Cheapest Auto Insurance After a Speeding Ticket in New Mexico

The words “low-cost” and “auto insurance” probably shouldn’t be used in the same sentence, in particular when shopping around for the best coverage prices after a speeding ticket. To save some money, let’s start off by going over a few of the factors that have a considerable impact on car insurance rates, and figure out some ideas to shave a little off your next policy.

Finding out which company offers the best car insurance rates after a speeding ticket calls for a little more effort in order to find coverage that fits your buget.

Each auto insurance company uses their own method for determining prices, so let’s take a look at the most competitive car insurance companies in New Mexico. It’s a good idea to know that New Mexico car insurance rates are based on many factors which can substantially decrease or increase the policy price. Simply having a birthday, increasing liability limits, or getting a driving violation may generate price changes that can cause some rates to be cheaper than competitors.

Find the Cheapest Car Insurance with Licence Points

Get a Free Quote and Save

USAA generally has some of the best car insurance rates in New Mexico at around $677 annually. Allied, Safeco, Farm Bureau Mutual, and Farmers also rank well as some of the most economical New Mexico car insurance companies.

As depicted above, if you are a policyholder with Allied and switched to USAA, you could see an annual savings of in the vicinity of $281. Drivers with Safeco might save as much as $337 a year, and Farm Bureau Mutual customers might reduce rates by $525 a year.

To find out how your current rates compare, click here to start your custom quote or visit any of the companies below.

Understand that those policy rates are averaged across all drivers and vehicles and do not take into consideration a rate decrease after a speeding ticket. So the company that can offer you the best rate may not even be included in the list of companies above. That underscores the importance of why you need to get quotes using your own specific driver information and vehicle.

The make and model of vehicle that is being insured is probably the most important factor that determines whether or not you can buy the cheapest car insurance after a speeding ticket in New Mexico. Vehicles with high performance features, poor passenger safety features, or high incidents of liability claims will cost significantly more to insure than more modest models. The table below shows insurance rates for some of the most budget-friendly vehicles to buy insurance for.

Prices above based on married male driver age 50, two speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, and multi-policy. Price estimates do not factor in specific garaging location which can modify rates significantly.

Based upon these rates, you can infer that cars like the Ford Escape, Chevrolet Traverse, and Honda CR-V are a few of the cheapest vehicles to insure after a few driving violations.

Price comparison of only insuring for liability

Finding the cheapest car insurance after a speeding ticket in New Mexico is probably important to most people, and one good way to reduce the cost of insurance is to not insure for full coverage. The illustration below visualizes the comparison of premium costs with full coverage compared to only the New Mexico minimum liability coverage. The data is based on no claims or driving citations, $100 deductibles, marital status is single, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $100 Deductibles’, ‘Liability Only’],[‘Age 20’, 4279,1291],[‘Age 30’, 2175,709],[‘Age 40’, 2175,657],[‘Age 50’, 1975,615],[‘Age 60’, 1913,605],[‘Age 70’, 2329,807]]);var options = {title: ‘Full Coverage Versus Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in New Mexico’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

Averaged for all age groups, full coverage on your policy costs an additional $2,474 per year more than carrying just liability coverage. Many people question if it’s worth it to buy full coverage. There isn’t a steadfast formula for eliminating comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.

For example, let’s pretend your vehicle’s settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $7,000 after you pay the deductible. If you are paying more than $700 a year for full coverage, then it’s probably a good time to buy liability coverage only.

There are some cases where removing full coverage is not financially feasible. If you haven’t satisfied your loan, you are required to maintain full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not consider dropping full coverage.

The chart below demonstrates how deductible levels can raise or lower insurance premiums when getting quotes for cheap insurance after a speeding ticket. The data is based on a single female driver, comprehensive and collision coverage, and no discounts are applied.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 3469,3185,2877,2585],[‘Age 30’, 2385,2179,1947,1727],[‘Age 40’, 2211,2025,1817,1617],[‘Age 50’, 1933,1773,1589,1415],[‘Age 60’, 1871,1713,1537,1369],[‘Age 70’, 2191,2009,1811,1627]]);var options = {title: ‘Impact of Higher Deductibles on Insurance Cost in New Mexico’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

In the chart above, a 30-year-old driver could cut expenses by $394 a year by switching from a $100 deductible to a $500 deductible, or save $594 by using a $1,000 deductible. Younger drivers, like the 20-year-old, can save up to $884 or even more by choosing a higher deductible.

When increasing deductibles, it will be necessary to have enough savings set aside to be able to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.