, Steer into Savings, and good student.
• Esurance includes discounts for DriveSense, defensive driver, Switch & Save, safety device, and online shopper.
• Farmers Insurance has savings for multi-car, mature driver, pay in full, business and professional, and homeowner.
• State Farm offers discounts including multiple policy, passive restraint, good student, defensive driving training, and anti-theft.

The information below illustrates the difference between insurance rates with and without discounts applied to the policy rates. The rates are based on a female driver, a clean driving record, no claims, New Mexico state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with anti-theft, homeowner, marriage, multiple vehicle, multiple policy, and claim-free discounts applied. With discounts applied, theamount saved on car insurance for a company car is 28% or $482.

Full coverage versus liability-only

Saving on car insurance should be important to most vehicle owners, and one great way to buy cheap insurance for a company car is to only buy liability insurance. The example below illustrates the comparison of yearly insurance costs with and without full coverage. The data assumes no violations or accidents, $1,000 deductibles, drivers are single, and no discounts are factored in.

On average, full coverage on your policy costs an extra $1,356 per year more than just buying liability insurance. That is a large expense and it proposes the question when is it safe to stop buying full coverage. There is no definitive rule of when to exclude physical damage coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.

Why you should be shopping around

New Mexico car insurance rates are impacted by many factors that control the policy premium. Improving your credit score, having a teen driver, or getting into an accident can cause premium changes that may make certain companies much cheaper than others.

Not only may your situation change, but companies change the rates they charge in New Mexico every year or even multiple times each year to adjust for heavy claims or excess profits. A period of higher than normal claims can result in higher rates, while less frequent claims may cause lower-cost Albuquerque car insurance rates.

To help illustrate this point, the bar chart below shows the companies that have the cheapest car insurance in Albuquerque, NM for a 40-year-old female driver with no violations or accidents, and a high credit rating. Based on her current risk profile, USAA quotes the cheapest car insurance rates in Albuquerque at $865 annually. This is $703 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are the remainder of the cheapest Albuquerque, NM auto insurance companies.

The chart below compares rates after we give the driver from the first set of rates an accident surcharge, a lower credit score, and a traffic citation. Since every car insurance company uses their own method for determining rates, comparing insurance quotes could now result in a different list of the cheapest companies as shown below.

USAA now has the cheapest rate in Albuquerque, NM with State Farm, The Hartford, Allied, and Safeco also having competitive pricing. This example proves why it is critical to perform a complete rate comparison when trying to find the most budget-friendly insurance rates for a company car. Prices are calculated by many things and can decrease or increase without notice, so the most economical company the last time you checked may now be priced much higher than other options.

If you aren’t sure which coverage you need and prefer to get some guidance when shopping for cheaper insurance for a company car, the agents listed below are a good start to provide answers to your questions and help you determine which coverages are best.

To find an auto insurance agency closest to you, click the button following the list or click here to compare prices now.

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