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How much is car insurance in Rio Rancho?
|Area||Average Monthly Car Insurance Premium|
As you can see in the chart above, car insurance rates in Rio Rancho are slightly more expensive than the rest of New Mexico.
When viewed against the average rates for the rest of the U.S., auto insurance coverage in Rio Rancho is rather affordable. The average monthly payment in Rio Rancho is about $4 cheaper than the rate for the rest of the United States.
The price you pay may very well be higher or lower than the rates you see, but we can help explain why. 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.
Don't sweat it however, we've broken down average rates for Rio Rancho 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 overpaying for your area, just enter your ZIP Code below and find out in minutes!
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 your monthly premium, that experience can really pay off. As you can see, 18-24-year-olds pay $78 more than someone who is retirement aged.
Every ten years or so you can expect to see a decline in your monthly premium. That said, once you hit retirement age, your rates may begin to increase again in Rio Rancho.
Average Car Insurance Rates by Gender
Car insurance rates for men are usually slightly more expensive than they are for women. In Rio Rancho, male drivers pay about $10 more per month. As illustrated in the table above, male drivers in the area pay about $81 on average, while female drivers pay around $71 each month.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
|Multiple Tickets||Not Enough Data|
Your driving record can have a tremendous impact on your car insurance rates. Drivers who avoid accidents and tickets will pay much lower rates than those with infractions. In Rio Rancho, a driving record with one accident will usually get you a rate around $83 a month. Similarly, if you have one ticket on your record, you will be looking at an average rate of around $97.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$66|
|15 Years or Older||$69|
According to the first table above, the cheapest vehicles to insure in Rio Rancho are usually SUVs, at $64 per month.
Truck and van drivers will see rates of about $66, while the rates for car owners average out to about $82 a month.
Your vehicle's age also plays a role in your monthly payment. Generally, newer vehicles are going to cost the most to insure. However, once your car is around 5 years old, you might start to see your rates slide back down slightly. In Rio Rancho, the most expensive vehicles to insure are vehicles two-to -three years old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$84|
Generally speaking, car insurance is slightly cheaper for married policyholders. This usually boils down to owners having multiple vehicles on the same policy, something many companies award special discounts for.
On a national scale, single drivers typically pay more than married couples do for auto insurance. Rio Rancho is no exception, with the difference totaling to around $34 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$100|
Your housing situation is another factor that affects your monthly rate. Renters can expect to pay around $19 a month more than those who own their own home in Rio Rancho. But if you live with your parents, your rates will be significantly higher.
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 Rio Rancho, NM
Recent trends in car insurance for Rio Rancho drivers
Since average rates are constantly changing, it's a smart move to research the local trends in your area before choosing when and where to shop.
In Rio Rancho, the rates for auto insurance decreased from 2016-2019, before steadying out in 2020. Rates finished down in 2021, at $82 per month
How does Rio Rancho compare to neighboring areas?
Why are car insurance rates in Rio Rancho different from other areas?
When considering how much to charge for a monthly rate, car insurance companies will consider several factors. While we mentioned the factors that affect your personal policy, others are based around where you live and drive. These include things like:
- Number of car accidents
- Crime rates
- Amount of drivers in the community
- Off-street parking accessibility
- Local laws
You can't change these factors yourself, but they're something to take into consideration when shopping for a new policy or looking to move into an area. 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 Rio Rancho?
While understanding what the average costs are for drivers like you can be helpful as you get an idea of what you might end up paying, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies.
But hold on! Compare.com does all of that work for you. Just type in your ZIP below, answer a few questions on you and your vehicle, and you'll be comparing the cheapest quotes from numerous car insurance companies that offer policies in Rio Rancho.
Rio Rancho Insurance FAQs
What factors affect car insurance quotes in Rio Rancho?
The factors that car insurance companies take into account when calculating your monthly cost include things you can't control like your gender and age, but also factors like your vehicle's year, make and model, plus your address, credit score, marital status, and driving record.
Why is the cost of car insurance in Rio Rancho different from other neighboring cities?
Things like crime rates, parking situations, 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 Rio Rancho?
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 Rio Rancho?
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?
Not at all, in fact you can switch companies at any point, regardless of how much time is left on your current policy. If you're thinking about moving to Rio Rancho or haven't checked out the latest rates in your area for some time, it might be worth your while to take 10 minutes and see if Compare.com can save you any cash.