Cheapest Car Insurance Quotes In Hobbs, NM For 2024

State Farm is recognized as the most affordable choice in Hobbs, with an average monthly rate of $30.

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Updated: 27 March 2024
Written by
Bob Phillips
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When searching for the most budget-friendly car insurance in Hobbs, NM, the options can vary, but one company, State Farm, stands out for its competitive rates. On average, residents can obtain car insurance for about $30 per month, significantly lower than the state’s average of $108.

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

Cheapest Car Insurance Companies In Hobbs, NM

Our Methodology

Based on a thorough analysis encompassing customer service ratings, product options, pricing, and evaluations from various online review platforms and user experiences, I've developed a comprehensive understanding of the car insurance provider landscape in Hobbs, NM. This perspective is informed by over 15 years of personal involvement in the industry as a licensed insurance agent. It's honed through numerous interactions with representatives from different companies and insights gained from firsthand experience.

65

Quotes Analyzed

15+

Years Of Industry Experience

22

Brands Reviewed

35+

Research Hours

How Much Is Car Insurance In Hobbs, NM?

State Farm provides the most affordable car insurance in Hobbs, NM, with coverage available for $105 per month.

Comparatively, its rates are significantly lower than the average rates in both the State of New Mexico and the entire United States, as illustrated in the table below:

Area Average Monthly Rate
National $152
New Mexico $108
Hobbs, NM $105

It’s important to note that the average national cost encompasses a wide range of states, including both high-cost states like New York, New Jersey, and California, and low-cost states like Mississippi, Kentucky, and Wyoming. Rates can vary significantly by location due to various factors such as vehicle type, coverage amount, zip code, driving record, and more.

Cheapest Car Insurance Rates In Hobbs For Seniors

Progressive offers the most affordable car insurance rates for seniors in Hobbs, with average quotes at $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 discover advantageous car insurance rates influenced by various beneficial factors. While age often plays a role in determining insurance rates, with older age sometimes associated with decreased driving ability, this stereotype doesn’t apply universally.

Cheapest Car Insurance Rates In Hobbs For Minimum Coverage

State Farm offers the most affordable car insurance for minimum coverage in Hobbs, with 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

A minimum car insurance policy should typically include the following:

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

Maintaining minimum car insurance offers basic protection while driving, covering liability for injuries and property damage. However, it lacks collision and comprehensive insurance, leaving your own vehicle unprotected in accidents, theft, or natural disasters.

In New Mexico, driving without insurance is illegal. If you fail to provide proof of insurance during a traffic stop, you could face penalties ranging from fines to license suspension or more severe consequences.

Cheapest Car Insurance Rates In Hobbs For Teenagers

Teenage drivers in Hobbs can obtain 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 due to their lack of experience behind the wheel. Insurance providers view 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 Hobbs For Full Coverage

State Farm offers the most affordable car insurance rates for full coverage in Hobbs, with average quotes at $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 offers comprehensive protection that extends beyond the basic legal requirements. This type of insurance usually combines comprehensive and collision coverages.

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

Cheapest Car Insurance Rates In Hobbs For Young Adults

USAA provides the most affordable quotes for young adults in Hobbs, 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 teenagers. 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 likely to file claims with insurance companies, reflecting a reduction in accident involvement. Consequently, insurers adjust premiums downward, acknowledging the improved safety records and decreased likelihood of claims from these more experienced drivers.

Cheapest Car Insurance Rates In Hobbs For Good Drivers

Good drivers in Hobbs can secure the most affordable car insurance quotes from State Farm, with rates averaging 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 Hobbs typically receive lower car insurance rates because they’re perceived as lower risk. Insurance companies use driving records as a way to gauge how safely a person drives. Fewer incidents, like accidents or traffic violations, suggest that the driver is cautious and less likely to file a claim.

Since insurers base their rates on the likelihood of a driver making a claim, a spotless driving record can lead to 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 Hobbs For Drivers With Prior Incidents

In Hobbs, drivers with records of traffic violations, including accidents, speeding, or DUIs, often face difficulties obtaining affordable car insurance. Such driving infractions lead insurance companies to label them as high-risk, a designation that comes with the expectation of a greater chance of filing future insurance claims.

Consequently, insurance providers adjust their rates upward for these individuals to mitigate the risk of incurring higher claim payouts.

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

State Farm is very cheap compared to other companies. The company offers average rates of $114 a 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 Hobbs For Drivers With An At-Fault Accident

State Farm offers the cheapest 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 Hobbs For Drivers After A DUI

Progressive is the company with the cheapest rates for drivers after a DUI. They offer Hobbs drivers 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 Hobbs

For drivers in Hobbs, choosing the right car insurance company is as much about finding affordable rates as it is about securing reliable protection on the road. Shown below are the top 10 car insurance companies in Hobbs, 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 Hobbs

Age Average Yearly Rate
Teenagers $3,600
20s $1,690
30s $1,200
40s $984
50s $984
60s $1,078
70s $1,174

Age is a significant factor in determining car insurance rates. Generally, younger drivers, particularly teens and young adults, face 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 typically start to decrease, assuming a clean driving record.

The most favorable insurance rates are often found for drivers in their 50s and early 60s. Insurance companies use age as a metric to gauge driving experience and risk potential, influencing the cost of premiums accordingly.

Average Car Insurance Rates By Vehicle Type In Hobbs

Vehicle Average Monthly Rate
Ford F250 $65
Honda Cr-V $122
Buick Encore $81
Cadillac Deville $78
Gmc Sierra $280

The type of vehicle you drive significantly influences your car insurance costs. Factors such as the make, model, year, and body type of the car are all taken into account by insurance companies. 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 consider these aspects because they directly impact the potential cost of claims – for instance, 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
Albuquerque $125
Gallup $94
Ruidoso $91
Alamogordo $84
Albuquerque $125
Artesia $102
Carlsbad $106
Los Alamos $98
Rio Rancho $123

The city where you reside has a significant impact on your car insurance rates. Insurance companies assess various factors related to your location, such as the likelihood of accidents, vehicle theft, and vandalism rates, which are typically higher in urban areas. This increased risk often leads to higher premiums.

FAQs

Who has the lowest car insurance rates in Hobbs?

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

What is the average cost of car insurance in Hobbs?

The average cost of car insurance in Hobbs is about $105 per month. Rates will vary based on your zip code, year and model of car, driving record, etc.

Sources

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