Wouldn’t it be nice if we could magically tell you the one best car insurance company that has the cheapest rate quotes for drivers over age 70? Unfortunately, it’s not that simple as there are many unknown aspects such as whether you are female or male, whether you are single or married, how well you maintain your credit, and whether you want full coverage. In this article, we will teach you about the best ways to find cheap auto insurance and educate you enough to have a good start in finding the cheapest car insurance in New Mexico.
The car, truck, or SUV needing coverage is one of the largest factors that determines the availability of low-cost auto insurance for drivers over age 70. Vehicles with limited speed and performance, good crash test ratings, or a track record of few liability claims will cost substantially less to insure than high performance models. The next table illustrates insurance premiums for some of the most budget-friendly vehicles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $1,691 |
| Ford Escape Limited 2WD | $1,718 |
| Hyundai Elantra SE Touring Station Wagon | $1,822 |
| Honda Accord EX-L 4-Dr Sedan | $1,828 |
| Toyota Prius | $1,846 |
| Ford F-150 STX Regular Cab 2WD | $1,872 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,899 |
| Dodge Grand Caravan CV | $1,904 |
| Ford Explorer Eddie Bauer 2WD | $1,899 |
| Ford Edge SEL AWD | $1,976 |
| Honda Odyssey EX | $1,981 |
| Nissan Altima 2.5 4-Dr Sedan | $2,003 |
| Volkswagen Jetta LE 4-Dr Sedan | $2,011 |
| Chevrolet Equinox LT AWD | $2,003 |
| Toyota RAV4 Sport 2WD | $2,008 |
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Data variables include single male driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Prices do not factor in vehicle location which can change prices considerably.
Based upon the table data, vehicles like the Honda CR-V, Ford Escape, and Hyundai Elantra are most likely to be a few of the most budget-friendly vehicles to insure for older drivers. The price for an auto insurance policy will tend to be more expensive just because there is more risk for drivers over age 70, but in general those particular models will most likely have the best rates compared to all other vehicles.
Locating budget insurance is not the easiest thing to accomplish, and deciding which insurers offer the most affordable car insurance rates for drivers over age 70 requires even more shopping around.
Every insurance company has a proprietary formula to establish rates, so let’s take a look at the car insurance companies with the overall best prices in Albuquerque. It’s a good idea to be aware that New Mexico car insurance rates are calculated based on many things which can significantly increase or decrease the price of your policy. Turning one year older, buying a home, or getting a DUI can produce rate changes that can now make some companies more expensive than others.
Find Cheaper Car Insurance for Age 70+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $657 |
| 2 | Allied | $930 |
| 3 | Safeco | $984 |
| 4 | Farm Bureau Mutual | $1,214 |
| 5 | Farmers | $1,263 |
| 6 | State Farm | $1,297 |
| 7 | Central Mutual | $1,314 |
| 8 | The Hartford | $1,366 |
| 9 | Progressive | $1,505 |
| 10 | Travelers | $1,522 |
| 11 | MetLife | $1,578 |
| 12 | California Casualty | $1,623 |
| 13 | GEICO | $1,624 |
| 14 | Encompass | $1,694 |
| 15 | Allstate | $2,314 |
| 16 | Liberty Mutual | $2,479 |
| 17 | Sentry | $3,114 |
| Compare Rates Now Go | ||
USAA quotes some of the best car insurance rates in Albuquerque at around $657 per year. This is $911 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the best Albuquerque, NM auto insurance companies.
In this example, if you currently have coverage with Farm Bureau Mutual and switched to USAA, you might see an annual premium reduction of about $557. Policyholders with Farmers might save as much as $606 a year, and State Farm customers might cut rates by $640 a year.
To see if your current coverage is too expensive, click here to get a free quote or feel free to get quotes from the companies below.
Be aware that those premium estimates are averaged for all types of insureds and vehicles and are not factoring in an exact location for drivers over age 70. So the car insurance company that can offer you the best price may not even be in the top 17 companies in the list above. That points out the importance of why you need to get car insurance quotes using your own personal information and vehicle type.
Cautious Albuquerque drivers save money
The common sense way to snag the best car insurance prices in New Mexico for older drivers is to drive safely and avoid tickets and accidents. The information below highlights how speeding tickets and fender-benders can drive up auto insurance rates for different age groups of insureds. The information is based on a single female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are taken into consideration.
In the previous example, the average cost of a car insurance policy per year with no accidents or violations is $1,723. Get written up for one speeding ticket and the average cost jumps to $1,957, an increase of $234 each year. Then include two accidents along with the one speeding ticket and the 12-month cost of car insurance for drivers over age 70 increases to an average of $4,156. That’s an increase of $2,432, or $203 per month, just for not driving safely!
Cost difference between full coverage and liability
Finding the cheapest car insurance should be important to the majority of people, and one common way to find cheaper insurance for drivers over age 70 is to only buy liability coverage. The information below illustrates the comparison of insurance premiums with full physical damage coverage and with liability coverage only. The data assumes no claims, a clean driving record, $100 deductibles, single marital status, and no additional discounts are factored in.
If averaged out across all ages, comp and collision coverage costs $1,849 per year over and above liability coverage. That proposes the question when is the right time to remove full coverage. There isn’t a written rule of when to stop paying for comp and collision coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s replacement value is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $4,500 after paying your policy deductible. If you are paying more than $450 annually for comprehensive and collision coverage, then it’s probably a good time to buy liability coverage only.
Are you paying too much for car insurance in Albuquerque?
Albuquerque car insurance rates are based on many factors which can substantially decrease or increase the price you have to pay for coverage. Simply getting older, buying higher coverage limits, or having a fender bender may prompt premium changes resulting in some rates now being cheaper than competitors.
Not only may your situation change, but insurance companies file new New Mexico auto insurance rates as often as every quarter to help ensure profitability. Higher than usual claims can cause additional price hikes, while less frequent claims can cause cheaper Albuquerque car insurance rates.
The data below shows a variety of companies that have the cheapest car insurance in Albuquerque, NM for a 40-year-old male driver with a good driving record, no prior claims, and solid credit. If we estimate prices based on his current risk profile, USAA offers the cheapest car insurance rates in Albuquerque at $902 each year. This is $666 less than the average policy premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and State Farm round out the rest of the cheapest Albuquerque, NM auto insurance companies.
Now we will pretend the driver from the first set of rates an accident surcharge, a lower credit rating, and a blemish on his driving record. Because each insurer has their own formula for determining rates in each state, comparing rates may now result in a slightly different list of the cheapest car insurance companies in Albuquerque as shown below.
USAA now has the cheapest rate in Albuquerque with The Hartford, Central Mutual, Allied, and Safeco also being competitive. This shows why drivers need to perform an extensive rate comparison to find cheap car insurance rates for drivers over age 70.
Insurance prices can be altered by many different factors and change substantially, so the lowest-price company when you bought your policy may now be one of the more expensive options.
How to find cheaper car insurance for drivers over age 70
It is possible to find better rates, and here are many money-saving suggestions that can help drivers get low-cost auto insurance.
- Tickets and violations raise rates
- Save money by staying claim-free
- Accident-free drivers may qualify for discounts
- Drop full coverage on older vehicles
- Higher comprehensive and collision coverage deductibles will save money
- Comparison shop at least every other year
The final tip is remarkably critical, as was pointed out in this article. Prices adjust frequently, so don’t hesitate to switch to a new company if you can find a cheaper rate. Sticking with a specific company is fine, but we do not recommend it if that faithfulness ends up costing you thousands of dollars over the life of your policy. In less than five minutes you could compare prices and find cheaper insurance for drivers over age 70 in Albuquerque.