Wouldn’t it be so easy if you could know instantly the one company that has the lowest rates for state employees? It’s just not that simple, as there are a whole bunch of unknown elements like if you have a tendency to get pulled over, whether you just need liability insurance, and if you have ever let your policy lapse, that all influence how much you pay for auto insurance. We are going to cover the best ways to compare rates and educate you enough to have a good start to your coverage search.
The vehicle that needs insurance is probably the biggest factor when quoting cheaper car insurance for state employees. Vehicles with reasonable performance levels, excellent safety ratings, or a low likelihood of having liability claims will cost less to insure than adrenaline junky models.
The information below presents car insurance rates for a number of the most economical automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $1,348 |
| Honda Accord EX 4-Dr Sedan | $1,441 |
| Ford Escape XLT 2WD | $1,488 |
| Hyundai Elantra GLS Touring Station Wagon | $1,495 |
| Nissan Altima 2.5 4-Dr Sedan | $1,557 |
| Chevrolet Silverado LS Regular Cab 2WD | $1,563 |
| Ford Explorer Limited AWD | $1,586 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $1,604 |
| Chevrolet Impala LTZ | $1,643 |
| Toyota Prius | $1,648 |
| Nissan Rogue SL 2WD | $1,671 |
| Chevrolet Equinox LTZ AWD | $1,678 |
| GMC Sierra SLE Extended Cab 4WD | $1,671 |
| Honda Odyssey EX | $1,674 |
| Ford F-150 STX Regular Cab 4WD | $1,679 |
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Above prices assume single male driver age 30, 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. Price information does not factor in the specific area where the vehicle is garaged which can affect coverage prices significantly.
Based upon the rates shown, you can infer that vehicles like the Honda CR-V, Honda Accord, and Ford Escape will be some of the cheapest vehicles to insure for state workers.
One of the more important considerations that are looked at to determine the annual cost of car insurance is where you normally keep your vehicle. Cities with more crime and/or more people tend to have higher auto insurance costs, whereas areas with lower crime rates and fewer weather claims have the gratification of cheaper auto insurance rates.
The information below shows the most expensive cities in New Mexico for state employees in which to purchase auto insurance. Albuquerque is ranked #1 costing $1,417 for the average policyholder, which is approximately $118 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Albuquerque | $1,417 |
| 2 | South Valley | $1,390 |
| 3 | Santa Fe | $1,356 |
| 4 | Los Alamos | $1,295 |
| 5 | Artesia | $1,291 |
| 6 | North Valley | $1,290 |
| 7 | Rio Rancho | $1,256 |
| 8 | Los Lunas | $1,250 |
| 9 | Hobbs | $1,246 |
| 10 | Espanola | $1,236 |
| 11 | Gallup | $1,224 |
| 12 | Roswell | $1,210 |
| 13 | Lovington | $1,195 |
| 14 | Carlsbad | $1,177 |
| 15 | Farmington | $1,172 |
| 16 | Clovis | $1,169 |
| 17 | Las Vegas | $1,160 |
| 18 | Deming | $1,155 |
| 19 | Portales | $1,151 |
| 20 | Las Cruces | $1,142 |
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Table data uses comparative as specific Albuquerque garaging address can lower or raise price quotes substantially.
Rate difference between full and liability-only coverage
Saving money on insurance is important to most people, and an easy way to find cheaper insurance for state employees is to not insure for full coverage. The chart below compares car insurance costs with full coverage compared to only the New Mexico minimum liability coverage. The premiums are based on no violations or accidents, $100 deductibles, single marital status, and no additional discounts are factored in.
If averaged out across all ages, full coverage costs $1,849 per year over liability only. Many drivers will wonder if it’s worth it to buy full coverage. There is no clear-cut rule of when to eliminate physical damage coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than about 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your vehicle’s book value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $5,000 after paying your deductible. If premiums are more than $500 annually for your policy with full coverage, then it might be time to buy liability only.
There are some circumstances where dropping physical damage coverage is not advised. If you still have a lienholder on your title, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should not eliminate full coverage.
Types of discounts on Albuquerque car insurance
Insurers that provide coverage for state employees may provide policy discounts that could reduce prices by 40% or more if you meet specific criteria. Popular insurance companies and some of their more popular discounts include:
- State Farm includes discounts for multiple policy, safe vehicle, anti-theft, multiple autos, Steer Clear safe driver discount, student away at school, and passive restraint.
- American Family offers discounts including good student, good driver, early bird, accident-free, air bags, and bundled insurance.
- AAA may offer discounts for AAA membership discount, pay-in-full, multi-policy, good driver, multi-car, and education and occupation.
- GEICO offers discounts for membership and employees, anti-lock brakes, emergency military deployment, defensive driver, multi-vehicle, and multi-policy.
- Mercury Insurance discounts include multi-car, professional/association, multi-policy, age of vehicle, anti-theft, location of vehicle, and good driver.
- Farmers Insurance may include discounts for switch companies, multi-car, pay in full, good student, and electronic funds transfer.
- Progressive offers premium reductions for online signing, multi-vehicle, homeowner, good student, multi-policy, and continuous coverage.
The chart below compares premium costs with and without discounts applied to the premium. The rate quotes are based on a female driver, no claims or violations, New Mexico state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with homeowner, safe-driver, multiple vehicle, vehicle safety, marriage, and anti-theft discounts applied. When discounts are applied, theamount saved on insurance for state employees is 28% or $489.
The illustration below illustrates how your deductible choice can affect annual premium costs when researching cheap insurance for state employees. The data is based on a married female driver, comprehensive and collision coverage, and no discounts are applied.
The data above shows that a 30-year-old driver could reduce rates by $344 a year by increasing from a $100 deductible up to a $500 deductible, or save $518 by using a $1,000 deductible. Even younger drivers, like the 20-year-old, could shave up to $736 every year just by choosing higher deductibles. When raising deductibles, it is essential to have emergency funds available to offset the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
The Albuquerque auto insurance agencies shown below can probably help you make a decision which auto insurance policy fits you best, as many consumers aren’t sure which coverage to buy and prefer to get some guidance when trying to find lower insurance rates for state workers. It can be difficult to find coverage yourself, and agents can give comfort knowing your coverage gives you decent coverage if you have a claim. To locate an Albuquerque car insurance agency close to you, click the button below the list or click here to compare prices now.
- Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444 - Allstate Insurance: Valerie Muldez
8101 San Pedro Dr NE, Ste C1 – Albuquerque, NM 87113 – (505) 881-5056 - Michele Romero – State Farm Insurance Agent
3904 Carlisle Blvd NE c – Albuquerque, NM 87107 – (505) 881-7000