For a learners permit, one of the largest factors that determine car insurance rates is where your residence is in Albuquerque. Larger areas tend to have higher auto insurance costs, whereas areas with less congestion benefit from lower prices.
The next table sorts the highest-priced areas in New Mexico for a school permit to buy an auto insurance policy in. Albuquerque is ranked at #1 with an annual cost of $1,417 for the average policy, which is about $118 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Albuquerque | $1,417 |
| 2 | South Valley | $1,349 |
| 3 | Artesia | $1,330 |
| 4 | Santa Fe | $1,316 |
| 5 | North Valley | $1,316 |
| 6 | Los Lunas | $1,302 |
| 7 | Los Alamos | $1,295 |
| 8 | Hobbs | $1,284 |
| 9 | Rio Rancho | $1,282 |
| 10 | Espanola | $1,236 |
| 11 | Roswell | $1,210 |
| 12 | Lovington | $1,195 |
| 13 | Las Vegas | $1,184 |
| 14 | Clovis | $1,180 |
| 15 | Carlsbad | $1,177 |
| 16 | Gallup | $1,176 |
| 17 | Portales | $1,151 |
| 18 | Farmington | $1,148 |
| 19 | Las Cruces | $1,142 |
| 20 | Deming | $1,121 |
| 21 | Chaparral | $1,114 |
| 22 | Anthony | $1,109 |
| 23 | Sunland Park | $1,087 |
| 24 | Silver City | $1,063 |
| 25 | Alamogordo | $1,041 |
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Annual rates are approximated as the specific zip code location can alter prices considerably.
Establishing which companies quote the cheapest insurance rates for a school permit requires more work in order to find the lowest price. Every insurance provider has their own process to establish rates, so we will examine the overall cheapest insurance companies in Albuquerque.
It’s important that you understand Albuquerque insurance rates are impacted by many factors that can increase the policy price. Simply getting older, moving to a different location, or getting a DUI can trigger rate changes resulting in some rates now being cheaper than competitors.
Best Car Insurance Prices for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $657 |
| 2 | Allied | $920 |
| 3 | Safeco | $984 |
| 4 | Farm Bureau Mutual | $1,214 |
| 5 | Farmers | $1,263 |
| 6 | The Hartford | $1,312 |
| 7 | Central Mutual | $1,314 |
| 8 | State Farm | $1,336 |
| 9 | Progressive | $1,535 |
| 10 | Travelers | $1,584 |
| 11 | California Casualty | $1,639 |
| 12 | GEICO | $1,640 |
| 13 | MetLife | $1,642 |
| 14 | Encompass | $1,643 |
| 15 | Allstate | $2,337 |
| 16 | Liberty Mutual | $2,554 |
| 17 | Sentry | $3,114 |
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USAA normally has some of the lowest car insurance rates in Albuquerque at around $657 annually. This is $911 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers also qualify as some of the cheapest Albuquerque, NM car insurance companies.
As depicted above, if you are a customer of Safeco and switched to USAA, you could earn yearly savings of roughly $327. Customers with Farm Bureau Mutual could save as much as $557 a year, and Farmers policyholders might see rate reductions of $606 a year.
These prices are averages across all drivers and vehicles and do not take into consideration an exact location for a school permit. So the auto insurance company that is best suited for you may not even be in the list above. That point stresses why you need to compare rates from multiple companies using your own driver and vehicle profiles.
Difference between liability only and full coverage rates
Lowering the price of insurance is probably important to most drivers, and one good way to find cheaper insurance for a school permit is to not buy full coverage. The chart below illustrates the difference between insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no driving violations, no at-fault accidents, $500 deductibles, drivers are not married, and no other discounts are factored in.
Averaged out for all age groups, comp and collision coverage costs $1,521 per year more than just buying liability insurance. Many of you may wonder if it’s a good idea to buy full coverage. There is no exact rule of when to drop comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is 10% or more of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
Drive safe and save
The easiest way to snag cheap insurance premiums in New Mexico for a learners permit is to pay attention while driving and avoid accidents and violations. The diagram below illustrates how traffic citations and fender-benders increase annual premium costs for different age categories. Data assumes a single female driver, full physical damage coverage, $1,000 deductibles, and no additional discounts are factored in.
In the chart above, the average cost of an auto insurance policy in New Mexico per year with no accidents or violations is $1,398. Get one speeding ticket and the average cost surges to $1,586, an increase of $188 each year. Now get two accidents along with the one speeding ticket and the 12-month cost of insurance for a school permit increases to an average of $3,295. That’s an increase of $1,897, or $158 per month, just for being a less-than-perfect driver!
Buying coverage from a highly-rated insurance provider can be difficult considering how many companies provide coverage in New Mexico. The rank data displayed below can help you decide which car insurance providers you want to consider shopping prices with.
These rankings include companies that write coverage in many states, so companies that only write business in New Mexico or surrounding areas are not factored into these rankings. If you wish to compare rates from these and other companies in New Mexico, just click here.
Top 10 Major Auto Insurers Overall in Albuquerque
- USAA
- American Family
- State Farm
- The Hartford
- AAA Insurance
- GEICO
- The General
- Titan Insurance
- Progressive
- Allstate
Top 10 Major Auto Insurers in Albuquerque Ranked by Value
- USAA
- American Family
- The Hartford
- Titan Insurance
- The General
- AAA Insurance
- State Farm
- Nationwide
- Safeco
- Esurance
The insurance agencies below can provide answers to your questions and help you determine which auto insurance policy would work best for you, since many people would rather get some professional input when comparing insurance rates for a learners permit. It can be time-consuming to find the cheapest car insurance policy, so agents can provide you comfort knowing you have sufficient coverage for your assets.
To find an Albuquerque insurance agency using an interactive map, click the button below the list or click here to compare price quotes.
- Belinda Barreras-Medrano – State Farm Insurance Agent
1201 Rio Grande Blvd NW – Albuquerque, NM 87104 – (505) 764-9111 - J B Martin Commercial, Homeowners, Auto, Health and Life Insurance Agency
2800 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 299-7444 - Free Market Insurance Agency
6211 San Mateo Blvd NE #120 – Albuquerque, NM 87109 – (505) 881-2645
View map of Albuquerque, NM insurance agents
How to find cheaper car insurance for a school permit
The list below summarizes some money-saving ideas that can help drivers buy low-cost car insurance.
- Buy your auto and home insurance from the same company and save
- Prevent price hikes by avoiding at-fault accidents
- Avoid filing excessive claims
- Buy a car with high safety ratings
- Do not insure for full coverage
- Do not get tickets
- Compare quotes from other companies often
The last suggestion is remarkably vital, as was noted in this article. Prices charged by companies fluctuate considerably, so don’t hesitate to buy a policy from a new company if a better rate can be found.
Having brand loyalty is commendable, but is isn’t recommended if that loyalty ends up costing lots of money. Take a couple minutes and compare rates to find cheaper insurance for a school permit in Albuquerque.