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How much is car insurance in Hobbs?
|Area||Average Monthly Car Insurance Premium|
According to the chart above, the average cost of auto insurance in New Mexico is about $17 a month more expensive than it is in Hobbs.
When viewed against the average rates for the rest of the U.S., auto insurance coverage in Hobbs is rather affordable. It's about $23 cheaper than the national average to insure your vehicle in Hobbs.
Keep in mind that while these are the average car insurance rates for Hobbs, it isn't guaranteed that it's what you'll pay. Insurance companies take in a number of factors when deciding what amount to charge you for insuring your vehicle. Things like gender, vehicle make and model, driving record, age and, in some areas, credit score can all affect your policy's monthly price.
But don't worry, we've broken down the average rates for Hobbs residents based on several different factors so that you can get a more accurate idea of what you might pay. If you're not certain that you're getting the cheapest rate for your area, just enter your ZIP Code below to find out!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
|45-54||Not Enough Data|
It's pretty safe to assume that the older you are, the longer you've been driving. When it comes to auto insurance rates, that experience can help put some change back into your pocket. As you can see, 18-24-year-olds pay $34 more than someone who is retirement aged.
For every 10 years, you can expect to see a decrease in your monthly premium. As you get closer to retirement age, however, you may see your rates climb back up a bit in Hobbs.
Average Car Insurance Rates by Gender
On average, female drivers pay slightly less than male drivers for car insurance. This is true in Hobbs, where male drivers pay about $13 more per month. As illustrated in the table above, male drivers in the area pay about $62 on average, while female drivers pay around $49 each month.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
|Multiple Accidents||Not Enough Data|
|Multiple Tickets||Not Enough Data|
One of the key factors in determining your car insurance rates is your driving record. Drivers who avoid accidents and tickets will pay lower rates than those with infractions. In Hobbs, drivers with one accident on their record will experience rates around $74 a month. Likewise, drivers with one ticket will be looking at a rate of around $75 a month on average.
Regardless of where you live, accidents, tickets, and other driving infractions can greatly increase your premium. So, if you're looking for cheap car insurance, drive carefully and keep a clean record.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$39|
|15 Years or Older||$51|
The cheapest vehicles to insure in Hobbs are usually trucks and vans, with each type typically costing about $44 per month.
Car owners, on the other hand, typically pay around $61 a month, while SUV drivers can expect to pay about $49 per month to insure their vehicle.
The age of your vehicle can also affect your monthly bill. Generally, newer vehicles are going to be the most expensive to insure. Once your car is about 5 years old, however, you may see your bill start to shrink a bit. In Hobbs, the most expensive vehicles to insure are vehicles four-to-five years old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$57|
Generally speaking, those who have settled down into marriage will pay slightly less to insure their vehicle. This usually boils down to owners having multiple vehicles on the same policy, something that will often get you a discount.
The difference in rates based on relationship status in Hobbs can be as much as $6 a month, so it's worth keeping that in mind.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$82|
Your living accommodations is another factor that affects your monthly rate. In Hobbs, homeowners can expect to pay around $8 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.
Many companies, however, will offer you a discount to bundle your home or rental insurance with your auto insurance policy, which can help reduce your car insurance costs.
Car Insurance Companies in Hobbs, NM
Recent trends in car insurance for Hobbs drivers
Since car insurance rates are constantly changing, it's a good idea to know the local trends in your area before choosing an insurance provider.
In Hobbs, car insurance rates declined from 2016-2019, when they hit a low of $40. This pattern changed in 2020, when they began to rise, and have continued on that road through 2021, when policy premiums reached a high of $64 a month.
How does Hobbs compare to neighboring areas?
Why are car insurance rates in Hobbs different from other areas?
Car insurance companies will take into account many factors when they're choosing how much to charge for a policy. Many factors affecting your policy are based around where you call home. These factors include things like:
- Prevalence of crime
- Amount of off-street parking
- Road Safety (frequency of local car accidents)
- Local laws
- Number of drivers in the area
An awareness of these factors is important when thinking about buying a new policy or potentially moving to a new home. With the knowledge that different towns and cities will all have different rates, guides like these can be a good way to get a lay of the land of your particular neighborhood.
How can I find the cheapest car insurance in Hobbs?
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.
Good news! Compare.com can handle all of this for you. Just put in your ZIP below, answer a few questions about you and your car, and you'll be quickly comparing the cheapest quotes from several of the car insurance companies offering plans in Hobbs.
Hobbs Insurance FAQs
What factors affect car insurance quotes in Hobbs?
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 make and model, year, driving record, credit score, as well as your marital status and address.
Why is the cost of car insurance in Hobbs different from other neighboring cities?
Auto insurance companies consider regional factors, such as local laws, parking situations, and crime rates into account when calculating the monthly rate for coverage. Since these can all vary from city to city the rates you may see can differ from neighboring areas.
Which car insurance company will offer me the cheapest rate in Hobbs?
No one insurance company is guaranteed to offer the cheapest rate across the board. Since companies base their rates on factors that differ from person to person, such as driving record, number of drivers on the policy, vehicle make and model, and many more, it's a good idea to use sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Hobbs?
Any major life event, whether it be moving to a new area, finding a new job, getting married, or any other notable event always presents a good opportunity to re-evaluate your current insurance policy. Regardless of your previous rate, there may be cheaper options in your new location, so it's a good 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. In fact, you can swap companies at any point, regardless of how much time is left on your current coverage. So, whether you're moving to Hobbs or just curious about rates in your area, why not take 10 minutes to see if Compare.com can save you money?