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.
|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|
|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.
Compare Cheap Insurance Quotes for Age 50+
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,214|
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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.
|Rank||City||Average Per Year|
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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
- State Farm
- The Hartford
- The General
- AAA Insurance
- American Family
- Liberty Mutual
Get discounts on Albuquerque insurance rates
Car 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.
- State Farm discounts include Steer Clear safe driver discount, student away at school, Drive Safe & Save, driver’s education, and multiple autos.
- Progressive has discounts for good student, continuous coverage, multi-policy, online signing, online quote discount, and multi-vehicle.
- Progressive offers discounts including homeowner, online signing, multi-policy, good student, and multi-vehicle.
- MetLife policyholders can earn discounts including defensive driver, multi-policy, accident-free, claim-free, good driver, and good student.
- Farm Bureau may offer discounts for multi-policy, renewal discount, safe driver, youthful driver, good student, and multi-vehicle.
- GEICO may include discounts for driver training, good student, anti-lock brakes, five-year accident-free, emergency military deployment, and multi-policy.
- SAFECO has savings for safe driver, accident prevention training, multi-car, teen safety rewards, and homeowner.
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.
- Steve Kunkle – State Farm Insurance Agent
1336 Wyoming Blvd NE – Albuquerque, NM 87112 – (505) 292-5940
- Art Sandoval – State Farm Insurance Agent
5555 Montgomery Blvd NE #19 – Albuquerque, NM 87109 – (505) 338-0300
- Ray Pratt – State Farm Insurance Agent
9998 Montgomery Blvd NE a – Albuquerque, NM 87111 – (505) 298-7579
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.
- Avoid price increases by not filing claims
- Older vehicles may not need full coverage
- Be a cautious driver
- Higher physical damage deductibles lower rates
- Prevent price hikes by avoiding at-fault accidents
- Compare rates and switch if you can find a better deal
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.