Who Has Affordable Auto Insurance Rates for Good Drivers in Albuquerque?

The type of vehicle you are trying to insure is probably the most important factor that determines the availability of low-cost coverage for good drivers. Vehicles with limited speed and performance, a great safety record, or a positive history of liability claims will cost significantly less to insure than adrenaline junky models.

The information below showcases auto insurance prices for the cheaper automobiles to insure in New Mexico.

Premium data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Rates do not factor in your specific Albuquerque, NM location which can increase or decrease price quotes substantially.

Based on these rates, we can conclude that models like the Honda Accord, Hyundai Elantra, Chevrolet Impala, and Ford Escape are most likely going to be a few of the cheapest vehicles to insure for safe drivers.

For safe drivers, one of the largest things that help determine the amount you pay for auto insurance is the neighborhood you call home. Larger areas are more likely to have higher rates, whereas areas that tend to be more rural benefit from lower coverage costs.

The following table ranks the most costly cities in New Mexico for good drivers in which to purchase auto insurance. Albuquerque ranks #1 with an annual cost of $1,389 for coverage, which is approximately $116 each month.

Annual rates are approximated as the garaging address in Albuquerque can affect premium rates substantially.

Finding out which company has the cheapest insurance rates for good drivers will involve a tad more effort than just quoting one company’s rates.

Every insurance provider has a different process for determining prices, so we’ll take a look at the lowest cost insurance companies in Albuquerque. It’s important to know that Albuquerque insurance rates are impacted by many things that may substantially change the price of coverage. Simply having a birthday, having a claim, or getting a driving violation may prompt premium changes that can now make some companies more affordable than competitors.

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USAA may offer some of the cheapest car insurance rates in Albuquerque at around $677 annually. This is $891 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the lowest-priced Albuquerque, NM insurance companies.

As shown above, if you are a policyholder with Farm Bureau Mutual and switched to USAA, you may realize savings of approximately $489. Policyholders with Farmers may save as much as $599 a year, and State Farm policyholders might reduce prices by as much as $620 a year.

To discover how much you can save, click here to get a free quote or visit any of the low-priced companies below.

Be aware that those rates are averaged across all types of insureds and vehicles and do not take into consideration an exact zip code location for good drivers. So the auto insurance company that has the cheapest price for you may not even be in the top 17 companies in the list above. That point stresses why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.

The example below shows how choosing a deductible can increase or decrease insurance costs when trying to find cheap insurance for good drivers. The premiums assume a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.

A 50-year-old driver could reduce rates by $358 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $540 by switching to a $1,000 deductible. Youthful drivers, like the age 20 example, can cut $1,194 every year by selecting a higher deductible.

If you do raise deductibles, it will be required to have plenty of savings on hand to satisfy the extra out-of-pocket expense, which is the one shortcoming of high deductibles.

Should you buy full coverage?

Finding the cheapest insurance is important to the majority of vehicle owners, and one of the fastest ways to find cheap insurance for good drivers is to buy only liability coverage. The illustration below shows the difference between insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no claims or violations, $500 deductibles, single marital status, and no other discounts are factored in.

Averaged out for all age groups, full coverage on your policy costs an additional $1,521 per year more than insuring for liability only. That proposes the question when is the right time to remove full coverage. There is no exact rule for excluding comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.

For example, let’s say your vehicle’s settlement value is $8,500 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $7,500 after you pay the deductible. If you are paying more than $750 a year for full coverage, then you might want to think about dropping full coverage.

Insuring your vehicle with the highest-rated car insurance provider can be challenging considering how many companies provide coverage in New Mexico. The ranking data shown below can help you decide which coverage providers you want to consider when buying insurance for good drivers. These ratings are for major nationwide insurance companies, so companies that may only write in New Mexico will not be included in these rankings.