Buying affordable car insurance for a Toyota RAV4 in New Mexico depends on a whole bunch of factors such as your gender, whether or not you garage your vehicle, and your motor vehicle report. New Mexico drivers pay on average $998 annually to insure their RAV4, but that figure is an approximation using a 30-year-old single male driver with both comprehensive and collision coverage and $500 deductibles.
The issue that arises when projecting rates is that it’s very likely that you are not 30 and maybe not even a male, possibly married instead of single, and maybe your RAV4 is older and does not require full coverage. Everyone has unique insurance needs, and this illustrates why the only real way to find cheap insurance prices for your Toyota is to compare as many rates as possible. Quotes only take a few minutes and you can get prices from top-rated car insurance companies available.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RAV4 2WD | $230 | $338 | $422 | $24 | $126 | $1,140 | $95 |
| RAV4 Sport 2WD | $230 | $338 | $422 | $24 | $126 | $1,140 | $95 |
| RAV4 4WD | $230 | $338 | $422 | $24 | $126 | $1,140 | $95 |
| RAV4 Limited 2WD | $230 | $338 | $422 | $24 | $126 | $1,140 | $95 |
| RAV4 Limited 4WD | $230 | $338 | $422 | $24 | $126 | $1,140 | $95 |
| RAV4 Limited 4WD | $230 | $338 | $422 | $24 | $126 | $1,140 | $95 |
| RAV4 Sport 4WD | $230 | $338 | $422 | $24 | $126 | $1,140 | $95 |
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Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Price information does not factor in garaging location in Albuquerque which can modify rates substantially.
Figuring out which companies quote the lowest-priced car insurance rates for a Toyota RAV4 will take a little more effort in order to find the lowest price quote. Each insurer has a unique approach for determining rates, so we will examine the car insurance companies with the overall best prices in New Mexico.
It’s important that you understand Albuquerque, NM car insurance rates are based on many factors which can substantially change the price of coverage. Getting older, getting married, or having an at-fault accident can produce rate changes that can cause some rates to be cheaper than others.
Best Cheap Insurance Rates for Your Toyota
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $683 |
| 2 | Allied | $958 |
| 3 | Safeco | $974 |
| 4 | Farm Bureau Mutual | $1,202 |
| 5 | Farmers | $1,276 |
| 6 | State Farm | $1,310 |
| 7 | The Hartford | $1,312 |
| 8 | Central Mutual | $1,354 |
| 9 | Progressive | $1,505 |
| 10 | Travelers | $1,537 |
| 11 | California Casualty | $1,575 |
| 12 | MetLife | $1,594 |
| 13 | GEICO | $1,624 |
| 14 | Encompass | $1,660 |
| 15 | Allstate | $2,408 |
| 16 | Liberty Mutual | $2,554 |
| 17 | Sentry | $3,114 |
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USAA quotes some of the best car insurance rates in Albuquerque at around $683 annually. This is $885 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers also qualify as some of the lowest-priced Albuquerque, NM auto insurance companies.
As shown above, if you are insured with Safeco and switched to USAA, you may see an annual premium reduction of about $291. Insureds with Farm Bureau Mutual may save as much as $519 a year, and Farmers customers might reduce prices by as much as $593 a year.
If you want to see how much you could save, click here to begin a quote or visit any of the low-priced companies below.
Remember that these policy rates are averages across all types of insureds and vehicles and and are not figured with an exact location for a Toyota RAV4. So the car insurance company that is most affordable for your situation may not even be in the top 17 companies shown above. That points out the importance of why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
Impact of careless driving on car insurance rates
The common sense way to get the best car insurance premiums in New Mexico for a RAV4 is to be a good driver and not receive tickets or have accidents. The chart below illustrates how traffic citations and accidents can raise insurance rates for different age groups of insureds. Data assumes a single male driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.
In the chart above, the average cost of an auto insurance policy per year with no violations or accidents is $2,192. Get written up for two speeding tickets and the average cost swells to $2,911, an increase of $719 each year. Next add one accident along with the two speeding tickets and the 12-month cost of car insurance for a Toyota RAV4 increases to an average of $3,636. That’s an increase of $1,443, or $120 per month, just for not driving carefully!
Full coverage or liability only
Saving money on car insurance is probably important to most drivers, and a good way to buy cheaper insurance for a Toyota RAV4 is to buy liability only. The example below shows the comparison of auto insurance costs with and without physical damage coverage. Data assumes a clean driving record, no claims, $500 deductibles, marital status is single, and no policy discounts are applied.
Averaged for all ages 20 through 70, comprehensive and collision coverage on your policy costs $1,799 per year more than just buying liability insurance. Lot’s of drivers question when is the right time to remove full coverage. There is no exact formula for phasing out full coverage, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of replacement cost minus your deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your vehicle’s settlement value is $7,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, you would only receive $6,500 after you pay the deductible. If you are paying in excess of $650 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are a few cases where removing full coverage is not recommended. If you still owe a portion of the original loan, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should not eliminate full coverage.
How to find budget-friendly auto insurance for a Toyota RAV4
Here are some of the recommended thrifty ideas that can help drivers quote cheap car insurance.
- Raise deductibles to save money
- Good credit can mean cheaper rates
- Safe vehicles generally have lower rates
- Having at-fault accidents will increase rates
- Save money by obeying traffic laws and keeping a clean driving record
- Compare prices as often as possible
That last piece of advice is extraordinarily crucial, as we noted in this piece. Car insurance prices change frequently, so don’t be unwilling to buy a policy from a new company if a cheaper price is available.
Sticking with a specific company is fine, but it’s not a great idea if that devotion results in you overpaying a considerable chunk of change every month. Take a few minutes and shop around and find cheaper car insurance for a Toyota RAV4 in Albuquerque.