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How much is car insurance in Hobbs?
|Area||Average Monthly Car Insurance Premium|
As you can see in the chart above, it is around $14 a month cheaper to insure your vehicle in Hobbs than it is in the rest of New Mexico.
Drivers relocating from out of state may enjoy some cost savings in Hobbs. It's about $15 cheaper than the national average to insure your vehicle in Hobbs.
Bear in mind that while these are the average car insurance rates for Hobbs, you could end up paying something different. There are numerous factors taken into consideration by insurance companies when deciding the rate you'll pay for coverage. The final dollar amount you'll be asked to pay each month is calculated off of your age, gender, vehicle make and model, driving record, and even your credit score depending on the circumstances.
But don't worry, we've broken down the average rate for Hobbs residents based on several different factors so that you can get a more accurate idea of the bill you'll see each month. To find out if you're getting the cheapest rate, just enter your ZIP below and find out in minutes!
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Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
The older you are, the more experience you're likely to have on the roads, right? That experience can lead to some serious savings when it comes to auto insurance bills. According to the table above, you can see that 18-24-year-olds pay $60 more than drivers 65 and older.
For every 10 years, you can expect to see a drop in your monthly premium. As you get closer to retirement, however, you may see your rates begin to increase again in Hobbs.
Average Car Insurance Rates by Gender
Male drivers pay, on average. slightly more than female drivers for auto insurance. The difference in Hobbs is about $8 a month. As you can see in the chart above, car insurance for women in the area typically costs around $62 each month, while men pay $70 on average.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
|Multiple Accidents||Not Enough Data|
Rates can vary wildly depending on your driving record. A clean driving record will obviously get you a lower rate than one with accidents or infractions. The rate for drivers in Hobbs with a single accident on their record is about $73 a month. Similarly, if you have one ticket on your record, you will be looking at an average rate of around $73.
Accidents, tickets, and other driving infractions can really cost you when it comes to your monthly rate. 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||$72|
|15 Years or Older||$65|
According to the first table above, the cheapest vehicles to insure in Hobbs are by and large trucks and vans, at $63 per month.
Car owners can expect to pay an average of around $68 a month for their policy, while SUVs usually cost around $66 a month to insure.
Depending on your vehicle's age, you can also expect to see slightly different rates. Generally, newer vehicles are going to be the most expensive to insure. Once your car is a few years old, however, you may see your bill start to shrink a bit. In Hobbs, vehicles four-to-five years old are the most expensive to insure.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$67|
Generally, married policyholders will pay slightly less for insurance coverage. This occurs because insurance companies commonly award special discounts to policyholders with multiple vehicles that are on the same policy.
The cost of auto insurance in Hobbs reflects the national trend of married couples paying less than single drivers to insure their vehicles, to the tune of about $14 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$70|
Your housing status is another factor that affects your monthly rate. Renters can expect to pay around $6 a month more than those who own their own home in Hobbs. But if you live with your parents, you can expect to pay a lot more.
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 premiums.
Car Insurance Companies in Hobbs, NM
Recent trends in car insurance for Hobbs drivers
Since average rates are constantly changing, it's a smart move to research the local trends in your area before shopping for coverage.
The rates for auto insurance in Hobbs declined from 2017-2019, when they reached a low of $40. This leveled out in 2020, when policy premiums began to increase. They hit a high of $74 in 2021, and finished down in 2022, at $61 per month.
How does Hobbs compare to neighboring areas?
Why are car insurance rates in Hobbs different from other areas?
When considering how much to charge for an insurance policy, car insurance companies will evaluate several factors. Your insurance policy will depend largely on where you live and will be influenced by things such as:
- Off-street parking availability
- Amount of drivers in the area
- Local crime rates
- Rate of car accidents
It's good to be aware of these factors (even though you may not be able to do much to influence them) as you shop for a new policy or consider relocating. 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 Hobbs?
Familiarizing yourself with patterns in the average costs of drivers like you will give you a leg up in conversations with insurance companies. Ultimately, the only way to know exactly what your rate will be is by requesting a quote from those car insurance companies.
But hold on! Compare.com has you covered. Put in your ZIP Code below, answer a few questions, and you'll be comparing the cheapest quotes from dozens of car insurance companies that offer policies in Hobbs in no time.
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Hobbs Insurance FAQs
What factors affect car insurance quotes in Hobbs?
Quotes are calculated by car insurance companies who take multiple factors into consideration, including things you can't control like your age and gender, but also factors like your driving record, credit score, marital status, and address.
Why is the cost of car insurance in Hobbs different from other neighboring cities?
Your address and the city you live in have a significant impact on how much a car insurance company might charge for your policy. Companies take into consideration things like parking situations, crime rates, and local laws when calculating your quote -- all of which can change from city to city.
Which car insurance company will offer me the cheapest rate in Hobbs?
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 however, by using 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. Regardless of how much time is left on your current policy, you can switch companies at any time. So, whether you're considering moving to Hobbs or just curious if you're getting the best rates, why not take 10 minutes and see if Compare.com can save you some extra cash?
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