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How much is car insurance in Albuquerque?
|Area||Average Monthly Car Insurance Premium|
Based on the information in the chart above, you can see that on average, it's about $21 a month more expensive to insure your vehicle in Albuquerque than it is in the rest of New Mexico.
If you're considering relocating to Albuquerque from out of state, you may want to budget a little extra for your insurance. It's about $20 more for coverage in Albuquerque than in the rest of the U.S.
These may be the average auto insurance rates for Albuquerque, but that doesn't mean it's exactly what you'll pay. Insurance companies take in a variety of factors when determining how much to charge you for coverage. Your bill each month is calculated off of your age, gender, vehicle make and model, driving record, and even your credit score depending on the circumstances.
We've broken down the average rates for Albuquerque to help you understand what exactly you might be asked to pay. If you're not certain that you're getting the cheapest rate for your area, just enter your ZIP below to find out!
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Average Car Insurance Rates by Age
|Age Range||Average Premium|
Generally, the older you are, the more experienced you are on the roads, right? That experience can lead to some serious savings when it comes to car insurance rates. In this case, 18-24-year-olds pay twice as much as someone who is at retirement age.
You can expect to see your monthly premium drop every 10 years or so. Drivers in Albuquerque may see their rates climb back up a bit once they hit retirement.
Average Car Insurance Rates by Gender
Car insurance rates for women are generally cheaper than they are for men. The difference in Albuquerque is around $25 a month. As illustrated in the table above, male drivers in the area pay about $114 on average, while female drivers pay around $89 each month.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
One of the key factors in determining your car insurance rates is your driving record. Those with clean records will obviously pay less than those with infractions. In Albuquerque, having a single accident on your record will usually get you rates around $141 a month. Likewise, drivers with one ticket will be looking at a rate of around $112 a month on average.
Wherever you live, accidents, tickets, and other driving infractions will almost certainly drive up your monthly bill. Remember, cheap car insurance rates are dependent on driving safely and keeping your record clean.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$95|
|15 Years or Older||$89|
The cheapest vehicles to insure in Albuquerque are typically SUVs, with each type typically costing about $87 per month.
Car owners, on the other hand, usually pay around $107 per month, while truck and van drivers can expect to pay about $97 a month for auto insurance.
You may also see different rates based on the age of your vehicle. Generally, newer vehicles are going to cost the most to insure. However, once your car is a few years old, you might start to see your rates slide back down slightly. In Albuquerque, the most expensive vehicles to insure are vehicles six-to-seven years old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$106|
More often than not, married policyholders will pay slightly less to insure their vehicle. This usually boils down to owners having multiple vehicles on the same policy, something many companies offer special discounts for.
The cost of auto insurance in Albuquerque reflects the national trend of married couples paying less than single drivers to insure their vehicles, to the tune of about $27 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$120|
Another factor taken into consideration is your living situation. If you rent your home or apartment, expect to pay around $26 a month more than if you own your own home in Albuquerque. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.
Depending on your insurance company, they may offer you a discount if you bundle your home or renters insurance with your auto policy.
Car Insurance Companies in Albuquerque, NM
Recent trends in car insurance for Albuquerque drivers
Car insurance rates are frequently changing, so it's in your best interest to understand which way your area is trending before picking an insurance policy.
Car insurance rates in Albuquerque decreased from 2017-2018, before increasing from 2019-2021. They finished down in 2022 at $90.
How does Albuquerque compare to neighboring areas?
Why are car insurance rates in Albuquerque different from other areas?
When considering how much to charge for an insurance policy, car insurance companies will evaluate a number of factors. A few of these factors affecting your personal policy have already been mentioned, but others are based around your home address. These include things like:
- Road Safety (frequency of car accidents)
- Community laws
- Number of drivers
- Off-street parking accessibility
- Crime levels
You'll be hard pressed to change any of these factors yourself, but they're worth considering when thinking about the purchase of a new policy or a move. Get started with a guide like this to get familiar with the average rates of your area.
How can I find the cheapest car insurance in Albuquerque?
While getting familiar with what the average costs are for drivers like you can be helpful as you get an idea of what you might pay, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies.
Don't worry, Compare.com has you covered. Just put in your ZIP Code below, answer a few questions, and you'll be comparing the cheapest quotes from several of the car insurance companies providing auto coverage in Albuquerque in no time.
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Albuquerque Insurance FAQs
What factors affect car insurance quotes in Albuquerque?
Car insurance companies calculate quotes based on a wide array of factors. These include things you can't control like your age and gender but also factors like your vehicle's year, make and model, as well as your driving record, credit score, marital status, and address.
Why is the cost of car insurance in Albuquerque different from other neighboring cities?
Car insurance companies take local factors into consideration when determining how much to charge for coverage. Things like local laws, crime rates, and parking situations -- which can vary from city to city -- can significantly affect your rate.
Which car insurance company will offer me the cheapest rate in Albuquerque?
Since the factors that go into calculating your monthly payment vary from person to person, there isn't one company that will always offer the cheapest rate to everybody. You can be confident that you're receiving the best price possible by using sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Albuquerque?
Whenever you move to a new area, or experience any other major life event such as getting married or finding a new job, it's always a good idea to re-evaluate your current insurance policy. Certain companies may offer larger discounts in certain cities, so it's a smart idea to use services like Compare.com to compare quotes from dozens of companies side-by-side.
Do I need to wait for my policy to expire to switch to a different car insurance company?
No, you can switch companies at any point, no matter how much time is left on your current policy. If you're thinking about moving to Albuquerque or are wondering if you're paying the best rate for your current area, take 10 minutes and visit Compare.com to find out for sure.
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