Average car insurance cost in Rio Rancho, NM

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

Based on an analysis by Insure.com, the typical car insurance expense in Rio Rancho, New Mexico is $2,146 annually. Furthermore, car insurance premiums in Rio Rancho are $97 more than compared to the state average in New Mexico and $251 more than the national average.

Car insurance premiums differ widely depending on the location, city demographics, population density, average resident age, accident rates, and theft and vandalism.

This article looks at the most affordable car insurance companies in Rio Rancho, the average car insurance rates by age and gender, and the costs in Rio Rancho based on coverage limits.

Whether you’re a new or experienced driver, this article will guide you in finding the most affordable car insurance in Rio Rancho. Keep reading to learn more.

Cheap car insurance companies in Rio Rancho

At an average of $1,378 per year with full coverage limits of 100/300/100, Central Insurance provides the most affordable car insurance in Rio Rancho.

Ranked as the second most affordable company in Rio Rancho, Geico provides car insurance at $1,600 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 Rio Rancho 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 Rio Rancho, New Mexico:

Read about the best car insurance companies.

Average car insurance cost in Rio Rancho by coverage limits

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

• State minimum coverage: $528 per year (limits are 25/50/25)
• Liability only coverage: $802 per year (limits are 50/100/50)
• Full coverage: $2,146 per year (limits are 100/300/100)
• Non-owners coverage: $374 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 Rio Rancho

Based on an analysis by Insure.com, female drivers in Rio Rancho, New Mexico pay an average annual car insurance premium of $2,250. In comparison, male drivers pay $2,032 annually, which is $218 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 Rio Rancho

Car insurance rates in Rio Rancho, are highest for teens at $7,115 per year or $593 per month. According to the Insurance Information Institute, the rates are higher for teens (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road. To address this, there are specific driving laws for teens to help them drive better. Additionally, parents can potentially reduce teen insurance rates by adding them to their existing auto insurance policy.

As teens age and build a positive driving history, it’s common for car insurance rates to decline. Young adults typically pay $3,273 annually for their car insurance, which is $3,842 less than what teens pay for their insurance coverage.

In Rio Rancho, adult drivers pay an average of $2,101 per year for car insurance, while senior drivers pay $2,169 annually.

The rates for adults and seniors are notably lower compared to the rates for teens and young adults as they are more likely to obey the speed limits and follow the rules of the road, as per the Insurance Information Institute.

Read more on auto insurance for seniors.

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

Car insurance rate trends in Rio Rancho

If we look at the car insurance rates trends in Rio Rancho, New Mexico, it was on an upward swing from 2022 to 2023. From 2022 to 2023, the rates increase overall by 33%, or $530.

The table below shows the trend for last four years:

Conclusion

In conclusion, the insurance rates in Rio Rancho, are higher than the average insurance cost in New Mexico. Shopping around and taking advantage of available discounts, drivers in Rio Rancho can find affordable car insurance options. Additionally, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

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

 

 . .

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.