The words “low-priced” and “insurance” really don’t belong together, especially when you are trying to find the best price on coverage for drivers with accidents. Because it’s not cheap, let’s get started by showing you a few of the factors that have an impact on car insurance rates, and see if we can help you cut the cost of the next policy you buy.
The vehicle model needing coverage is a significant factor that determines whether or not you can buy the best cheap auto insurance for drivers with accidents. Vehicles with limited speed and performance, good crash test ratings, or a positive history of liability claims will cost significantly less to insure than adrenaline junky models.
The list below showcases car insurance costs for a handful of the more affordable automobiles to insure in New Mexico.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $3,397 |
| Ford Escape XLT 4WD | $3,405 |
| Hyundai Elantra SE Touring Station Wagon | $3,651 |
| Toyota Prius | $3,703 |
| Ford Edge SEL 2WD | $3,763 |
| Ford Explorer XLT 4WD | $3,768 |
| Toyota RAV4 Sport 2WD | $3,802 |
| Toyota Tacoma 4WD | $3,834 |
| Ford Focus S 4-Dr Sedan | $3,930 |
| Honda Civic DX 4-Dr Sedan | $3,935 |
| Chevrolet Malibu LS | $3,975 |
| Honda Odyssey EX | $3,980 |
| Jeep Wrangler Unlimited Sahara 2WD 4-Dr | $3,996 |
| Toyota Camry XLE | $4,001 |
| Jeep Grand Cherokee Laredo 4WD | $4,030 |
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Prices above based on single male driver age 30, no speeding tickets, two at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Price estimates do not factor in your specific Albuquerque, NM location which can impact premiums substantially.
Based upon the table data, you can infer that cars like the Honda CR-V, Ford Escape, Hyundai Elantra, Toyota Prius, and Ford Edge are most likely to be the less-costly vehicles to insure for drivers with at-fault accidents. The cost of auto insurance will tend to be more expensive because there is more inherent risk for drivers with accidents, but overall those models will have the lowest insurance rates compared to other types of vehicles.
Comparing rates for low-priced insurance is hard enough, and deciding which company has the best insurance rates for drivers with accidents will involve even more perseverance.
Every insurance company has their own formula to set policy rates, so let’s begin by taking a look at the insurance companies that tend to have lower prices in Albuquerque, NM. It’s important that you understand New Mexico insurance rates are calculated based on many things which can significantly increase or decrease the price you have to pay for coverage. Simply improving your credit, moving to a different location, or getting a couple of tickets can produce rate changes resulting in some companies being more expensive than others.
Cheapest Insurance Rates for Accident Prone Drivers
USAA normally has some of the lowest car insurance rates in Albuquerque at around $663 per year. This is $905 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers also rank well as some of the more affordable Albuquerque, NM car insurance companies.
As depicted above, if you buy coverage from Allied and switched to USAA, you may realize an annual premium reduction of approximately $295. Drivers with Safeco may save as much as $321 a year, and Farm Bureau Mutual customers might see rate reductions of $515 a year.
Understand that those premium estimates are averaged across all drivers and vehicles and do not factor in a specific vehicle garaging location for drivers with accidents. So the auto insurance company that has the cheapest rates for you may not even be in the list above. That helps illustrate why you need to get rate quotes from many companies using your own driver and vehicle profiles.
For drivers with at-fault accidents, one of the more important factors that determine the price you pay for insurance is where you call home. Cities with more crime and/or more people likely pay more, whereas areas with lower crime rates and fewer weather claims have the benefit of cheaper car insurance.
The following table sorts the most expensive cities in New Mexico for drivers with accidents to purchase auto insurance in. Albuquerque is ranked #1 with a yearly cost of $1,389 for the average policy, which is about $116 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Albuquerque | $1,389 |
| 2 | South Valley | $1,377 |
| 3 | Artesia | $1,330 |
| 4 | Santa Fe | $1,316 |
| 5 | Hobbs | $1,284 |
| 6 | North Valley | $1,277 |
| 7 | Los Lunas | $1,263 |
| 8 | Los Alamos | $1,256 |
| 9 | Rio Rancho | $1,256 |
| 10 | Espanola | $1,223 |
| 11 | Roswell | $1,222 |
| 12 | Carlsbad | $1,201 |
| 13 | Lovington | $1,195 |
| 14 | Gallup | $1,188 |
| 15 | Las Vegas | $1,184 |
| 16 | Portales | $1,175 |
| 17 | Clovis | $1,145 |
| 18 | Deming | $1,143 |
| 19 | Farmington | $1,137 |
| 20 | Las Cruces | $1,131 |
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Table data uses comparative as the specific area where the vehicle is garaged can increase or decrease prices greatly.
Safe drivers pay less for insurance
In a perfect world, the best way to enjoy low insurance prices in New Mexico for drivers with at-fault accidents is to pay attention while driving and not get tickets or have accidents. The information below illustrates how speeding tickets and accidents can raise insurance prices for different categories of driver ages. The prices are based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.
The data above shows the average cost of car insurance per year with a clean driving record and no accidents is $1,421. Factor in one speeding ticket and the average cost increases to $1,631, an increase of $210 each year. Now include one accident along with the one speeding ticket and the yearly cost of insurance for drivers with accidents goes up to an average of $2,221. That’s an increase of $800, or $67 per month, just for not driving attentively!
Cost comparison with and without full coverage
Paying a lower price for insurance should be important to most drivers, and one of the best ways to find cheaper insurance for drivers with accidents is to not pay for full coverage. The diagram below illustrates the difference between insurance prices with full coverage compared to only the New Mexico minimum liability coverage. Data assumes no driving violations, no at-fault accidents, $250 deductibles, marital status is single, and no other discounts are factored in.
On average, full coverage on your policy costs an extra $1,873 per year over and above liability only. That amount may make you wonder if full coverage is worth the money. There is no exact rule to drop full coverage, but there is a general convention. If the yearly cost for physical damage coverage is about 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
Discounts on Albuquerque insurance
Insurers that provide policies for drivers with accidents may also offer rate discounts that could potentially reduce rates by as much as 30% if you are eligible to receive them. A list of companies and some of the discounts are shown below.
- GEICO offers discounts including anti-theft, daytime running lights, military active duty, defensive driver, and multi-vehicle.
- MetLife offers premium reductions for good driver, claim-free, multi-policy, defensive driver, and good student.
- Progressive may offer discounts for multi-policy, multi-vehicle, homeowner, online signing, and online quote discount.
- Travelers may have discounts that include multi-policy, good student, hybrid/electric vehicle, continuous insurance, and IntelliDrive.
- SAFECO has savings for teen safety rewards, accident prevention training, homeowner, safe driver, teen safe driver, and drive less.
- AAA may include discounts for anti-theft, multi-policy, multi-car, pay-in-full, AAA membership discount, and good driver.
The diagram below visualizes the comparison of insurance premiums with and without discounts applied to the policy rates. The premiums are based on a male driver, no violations and one at-fault accident, New Mexico state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with continuous coverage, marriage, homeowner, multiple policy, paperless filing, and paid-in-full discounts applied. In this example, the average amount saved each year on insurance for drivers with accidents is 28% or $564.