Wouldn’t it be easy if we knew the one company that has the best insurance prices for veterans? Regrettably, it’s not quite that easy, as there are many unknown aspects like the miles you drive each year, where you live, and the amount of liability insurance you need, that all impact the cost of coverage. This article will detail these factors and others that can influence the price of auto insurance and will give you a good beginning to your search for cheaper coverage.
One of the many components that are looked at to help calculate the amount you pay for auto insurance is where you live. Areas with more people or even just a higher incidence of claims likely pay more, whereas more rural areas have the benefit of cheaper car insurance.
The next table rates the highest-priced places in New Mexico for veterans to purchase car insurance in. Albuquerque is ranked #1 with an annual premium of $1,375 for the average policy, which is about $115 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Albuquerque | $1,375 |
| 2 | South Valley | $1,349 |
| 3 | North Valley | $1,329 |
| 4 | Santa Fe | $1,316 |
| 5 | Los Alamos | $1,295 |
| 6 | Artesia | $1,291 |
| 7 | Los Lunas | $1,263 |
| 8 | Hobbs | $1,246 |
| 9 | Rio Rancho | $1,244 |
| 10 | Espanola | $1,236 |
| 11 | Roswell | $1,210 |
| 12 | Las Vegas | $1,184 |
| 13 | Carlsbad | $1,177 |
| 14 | Gallup | $1,176 |
| 15 | Clovis | $1,169 |
| 16 | Lovington | $1,159 |
| 17 | Deming | $1,143 |
| 18 | Las Cruces | $1,142 |
| 19 | Portales | $1,140 |
| 20 | Farmington | $1,137 |
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Information shown are approximated as the vehicle garaging location can influence premium rates significantly.
The vehicle model you are seeking coverage for is one of the biggest factors that determines whether or not you find low-cost car insurance for veterans. Vehicles with higher performance characteristics, a lack of modern safety features, or a high likelihood of having liability claims will cost significantly more to insure than more economical and safe models.
The next list ranks car insurance costs for a handful of the cheaper automobiles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra SE Touring Station Wagon | $1,524 |
| Toyota Prius | $1,553 |
| Dodge Grand Caravan SE | $1,572 |
| Ford Escape Limited 2WD | $1,623 |
| Honda CR-V EX 4WD | $1,631 |
| Honda Odyssey EX W/Rear Entertainment | $1,628 |
| Chevrolet Impala LS | $1,638 |
| Toyota RAV4 Limited 2WD | $1,660 |
| Honda Accord EX-L 4-Dr Sedan | $1,671 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $1,719 |
| Toyota Tacoma X-Runner 2WD | $1,751 |
| Toyota Camry XLE | $1,761 |
| Ford Edge Limited 2WD | $1,783 |
| Jeep Grand Cherokee Laredo 2WD | $1,817 |
| Ford F-150 FX2 2WD | $1,855 |
| Ford Explorer Eddie Bauer 4WD | $1,863 |
| Chevrolet Malibu LS | $1,868 |
| Ford Focus SE 2-Dr Coupe | $1,871 |
| Honda Civic EX 4-Dr Sedan | $1,881 |
| Kia Optima EX | $1,900 |
| Chevrolet Silverado Crew Cab Hybrid 4WD | $1,905 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $1,911 |
| GMC Sierra SLT Crew Cab 2WD | $1,953 |
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Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Information does not factor in Albuquerque, NM location which can modify prices greatly.
Based upon these rates, makes and models like the Hyundai Elantra, Toyota Prius, and Dodge Grand Caravan will definitely be the most economical vehicles to insure for veterans.
Should you buy full coverage?
Lowering the price of insurance is probably important to most drivers, and one great way to save on the cost of insurance for veterans is to not insure for full coverage. The diagram below compares insurance costs with liability coverage only compared to full coverage. The rates are based on no claims or violations, $100 deductibles, drivers are not married, and no discounts are factored in.
If all age groups are averaged, physical damage insurance costs an additional $1,849 per year more than just buying liability insurance. That may make you wonder if it’s worth it to buy full coverage. There is no clear-cut rule to stop paying for physical damage coverage, but there is a general school of thought. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s replacement cost is $9,500 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $8,500 after you pay the deductible. If premiums are more than $850 annually for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are a few situations where eliminating full coverage is not advised. If you still have a lienholder on your title, you have to keep full coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should keep full coverage in place.
The diagram below demonstrates how deductible levels can influence annual premium costs when getting quotes for cheap insurance for veterans. The premiums are based on a single male driver, comprehensive and collision coverage, and no other discounts are factored in.
A 40-year-old driver could save $316 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $476 by switching to a $1,000 deductible. Young drivers, like the Age 20 category, could save $1,044 every year by selecting a higher deductible. If you make the decision to raise deductibles, it will be necessary to have additional funds in a savings account to allow you to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Best insurance company in New Mexico
Insuring your vehicle with the highest-rated company can be rather challenging considering how many different companies sell coverage in New Mexico. The company information listed below may help you pick which providers to look at when trying to find the cheapest insurance for veterans.
These rankings are for large insurance companies, so companies that have a smaller presence will not be included in this list. If you would like to check rates from these top insurers and more, click here.
Top 10 Major Auto Insurance Providers in Albuquerque Ranked by Value
- USAA
- American Family
- The Hartford
- Titan Insurance
- The General
- AAA Insurance
- State Farm
- Nationwide
- Safeco
- Esurance
Tips for buying low-cost insurance for veterans
Lowering your rates is not difficult, and here are some of the recommended thrifty suggestions that can help you get lower-cost auto insurance.
- Full coverage is expensive so only insure older vehicles for liability only
- Avoid having at-fault accidents
- Bundle car and home insurance and save money
- Drive vehicles with five-star safety ratings
- Good credit can help you save money
- Compare rates regularly to ensure the best deal
The last tip in the list is remarkably significant, as was noted in this write-up. Rates can be changed at any time, so don’t be hesitant to buy from a different company if a better deal can be had. Many drivers have brand loyalty and that’s fine, but we do not recommend it if that faithfulness ends up costing you lots of hard earned cash every month. If you have a few minutes, compare rates and find cheaper auto insurance for veterans in Albuquerque.
The agencies below can help you decide which insurance coverage will be best for you, since many consumers aren’t sure which coverage to buy and prefer to have a professional recommendation when comparing insurance rates for veterans. It can be time-consuming to find the cheapest rate yourself, so a licensed agent can provide peace of mind knowing you have decent coverage if you have a claim.
To find an auto insurance agency by location nearest to you, click the button after the list or click here to get price quotes now.
- Paul Gallegos State Farm Insurance
5500 San Mateo Blvd NE #105 – Albuquerque, NM 87109 – (505) 883-2583 - Allstate Insurance: Valerie Muldez
8101 San Pedro Dr NE, Ste C1 – Albuquerque, NM 87113 – (505) 881-5056 - State Farm: Nancy Berch
2716 San Pedro Dr NE – Albuquerque, NM 87110 – (505) 881-1008