Locating cost effective car insurance is not always easy, and figuring out which companies offer the most affordable insurance rates for high risk drivers will take additional perseverance. Each company uses a different method for determining rates, so let’s begin by taking a look at the insurance companies that tend to be cheaper in Albuquerque, NM.
We do need to point out that New Mexico insurance rates are determined by lots of factors that can increase the price of coverage. Events such as a birthday, buying another vehicle, or getting a DUI can trigger rate changes that can cause some rates to be much cheaper than others.
Lowest Insurance Price Quotes for Risky Drivers
USAA has some of the cheapest car insurance rates in Albuquerque at around $663 per year. This is $905 less than the average premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and State Farm would also be considered some of the cheapest Albuquerque, NM car insurance companies.
As the rates illustrate above, if you are a policyholder with Safeco and switched to USAA, you could realize an annual savings of about $351. Customers with Farm Bureau Mutual might save as much as $551 a year, and State Farm customers might lower prices by $647 a year.
Understand that those premium estimates are averaged across all insureds and vehicles and do not factor in an exact zip code location for high risk drivers. So the company that fits your needs best may not even be in the top 17 companies shown above. That affirms the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.
The vehicle to be insured is a large factor when looking for the best auto insurance for high risk drivers. Vehicles with reasonable performance levels, good safety features, or a low likelihood of having liability claims will cost quite a bit less to insure than higher performance models. The information below ranks coverage premiums for some of the most economical vehicles to insure in New Mexico.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $5,257 |
| Ford Escape XLT 4WD | $5,264 |
| Honda Accord EX 4-Dr Sedan | $5,327 |
| Toyota Prius | $5,343 |
| Ford Explorer XLT AWD | $5,615 |
| Jeep Wrangler Sahara 4WD 2-Dr | $5,623 |
| Toyota Tacoma 2WD | $5,825 |
| Nissan Altima 2.5 4-Dr Sedan | $5,881 |
| Toyota RAV4 Sport 4WD | $5,890 |
| Ford Edge SE 2WD | $5,951 |
| Chevrolet Impala LS | $6,092 |
| Toyota Camry XLE | $6,145 |
| Chevrolet Malibu Hybrid | $6,153 |
| Chevrolet Equinox LTZ AWD | $6,202 |
| Ford F-150 Lariat Crew Cab 2WD | $6,212 |
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Premium data assumes single female driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Estimates do not factor in vehicle garaging location which can raise or lower insurance rates considerably.
Based upon these rates, we can infer that vehicles like the Honda CR-V, Ford Escape, and Honda Accord will be the less-costly vehicles to insure for high risk drivers. Prices will tend to be more expensive anyway because of the fact that there is more risk for high risk drivers, but in general those vehicles will have the cheapest auto insurance rates compared to all other vehicles.
For high risk drivers, one of the more important considerations that are looked at to help calculate the cost of insurance is where your car is garaged. More populated areas will most likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower prices.
The information below shows the priciest cities in New Mexico for high risk drivers to buy auto insurance in. Albuquerque is ranked at #1 with an annual cost of $1,389 on average, which is around $116 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Albuquerque | $1,389 |
| 2 | South Valley | $1,336 |
| 3 | Santa Fe | $1,316 |
| 4 | Los Lunas | $1,302 |
| 5 | Los Alamos | $1,295 |
| 6 | Artesia | $1,291 |
| 7 | Hobbs | $1,284 |
| 8 | North Valley | $1,277 |
| 9 | Rio Rancho | $1,244 |
| 10 | Espanola | $1,223 |
| 11 | Carlsbad | $1,213 |
| 12 | Gallup | $1,212 |
| 13 | Roswell | $1,210 |
| 14 | Portales | $1,186 |
| 15 | Las Vegas | $1,160 |
| 16 | Lovington | $1,159 |
| 17 | Farmington | $1,148 |
| 18 | Clovis | $1,145 |
| 19 | Deming | $1,109 |
| 20 | Chaparral | $1,103 |
| 21 | Las Cruces | $1,098 |
| 22 | Silver City | $1,085 |
| 23 | Anthony | $1,076 |
| 24 | Alamogordo | $1,073 |
| 25 | Sunland Park | $1,065 |
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Annual rates are estimated as specific location information can raise or lower insurance rates significantly.
Impact of citations and accidents on Albuquerque insurance rates
In a perfect world, the ideal way to obtain the most affordable insurance premiums in Albuquerque for high risk drivers is to drive safely and not receive tickets or have accidents. The information below demonstrates how traffic citations and at-fault collisions drive up insurance costs for each age group. The premium estimates are based on a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.
In the previous example, the average cost of auto insurance in Albuquerque per year with no accidents and a clean driving record is $1,530. Get two speeding tickets and the average cost rises to $2,104, an increase of $573 each year. Now add in two accidents along with the two speeding tickets and the annual cost of insurance for high risk drivers jumps again to an average of $4,510. That’s an increase of $2,980, or $248 per month, just for not paying attention while driving!
New Mexico insurance companies ranked
Choosing the best insurer can be a challenge considering how many companies sell insurance in Albuquerque. The ranking information displayed below could help you pick which companies to look at buying from.
These ratings only include large nationwide companies, so companies that focus mainly on New Mexico business are not taken into consideration for the list. If you’d like to compare prices from many more New Mexico auto insurance companies, just click here.
Top 10 Large Auto Insurers in Albuquerque Ranked by Customer Service
- GEICO
- State Farm
- The Hartford
- The General
- Progressive
- Allstate
- AAA Insurance
- American Family
- Nationwide
- Liberty Mutual
The example below demonstrates how choosing different deductibles can raise or lower insurance costs when searching for cheap insurance for high risk drivers. The costs are based on a single male driver, comp and collision included, and no additional discounts are factored in.
In the chart above, a 40-year-old driver could reduce rates by $264 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $400 by using a $1,000 deductible. Young drivers, like the age 20 example, could save $868 every year just by choosing larger deductibles. When raising deductibles, it is essential to have emergency funds available to allow you to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
If you wish to get some guidance when shopping for the best coverage for high risk drivers, the agents listed below are willing to provide answers to your questions and help you determine which coverages you need. To locate an Albuquerque insurance agent in your neighborhood, click the link after the list.
- Lorraine Y Chavez Insurance Agency, Inc.
8224 Louisiana Blvd NE – Albuquerque, NM 87113 – (505) 821-7123 - Webster Insurance Agency Inc
1201 Eubank Blvd Suite 3 – Albuquerque, NM 87112 – (505) 294-1497 - Menicucci Insurance Llc
2116 Vista Oeste NW Bldg 5 – Albuquerque, NM 87120 – (505) 883-3683 - Ronna Todd – State Farm Insurance Agent
4830 Juan Tabo Blvd NE e – Albuquerque, NM 87111 – (505) 293-3303