Best Cheap Car Insurance for Low Income Drivers in New Mexico

Performance level and cost of the vehicle on the policy is one of the main factors when consumers are trying to find the best cheap auto insurance for low income drivers in New Mexico. Vehicles with high performance engines, poor crash test ratings, or a history of substantial liability claims will cost significantly more to insure than more modest models. The information below ranks coverage rates for a number of the most affordable automobiles to buy coverage for.

Data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Prices do not factor in vehicle location which can influence coverage rates substantially.

Table data represents single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Table data does not factor in vehicle location which can change rates significantly.

Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Premium amounts do not factor in garaging location in New Mexico which can lower or raise rates greatly.

Figuring out which companies offer the cheapest auto insurance rates for low income drivers calls for a bit more effort than just quoting one company’s rates.

Each insurance company used slightly different criteria to set premium rates, so we need to take a look at the auto insurance companies with the overall best prices in New Mexico. It’s important that readers know that New Mexico auto insurance rates are impacted by many things that can increase the price of coverage. Simply turning a year older, moving to a different location, or getting a driving violation can trigger rate changes that can now make some companies affordable when they were higher priced.

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USAA quotes some of the cheapest car insurance rates in New Mexico at around $663 annually. Allied, Safeco, Farm Bureau Mutual, and Farmers would also make the list of some of the cheaper New Mexico car insurance companies.

In this example, if you are currently insured with Allied and switched to USAA, you could realize an annual premium reduction of in the vicinity of $257. Customers with Safeco might save as much as $311 a year, and Farm Bureau Mutual insureds might lower prices by up to $539 a year.

Remember that these premium estimates are averages for all types of drivers and the different vehicles they drive and and are not calculated with a price decrease for low income drivers. So the car insurance company that can offer you the best rate may not even be included in the list of companies above. That point stresses why you need to get car insurance quotes using your own individual information.

The information below shows how choosing a deductible can affect annual premium costs when researching cheap insurance for low income drivers. The rates are based on a single male driver, comp and collision included, and no additional discounts are factored in.

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The data above shows that a 30-year-old driver could reduce rates by $404 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $606 by switching to a $1,000 deductible. Young drivers, like the 20-year-old category, could lower their rates $1,194 every year just by choosing higher deductibles when buying full coverage. If you do decide to increase your deductibles, it will be required to have plenty of discretionary funds to cover the extra out-of-pocket expense that comes with higher deductibles.

Responsible drivers pay cheaper New Mexico auto insurance rates

The best way to find good auto insurance rates in New Mexico for poor drivers is to drive safe and maintain a clean driving record. The diagram below demonstrates how traffic citations and accidents can influence car insurance costs for different ages of insureds. The information is based on a married female driver, comp and collision included, $500 deductibles, and no discounts are factored in.

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The data in the chart shows the average cost of a car insurance policy in New Mexico per year with no violations or accidents is $1,172. Get written up for two speeding tickets and the average cost surges to $1,658, an increase of $486 each year. Then add one accident along with the two speeding tickets and the 12-month cost of auto insurance for low income drivers goes up to an average of $2,146. That’s an increase of $975, or $81 per month, just for not being attentive to the road!

Progressive, Allstate, State Farm, and Geico compared

If you’re looking for the best car insurance, four of the best places to start are Progressive, Allstate, State Farm, and Geico. When combined, they have over 48% of all policies written in the United States. They all offer your standard coverages, but each one has a slightly different set of options and discounts that drivers can select from. The next table illustrates price and claims rank as well as some different options .