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How much is car insurance in Farmington?
|Area||Average Monthly Car Insurance Premium|
The cost of coverage in Farmington is about $22 a month cheaper than it is for the rest of New Mexico.
Compared to the national average cost of auto insurance coverage, Farmington has lower rates. On average, it's about $28 less to insure your vehicle in Farmington than it is in the rest of the United States.
Keep in mind that these are the average auto insurance rates for Farmington, and that the rate you get could end up being something different. There are a number of factors that determine how much insurance companies might charge you to insure your vehicle. Your bill each month is calculated off of your age, gender, vehicle make and model, driving record, and in some cases, your credit score.
Don't sweat it however, we've broken down average rates for Farmington residents based on several different factors so that you can get a more accurate idea of what it might cost to insure your vehicle. And if you think you might be overpaying for insurance, simply enter your ZIP Code below to learn more about rates in your area!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
|45-54||Not Enough Data|
Generally speaking, the older you are, the more experience you have driving, right? When it comes to auto insurance premiums, that experience pays off. According to the table above, you can see that 18-24-year-olds pay two times as much as someone who is at retirement age.
For every ten years older you get, you can expect to see a drop in your monthly premium. Farmington drivers may see their rates rise again once they hit retirement age.
Average Car Insurance Rates by Gender
Although female drivers pay, on average, less than male drivers for auto insurance, Farmington actually goes against the grain. While female drivers pay $54 per month for insurance coverage, males only pay about $48.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
|Multiple Accidents||Not Enough Data|
|Multiple Tickets||Not Enough Data|
Your rates can change quite drastically depending on your driving record. Drivers who avoid accidents and tickets will pay significantly lower rates than those with infractions. Drivers in Farmington with one accident will pay around $81 a month. Similarly, drivers with one ticket will typically pay around $107 on average.
When it comes to your monthly bill, accidents, tickets, and other driving infractions can really take a toll. 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||Not Enough Data|
|15 Years or Older||$46|
In terms of affordable coverage, the cheapest vehicles to insure in Farmington are typically cars, at $45 per month.
Truck and van drivers will see rates of about $48, while the rates for SUV owners average out to about $61 a month.
Vehicle age can also affect your monthly bill. Generally, newer vehicles are going to cost the most to insure. Once your car is around 5 years old however, your rates may start to dip back down a bit. In Farmington, the most expensive vehicles to insure are vehicles four-to-five years old and eleven-to-fourteen years old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$52|
More often than not, people who are married will pay slightly less to insure their car. This can usually be attributed to their policies having multiple vehicles, a factor some companies will reward with discounts.
On a national scale, single drivers typically pay more than married couples do for auto insurance. Farmington is no exception, with the difference totaling to around $5 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$60|
One other element taken into consideration is your housing situation. In Farmington, homeowners can expect to pay around $7 a month less than those who rent. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.
That being said, many companies will offer you a discount if you bundle your homeowners or rental insurance policy with your auto insurance.
Car Insurance Companies in Farmington, NM
Recent trends in car insurance for Farmington drivers
Since car insurance rates are constantly changing, it's a good idea to know the local trends in your area before selecting an auto insurance policy.
In Farmington, the rates for car insurance rose from 2016-2017 -- where they hit a high of $58 -- before steadying out in 2018. Car insurance rates went up again in 2019, and finished down at $42 in 2021.
How does Farmington compare to neighboring areas?
Why are car insurance rates in Farmington different from other areas?
Car insurance companies will take into account a lot of factors when they're choosing how much to charge for a policy. While we've discussed the ones that affect your personal policy, others are based around your home address. These include things like:
- Amount of drivers in the community
- Road Safety (total number of local car accidents)
- Off-street parking access
- Rate of crime
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. Each area will have different rates. Guides like these are a wonderful place to get started.
How can I find the cheapest car insurance in Farmington?
Arming yourself with information about the average costs for drivers in your area will better prepare you for the real deal. The only way to know for sure what your rate will be is by asking for a quote from car insurance companies.
Luckily, Compare.com does all of that work for you. Simply enter your ZIP below, answer a few questions, and you'll be comparing the cheapest quotes from a number of the car insurance companies that offer plans in Farmington.
Farmington Insurance FAQs
What factors affect car insurance quotes in Farmington?
Car insurance companies calculate quotes based on a wide array of factors. These include things like your gender and age, 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 Farmington different from other neighboring cities?
Things like parking situations, crime rates, and local laws, which are dependent on your address and area you live in, can significantly affect the cost of insurance relative to other cities.
Which car insurance company will offer me the cheapest rate in Farmington?
There isn't one company that can guarantee the cheapest rate to everybody, since the rates they charge for coverage are calculated based off of factors that can vary from person to person, such as vehicle make and model, driving record, and number of drivers on the policy. By using sites like Compare.com to compare multiple quotes simultaneously, you can rest assured that you're getting the best price available.
Do I need to change my insurance if I move to Farmington?
Whenever you relocate or experience another major life event, such as finding a new job or getting married, you should consider revisiting your current insurance policy. Using services like Compare.com to compare quotes from multiple companies at once is a great way to make sure you're getting the cheapest rate for your new location.
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 Farmington 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.