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Albuquerque drivers have become used to paying a little bit more for their car insurance. Minimum-coverage car insurance in Albuquerque costs an average of $113, which is 14% more per month than the New Mexico average of $145.
The higher rates may be, in part, due to the fact that Albuquerque is one of the most dangerous cities for drivers. In 2022, the state ranked among the 10 U.S. cities with the highest rate of fatal car crashes, with 4.65 deaths per 100,000 residents, according to Teletrac Navman, based on an analysis of National Highway Transportation Administration and Census data.
Many other factors affect your insurance rates, including your age, vehicle type, ZIP code, and more. Keep reading for more insight into car insurance in Albuquerque.
Table of contents
- How much does car insurance cost in Albuquerque?
- Average cost of auto insurance in Albuquerque
- Cheapest car insurance in Albuquerque: Midvale Home & Auto
- How much car insurance do you need in Albuquerque?
- Tips for getting cheap car insurance in Albuquerque
- How age affects car insurance rates in Albuquerque
- How credit scores affect cheap car insurance in Albuquerque
- The effect of driving habits on car insurance in Albuquerque
- Find local Albuquerque agents
- Albuquerque car insurance FAQs
How much does car insurance cost in Albuquerque?
Car insurance costs in Albuquerque can vary greatly, which is why it can be helpful to shop around to find the best policy that meets your needs and works for your budget. Aim for at least three different insurance companies or more.
Insurify data scientists analyzed the latest insurance rates in Albuquerque to identify the lowest quotes in the area and found the following providers have the cheapest rates across select categories:
Midvale Home & Auto: At $86 per month, Midvale Home & Auto offers the cheapest liability-only insurance coverage in Albuquerque.
Progressive: At $136 per month, Progressive offers the cheapest full-coverage insurance in Albuquerque.
Travelers: At $166 per month, Travelers offers the cheapest insurance for younger drivers in Albuquerque.
Read More: Cheap Car Insurance in New Mexico
Average cost of auto insurance in Albuquerque
While the average monthly cost for car insurance in Albuquerque is $169 (accounting for both liability-only and full-coverage policies), this cost can vary greatly by provider. Insurify data scientists refined and analyzed a database of more than 70 million quotes to help gain insight into Albuquerque car insurance costs.
The following table outlines average monthly auto insurance costs for Albuquerque drivers with a handful of insurance providers.
|Insurance Company||Average Monthly Cost|
|Midvale Home & Auto||$129|
Average car insurance premiums in Albuquerque by marital status
Single people often pay more for car insurance than married people. Insurify data found that in Albuquerque, single drivers had an average monthly car insurance premium of $214, whereas married people paid just $165 on average.
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Cheapest car insurance in Albuquerque: Midvale Home & Auto
The cheapest insurer in Albuquerque is Midvale Home & Auto, with an average monthly cost of $86 for liability-only insurance coverage. It’s important to remember that the rate you’re offered can be very different from the average, as different factors affect your insurance rates, such as your driving record, where you live, how old you are, how often you drive, and the type of car you have.
The following table outlines average monthly prices for the cheapest insurance providers in Albuquerque.
|Insurance Company||Liability Only||Full Coverage|
|Midvale Home & Auto||$86||$142|
How much car insurance do you need in Albuquerque?
Drivers in Albuquerque are legally required to have auto insurance, and they must provide proof of insurance when renewing their vehicle registration, if their car is involved in an accident, and if requested by law enforcement.
The minimum liability insurance requirements for private passenger vehicles in Albuquerque are:
$25,000 per person for bodily injury
$50,000 per accident for bodily injury
$10,000 per accident for property damage
New Mexico DMV information
If you’re a driver in Albuquerque, you can visit the New Mexico Motor Vehicle Division (MVD) to handle driving-related tasks — such as renewing your driver’s license or vehicle registration — at one of 34 state-run field offices and 39 local offices across the state.
But you can complete many services online, such as renewing or replacing your driver’s license, applying for vehicle title and registration, and transferring a title.
Tips for getting cheap car insurance in Albuquerque
If you want to save on your auto insurance policy, consider these tips for reducing costs:
Buy or lease a less-expensive car. You can start your journey to insurance savings before you even have a car to insure by choosing a less-expensive car. The more expensive a car is to repair and replace, the more it can cost to insure.
Find out what discounts you qualify for. Many car insurance providers offer a variety of discounts. Some are very easy to qualify for, like going paperless, and some require a bit of planning and work, such as taking a defensive driver course or maintaining good grades in school.
Bundle multiple insurance policies. If your car insurance provider also offers other forms of insurance, such as life or homeowners insurance, and you purchase multiple policies through them, you may be able to get a bundling discount.
Take your time shopping for policies. When it comes time to buy insurance, make sure you inquire about potential rates and compare quotes with multiple insurance providers. The goal here isn’t to find the cheapest possible rate, but to find the lowest rate for the right amount of coverage that you need.
Learn More: Compare Home and Auto Insurance Bundles
How age affects car insurance rates in Albuquerque
When auto insurance companies determine customer rates, they often look at age first, as younger drivers (especially those under 25) are notoriously high-risk to insure. Not only are young drivers less experienced — and don’t have a strong driving record to back them up — but they also tend to get into more accidents.
This table examines monthly average car insurance rates in Albuquerque for drivers in different age groups.
|Age Group||Average Monthly Rate|
Cheapest car insurance for young drivers in Albuquerque
Travelers offers the cheapest car insurance for young drivers in Albuquerque, at an average rate of $166 per month for full-coverage policies. The below table outlines other affordable provider options based on their average rates (all rates are for full-coverage policies). If you’re under the age of 25 and want to save money on car insurance, you can maintain a high GPA, as many car insurance providers offer good student discounts.
|Insurance Company||Average Monthly Rate|
|Midvale Home & Auto||$180|
Cheapest car insurance for middle-aged drivers in Albuquerque
For middle-aged drivers in Albuquerque, Progressive offers the best average monthly rate for full-coverage policies, at just $96 a month. You can turn to the table below for more insight into providers that offer the cheapest average full-coverage policies.
While middle-aged drivers don’t have their age working against them, their extra years spent on the road can mean they have a messier driving record. If a middle-aged driver wants to make up for a less-than-pristine record, they can bundle their car insurance policy with other insurance policies through the same provider — like homeowners insurance — to save on multiple policies.
|Insurance Company||Average Monthly Rate|
|Midvale Home & Auto||$121|
Cheapest car insurance for senior drivers in Albuquerque
Progressive offers the most affordable car insurance for senior drivers in Albuquerque, at $90 per month for a full-coverage policy. Even with such a low rate, some senior drivers may want to save even more — especially if they’re on a fixed budget. One way they can save is by pursuing a pay-per-mile policy that only charges them for the miles they drive now that their commuting days are behind them.
The following providers also offer the cheapest full-coverage policies for seniors.
|Insurance Company||Average Monthly Rate|
|Midvale Home & Auto||$104|
How credit scores affect cheap car insurance in Albuquerque
While it isn’t legal in all states to use credit scores to influence insurance premiums, it’s possible to do so in New Mexico. An auto insurance provider may choose to use consumer credit information to help them determine how much to charge, as some bad credit scores indicate how likely a driver is to file a claim.
Credit score rankings can differ a bit depending on the credit-scoring model the insurance company uses, but they generally fall into this range:
The following averages for full-coverage policies can shed some light on how insurance rates can vary for Albuquerque drivers with different credit scores.
|Credit Tier||Average Monthly Quote|
See Also: Car Insurance Rates by Credit Tier
The effect of driving habits on car insurance in Albuquerque
Certain driving habits and incidents can affect your insurance premiums. For example, if you have a history of causing accidents and getting speeding tickets, you’re likely to see your insurance rate rise, as your behavior indicates you’re more likely to file claims.
The following tables offer insight into how insurance rates can change due to different driving behaviors.
It’s worth noting that a negative difference doesn’t necessarily mean that insurance companies offer lower rates for drivers with that infraction on their records. This can simply mean that our sample size was small or that insurers may choose not to offer policies to drivers with that infraction. Your actual rate can vary due to many factors aside from your driving record.
Cheapest car insurance with an accident in Albuquerque
If you have an accident on your record, you’ll likely pay more for car insurance than drivers with a clean record. But it’s still possible to find affordable premiums after an accident.
|Car Insurance Company||Clean Record||With Accident||Difference|
|Midvale Home & Auto||$125||$218||+$93|
Cheapest car insurance with a DUI in Albuquerque
Insurers view drivers with DUIs on their records as a major risk, and they charge them much more for insurance than drivers with a clean record.
|Car Insurance Company||Clean Record||With DUI||Difference|
|Midvale Home & Auto||$125||$187||+$62|
Cheapest car insurance with a speeding ticket in Albuquerque
If you have a speeding ticket on your record, your insurance company may raise your rates, though you’ll still probably pay less for car insurance than someone with a DUI or more serious infraction on their record.
|Car Insurance Company||Clean Record||With Speeding Ticket||Difference|
|Midvale Home & Auto||$125||$191||+$66|
Car insurance in other New Mexico cities
Car insurance rates vary widely from city to city, even within the same state. Here’s a look at car insurance rates in some other New Mexico cities:
Find local Albuquerque agents
Desert Mountain Agency, Inc dba J B Martin Insurance Agency8500 Menaul Blvd. NE,
Suite B555, Albuquerque, NM 87112
Jackson Insurance Solutions5501 Eagle Rock Ave NE,
Albuquerque, NM 87113
Berger Briggs Insurance & Risk Solutions, Inc.4333 Pan American Fwy NE,
Albuquerque, NM 87107-6833
Menicucci Insurance Agency2116 Vista Oeste NW,
Albuquerque, NM 87120
Paula Rodriguez Insurance9201 Montgomery blvd,
Albuquerque, NM 87111
Underwood Insurance Agency9200 Montgomery Blvd Ne Ste B,
Albuquerque, NM 87111
HUB International Insurance Services7770 Jefferson NE,
Albuquerque, NM 87109
Strategic Insurance Group LLC901 Rio Grande Blvd NW C172,
Albuquerque, NM 87104
Albuquerque Insurance World, Inc.2828 Carlisle NE Ste F,
Albuquerque, NM 87110
Sunset Insurance Corporation1905 San Mateo Blvd NE,
Albuquerque, NM 87110-5175
Albuquerque car insurance FAQs
Here are answers to some commonly asked questions about car insurance in Albuquerque.
The average monthly cost for car insurance in Albuquerque is $163. That means Albuquerque drivers can expect to spend $1,956 per year on car insurance on average.
The minimum liability insurance requirements for private passenger vehicles in Albuquerque are $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $10,000 for property damage.
Drivers who don’t have insurance in Albuquerque risk having their vehicle registration suspended and may be subject to criminal penalties.
In Albuquerque, Midvale Home & Auto has the cheapest liability-only insurance coverage ($86 per month), Progressive offers the lowest rate for full-coverage insurance ($136 per month), and Travelers is the least expensive option for younger drivers ($166 per month).
Nationwide is the best car insurance company in Albuquerque, with an ICS score 89 and average monthly costs of $221 for full coverage and $146 for liability only.
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Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page. The car insurance data includes coverage analysis and details on drivers' vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Service's database of auto insurance rates. With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums.
- Teletrac Navman. "Dangerous Driving Behavior During the Fall." Accessed December 22, 2022
- New Mexico Motor Vehicle Division. "Insurance." Accessed December 20, 2022
- New Mexico Motor Vehicle Division. "MyMVD Online Services." Accessed December 20, 2022
- Insurance Information Institute. "Nine ways to lower your auto insurance costs." Accessed December 20, 2022
- Insurance Information Institute. "What determines the price of an auto insurance policy?." Accessed December 20, 2022
- National Association of Insurance Commissioners. " CREDIT-BASED INSURANCE SCORES." Accessed December 20, 2022