Cheapest Car Insurance Quotes In Albuquerque, NM For 2024

In Albuquerque, State Farm is the most affordable option, offering an average rate of $30 per month.

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Updated: 01 April 2024
Written by
Bob Phillips
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When searching for the most budget-friendly car insurance in Albuquerque, NM, the options can vary, but one company stands out for its competitive rates: State Farm. On average, residents can obtain car insurance for about $30 per month, significantly lower than the state’s average of $108.

For those in need of the most affordable liability-only coverage, State Farm is the top choice. Additionally, drivers seeking more comprehensive protection will find that State Farm offers the best rates for full coverage policies, priced at $106 a month. However, USAA provides the cheapest rates for young drivers, coming in at $106 per month.

Cheapest Car Insurance Companies In Albuquerque, NM

Cheapest Car Insurance, Albuquerque, NM

Our Methodology

Utilizing a comprehensive analysis that considers various aspects including customer service ratings, product offerings, pricing, and a thorough examination of multiple online review platforms and user feedback, I've developed a detailed understanding of the car insurance provider landscape in Albuquerque, NM. This perspective is well-informed, drawing from over 15 years of active engagement in the industry as a licensed insurance agent. It encompasses numerous interactions with representatives from different companies and insights gained from firsthand experiences.

65

Quotes Analyzed

15+

Years Of Industry Experience

22

Brands Reviewed

35+

Research Hours

How Much Is Car Insurance In Albuquerque, NM?

State Farm provides the most affordable car insurance in Albuquerque, NM, with coverage available for $125 per month.

As illustrated in the table below, rates are notably lower than the average rates in both the State of New Mexico and the entire United States:

Area Average Monthly Rate
National $152
New Mexico $108
Albuquerque, NM $125

It’s important to consider that the average national cost incorporates both high-cost states (like New York, New Jersey, and California) and low-cost states (such as Mississippi, Kentucky, and Wyoming). Rates vary by location due to various factors, including vehicle type, coverage amount, zip code, driving record, and more.

Cheapest Car Insurance Rates In Albuquerque For Minimum Coverage

State Farm stands out as the most affordable car insurance company for minimum coverage in Albuquerque, offering an average monthly cost of $30.

Provider Average Monthly Cost Average Annual Cost
State Farm $30 $358
Progressive $42 $500
Farm Bureau $43 $514
GEICO $48 $574
Progressive $49 $581

The minimum car insurance policy should include at least the following coverage limits:

  • $25,000 for bodily injury per person
  • $50,000 for bodily injury per accident
  • $10,000 for property damage per accident

Having minimum car insurance offers some protection while driving, but it does not include collision or comprehensive insurance. This means damages to your own vehicle in accidents or incidents like theft and natural disasters won’t be covered.

Driving without insurance is illegal in New Mexico. Failing to provide proof of insurance during a traffic stop can lead to various penalties, ranging from fines to license suspension or more severe consequences.

Cheapest Car Insurance Rates In Albuquerque For Teenagers

Teenage drivers in Albuquerque can secure the most affordable quotes from USAA, with average monthly premiums of $208.

Provider Average Monthly Cost Average Annual Cost
Central Mutual $290 $3,478
Farm Bureau Mutual $324 $3,886
Allstate $410 $4,918
USAA $208 $2,494
State Farm $257 $3,082

Teenage drivers typically encounter the highest car insurance premiums primarily due to their lack of experience behind the wheel. Insurance providers classify these young motorists as a high-risk category because they statistically have a higher likelihood of being involved in accidents and committing traffic infractions.

Cheapest Car Insurance Rates In Albuquerque For Seniors

Progressive offers the most budget-friendly car insurance rates for seniors in Albuquerque, with average quotes averaging $65 per month.

Provider Average Monthly Cost Average Annual Cost
Progressive $65 $778
GEICO $92 $1,095
State Farm $93 $1,107
Kemper $101 $1,213
Allstate $104 $1,249

In New Mexico, numerous seniors may benefit from advantageous car insurance rates influenced by various beneficial factors. While age often plays a role in insurance rate determinations, with older age sometimes associated with decreased driving ability, this stereotype doesn’t apply universally.

Cheapest Car Insurance Rates In Albuquerque For Full Coverage

State Farm offers the most affordable car insurance rates for full coverage in Albuquerque, with average quotes averaging $106 per month.

Provider Average Monthly Cost Average Annual Cost
State Farm $106 $1,270
GEICO $170 $2,038
Progressive $127 $1,522
Allstate $198 $2,374
Farmers $230 $2,758

Full coverage car insurance provides comprehensive protection beyond the basic coverage mandated by law. This type of insurance typically combines comprehensive and collision coverages.

Comprehensive coverage protects against non-collision incidents such as theft, vandalism, or natural disasters. Meanwhile, collision coverage provides financial protection for vehicle damages resulting from accidents, regardless of fault.

Cheapest Car Insurance Rates In Albuquerque For Young Adults

USAA provides the most budget-friendly quotes for young adults in Albuquerque, with rates averaging around $106 per month.

Provider Average Monthly Cost Average Annual Cost
State Farm $118 $1,414
Farm Bureau Mutual $162 $1,942
Central Mutual $174 $2,086
Metropolitan $177 $2,122
USAA $106 $1,270

In New Mexico, young adult drivers generally enjoy lower car insurance rates compared to their teenage counterparts. This difference in pricing is attributed to the maturation of driving habits and a corresponding decrease in risk-taking behaviors as drivers age.

Statistically, young adults are less inclined to file claims with insurance companies, indicating a decrease in accident involvement. As a result, insurers lower premiums, acknowledging the improved safety records and reduced likelihood of claims from these more experienced drivers.

Cheapest Car Insurance Rates In Albuquerque For Good Drivers

In Albuquerque, good drivers can obtain the most affordable car insurance quotes from State Farm, priced at around $30 per month.

Provider Average Monthly Cost Average Annual Cost
State Farm $30 $358
Progressive $42 $500
Farm Bureau $43 $514
GEICO $48 $574
Progressive $49 $581

Drivers with clean driving records in Albuquerque usually enjoy lower car insurance rates because they’re perceived as lower risk. Insurance companies use driving records to assess how safely individuals drive. Fewer incidents, such as accidents or traffic violations, indicate that the driver is cautious and less likely to file a claim.

Insurers determine rates based on the likelihood of a driver making a claim. A spotless driving record can result in significant savings on premiums. It’s all about risk assessment: the cleaner the record, the lower the perceived risk, and consequently, the lower the insurance cost.

Cheapest Car Insurance Rates In Albuquerque For Drivers With Prior Incidents

In Albuquerque, drivers with records of traffic violations, such as accidents, speeding tickets, or DUIs, often encounter challenges in securing affordable car insurance. These driving infractions prompt insurance companies to classify them as high-risk, anticipating a higher likelihood of future insurance claims.

As a result, insurance providers raise their rates for these individuals to offset the risk of potential higher claim payouts.

Cheapest Car Insurance Rates In Albuquerque For Drivers With A Speeding Ticket

State Farm stands out for its affordability compared to other companies, offering average rates of $114 per month.

Provider Average Monthly Cost Average Annual Cost
State Farm $114 $1,366
Farm Bureau $241 $2,890
Geico $212 $2,542
Allstate $220 $2,638
Progressive $184 $2,204

Cheapest Car Insurance Rates In Albuquerque For Drivers With An At-Fault Accident

State Farm provides the most budget-friendly car insurance quotes for drivers with an at-fault incident, with an average rate of $122 per month.

Provider Average Monthly Cost Average Annual Cost
State Farm $122 $1,462
Farm Bureau $292 $3,502
Geico $303 $3,634
Progressive $185 $2,218
Allstate $302 $3,622

Cheapest Car Insurance Rates In Albuquerque For Drivers After A DUI

Progressive offers the most affordable rates for drivers after a DUI in Albuquerque, with average monthly premiums of $152.

Provider Average Monthly Cost Average Annual Cost
Progressive $152 $1,822
State Farm $269 $3,286
Farmers $319 $3,623
Geico $337 $4,042
Farm Bureau $380 $4,558

Best Car Insurance Companies In Albuquerque

For drivers in Albuquerque, selecting the right car insurance company involves finding affordable rates while ensuring reliable protection on the road. Below are the top 10 car insurance companies in Albuquerque, NM, ranked by the average monthly rate they offer:

Company Monthly Premium
Metropolitan $116
Central Mutual $134
Allstate $167
Farmers $190
Kemper Auto $74
State Farm $89
Farm Bureau Mutual $120
Allied $144
Safeco $172
USAA $82

Average Car Insurance Rates By Age In Albuquerque

Age Average Yearly Rate
Teenagers $3068
20s $1,690
30s $1,200
40s $984
50s $984
60s $1,078
70s $1,174

Age plays a significant role in determining car insurance rates. Typically, younger drivers, especially teens and young adults, encounter higher insurance premiums due to their inexperience and statistically higher likelihood of accidents and traffic violations. As drivers reach the age of 25, their rates usually begin to decrease, assuming they maintain a clean driving record.

The most favorable insurance rates are often offered to drivers in their 50s and early 60s. Insurance companies utilize age as a metric to assess driving experience and risk potential, thereby adjusting the cost of premiums accordingly.

Average Car Insurance Rates By Vehicle Type In Albuquerque

Vehicle Average Monthly Rate
Chevrolet Cruze $247
Ford Edge $64
Toyota Corolla $297
Dodge Dart $466
Gmc Sierra $278

The type of vehicle you drive significantly affects your car insurance costs. Insurance companies consider factors such as the make, model, year, and body type of the car. Typically, newer vehicles, especially luxury models with advanced technology and higher replacement costs, tend to have higher insurance rates.

Conversely, older cars or those less expensive to repair or replace may attract lower premiums. Insurers take these aspects into account because they directly impact the potential cost of claims. For example, repairs for a high-end car are generally more costly than for a standard vehicle. Additionally, certain car models known for safety may qualify for lower insurance rates due to a reduced risk of accidents and injuries.

How Much Is Car Insurance For Other Cities In New Mexico?

City Average Monthly Rate
Roswell $98
Hobbs $105
Gallup $94
Ruidoso $91
Alamogordo $84
Albuquerque $125
Artesia $102
Carlsbad $106
Los Alamos $98
Rio Rancho $123

The city where you live has a considerable impact on your car insurance rates. Insurance companies evaluate various factors related to your location, such as the likelihood of accidents, vehicle theft, and vandalism rates. These factors are typically higher in urban areas, leading to increased risk and, consequently, higher premiums.

FAQs

Who has the lowest car insurance rates in Albuquerque?

The lowest car insurance rates in Albuquerque are provided by State Farm for both the minimum coverage required by the State of New Mexico and for full coverage, which includes comprehensive and collision coverage.

What is the average cost of car insurance in Albuquerque?

The average cost of car insurance in Albuquerque is approximately $105 per month. However, rates can vary based on factors such as your zip code, the year and model of your car, your driving record, and other relevant details.

Sources

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