How Much are Insurance Quotes for a Ford Explorer in New Mexico?

The chances of finding affordable car insurance for a Ford Explorer in New Mexico depends on a lot of different factors such as the number of years you have been driving, your occupation, and your choice of physical damage deductibles. New Mexico drivers pay on average $870 annually to buy Ford Explorer insurance, but that is based on rates for a 30-year-old married female that purchased comprehensive and collision coverage and $500 deductibles.

There is a very good chance that you may not be 30 years old (or even female), you might be single instead of married, or you need different deductibles. Everone’s needs are different, and this illustrates why the best method for finding the cheapest rates for your Ford is to make a habit of regularly comparing rates from other companies. In just a couple of minutes you will receive prices from the best auto insurance companies that sell coverage in New Mexico.

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The specific trim level impacts the coverage cost, so the price you will pay to insure a Explorer XLT 2WD will be $86 less than the price to insure the higher-priced Explorer Limited AWD model, as demonstrated by the prices below.

Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Rates do not factor in garaging location in New Mexico which can lower or raise price quotes noticeably.

Deciphering which company has the cheapest auto insurance rates for a Ford Explorer may require a little more work than just comparing rates from one or two companies.

Every car insurance company has their own formula to establish rates, so we’ll go over the auto insurance companies with the overall best prices in New Mexico. It’s a good idea to know that New Mexico auto insurance rates are influenced by many factors which can substantially decrease or increase the price of your policy. Getting older, filing a claim, or getting a ticket for running a stop sign can trigger changes in premium that can cause some rates to be cheaper than before.

Cheap Insurance Rates for Your Explorer

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google.charts.setOnLoadCallback(drawNMT5qcibChart);function drawNMT5qcibChart() {var data = google.visualization.arrayToDataTable([[‘Company’, ‘Rate’, { role: ‘style’ }], [‘USAA’, 677, ‘#338FCF’], [‘Allied’, 948, ‘#2A77AC’], [‘Safeco’, 984, ‘#23638F’], [‘Farm Bureau Mutual’, 1178, ‘#1D5277’], [‘State Farm’, 1297, ‘#184463’]]);var options = {title: ‘Top Five Low-Cost Auto Insurance Companies in New Mexico’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 300,’chartArea’: {left:0,top:50,’width’: ‘100%’, ‘height’: ‘70%’},bar: {groupWidth: “90%”},legend: {position: ‘none’},vAxis: {viewWindowMode:’explicit’,viewWindow:{max:1397,min:0}}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});var view = new google.visualization.DataView(data);view.setColumns([0, 1,{ calc: “stringify”,sourceColumn: 1,type: “string”,role: “annotation” },2]);formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.ColumnChart(document.getElementById(‘qcibt5cic’));chart.draw(view, options);}

USAA quotes some of the most affordable car insurance rates in New Mexico at around $677 annually. Allied, Safeco, Farm Bureau Mutual, and State Farm also are some of the more affordable New Mexico auto insurance companies.

As the rates illustrate above, if you have coverage with Farm Bureau Mutual and switched to USAA, you might achieve a yearly price reduction of about $501. Drivers with State Farm might save as much as $620 a year, and Farmers insureds might reduce rates by $638 a year.

These estimates are averages for all drivers and vehicles in New Mexico and do not factor in a specific rate factor for a Ford Explorer. So the auto insurance company that has the lowest price for you may not even be in the rate chart shown above. That underscores the importance of why you need to get car insurance quotes using your own specific driver information and vehicle.

Cost of full coverage

Finding cheap insurance for a Ford Explorer in New Mexico is important to most drivers, and one common way to find cheaper insurance is to not pay for full coverage. The diagram below shows the comparison of yearly insurance costs with full coverage and liability only. The rates are based on a clean driving record, no claims, $250 deductibles, single status, and no discounts are factored in.

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On average, comp and collision coverage costs an additional $1,868 per year more than buying just liability insurance. Lot’s of drivers question if paying for full coverage is worth it. There is no definitive guideline for excluding physical damage coverage, but there is a general convention. If the yearly cost of full coverage is more than about 10% of the settlement you would receive from your company, then it may be the right time to buy liability only.

For example, let’s assume your vehicle’s claim settlement value is $12,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $11,000 after paying your deductible. If it’s costing you more than $1,100 a year to have full coverage, then you may need to consider dropping full coverage.

Auto insurance rates are higher with tickets and accidents

In a perfect world, the best way to score the most affordable auto insurance premiums for an Explorer is to be a safe driver and not have accidents or get tickets. The chart below illustrates how traffic citations and at-fault collisions can drive up car insurance costs for different age groups. The premiums are based on a married female driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.

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The data above shows the average cost of car insurance in New Mexico per year with no violations or accidents is $1,250. Get two speeding tickets and the average cost increases to $1,765, an increase of $515 each year. Now add two accidents along with the two speeding tickets and the 12-month cost of auto insurance for a Ford Explorer increases to an average of $3,884. That’s an increase of $2,634, or $220 per month, just for not paying attention while driving!