Based on 2024 premium data from Quadrant Information Services, Albuquerque drivers pay an average of $2,384 annually for full coverage car insurance — or $199 per month — and $621 for state-mandated minimum coverage. However, Bankrate’s insurance editorial team identified a few carriers that have average rates below the city averages. We determined that USAA, Geico and Progressive offer some of the best cheap car insurance in Albuquerque.

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Best cheap car insurance companies in Albuquerque

While some of the most affordable car insurance quotes in Albuquerque, NM come from USAA, Geico and Progressive, rates are not the only variable worth considering. Bankrate evaluated carries with a broad look at the factors that may be important to New Mexico drivers. These include available discounts, coverage options and ratings from the 2023 J.D. Power Auto Insurance Study. We also looked at digital tools and financial strength rankings from AM Best. These factors were used to assign each carrier a Bankrate Score out of 5 points. If you’re looking for cheap car insurance in Albuquerque, you may want to start with quotes from these companies.

Insurance company Bankrate Score J.D. Power score (Southwest region) Average annual premium for full coverage Average annual premium for minimum coverage
USAA 4.2 871/1,000* $1,528 $348
Geico 4.4 830/1,000 $1,556 $348
Progressive 4.4 809/1,000 $2,046 $354

*USAA is not technically ranked with J.D. Power due to eligibility restrictions.

USAA

USAA is well known for its outstanding customer service. The carrier earned the highest customer satisfaction score in the Southwest region of J.D. Power’s Auto Insurance Study, although it is not technically eligible for ranking as it only writes policies for active-duty military members, veterans and their eligible families. If you qualify for coverage, you might be interested in the carrier’s military-focused discounts and coverage options. For instance, savings may be available for garaging a vehicle on base. USAA has some of the lowest average rates in Albuquerque, but the carrier only offers quotes online or over the phone, so it may not be the best option for drivers who prefer to work with an agent in person.

Learn more: USAA Insurance review

Geico

Geico offers low average premiums in Albuquerque and a long list of potential discounts for additional savings. Policyholders may save extra with discounts for bundling, good students, military service, professional affiliation and enrolling in the carrier’s telematics program, DriveEasy. Geico scored above the industry average in the Southwest region of J.D. Power’s customer satisfaction study, but it does not offer as many endorsements as some competitors.

Learn more: Geico Insurance review

Progressive

Progressive’s Name Your Price tool puts the cost of insurance in its customers’ hands to help build a car insurance policy centered around their budget. From there, drivers can add other optional coverages, like a deductible savings bank that reduces the collision and comprehensive deductible by $50 for every claim-free policy period (subject to policy terms) and even rideshare coverage. However, Progressive scored slightly below the industry average in the Southwest region of J.D. Power’s customer satisfaction study.

Learn more: Progressive Insurance review

How to save money on car insurance in Albuquerque

Although Albuquerque’s average rates are lower than the national average, they are still high compared to 2024’s New Mexico average of $2,204 for full coverage and $520 for minimum coverage. If you’re looking to find cheap auto insurance in Albuquerque and keep your rate steady over time, you might consider the following strategies:

  • Shop around and compare quotes: Carriers have their own algorithms for determining car insurance rates, so comparing quotes from different companies may help you identify which can offer you the best rates for your circumstances and coverage needs.
  • Change your policy as needed: As your circumstances change, a different company may now offer a lower rate. For instance, if you get a speeding ticket, you may find that your current insurer no longer has the best policy price for you. It’s worth changing policies as needed to get the best rate — some insurers, like Progressive, will even contact your former insurance company on your behalf to cancel your old policy.
  • Maintain a clean driving record: Drivers with clean driving records typically see the cheapest insurance rates. Even a single speeding ticket may increase your rate considerably. In addition to lower average premiums, a clean driving record may earn you more savings through safe driving discounts.

Frequently asked questions

    • The best car insurance company may vary based on your preferences and rating factors. Car insurance companies in New Mexico use rating factors like your credit score, vehicle make and model, age and gender to determine rates. Comparing auto insurance quotes may help you identify the cheapest company for your coverage needs.
    • New Mexico has the fourth-highest rate of uninsured drivers in the U.S., according to 2019 data from the Insurance Information Institute (the most recent year for which analysis is available). The state has an uninsured driver rate of 21.8 percent, which may be why New Mexico car insurance companies are required to offer you uninsured and underinsured motorist coverage (although these can be denied in writing). Although this coverage is not technically mandated as part of the state’s minimum coverage requirements, Albuquerque drivers might benefit from these coverage additions, given the high rate of uninsured drivers in the state.
    • Yes, you are mandated by law to carry at least a minimum amount of car insurance in New Mexico. The state minimum is 25/50/10, which translates to $25,000 in bodily liability coverage per person per accident; $50,000 total bodily injury per accident; and $10,000 property damage liability. If you don’t carry adequate coverage, you will receive a notice of noncompliance from the MVD, and your vehicle registration will be suspended if you don’t fix the issue. The average cost of minimum coverage car insurance in Albuquerque is $404 a year. This is slightly higher than the state average of $346.

Methodology

Bankrate utilizes Quadrant Information Services to analyze January 2024 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.