Best cheap car insurance in Albuquerque

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The average cost for 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.

Clearly, Burqueños need both strong and affordable car insurance. To determine the best cheap car insurance in Albuquerque, we looked at customer satisfaction scores, average cost for premiums, as well as available discounts.

Best car insurance in Albuquerque

Looking at J.D. Power (an independent third party customer satisfaction review company), average premiums for both minimum and full coverage, as well as discounts, we determined the following five companies to offer the best insurance in Albuquerque.

Insurance company J.D. Power customer satisfaction score Average annual premium for minimum coverage Average annual premium for full coverage
Allstate 830 / 1,000 $467 $1,839
Geico 834 / 1,000 $415 $1,586
Metlife 821 / 1,000 $391 $1,360
Progressive 803 / 1,000 $523 $1,641
State Farm 826 / 1,000 $465 $1,712

Allstate

Allstate has a solid customer service department and has naturally low rates. It offers significant discounts for all types of drivers, but is especially good to have if you’re either a student or parent of a student. Save money when going to college, completing the teenSMART driver education program or getting a GPA of 2.7 or above.

Geico

Geico is a great company for naturally low premiums and awesome customer service. It also happens to offer some of the most 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.

Metlife

Metlife has some of the cheapest rates in the insurance industry as well as some of the highest customer satisfaction scores, too. Opt to bundle another type of policy with them (such as homeowners), and they say you’ll likely save around $591 a year. Metlife’s app, My Journey, helps prevent distracted driving.

Progressive

Progressive gives Geico a run for its money when it comes to the amount of discounts it offers. Just about any driver should be able find a discount they can use immediately after becoming a customer, as well as 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, condo, or homeowners insurance, you’ll be able to save even more with Progressive.

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 can get a discount on your monthly payments.

Cheapest car insurance in Albuquerque

The average cost of car insurance in New Mexico is $337 for minimum coverage and $1,388 for full. This means that drivers in Albuquerque pay $108 more for minimum and $192 more full. 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
Metlife $391 $1,360
Geico $415 $1,586
State Farm $465 $1,712
Allstate $467 $1,839

As far as specifics: USAA is the best company to work with if you are or were in the military (in fact, they only work with former and current military and their immediate family members). Geico, State Farm and Allstate all offer a multitude of discounts as well as have the most current, and up-to-date apps to use with either iOS or Android. Metlife is a great company to work with if you’re looking to bundle multiple policies together to save money.

Our two cents is that if you’re looking for the best car insurance quotes in Albuquerque, you should give these companies a shot.

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 provider must cover 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, you should strongly consider 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 dealership will also require more than minimum coverage if you plan to lease or finance a new car. Therefore, when shopping around, make sure you’re comparing full coverage costs. The company that offers you the lowest minimum coverage may not offer you the lowest full coverage package.

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’re applied.

Here are the discounts we recommend pursuing in Albuquerque:

  • Paid-in-full: Many companies offer 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’s money you would pay anyway, so if you can afford to do it, you’ll safe more than a few bucks.
  • Multi-car: It rarely makes sense to shop around if you need to insure more than one vehicle, whether you have a spouse or not. The savings you’ll receive are often 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 always makes sense to bundle renters, homeowners or condo insurance with your auto policy. The savings are usually quite significant. 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. Many carriers offer savings as high as 25% for bundling.

Frequently asked questions

What is the best car insurance company?

Based on our research, the best company for most of the United States is Amica Mutual. Of course, there are a lot of criteria to consider when choosing the best provider (some of which may not be as important to you).

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 third highest state for uninsured drivers according to a recent study conducted by the Insurance Information Institute, with 20.8% of drivers driving uninsured. If you can afford uninsured/ underinsured motorist coverage, strongly consider adding this to your policy.

Methodology

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 2018 Honda Accord, 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.