The words “bargain” and “insurance” really don’t belong together, especially when you are searching for the lowest insurance prices for seniors. To save some money, let’s start the ball rolling by going over some things that significantly impact car insurance prices, and find out if we can help you shave a little off your next policy.
Shopping around for low-cost auto insurance is tough enough, and figuring out which companies have the lowest-priced insurance rates for seniors requires additional perseverance. Every insurance company has their own guidelines to set policy rates, so first let’s look at the rankings for the insurance companies that tend to have lower prices in Albuquerque.
It’s important to know that Albuquerque insurance rates are based on many factors which can substantially decrease or increase the price you have to pay. Improving your credit rating, moving across town, or getting a driving violation can trigger rate changes resulting in some rates now being more expensive than others.
Find the Best Cheap Insurance for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $663 |
| 2 | Allied | $948 |
| 3 | Safeco | $974 |
| 4 | Farm Bureau Mutual | $1,214 |
| 5 | Farmers | $1,263 |
| 6 | Central Mutual | $1,314 |
| 7 | State Farm | $1,336 |
| 8 | The Hartford | $1,352 |
| 9 | Progressive | $1,535 |
| 10 | MetLife | $1,578 |
| 11 | Travelers | $1,584 |
| 12 | GEICO | $1,624 |
| 13 | California Casualty | $1,639 |
| 14 | Encompass | $1,643 |
| 15 | Allstate | $2,314 |
| 16 | Liberty Mutual | $2,554 |
| 17 | Sentry | $3,082 |
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USAA generally has some of the cheapest car insurance rates in Albuquerque at around $663 a 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 are some of the more affordable Albuquerque, NM insurance companies.
As depicted above, if you buy coverage from Allied and switched to USAA, you might see a yearly price reduction of upwards of $285. Insureds with Safeco might save as much as $311 a year, and Farm Bureau Mutual policyholders might realize rate reductions of up to $551 a year.
To discover how much you can save, click here to get quotes or quote rates from the companies below.
Remember that these policy rates are averages across all ages of drivers and types of vehicles and do not take into consideration a vehicle location for seniors. So the company that has the lowest price for you may not even be in the top 17 companies in the list above. That underscores the importance of why you need to quote rates from many companies using your own driver data and vehicle information.
The vehicle needing coverage is one of the biggest factors that determines whether or not you find cheaper coverage for seniors. Vehicles with economical engines, good safety features, or a low likelihood of liability claims will cost substantially less to insure than high performance models.
The data below showcases car insurance costs for a number of the most economical automobiles to insure in New Mexico.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,263 |
| Honda CR-V EX 4WD | $1,294 |
| Hyundai Elantra SE Touring Station Wagon | $1,371 |
| Toyota Prius | $1,399 |
| Ford Edge SEL 2WD | $1,466 |
| Chevrolet Equinox LT AWD | $1,496 |
| Chevrolet Impala LT | $1,506 |
| Nissan Altima 2.5 4-Dr Sedan | $1,496 |
| Toyota RAV4 Limited 4WD | $1,503 |
| Ford Explorer Eddie Bauer 4WD | $1,524 |
| Dodge Grand Caravan SXT | $1,530 |
| Chevrolet Malibu LT | $1,524 |
| Ford F-150 SVT Raptor Super Cab 4WD | $1,534 |
| Toyota Tacoma Double Cab 4WD | $1,524 |
| Ford Focus SES 4-Dr Sedan | $1,546 |
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Table data represents married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Premium amounts do not factor in zip code location which can raise or lower rates greatly.
By looking at the data, you can infer that cars like the Ford Escape, Honda CR-V, and Hyundai Elantra are a few of the most budget-friendly vehicles to insure for senior citizens.
For senior citizens, one of the largest things that are used to help calculate auto insurance rates is your address in Albuquerque. Regions with larger populations or more claims are more likely to have higher rates, whereas less populated areas benefit from having to pay less for coverage.
The following table shows the highest-priced places in New Mexico for seniors to purchase car insurance in. Albuquerque is listed at #1 with a yearly premium of $1,389 for the average policyholder, which is approximately $116 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Albuquerque | $1,389 |
| 2 | South Valley | $1,349 |
| 3 | Santa Fe | $1,342 |
| 4 | North Valley | $1,316 |
| 5 | Los Alamos | $1,308 |
| 6 | Rio Rancho | $1,282 |
| 7 | Artesia | $1,278 |
| 8 | Los Lunas | $1,250 |
| 9 | Hobbs | $1,246 |
| 10 | Gallup | $1,224 |
| 11 | Espanola | $1,223 |
| 12 | Roswell | $1,222 |
| 13 | Lovington | $1,207 |
| 14 | Carlsbad | $1,201 |
| 15 | Las Vegas | $1,160 |
| 16 | Portales | $1,151 |
| 17 | Farmington | $1,148 |
| 18 | Clovis | $1,145 |
| 19 | Las Cruces | $1,131 |
| 20 | Deming | $1,109 |
| 21 | Anthony | $1,109 |
| 22 | Chaparral | $1,103 |
| 23 | Silver City | $1,063 |
| 24 | Alamogordo | $1,063 |
| 25 | Sunland Park | $1,054 |
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Premium amounts are approximated as specific Albuquerque garaging address can modify coverage rates significantly.
Accidents and violations increase rates
The easiest way to snag the best insurance premiums for senior citizens is to be a safe driver and not have accidents or get tickets. The example below shows how violations and at-fault accidents can impact car insurance rates for different categories of driver ages. The data is based on a single male driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied.
The chart shows that the average cost of an auto insurance policy per year with no accidents and a clean driving record is $1,468. Add in two speeding tickets and the average cost rises to $1,935, an increase of $467 each year. Now get two accidents along with the two speeding tickets and the 12-month cost of insurance for seniors goes up to an average of $3,805. That’s an increase of $2,337, or $195 per month, just for not driving responsibly!
Picking a high-quality car insurance company is hard considering how many companies there are to choose from in Albuquerque. The company rank data in the lists below can help you pick which insurers to look at when shopping insurance around for seniors.
The ratings below are only made up of companies with a national presence, so companies that may only write in New Mexico are not factored into these rankings. To compare prices and find the cheapest rates for seniors, just click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
The benefits of price comparisons
New Mexico insurance rates are based on many factors which can significantly increase or decrease the cost of coverage. Turning one year older, buying a different home, or getting a few speeding tickets may cause policy rate changes that may make certain companies much cheaper than others.
Not only may your risk profile change, but car insurance companies change their prices as often as every quarter to adjust for gains or losses. Significantly higher claims can result in higher rates, while a profitable period may result in cheaper Albuquerque car insurance rates.
To illustrate this point, the graph below shows rates for the cheapest car insurance in Albuquerque, NM for a 40-year-old male driver with a good driving record, no prior claims, and a high credit rating. If we estimate prices based on his current risk profile, USAA may have the lowest car insurance rates in Albuquerque at $949 a year. This is $619 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Central Mutual are also on the list of the top five cheapest Albuquerque, NM auto insurance companies.
The chart below compares rates after we give the driver from the above example a claim or two, poor credit, and a blemish on his driving record. Due to the fact that every auto insurer has a unique formula for determining rates in each state, comparing insurance quotes could result in a new list of the cheapest companies as shown below.
Allied now has the lowest car insurance rate in Albuquerque, NM with USAA, State Farm, The Hartford, and Safeco now rounding out the top five. This demonstrates why consumers need to compare rates to get cheap car insurance rates for seniors. Insurance rates can be altered by many different factors and can increase or decrease at any time, so the cheapest rate the last time you compared rates may now be quite expensive.
How to find low-cost insurance for seniors
It’s not impossible to find cheaper rates, and here are some of the better thrifty solutions that can help Albuquerque drivers find cheap car insurance.
- Tickets and violations raise rates
- If your vehicles are older, consider dropping full coverage
- Raise physical damage deductibles
- Get cheaper liability coverage by choosing a safer vehicle
- Remain accident-free and save
- Increase your credit score
- Compare rates and switch if you can find a better deal
The final tip is very necessary, as was noted in this piece. Auto insurance prices vary considerably, so don’t hesitate to buy a policy from a new company if you can save money.
Having a favorite company is great, but it’s not recommended if that loyalty results in overpaying a small fortune year after year. It takes less than five minutes to compare prices and find cheaper insurance for seniors in Albuquerque.