You know how busy traffic can be if you live in Albuquerque, New Mexico. Accidents can happen in a split second — are you prepared? Know the rules of the road and what kind of insurance you’ll need in New Mexico. Here are our top tips and information on where to buy cheap car insurance so you’ll be covered, no matter what.
Cheap Auto Insurance in Albuquerque:
- State Farm: Best Overall in Albuquerque
- State Farm: Cheapest in Albuquerque
- USAA: Best for Military
Albuquerque Car Insurance Overview
Here’s a brief overview of the minimum insurance you’ll need to comply with the law in New Mexico:
- Average number of vehicles per household: 1
- Minimum state insurance requirements:
- $25,000 toward bodily injury liability per person
- $50,000 toward bodily injury liability per accident
- $10,000 toward property damage liability per accident
- Average rate with a clean driving record: $1,331
New Mexico Car Insurance Law Explained
It’s mandatory to carry liability car insurance in New Mexico. Your car registration could be suspended or revoked if you don’t have insurance. The state introduced an Insurance Identification Database in 2002 to identify uninsured motorists and insurance companies are required to report any changes in coverage once a month.
(They could lose their business license if they fail to do so.) You must carry a total of $85,000 in minimum liability insurance to comply with insurance laws in New Mexico. Here’s a breakdown of what the $85,000 covers:
- $25,000 to cover the bodily injury or death of one person. Bodily injury refers to physical harm done to a person as a result of an auto accident.
- $50,000 to cover bodily injury or death to more than one person.
- $10,000 to cover property damage to a person’s car or property (such as a house) caused by a car accident.
Acceptable proof of insurance includes:
- Current auto insurance card
- Copy of current auto insurance policy
- An official letter from your insurance company verifying current coverage
Liability insurance is mandatory in New Mexico, but can you buy more than the bare minimum? Here are your options if you want more coverage:
- Comprehensive coverage: A comprehensive policy covers repairs and damage that occur as a result of anything other than an accident, such as a fire, theft or vandalism.
- Collision coverage: A collision policy covers car repairs or replacement of a car as a result of an accident.
You can stick with the minimum liability insurance if you own your vehicle and it’s paid off; however, if you have a car loan through a bank lender, you’ll be required to buy full coverage, which includes both comprehensive and collision policies.
Albuquerque Traffic Laws You Should Know
It’s a good idea to know some basic traffic laws so tickets or points won’t negatively impact your insurance. Here are a few pointers:
- Texting and driving: It’s illegal to text and drive in New Mexico. The fine for the first offense is $25 and $50 each time thereafter. The ban also applies to temporary stops, including stop signs, stop lights and while you’re sitting in traffic. Hands-free phones are permitted.
- Turning right on red: You’re permitted to turn right on red after you yield to traffic and pedestrians, unless otherwise posted.
- Turning left on red: You can turn left on red if you’re turning from one one-way street to another after you yield to traffic and pedestrians.
- HOV lanes: There are no high-occupancy vehicle or carpool lanes in New Mexico.
- Speed limits also vary in Albuquerque:
- Rural interstates and freeways: 75 mph
- Some urban freeways: 65 mph
- Default maximum speed in unposted areas: 55 mph
- Residential and business districts: 35 mph
- School zones: 15 mph
Fees for speeding citations vary depending on speeds posted, zone, etc. but here are a couple of examples:
- Speeding ticket for 7 miles over the limit: $120 fine + $65 in fees = $185
- Speeding ticket for 27 miles over the limit: $320 fine + $65 in fees = $385
Can’t afford the fees? You can request to make payments or perform community service.
Albuquerque Car Insurance Rates per Vehicle
The car you drive could impact your insurance rates. For example, a sporty or luxury vehicle will cost more to insure. Cars more prone to theft will raise your rates, too. The most popular vehicle in New Mexico is the Ford F150. It’s also a frequently stolen vehicle, so purchasing one may result in an increase in your insurance rates.
Auto Insurance Rates by Insurance Credit Score in Albuquerque
Do you have a history of not paying your bills on time? If so, it could affect how much you pay for car insurance. Most insurance companies review your credit score when they determine your rates. The higher your credit score, the better your rates will be. You’re considered a higher risk if your credit score is poor. Let’s take a look at some sample rates in New Mexico based on credit score:
| Credit Score | Cheapest Provider | Rate for State Minimum Coverage |
|---|---|---|
| Poor 300-579 | State Farm | $2,020 |
| Fair 580-669 | State Farm | $1,235 |
| Good 670-739 | State Farm | $1,148 |
| Excellent 740+ | State Farm | $1,109 |
Are you trying to raise your credit score? Sign up for a free credit monitoring service, list your bills on your phone’s calendar with reminders or enroll in automatic bill payment services so your payments aren’t late. Your credit score could go up by 100 points or more in a year just by paying your credit card bill on time. Little changes can make a big difference when you’re trying to boost your score.
Insurance in Albuquerque for Drivers with a Clean Record
Your insurance rates will be lower with a clean driving record. Your driving record is one aspect insurance companies in Albuquerque consider as they determine your rates. Ideally, you won’t have any points on your record.
Each time you’re in an accident or receive a violation, you’ll receive points. The more tickets and violations you have, the more points you’ll rack up, which results in higher insurance rates. Looking for ideas on how to lower your car insurance? Following traffic rules is a great place to start. Here are some rate comparisons for drivers with clean records:
| Insurance Agency | State Minimum | Standard Coverage | Full Coverage |
|---|---|---|---|
| State Farm | $402 | $589 | $785 |
| GEICO | $516 | $742 | $942 |
| Progressive | $567 | $784 | $986 |
| USAA | $987 | $1,265 | $1,459 |
| Allstate | $1,587 | $1,687 | $1,897 |
Insurance Rates in Albuquerque with Driving Infractions
You’ll pay more for car insurance if you tend to rack up points on your driving record. Infractions such as speeding, accidents, driving without a seat belt and running red lights all come with stiff penalties and fines.
Some insurance companies can refuse to cover you if your record is severely tarnished. You could end up paying hundreds, if not thousands, of extra dollars every year if you don’t follow traffic rules. Here are a few examples of what you might pay depending on specific violations:
| Insurance Agency | At-Fault Accident | Speed Violation | DUI |
|---|---|---|---|
| State Farm | $1,235 | $1,148 | $3,482 |
| Allstate | $2,479 | $2,154 | $4,587 |
| Farmers | $3,108 | $2,133 | $4,565 |
| GEICO | $2,268 | $1,536 | $3,984 |
| Progressive | $2,125 | $1,845 | $4,205 |
More Ways You Can Save on Insurance in Albuquerque
There are more discounts you can explore when you sit down to discuss insurance coverage with an agent. In addition to watching your credit score and driving record, you can ask about:
- Raising your deductible
- Installing anti-lock brakes
- Installing an anti-theft system
- Multiple car discount
- Bundling your home, life and auto insurance policies
- Paying your bill in one lump sum versus monthly payments
- Fuel-efficient or new car discount
Every dollar counts, so it’s a good idea to ask about these before your premium is set.
Best Auto Insurance Providers in Albuquerque
We’ve researched and compared insurance providers in Albuquerque, and here are Benzinga’s top picks:
1. Best Overall: State Farm
State Farm is our top pick for the best overall insurance in Albuquerque.
- Rideshare drivers
State Farm’s rates are affordable and the company has received superior ratings for customer service, performance and policy from J.D. Power & Associates. State Farm also offers driving, defensive driving and good student discounts.
2. Cheapest Auto Insurance in Albuquerque: State Farm
State Farm is the cheapest company for bottom-line savings. Its rates are reasonable for drivers of all categories, even if your credit score is less than perfect.
State Farm offers big savings if you bundle your home, auto and life insurance policies.
State Farm was also named one of the Best Car Insurance Companies in 2019 by U.S. World and News Report in customer service, claims processing and overall value.
3. Best for Military Personnel: USAA
USAA is an insurance company available exclusively to members of the military (active or retired) and immediate family members.
- Active military members
USAA is quick to respond to calls and readily offers one-on-one attention to all customers.
You can save up to 10% if you bundle property and vehicle policies, and USAA also offer flexible payment plans at no extra cost.
Drive Safe and Save on Car Insurance in Albuquerque
Insurance companies look at many different factors before setting your rates, including your driving record and credit score, age, gender, occupation, marital status and location. They combine this data to determine your risk factor and annual premium.
Be sure to shop around and compare rates — don’t sign up for the first insurance company you find online. Ask for discounts and negotiate your rates so you can save your money for the fun stuff.
Frequently Asked Questions
Should I have just the minimum amount of car insurance required by my state?
It’s a good idea to purchase more than the state minimum of any type of insurance. State minimums are set relatively low to keep insurance affordable, but in the case of an accident, you can deplete your minimums quickly with expensive medical and property damage costs. Once your bills extend past the minimums, you’ll personally be liable for additional costs and damage. Get the coverage that makes sense for you here.
How does my personal credit play a role?
Insurance carriers run an insurance credit score to help determine policy premiums. Your insurance rates will likely be lower if you have an excellent credit score. On the other hand, your insurance rates may be higher if you have a poor credit score. Insurance companies believe credit scores are an indicator of whether you’ll make your insurance payments on time and credit scores combined with other data can be predictive of risk. Check out the best companies for all credit scores now.
What kind of discounts are usually available?
The most common discounts available are multi-policy and auto-pay, but every company is different. Other discounts that are widely available are loyalty, good student and anti-theft device discounts. See our top providers with the best discounts and get a unique quote.
*Quotes were obtained using the following profile: base 2015 Toyota Camry, male, 40-years-old. Policies reflect state minimum coverage options. We make every effort to provide the most accurate quotes based on the profile above. Due to the many combined variables involved in insurance quotes, the only way to get an accurate quote is to enter your own information through our partners' secure websites.