Who Has the Cheapest Car Insurance for Drivers Over Age 50 in Albuquerque?

The vehicle you are trying to insure is a large consideration in finding affordable coverage for drivers over age 50. Vehicles with high performance, poor safety ratings, or a history of substantial liability claims will cost more to insure than more economical and safe models.

The data below estimates auto insurance costs for a selection of the most cost-effective automobiles to buy coverage for.

Cheapest Vehicles to Insure in Albuquerque, NM
Vehicle Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $1,426
Ford Escape XLS 4WD $1,433
Honda CR-V EX 4WD $1,459
Toyota Prius $1,583
Ford F-150 XLT Super Cab 4WD $1,628
Chevrolet Impala LS $1,655
Ford Edge Limited 2WD $1,660
Honda Odyssey EX $1,655
Dodge Grand Caravan Hero $1,687
Toyota Tacoma Double Cab 4WD $1,693
Jeep Grand Cherokee Laredo 4WD $1,687
Toyota RAV4 Limited 4WD $1,692
Ford Fusion S 4-Dr Sedan $1,687
Ford Explorer Eddie Bauer 4WD $1,720
Dodge Ram 3500 Crew Cab Laramie 2WD $1,729
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Price data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Rate quotes do not factor in garaging location in Albuquerque, NM which can modify auto insurance rates greatly.

Looking at the data, we can tell that cars like the Honda Accord, Ford Escape, and Honda CR-V are most likely going to be the less-costly vehicles to insure for older drivers.

Finding good, low-priced car insurance is difficult, and determining which companies have the cheapest insurance rates for drivers over age 50 involves additional perseverance.

Each company uses their own formula to set their prices, so we need to take a look at the overall cheapest insurance companies in New Mexico.

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Rankings for the cheapest New Mexico auto insurance companies
Rank Company Cost Per Year
1 USAA $677
2 Allied $958
3 Safeco $1,004
4 Farm Bureau Mutual $1,214
5 Farmers $1,276
6 The Hartford $1,326
7 Central Mutual $1,328
8 State Farm $1,336
9 Progressive $1,550
10 Travelers $1,569
11 California Casualty $1,575
12 MetLife $1,578
13 GEICO $1,640
14 Encompass $1,694
15 Allstate $2,314
16 Liberty Mutual $2,529
17 Sentry $3,082
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USAA normally has some of the lowest car insurance rates in Albuquerque at around $677 each year. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the best Albuquerque, NM auto insurance companies.

In the above example, if you currently have a policy with Allied and switched to USAA, you could see yearly savings of roughly $281. Customers with Safeco could save as much as $327 a year, and Farm Bureau Mutual insureds might see rate reductions of $537 a year.

To see if you’re overpaying, click here to start a quote or quote prices from the following companies.

Understand that those premium estimates are averaged for all drivers and vehicles and do not factor in an exact vehicle garaging location for drivers over age 50. So the car insurance company that has the cheapest rates for you may not even be in the top 17 companies in the list above. That helps illustrate why you need to quote rates from as many companies as possible using your own driver data and vehicle information.

One of the more important criteria that determine car insurance rates is where you keep your vehicle. Cities with larger populations tend to have higher auto insurance costs, whereas areas with lower crime rates and fewer weather claims tend to receive slightly lower rates.

The following table ranks the most expensive cities in New Mexico for drivers over age 50 to buy an auto insurance policy in. Albuquerque is listed at #2 with an annual rate of $1,389 for the average policyholder, which is approximately $116 per month.

Car insurance prices in Albuquerque
Rank City Average Per Year
1 South Valley $1,390
2 Albuquerque $1,389
3 Santa Fe $1,316
4 Hobbs $1,296
5 Rio Rancho $1,294
6 Artesia $1,291
7 Los Lunas $1,289
8 North Valley $1,277
9 Los Alamos $1,269
10 Espanola $1,236
11 Carlsbad $1,201
12 Gallup $1,188
13 Portales $1,186
14 Farmington $1,183
15 Clovis $1,180
16 Roswell $1,174
17 Lovington $1,171
18 Las Vegas $1,160
19 Las Cruces $1,142
20 Deming $1,109
21 Chaparral $1,103
22 Anthony $1,098
23 Sunland Park $1,054
24 Silver City $1,053
25 Alamogordo $1,031
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Annual rates are comparative as the garaging address in Albuquerque can change prices substantially.

The illustration below illustrates how your deductible choice can change insurance prices when quoting cheap insurance for drivers over age 50. The premium estimates are based on a single male driver, full coverage, and no additional discounts are factored in.

The chart above illustrates that a 40-year-old driver could lower their car insurance rates by $370 a year by switching from a $100 deductible to a $500 deductible, or save $558 by selecting a $1,000 deductible. Youthful drivers, like the Age 20 category, could drop their prices up to $1,220 every year by using higher deductibles when buying full coverage.

When increasing deductibles, it is essential to have plenty of money set aside to be able to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.

Albuquerque insurance companies ranked

Finding a high-quality auto insurance company is hard considering how many choices drivers have in Albuquerque. The rank data shown next can help you choose which auto insurers you want to consider when shopping car insurance rates for drivers over age 50. These ratings are only comprised of companies that insure vehicles nationwide, so smaller regional companies are not included in this list.

Top 10 Large Auto Insurers in Albuquerque Ranked by Customer Service

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

Get discounts on Albuquerque insurance rates

Save on insurance for older drivers in AlbuquerqueCar insurance companies that offer cheap quotes for drivers over age 50 may have policy discounts that may potentially lower prices by as much as 25% or more if you are eligible to receive them. Larger insurance companies and the discounts they provide are shown below.

The diagram below shows the difference between yearly insurance costs with and without discounts. Data assumes a male driver, no driving violations, no at-fault accidents, New Mexico state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with multiple policy, vehicle safety, marriage, claim-free, defensive driving course, and accident-free discounts applied. When these discounts are applied, theaverage yearly reduction on insurance for drivers over age 50 is 29% or $448.

The insurance agencies below can most likely help you decide which car insurance company is the best fit, as some drivers aren’t sure which coverage they need and prefer to get help from a professional when shopping for cheaper insurance for older drivers. It’s not always simple to find the cheapest rates, and getting advice from a licensed agent can bring peace of mind knowing you have enough coverage when you need it. To locate an Albuquerque auto insurance agent using an interactive map, click the button below the list or click here to get price quotes now.

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Tips for buying more affordable auto insurance for drivers over age 50

The list below details a few money-saving solutions that can help drivers get cheap coverage.

The final tip is very critical, as was emphasized in this piece. Coverage rates can be adjusted at any time, so drivers shouldn’t hesitate to switch to a new company if a more affordable price is available. Brand loyalty is not necessarily bad, but it’s not a great idea if that devotion results in you overpaying big bucks every year. If you have a few minutes, now is a great time to compare prices to find cheaper car insurance for drivers over age 50 in Albuquerque.