Skip to main content

The average annual cost of auto insurance in Albuquerque is $ 445 for minimum and $ 1,580 for full coverage, which is higher than the state average. Unfortunately, this is for good reason. Year after year, Albuquerque has the highest number of accidents and accidents than anywhere else in the state, according to a study conducted by the New Mexico Department of Transportation.

Obviously, Burqueños need strong, affordable auto insurance. To determine the best cheap car insurance companies in Albuquerque, we looked at customer satisfaction scores and the average cost of premiums, as well as any discounts available.

Best Auto Insurance in Albuquerque

We have determined that the following five companies have the best insurance in Albuquerque based on 2021 average premiums for minimum and full coverage auto insurance, according to data retrieved from Quadrant Information Services. We also took into account discounts, coverage options, and ratings from the 2021 Auto Insurance Study from JD Power, an independent customer satisfaction assessment company.

Insurance company JD Power Customer Satisfaction Score
(California)
Average annual premium for minimum coverage Average annual premium for full coverage
Farmers 802/1000 $ 520 $ 1,500
Geico 829 / 1,000 $ 415 $ 1,586
Progressive 835 / 1,000 $ 523 $ 1,641
State farm 847 / 1,000 $ 465 $ 1,712
Allstate 822 / 1,000 $ 467 $ 1,839

Farmers

Farmers offers multi-faceted auto insurance protection, including towing service, loss-of-use coverage, rental car reimbursement, rideshare insurance, and personalized equipment coverage if you are. have a personalized or luxury vehicle. If you have a new car, Farmers offers new vehicle insurance and hybrid and electric car coverage, but if you have an older vehicle, find out about discounts for your recent model vehicle.

Learn more: Farmers Insurance Review

Geico

Geico is a great company for its low average premiums and great customer service, according to scores from JD Power’s annual auto insurance survey. It also happens to offer some of the best auto insurance discounts in the industry, many of which offer significant savings. Geico’s mobile app allows customers to review and make changes to their account, request roadside assistance, pay bills, file a claim, and check the status of a claim.

Learn more: Geico Assurance Review

Progressive

Progressive is giving Geico a run for its money when it comes to the number of discounts it offers. Just about any driver should be able to find a discount they can use immediately after becoming a customer and many other discounts they can use with just a little effort, such as taking a defensive driving course. Plus, if you’re looking to bundle tenant, condo, or home insurance together, you may be able to save even more with Progressive.

Learn more: Gradual review of insurance

State farm

State Farm is an up-to-date business with all of today’s innovations and technologies. It offers a great app that you can use to do whatever you need on your account, and it also has what it calls its Drive Safe and Save app. With this smartphone app, available for iOS and Android devices, you can let State Farm monitor your driving habits. If he likes what he sees, you can get a discount on your monthly payments.

Learn more: Review of State Agricultural Insurance

Allstate

Allstate offers big discounts for all types of drivers, but it’s especially great to have if you’re a student or a parent of a student. You can save money by going to college over 100 miles away without your car, taking the teenSMART driver education program, or getting a GPA of 2.7 or higher.

Learn more: Allstate Insurance Review

Cheapest car insurance in Albuquerque

The average annual cost of auto insurance in New Mexico is $ 337 for minimum liability coverage and $ 1,388 for full coverage. This means that drivers in Albuquerque pay $ 108 more for minimum coverage and $ 192 more on average. Both types of coverage are therefore considerably more important and warrant looking for the cheapest car insurance in Albuquerque.

Our research has shown that the following companies offer the cheapest auto insurance in Albuquerque, New Mexico:

Insurance company Average annual premium for minimum coverage Average annual premium for full coverage
United States $ 305 $ 1,238
Farmers $ 520 $ 1,500
Geico $ 415 $ 1,586
State farm $ 465 $ 1,712
Allstate $ 467 $ 1,839

USAA may be the best company to work with if you are or were in the military because it only works with former and current service members and their immediate family members. Geico, State Farm, and Allstate all offer a plethora of discounts and have the latest and greatest apps for use with iOS or Android. Farmers is a great company to work with if you are looking for personalized coverage with lots of discounts to save money.

Our two cents is that if you are looking for the best car insurance quotes in Albuquerque, these are options to consider.

Insurance Requirements for Albuquerque

New Mexico requires all drivers must have a 25/50/10 policy. This means that if you are involved in an accident and are at fault, your auto insurance company must provide liability coverage for up to:

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

However, insurance experts recommend buying more than basic liability. Any damage you inflict that exceeds your policy limits will have to be paid for out of pocket. This is done quite easily with property damage alone when you consider that most new cars cost well over $ 30,000.

Your lender may also require coverage greater than the minimum coverage if you plan to lease or finance a new car. Therefore, when shopping, be sure to compare the costs of full coverage. The company that offers you the lowest price with minimum coverage may not offer you the lowest cost with a full coverage policy.

Discounts on auto insurance in Albuquerque

When shopping, compare quotes and discounts available. A business’s discounts can make it the cheapest business once they are applied.

Here are the discounts we recommend you pursue in Albuquerque:

  • Fully paid: Many companies offer up to 10% cashback for the full payment of your premium. This means that a policy of $ 1,800 will benefit from a discount of $ 180 once the annual premium is paid. It’s money you would pay anyway, so if you can afford it, you can save more than a few dollars.
  • Multi-car: If you have more than one vehicle to insure, you may want to ask your insurer for multi-vehicle discounts. The savings you might receive can be up to 25%.
  • Anti-theft: Installing an anti-theft device in your car can save you up to 15%. Just keep an eye on the monthly security system costs (if any). Ideally, you want the savings to be greater than the monthly cost.
  • Package: It is often a good idea to combine tenant, owner-occupant or co-owner insurance with your automobile policy. If you are considering doing this, be sure to speak with an agent at each company to see which one will save you the most money while still meeting your insurance needs.

Frequently Asked Questions

What is the best auto insurance company?

The best auto insurance company will depend on several factors. Most auto insurance companies use scoring factors such as your credit rating, vehicle make and model, age, and gender, although some states do not allow the rating to be taken into account. credit or gender in your auto insurance rates. To find the best policy for you, be sure to collect multiple quotes so you can compare multiple providers.

Does Albuquerque have a lot of uninsured drivers?

No information is available specifically for Albuquerque, but there is information for New Mexico. Currently, New Mexico is the fourth largest state for uninsured drivers according to a recent study conducted by the Insurance Information Institute, with 21.8% of drivers driving without insurance. Uninsured / Underinsured Motorist Coverage provides coverage for you and your passengers if you are struck by a driver with no or insufficient insurance, and insurers in New Mexico are required to provide this coverage to you. While it is possible to refuse coverage, most insurance experts strongly encourage it.

Methodology

Bankrate uses Quadrant Information Services to analyze rates for all postal codes and carriers in the 50 states and Washington, DC. limits:

  • $ 100,000 of civil liability for bodily injury per person
  • $ 300,000 liability for bodily injury per accident
  • Civil liability for property damage of $ 50,000 per accident
  • $ 100,000 in bodily injury caused by an uninsured motorist per person
  • $ 300,000 in uninsured bodily injury per accident to a motorist
  • $ 500 collision deductible
  • Global deductible of $ 500

To determine the minimum coverage limits, Bankrate used minimum coverage that meets the requirements of each state. Our sample drivers own a 2019 Toyota Camry, commute five days a week, and travel 12,000 miles a year.

These are sample rates and should only be used for comparison purposes. Your quotes may be different.

Source link