Finding good, budget auto insurance is tough enough, and determining which company offers the most affordable insurance rates for low credit scores may require even more rate comparisons. Every auto insurer uses a different method for setting rates, so let’s begin by taking a look at the insurance companies that tend to have lower prices in Albuquerque.
We do need to point out that Albuquerque insurance rates are based on many factors which can significantly increase or decrease the price of your policy. Turning one year older, buying a safer car, or having a fender bender may generate price changes that can now make some companies higher-priced than the competition.
Find the Best Cheap Insurance in New Mexico
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $663 |
| 2 | Allied | $958 |
| 3 | Safeco | $1,014 |
| 4 | Farm Bureau Mutual | $1,214 |
| 5 | Farmers | $1,263 |
| 6 | State Farm | $1,297 |
| 7 | The Hartford | $1,312 |
| 8 | Central Mutual | $1,354 |
| 9 | Progressive | $1,550 |
| 10 | Travelers | $1,569 |
| 11 | California Casualty | $1,591 |
| 12 | GEICO | $1,592 |
| 13 | MetLife | $1,642 |
| 14 | Encompass | $1,711 |
| 15 | Allstate | $2,408 |
| 16 | Liberty Mutual | $2,454 |
| 17 | Sentry | $3,176 |
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USAA may offer some of the cheapest car insurance rates in Albuquerque at around $663 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers would also make the list of some of the lowest-priced Albuquerque, NM car insurance companies.
As depicted above, if you currently have a policy with Allied and switched to USAA, you might see a yearly price reduction of approximately $295. Insureds with Safeco could save as much as $351 a year, and Farm Bureau Mutual policyholders might lower prices by $551 a year.
To find cheaper insurance rates for your vehicle, click here to start your free quote or quote prices from the following companies.
Be aware that those policy rates are averaged across all drivers and vehicles in New Mexico and and are not figured with a specific zip code for low credit scores. So the auto insurance company that has the lowest price for you may not even be in the list above. That underscores the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
One of the more important components that help determine car insurance rates is where you live. Areas with more people or higher crime rates are more likely to pay higher prices, whereas more rural areas have the benefit of cheaper car insurance.
The table below sorts the priciest cities in New Mexico for low credit scores to buy car insurance in. Albuquerque is listed at #1 with the annual price of $1,389 for coverage, which is approximately $116 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Albuquerque | $1,389 |
| 2 | South Valley | $1,349 |
| 3 | Santa Fe | $1,342 |
| 4 | North Valley | $1,316 |
| 5 | Rio Rancho | $1,294 |
| 6 | Artesia | $1,278 |
| 7 | Hobbs | $1,258 |
| 8 | Los Alamos | $1,256 |
| 9 | Los Lunas | $1,250 |
| 10 | Espanola | $1,236 |
| 11 | Las Vegas | $1,195 |
| 12 | Portales | $1,186 |
| 13 | Carlsbad | $1,177 |
| 14 | Gallup | $1,176 |
| 15 | Roswell | $1,174 |
| 16 | Lovington | $1,171 |
| 17 | Clovis | $1,145 |
| 18 | Deming | $1,143 |
| 19 | Las Cruces | $1,142 |
| 20 | Farmington | $1,137 |
| 21 | Chaparral | $1,103 |
| 22 | Sunland Park | $1,087 |
| 23 | Silver City | $1,085 |
| 24 | Alamogordo | $1,073 |
| 25 | Anthony | $1,065 |
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Price information shown is comparative as the garaging address in Albuquerque can decrease or increase insurance rates noticeably.
Impact of speeding/accidents on Albuquerque insurance rates
In a perfect world, the ideal way to find the most affordable insurance premiums for bad credit is to be a good driver and avoid traffic citations and accidents. The information below shows how speeding tickets and at-fault fender-benders increase premium costs for different age groups. The rates are based on a single female driver, comprehensive and collision coverage, $250 deductibles, and no other discounts are factored in.
In the previous example, the average cost of a car insurance policy per year with a clean driving record and no accidents is $1,610. Add in one speeding ticket and the average cost swells to $1,824, an increase of $214 each year. Then include one accident along with the one speeding ticket and the yearly cost of insurance for low credit scores goes up to an average of $2,423. That’s an increase of $813, or $68 per month, just for not driving attentively!
Discount Albuquerque insurance rates
Insurance providers that offer coverage for low credit scores may additionally offer special discounts that can lower rates by as much as 40% or more if you are eligible for them. Companies and a partial list of their discounts are included below.
- State Farm may include discounts for student away at school, accident-free, safe vehicle, good student, multiple autos, good driver, and defensive driving training.
- Esurance offers discounts for DriveSense, online shopper, Pac-12 alumni, homeowner, safety device, anti-theft, and paid-in-full.
- Progressive includes discounts for online signing, multi-vehicle, homeowner, good student, and continuous coverage.
- Liberty Mutual may offer discounts for multi-car, preferred payment discount, newly retired, multi-policy, and safety features.
- Auto-Owners Insurance has savings for group or association, anti-lock brakes, good student, student away at school, safe driver, and multiple vehicles.
- GEICO offers discounts including military active duty, driver training, defensive driver, seat belt use, multi-vehicle, and five-year accident-free.
The example below compares insurance prices with and without discounts applied to the policy rates. Data assumes a female driver, no claims, a clean driving record, New Mexico state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with passive restraint, multiple policy, homeowner, safe-driver, vehicle safety, and accident-free discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on insurance for low credit scores is 28% or $536.
The chart below demonstrates how deductibles can increase or decrease insurance prices when searching for cheap insurance for low credit scores. The data assumes a single female driver, comp and collision included, and no policy discounts are applied.
A 50-year-old driver could cut expenses by $356 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $536 by changing to a $1,000 deductible. Youthful drivers, such as the Age 20 example, could reduce their rates as much as $908 or more just by choosing higher deductibles when buying full coverage.
If you do decide to increase your deductibles, it is necessary to have additional funds squirreled away to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Last year’s bargain might be this year’s rip off
Albuquerque, NM insurance rates are determined by lots of factors which can significantly increase or decrease the price you have to pay. Simply having a birthday, getting divorced, or getting a driving violation may prompt premium changes that can cause some rates to be cheaper than competitors. Not only that, but insurance companies modify rates without warning to adjust for unexpected claims or profits. Significantly higher claims may cause high rates, while lower claims may produce lower-priced Albuquerque car insurance rates.
The bar chart below shows a variety of companies that have the cheapest car insurance in Albuquerque, NM for a 45-year-old female driver with no accidents or violations, and good credit. If we compare prices based on her current risk profile, USAA offers the most affordable car insurance rates in Albuquerque at $893 per year. This is $675 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are the remainder of the best Albuquerque, NM auto insurance companies.
In this next rate comparison, we will give the driver in the first example a couple of claims, slightly worse credit, and a stop sign violation. Because each insurer uses their own formula for determining rates, comparing quotes may now present a substantially altered list of companies as shown below.
USAA now has the cheapest price in Albuquerque with Allied, State Farm, Central Mutual, and Safeco completing the list. This example demonstrates why consumers need to compare lots of rates when trying to find the lowest insurance rates for low credit scores.
Car insurance prices can be determined by many risk factors and can decrease or increase without notice, so the best company the last time you shopped around may now be wasting a lot of money.
The Albuquerque car insurance agencies listed below can help you decide which coverages are best, as some drivers wish to get help from a professional when shopping for cheaper insurance for bad credit. It’s not always simple to find the cheapest auto insurance company, and a professional agent can provide you peace of mind knowing your policy gives you adequate protection in case of an accident or claim. To locate an Albuquerque car insurance agency close to where you live, click the button link following the list.
- Allstate Insurance – The Keller Agency
6321 Riverside Plaza Ln – Albuquerque, NM 87120 – (505) 792-6616 - J. B. Martin Insurance Agency
8500 Menaul Blvd NE #345 – Albuquerque, NM 87112 – (505) 888-8846 - Richard Moore – State Farm Insurance Agent
5353 Wyoming Blvd NE b – Albuquerque, NM 87109 – (505) 821-6000 - Allstate Insurance: Eladio Muniz
1028 Eubank Blvd – Albuquerque, NM 87112 – (505) 291-0624 - Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444