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

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Clearly, Burqueños need both strong and affordable car 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 available discounts.

Best car insurance in Albuquerque

We determined the following five companies to offer the best insurance in Albuquerque based on the average 2021 premiums for both minimum and full coverage car insurance, according to data pulled from Quadrant Information Services. We also considered discounts, coverage options and ratings from the 2021 Auto Insurance Study from J.D. Power, an independent third party customer satisfaction review company.

Insurance company J.D. Power customer satisfaction score
Average annual premium for minimum coverage Average annual premium for full coverage
Farmers 802 / 1,000 $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 offers multi-faceted car insurance protection, including towing service, loss of use coverage, rental car reimbursement, rideshare insurance and customized equipment coverage if you have a custom 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, ask about discounts for your late model vehicle.

Learn more: Farmers Insurance review


Geico is a great company for low average premiums and great customer service, according to scores from J.D. Power’s annual auto insurance study. It also happens to offer some of the best car insurance discounts in the industry, many of which offer significant savings. Geico’s mobile app enables 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 Insurance review


Progressive gives 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 numerous other discounts they can use with only a small amount of effort, such as taking a defensive driving course. Furthermore, if you are in the market to bundle either renters insurance, condo insurance or homeowners insurance, you may be able to save even more with Progressive.

Learn more: Progressive Insurance review

State Farm

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

Learn more: State Farm Insurance review


Allstate offers significant discounts for all types of drivers, but is especially good to have if you are either a student or parent of a student. You can save money when going to college 100+ miles away without your car, completing the teenSMART driver education program or getting a GPA of 2.7 or above.

Learn more: Allstate Insurance review

Cheapest car insurance in Albuquerque

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

Our research showed that the following companies offer the cheapest car insurance in Albuquerque, New Mexico:

Insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $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 military and their immediate family members. Geico, State Farm and Allstate all offer a multitude of discounts and have the most current, and up-to-date apps to use with either iOS or Android. Farmers is a great company to work with if you are looking for custom 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.

Albuquerque insurance requirements

New Mexico requires all drivers to have a 25/50/10 policy. This means that if you get into an accident and are found to be at fault, your car 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 purchasing more than basic liability. Any damages you inflict that equal more than your policy limits will have to be paid by you out of pocket. This is quite easily done with property damage alone when you consider that most new cars cost well over $30k.

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

Car insurance discounts in Albuquerque

When shopping around, compare quotes and available discounts. A company’s discounts may make them the cheapest company once they are applied.

Here are the discounts we recommend pursuing in Albuquerque:

  • Paid-in-full: Many companies offer up to a 10% discount for paying your premium in full. This means that an $1,800 policy will receive a discount of $180 after the yearly premium is paid off. It is money you would pay anyway, so if you can afford to do it, you may save more than a few bucks.
  • Multi-car: If you have more than one vehicle to insure, you may want to ask your insurer about multi-vehicle discounts. The savings you could receive may be as high as 25%.
  • Anti-theft: Having an anti-theft device installed in your car may get you savings as high as 15%. Just keep an eye on monthly costs for the security system (if there are any). Ideally, you want the savings to equal more than the monthly cost.
  • Bundle: It often makes sense to bundle renters, homeowners or condo insurance with your auto policy. If you plan to do this, make sure you speak with an agent at each company to see which will give you the most savings while still fulfilling your insurance needs.

Frequently asked questions

What is the best car insurance company?

The best car insurance company will depend on several factors. Most car insurance companies use rating factors like your credit score, vehicle make and model, your age and gender, although some states do not allow credit score or gender to be factored into your car 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 for New Mexico. Currently, New Mexico is the fourth highest state for uninsured drivers according to a recent study conducted by the Insurance Information Institute, with 21.8% of drivers driving uninsured. Uninsured/ underinsured motorist coverage provides coverage for you and your passengers if you are hit by a driver with no insurance or not enough insurance, and insurers in New Mexico are required to offer you this coverage. While it is possible to reject the coverage, most insurance experts strongly encourage it.


Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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 coverages that meet each state’s requirements. Our sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

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