One of the more important factors that determine the cost of insurance is the neighborhood you call home. Cities with more crime and/or more people tend to have more expensive car insurance rates, whereas areas with less congestion tend to receive slightly lower rates.
The next table shows the highest-priced places in New Mexico for college graduates to buy car insurance in. Albuquerque comes in at #1 having an annual price of $1,375 for coverage, which is about $115 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Albuquerque | $1,375 |
| 2 | Santa Fe | $1,342 |
| 3 | South Valley | $1,336 |
| 4 | North Valley | $1,316 |
| 5 | Los Alamos | $1,295 |
| 6 | Rio Rancho | $1,294 |
| 7 | Los Lunas | $1,289 |
| 8 | Artesia | $1,278 |
| 9 | Hobbs | $1,246 |
| 10 | Espanola | $1,236 |
| 11 | Gallup | $1,212 |
| 12 | Las Vegas | $1,195 |
| 13 | Roswell | $1,186 |
| 14 | Clovis | $1,180 |
| 15 | Portales | $1,175 |
| 16 | Lovington | $1,171 |
| 17 | Carlsbad | $1,165 |
| 18 | Las Cruces | $1,142 |
| 19 | Farmington | $1,137 |
| 20 | Chaparral | $1,114 |
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Rate quotes are approximated as specific Albuquerque zip code can impact auto insurance rates considerably.
Finding reliable, reasonably-priced car insurance is not easy, and determining which companies offer the lowest-priced car insurance rates for college graduates takes a bit more work. Each company has a proprietary formula to establish rates, so let’s begin by taking a look at the car insurance companies with the overall cheapest rates in New Mexico.
It’s important that readers know that New Mexico car insurance rates are impacted by many things which can significantly increase or decrease the price of coverage. Improving your credit score, moving to a different location, or getting caught speeding may cause policy rate changes that may make certain companies way too expensive in comparison to the competition.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $663 |
| 2 | Allied | $920 |
| 3 | Safeco | $974 |
| 4 | Farm Bureau Mutual | $1,202 |
| 5 | Farmers | $1,276 |
| 6 | State Farm | $1,310 |
| 7 | The Hartford | $1,326 |
| 8 | Central Mutual | $1,368 |
| 9 | Travelers | $1,522 |
| 10 | Progressive | $1,535 |
| 11 | California Casualty | $1,575 |
| 12 | GEICO | $1,592 |
| 13 | MetLife | $1,594 |
| 14 | Encompass | $1,694 |
| 15 | Allstate | $2,337 |
| 16 | Liberty Mutual | $2,479 |
| 17 | Sentry | $3,082 |
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USAA normally has some of the cheapest car insurance rates in Albuquerque at around $663 each year. Allied, Safeco, Farm Bureau Mutual, and Farmers would also make the list of some of the best Albuquerque, NM insurance companies.
In the rate table above, if you currently buy coverage from Farm Bureau Mutual and switched to USAA, you could earn savings of approximately $539. Policyholders with Farmers may save as much as $613 a year, and State Farm insureds might realize rate reductions of up to $647 a year.
It’s important to note that these premium estimates are averages for all types of drivers and the different vehicles they drive and and are not calculated with an exact location for college graduates. So the car insurance company that can offer you the best rate may not even be in the top 17 companies shown above. That is why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
The make and model of vehicle to be insured is one of the primary factors when trying to find economical insurance for college graduates. Vehicles with lots of horsepower, poor safety features, or an increased likelihood of liability claims will cost significantly more to insure than more economical and safe models.
The data below features coverage rates for a handful of the cheaper automobiles to insure in New Mexico.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Volkswagen Jetta S 2.5 Station Wagon | $1,551 |
| Ford Escape XLS 2WD | $1,562 |
| Honda CR-V LX 2WD | $1,613 |
| Ford Edge Limited 2WD | $1,656 |
| Jeep Grand Cherokee Laredo 2WD | $1,688 |
| Toyota Tacoma Double Cab 4WD | $1,696 |
| Toyota RAV4 2WD | $1,688 |
| Honda Odyssey LX | $1,710 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $1,720 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,745 |
| Ford Explorer Eddie Bauer 2WD | $1,754 |
| Toyota Prius | $1,785 |
| Chevrolet Silverado LS Extended Cab 2WD | $1,809 |
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Rates do not factor in your specific Albuquerque, NM location which can change premium rates considerably.
Looking at the numbers, vehicles like the Volkswagen Jetta, Ford Escape, Honda CR-V, Ford Edge, and Jeep Grand Cherokee are going to be a few of the most budget-friendly vehicles to insure for college grads.
Selecting a high-quality car insurance company is difficult considering how many companies there are to choose from in Albuquerque. The ranking information shown next may help you select which car insurance companies you want to consider comparing prices from.
These rankings are only comprised of major nationwide insurance companies, so smaller regional companies are not taken into consideration for these rankings. If you would like to check rates from the insurers below and more, simply click here.
Top 10 Major Car Insurance Companies in Albuquerque Ranked by Value
- USAA
- American Family
- The Hartford
- Titan Insurance
- The General
- AAA Insurance
- State Farm
- Nationwide
- Safeco
- Esurance
Top 10 Major Car Insurance Companies in Albuquerque Ranked by Customer Service
- GEICO
- State Farm
- The Hartford
- The General
- Progressive
- Allstate
- AAA Insurance
- American Family
- Nationwide
- Liberty Mutual
Liability only or full coverage
Finding cheaper car insurance should be important to most people, and an effective way to reduce the cost of insurance for college graduates is to not pay for full coverage. The diagram below shows the comparison of premium costs with full coverage and liability only. The rate quotes are based on no violations or accidents, $100 deductibles, drivers are single, and no discounts are applied.
As an average for all age groups, physical damage coverage costs $2,474 per year over and above liability coverage. That is a significant amount which raises the question when is the right time to remove full coverage. There is no definitive rule of when to exclude physical damage coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than around 10% of replacement cost minus your deductible, then you might consider buying liability only.
How accidents and tickets impact rates
One of the best ways to snag the best car insurance prices in Albuquerque for college grads is to be a safe driver and avoid getting tickets or having accidents. The chart below demonstrates how traffic citations and accident claims drive up auto insurance costs for different insured age categories. The premiums assume a married female driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
The data charted above shows the average cost of a car insurance policy per year with no accidents or violations is $1,172. Get two speeding tickets and the average cost surges to $1,658, an increase of $486 each year. Next add two accidents along with the two speeding tickets and the annual cost of car insurance for college graduates increases to an average of $3,558. That’s an increase of $2,386, or $199 per month, just for not driving safely!
How to find low-cost auto insurance for college graduates
The list below summarizes some penny-pinching ideas that can help you find low-cost coverage.
- Earn discounts for being claim-free
- Full coverage is expensive so only insure older vehicles for liability only
- Buying car and homeowners insurance together can save money
- Increase deductibles to save money
- Buy safe vehicles
- Increase your credit score
- Shop around for cheaper prices often
The last suggestion is remarkably critical, as was pointed out in this article. Rates can be changed at any time, so don’t be tentative to change to a new company if a more affordable price is available.
Many drivers have brand loyalty and that’s fine, but is isn’t recommended if that dedication is costing lots of hard earned cash every month. In just a few minutes you could compare rates and find cheaper car insurance for college graduates in Albuquerque.
If you would rather have some professional guidance when shopping for the best coverage for college graduates, the insurance agencies listed below can help you decide which insurance coverage will be best for you. To locate an Albuquerque auto insurance agent near you, click the button following the list or click here to compare price quotes now.
- Sunset Insurance Corporation
1905 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 247-2578 - Beth Wells – State Farm Insurance Agent
7400 Montgomery Blvd NE #5 – Albuquerque, NM 87109 – (505) 883-3742 - Emily Rivera – State Farm Insurance Agent
3500 Indian School Rd NE – Albuquerque, NM 87106 – (505) 294-3330 - Ken Brudos – State Farm Insurance Agent
3700 Coors Blvd NW – Albuquerque, NM 87120 – (505) 836-5060