Finding the best cheap insurance for a Jeep Grand Cherokee is fairly easy, but it relies on a lot of things such as whether you are married or single, if you have recent claims, and blemishes on your driving record. New Mexico drivers pay around $983 annually to insure their Grand Cherokee, but that cost is an approximation calculated using a 50-year-old single female driver with both comprehensive and collision coverage and $250 deductibles.
When making auto insurance estimates, the issue arises that you aren’t exactly 50 years old or even a female, maybe you are married instead of single, or maybe you have a teenager that needs to be on your policy. Having the smallest difference in rating factors or requested coverage amount may result in significant differences in the policy rate.
Every driver’s needs are different, and that is why the way we recommend to find cheap car insurance rates for your Jeep is to do a thorough rate comparison.
The specific trim level impacts the annual cost of coverage, so the price you will be charged to insure a Grand Cherokee Laredo 2WD model will cost $100 less than the insurance cost for the high end Grand Cherokee SRT-8 4WD model, as shown below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Grand Cherokee Laredo 2WD | $214 | $412 | $364 | $22 | $108 | $1,120 | $93 |
| Grand Cherokee Laredo 4WD | $214 | $412 | $364 | $22 | $108 | $1,120 | $93 |
| Grand Cherokee Limited 2WD | $242 | $484 | $364 | $22 | $108 | $1,220 | $102 |
| Grand Cherokee Limited 4WD | $242 | $484 | $364 | $22 | $108 | $1,220 | $102 |
| Grand Cherokee SRT-8 4WD | $242 | $484 | $364 | $22 | $108 | $1,220 | $102 |
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rate information does not factor in specific location which can decrease or increase coverage prices considerably.
Finding low-cost insurance is not always easy, and deciding which company offers the lowest-priced insurance rates for a Jeep Grand Cherokee involves a bit more work. Each auto insurer uses their own calculation for setting rates, so let’s take a look at the insurance companies that tend to have lower prices in Albuquerque, NM.
Best Auto Insurance Prices for Your Jeep
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $677 |
| 2 | Allied | $958 |
| 3 | Safeco | $974 |
| 4 | Farm Bureau Mutual | $1,214 |
| 5 | Farmers | $1,276 |
| 6 | State Farm | $1,297 |
| 7 | The Hartford | $1,352 |
| 8 | Central Mutual | $1,354 |
| 9 | Progressive | $1,535 |
| 10 | GEICO | $1,576 |
| 11 | MetLife | $1,578 |
| 12 | Travelers | $1,584 |
| 13 | California Casualty | $1,591 |
| 14 | Encompass | $1,660 |
| 15 | Allstate | $2,408 |
| 16 | Liberty Mutual | $2,554 |
| 17 | Sentry | $3,208 |
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USAA normally has some of the cheapest car insurance rates in Albuquerque at around $677 a year. Allied, Safeco, Farm Bureau Mutual, and Farmers also rank well as some of the lowest-priced Albuquerque, NM auto insurance companies.
As shown above, if you are insured with Farm Bureau Mutual and switched to USAA, you could see savings of in the neighborhood of $537. Customers with Farmers could save as much as $599 a year, and State Farm customers might lower prices by $620 a year.
These prices are averages across all insureds and vehicles and and are not figured with a specific vehicle garaging location for a Jeep Grand Cherokee. So the company that is most affordable for your situation may not even be in the list above. That helps illustrate why you need to compare rates from as many companies as possible using your own individual information.
The chart below demonstrates how deductibles can affect annual premium costs when searching for cheap insurance for a Jeep Grand Cherokee. The information is based on a single female driver, comp and collision included, and no additional discounts are factored in.
A 40-year-old driver could lower rates by $356 a year by increasing from a $100 deductible up to a $500 deductible, or save $536 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old category, can save $908 every year just by choosing larger deductibles.
When choosing a higher deductible, it is a good idea to have enough in a savings account to be able to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Full coverage versus liability only rates
Reducing premiums for insurance is important to the majority of vehicle owners, and one good way to reduce the cost of insurance for a Jeep Grand Cherokee is to not pay for full coverage. The chart below shows the comparison of insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The premium estimates are based on no tickets, no at-fault accidents, $250 deductibles, marital status is single, and no other discounts are factored in.
On average, full coverage on your policy costs an additional $2,184 per year more than just insuring for liability. Many of you may wonder if you should buy full coverage. There is no exact formula that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of the vehicle’s replacement cost less your deductible, 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 physical damage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $4,500 after paying your deductible. If premium cost is more than $450 a year for comprehensive and collision coverage, then it’s probably a good time to buy liability coverage only.
A good deal can quickly turn bad
Albuquerque insurance rates are determined by lots of factors that may substantially change the cost of having a policy. Turning one year older, having a teenage driver, or getting a DUI can trigger changes in premium that can cause some rates to be more affordable than others.
Not only that, but auto insurance companies change prices multiple times each year in order to remain profitable. Heavier than normal losses can result in rate hikes, while a better claims history can result in lower-cost Grand Cherokee insurance rates.
To help illustrate this point, the graph below shows a variety of companies that have the cheapest car insurance in Albuquerque, NM for a 35-year-old male driver with no accidents or violations, and a high credit rating. Based on his current risk profile, USAA may have the best car insurance rates in Albuquerque at $920 annually. This is $648 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 most affordable Albuquerque, NM auto insurance companies.
In the next rate comparison, we’ll give the driver in the first chart a claim, slightly worse credit, and an imperfect driving record. Due to the fact that every auto insurer has a unique formula for filing rates in each state, getting updated rate quotes may now result in a new list of companies as shown below.
USAA now has the best insurance rate in Albuquerque, NM with Safeco, State Farm, The Hartford, and Allied now rounding out the top five. This shows why drivers need to do a thorough rate comparison when trying to find cheap insurance rates for a Jeep Grand Cherokee. Car insurance prices are influenced by many different factors and can decrease or increase without notice, so the most affordable company a year ago may now be quite expensive.
If you have questions and prefer to get help from a professional when shopping around for cheaper insurance for a Grand Cherokee, the agents below can probably aid you in deciding which policy fits your needs best.
To find an agent close to where you live, click the button at the bottom or click here to get price quotes now.
- Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444 - Commercial West Insurance
2616 Mesilla St NE #2 – Albuquerque, NM 87110 – (505) 255-9577 - Menicucci Insurance Llc
2116 Vista Oeste NW Bldg 5 – Albuquerque, NM 87120 – (505) 883-3683
Find an Albuquerque, NM insurance agent near you
How to find economical car insurance for a Jeep Grand Cherokee
Here are many money-saving solutions that can help Albuquerque drivers locate cheaper coverage.
- Higher credit scores may earn you cheaper rates
- Save money by insuring your home and auto with the same company
- Raise your deductibles
- Claim-free drivers earn discounts
- Be a safe driver
- Avoid at-fault accidents and claims
- Check for cheaper rates once a year
The last idea is very crucial, as was noted in the article above. Insurance rates adjust often, so don’t hesitate to buy from a different company if a more affordable price is available. Many consumers stick with the same company and that’s fine, but it’s not a good idea if that loyalty ends up costing lots of hard earned cash every month. In less than five minutes you could compare prices and find cheaper insurance for a Jeep Grand Cherokee in Albuquerque.