Albuquerque has the same average car insurance rate as New Mexico, at $1,133 per year. The cheapest insurer in the city is MetLife, with an average cost of $910 per year. To help you secure quality service and affordable costs, MoneyGeek ranked the best insurance companies based on coverage levels and driving history.
Compare the Cheapest Car Insurance Quotes in Albuquerque, NM
The Cheapest and Best Car Insurance in Albuquerque
The Cheapest Car Insurance Companies in Albuquerque
For a full coverage policy, the cheapest insurers in Albuquerque on average are:
- MetLife: $910 per year
- State Farm: $1,044 per year
To carry out this study, MoneyGeek collected average car insurance rates for a sample driver with a full coverage policy, which includes both liability coverage and comprehensive and collision insurance.
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Average Cost of Car Insurance in Albuquerque
The average annual cost of car insurance in both Albuquerque and in the state of New Mexico is $1,133. The average car insurance rate in Albuquerque is slightly lower than the national average. Drivers in Albuquerque pay around 20.5% less than the national average cost of auto coverage.
The Best Car Insurance Companies in Albuquerque
To help drivers in Albuquerque find car insurance providers that balance quality service and low rates, MoneyGeek scored the best companies based on several factors. Based on our exclusive rating system, the best auto insurance carriers in the city for most drivers are:
- State Farm: MoneyGeek score of 90 out of 100
- GEICO: MoneyGeek score of 90 out of 100
USAA received the highest score in Albuquerque by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
MoneyGeek obtained the scores out of 100 using several factors, including J.D. Power’s affordability, user satisfaction and financial stability ratings.
Personalized Quotes to Get You the Cheapest Car Insurance in Albuquerque
Since the concept of auto coverage is all about providing financial protection against car-related risks, car insurance companies in Albuquerque look into several factors that can affect your car insurance quotes. Some of these factors include age, gender, marital status, ZIP code and make and model of the vehicle, among others.
For instance, in Albuquerque, a car insurance policy from State Farm for an 18-year-old driver is nearly three times more expensive than similar coverage for a 70-year-old driver. As your circumstances may change over time, it’s recommended that you frequently request a personalized quote so you can purchase a car insurance plan that’s best suited to your current needs.
Shopping around for car insurance in Albuquerque could save you $223, which is enough to buy:
Cheapest Car Insurance in Albuquerque by Coverage Amount
In Albuquerque and elsewhere, the amount of coverage you purchase determines the cost of your car insurance policy. For example, a minimum liability policy costs an average of $590 per year, while a full coverage policy with higher coverage limits costs roughly $1,133 annually. That is a difference of $543.
New Mexico Minimum Liability Requirements
- Bodily Injury and Property Damage$25,000 per person, $50,000 per accident and $10,000 for property damage. A more protective level is 100/300/100.
The more extensive your car insurance policy is, the costlier it will be. For example, in New Mexico, the state minimum requirement for auto coverage is 25/50/10.
MetLife offers both a 25/50/10 liability-only policy and also a 50/100/50 full-coverage plan. A 25/50/10 liability-only coverage plan covers $25,000 worth of injury liability for one person, totaling $50,000 per vehicle, along with a $10,000 limit for property damage repair.
A 50/100/50 full-coverage plan from MetLife, which also covers your own expenses in case of an accident, costs about $480 more than a 25/50/10 liability-only policy. This cost is because it provides more coverage and its limits are higher, with coverage of up to $50,000 worth of injury liability for one person, with a total of $100,000 per vehicle, along with a $50,000 limit for property damage.
Average Car Insurance Premiums: Liability-Only vs. Full Coverage
- CompanyState Minimumper year50 / 100 / 50per year
- Company50 / 100 / 50per year100 / 300 / 100per year
Cheapest Car Insurance in Albuquerque if You Have Driving Violations
A driver looking for cheap car insurance in Albuquerque may be interested to find out that they can get a more affordable rate if they have a clean driving record. For instance, in Albuquerque, Progressive policyholders with a clean driving record will pay an average of $402 less per year for their car insurance than drivers with a speeding ticket.
A DUI on a driver’s record is also considered, as MetLife policyholders in Albuquerque with a DUI will pay an average of $1,326 more for their car insurance policy than drivers with a clean record.
- CompanySpeeding Ticketper yearAt-Fault Accidentper yearDUIper year
Average Cost of Car Insurance by Postal Code
Not all neighborhood's auto insurance rates are the same. Different neighborhoods have different risks associated with them, so car insurance companies in Albuquerque consider your specific place of residence when they determine your rate. For instance, policyholders living in Albuquerque's most affordable neighborhood for auto coverage, 87114, will pay almost $140 less in annual car insurance premiums than car insurance policyholders living in ZIP code 87121.
- Zip CodeState Minimumper year
Factors That Impact Insurance Costs in Albuquerque
In addition to individual driver needs and history, location-specific factors like the percentage of uninsured motorists and the rate of fatal accidents also contribute to car insurance rates in Albuquerque. How Albuquerque ranks compared to the 300 most populous cities in the United States can have a significant impact on premium costs.
Methodology and Assumptions
MoneyGeek’s average premium rates for Albuquerque are based on 100/300/100 comprehensive collision coverage with a $1,000 deductible for a 40-year-old male driver. The average driver profiled drives a 2010 Toyota Camry LE and has no tickets or accidents on their record. Additional premiums are added based on coverage type, location and driving record. Learn more about MoneyGeek’s data and methodology here.
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