Average car insurance cost in Albuquerque, NM

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The average car insurance cost in Albuquerque, New Mexico is $2,231 per year, according to Insure.com data. This is $182 more than the average auto insurance cost in New Mexico and $336 more than the national average, as analyzed by Insure.com.

The rates can vary wildly depending on where they are filed. City demographics, including population density and average resident age, will affect how much money you spend on premiums which could make it cheaper or more expensive than other areas with different factors like accident rates, theft and vandalism rates, etc.

The article covers information on – the cheapest car insurance providers in Albuquerque, the average car insurance rates by age, gender and how much is car insurance in Albuquerque based on coverage limits. Whether you’re a new driver or have been driving for years, this article can help you find the best deal on cheap car insurance in Albuquerque. Read on to learn more.

Cheap car insurance companies in Albuquerque

At an average of $1,492 per year with full coverage limits of 100/300/100, Central Insurance provides the most affordable car insurance in Albuquerque.

Ranked as the second most affordable company in Albuquerque, Geico provides car insurance at $1,657 per year.

As previously noted, car insurance rates differ among companies due to variations in the factors used for calculating the rates. So, it is best to compare quotes from several insurers to secure affordable car insurance rates in Albuquerque that align with your needs before selecting a policy.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Albuquerque, New Mexico:

Read about the best car insurance companies.

Average car insurance cost in Albuquerque by coverage limits

In Albuquerque, the average car insurance rates the coverage levels are as follows:

• State minimum coverage: $543 per year (limits are 25/50/25)
• Liability only coverage: $820 per year (limits are 50/100/50)
• Full coverage: $2,231 per year (limits are 100/300/100)
• Non-owners coverage: $392 per year

In most states, drivers are required to have state minimum coverage to drive legally, although these requirements vary by state. However, it’s important to note that state minimum coverage does not provide coverage for any vehicles listed on your policy in the event of an at-fault accident.

To prevent compromising on coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage if you frequently borrow or rent a car but do not own one.

Average car insurance rates by gender in Albuquerque

Based on an analysis by Insure.com, female drivers in Albuquerque, New Mexico pay an average annual car insurance premium of $2,253. In comparison, male drivers pay $2,209 annually, which is $44 less than what female drivers pay.

According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Albuquerque

In Albuquerque, teenagers have the highest car insurance rates, at $6,923 per year or $577 per month. This higher rate is attributed to the increased risk of road accidents among teenagers (aged 16 to 19) due to their limited experience on the road, according to the Insurance Information Institute.

However, there are driving laws for teens to improve their driving habits. Additionally, the cost of teen insurance can be reduced by adding them to a parent’s auto insurance policy. As teens mature and establish a positive driving history, their car insurance rates are likely to decrease.

Young adults, pay an average of $3,463 annually for car insurance, which is $3,460 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in Albuquerque have car insurance rates of $2,227 and $2,278 per year, respectively. The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below shows the average annual rates for drivers of different age groups:

Car insurance rate trends in Albuquerque

If we look at the car insurance rates trends in Albuquerque, New Mexico, it was on an upward swing from 2022 to 2023. From 2022 to 2023, the rates increase overall by 27%, or $479.

The table below shows the trend for last four years:

Conclusion

Car insurance rates in Albuquerque are higher than the average rates in New Mexico. Drivers in Albuquerque can secure affordable car insurance by shopping around and utilizing available discounts. Additionally, many insurance companies offer bundling discounts for customers who purchase multiple policies from the same provider.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.