Auto insurance rates are influenced by your driving profile. State Farm is the cheapest option for minimum coverage and for drivers with a violation. Nationwide is the cheapest for full coverage policies as well as for young drivers, seniors, those with poor credit and sports car owners. The cheapest providers for teens and military personnel are Allstate and USAA, respectively.
MoneyGeek also evaluated the best auto insurance companies in Albuquerque that balance affordability and service.
Cheapest Car Insurance in Albuquerque, NM
Cheapest Minimum Coverage Car Insurance in Albuquerque
MoneyGeek found that the most affordable auto insurance for a minimum coverage policy in Albuquerque is offered by:
- State Farm: $357 per year
- Nationwide: $363 per year
Kemper is the most expensive company for minimum coverage, with rates around $805 per year. State Farm also offers the cheapest car insurance in New Mexico as of October 2022, with rates averaging $254 per year, meaning that car insurance in Albuquerque is more expensive than in other cities across the state.
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All minimum coverage auto insurance policies in New Mexico must include liability coverage in accordance with state law:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $10,000 property damage liability per accident
Drivers with a liability-only policy who are involved in an at-fault accident will only be covered for damages to the other car, driver and passengers. The insurance company will cover medical expenses for each passenger up to $25,000, for a maximum of $50,000 per accident. The driver who caused the accident will shoulder any costs that exceed these limits.
Cheapest Full Coverage Car Insurance in Albuquerque
The cheapest full coverage car insurance policies in Albuquerque are from:
- Nationwide: $810 per year
- State Farm: $856 per year
With rates averaging $1,951 per year, Kemper offers the priciest premiums for full coverage policies. As of October 2022, State Farm is the cheapest company for full coverage car insurance in New Mexico, with average rates of $644 per year, demonstrating how location can greatly impact auto insurance premiums.
A full coverage policy includes comprehensive and collision insurance on top of liability coverage.
- Collision insurance: Covers damages to your vehicle from collisions with objects and other cars.
- Comprehensive insurance: Offers protection against damage to your car in case of vandalism, severe weather and theft.
Opting for full coverage provides you with better protection and is generally recommended for most drivers. However, it might not be worth the extra money if you have an older car with a low value.
Compare minimum and full coverage policies.
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Cheaper insurers could pocket you hundreds of dollars per year.
Cheapest Car Insurance in Albuquerque After a Driving Offense
The most affordable car insurance companies following a driving violation in Albuquerque are:
- Speeding ticket: State Farm ($949 per year)
- At-fault accident: State Farm ($1,031 per year)
- DUI: State Farm ($949 per year)
Drivers can expect the most expensive quotes from Iowa Farm Bureau after a DUI ($2,488 per year) and from Kemper after an at-fault accident or speeding ticket ($2,488 and $2,334, respectively).
Poor driving records can significantly impact auto insurance premiums. In most cases, the cheapest rates for drivers with a violation will still be costly compared to rates for safe drivers.
Auto insurance rates generally increase depending on the severity of the violation. For example, getting a speeding ticket in Albuquerque will increase premiums by $227, while rates go up by $559 after a DUI. However, it's still possible to find cheap car insurance with a poor driving record.
Cheapest Car Insurance in Albuquerque for Teens and Their Families
Families looking to include teens on a family policy in Albuquerque will find the cheapest options with the following companies:
- Allstate: $1,972 per year for female teens; Nationwide at $2,168 for male teens
- Nationwide: $2,002 per year for female teens; Allstate at $2,191 for male teens
Kemper charges the most expensive rates at $6,491 per year for female teens and $6,926 for male teens. Auto insurance is often more expensive for male teens since they’re considered riskier drivers — male teens pay $219 more than female teens with Allstate in Albuquerque. However, this difference levels off as teens become young adults.
You can potentially save thousands of dollars per year by adding your teen to a family policy. In Albuquerque, a 16-year-old male teen would pay $3,057 more for a separate policy than if they were included on a family policy. Compare the different cheapest auto insurance options for teens to find the best policy for your household.
Cheapest Car Insurance in Albuquerque for Military Drivers
Veterans, active military members and their families can get the most affordable full coverage policies with these companies:
- USAA: $595 per year
- Nationwide: $810 per year
USAA also offers the cheapest minimum coverage insurance for military personnel, with average rates of $240 per year. State Farm is another affordable option at $357 per year.
How to Compare Cheap Albuquerque Car Insurance Quotes Online
It can take at least 15 minutes to get a quote from just one insurance provider, which can add up quickly if you're planning to compare estimates. You’ll also need to provide a lot of personal information. MoneyGeek’s auto insurance calculator can provide you with a quick estimate using basic details like your age, vehicle type, coverage level and driving record. We don’t give your information to car insurance companies, either.
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Cheapest Car Insurance in Albuquerque for Young Adults
The cheapest full coverage car insurance for young adults in Albuquerque is available from the following companies:
- Nationwide: $1,028 per year
- State Farm: $1,089 per year
Kemper has the most expensive premiums, costing around $2,223 per year. On average, 25-year-olds pay higher rates than 40-year-olds due to their relative lack of driving experience. In Albuquerque, young drivers can expect to pay roughly $1,443 per year, while middle-aged drivers pay around $1,210 per year.
Cheapest Car Insurance in Albuquerque for Seniors
The following companies offer the cheapest full coverage car insurance for seniors in Albuquerque:
- Nationwide: $733 per year
- State Farm: $781 per year
On the other hand, Kemper charges the priciest rates, averaging $1,942 per year. In Albuquerque, rates for seniors are slightly cheaper on average ($1,183 per year) than for 40-year-old drivers ($1,210 per year).
Cheapest Car Insurance in Albuquerque for Poor Credit
Drivers with poor credit in Albuquerque will find the cheapest full coverage policies from:
- Nationwide: $1,102 per year
- Allstate: $1,359 per year
Once again, Kemper has the priciest rates, averaging $2,347 per year. Auto insurance rates for Albuquerque drivers with poor credit are about 44% higher than those for drivers with good credit, corresponding to a difference of $537 per year. That said, you can still find affordable car insurance with bad credit.
Those with poor credit are seen as more likely to file a claim, so they end up having to pay higher rates. However, there are several ways to secure a lower rate if you have bad credit, including taking advantage of discounts, comparing multiple quotes and bundling your auto and home insurance policies. You can also work to improve your credit score over time, which will in turn lower your rates.
Cheapest Car Insurance in Albuquerque for Sports Cars
The cheapest full coverage car insurance providers for sports car drivers in Albuquerque are:
- Nationwide: $921 per year
- Farmers: $1,033 per year
Kemper is the most expensive company, with annual premiums averaging $2,539 per year. Your vehicle’s make and model can greatly influence the cost of your auto insurance. Albuquerque drivers with a standard car pay an average of $1,210 per year for car insurance, which is about $159 — or 13% — less than the average rate for those with a sports car.
We used a Ford Mustang in our study to reflect auto insurance rates for sports cars. However, rates can widely vary between different car models. Drivers with luxury, sports or electric vehicles tend to pay a higher average rate for car insurance — this also holds true in Albuquerque.
Average Cost of Car Insurance in Albuquerque
In Albuquerque, the average cost of car insurance for a full coverage policy is $1,210 per year. This is $184 more than the average cost of car insurance in New Mexico but slightly less than the national average cost of auto insurance of $1,265 per year. In addition, rates in Albuquerque are more expensive than in New Mexico's second-biggest city, Las Cruces.
A full coverage policy has a bodily injury liability limit of $100,000 per person and $300,000 per accident, plus $100,000 in property damage liability per accident.
About Mark Fitzpatrick