Who Has Cheap Insurance for a Honda Accord in New Mexico?

Our editors keep telling us that when writing about auto insurance, the word cheap shouldn’t be used as a descriptor for car insurance rates. Regardless, cheap auto insurance for a Honda Accord is not easy to find. But don’t let us ruin your dream, because we can show you some ways you can get car insurance that is easy on your budget.

The chances of buying cheaper car insurance for a Honda Accord in New Mexico depends upon a whole bunch of factors like whether you are married or single, the insurance company you are currently insured with, and the deductible amount you use. New Mexico drivers will pay on average $930 each year to insure an Accord, but that is that uses rate data for a 40-year-old married female who purchased both comprehensive and collision coverage and $250 policy deductibles.

It’s more than likely you are not exactly 40 years old and possibly not even female, possibly single instead of married, or maybe you prefer liability limits higher than required by New Mexico state law. Every driver has different characteristics, so your best chance at finding cheap insurance prices for your Honda is to compare as many rates as you can.

Find Cheaper Honda Accord Insurance

Your vehicle’s trim level tends to impact the yearly cost, so the price to insure a Accord LX 4-Dr Sedan model will cost $328 less than the insurance cost for the more well-appointed Accord EX-L 2-Dr Coupe version, as shown in the prices below.

Data rating is based on married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Price information does not factor in your specific New Mexico location which can modify premium rates substantially.

Finding good, low-priced insurance is difficult, and finding out which company offers the most affordable car insurance rates for a Honda Accord may require more quotes for comparison.

Every insurance provider uses their own formula to set policy rates, so let’s begin by examining the most affordable car insurance companies in New Mexico.

Find the Cheapest Auto Insurance for Your Accord

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USAA may offer some of the best car insurance rates in New Mexico at around $663 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers also make the cut as some of the cheapest New Mexico auto insurance companies.

As shown in the table above, if you currently buy coverage from Farm Bureau Mutual and switched to Allied, you might realize annual savings of around $258. Insureds with Farmers could save as much as $343 a year, and State Farm customers might lower prices by $377 a year.

To see if your current coverage is too expensive, click here to start a quote or visit any of the low-priced companies below.

It’s important to note that these premium estimates are averaged across all ages of drivers and types of vehicles and and are not figured with a specific rate factor for a Honda Accord. So the insurer that fits your situation best may not even be featured in the chart above. That helps illustrate why you need to compare prices as often as possible using your own personal information and vehicle type.

Impact of violations and accidents on rates in New Mexico

The common sense way to get the cheapest car insurance prices for an Accord is to drive attentively and have a clean driving record. The example below shows how speeding tickets and fender-benders can raise insurance premiums for different ages of insureds. The costs are based on a married male driver, full coverage, $500 deductibles, and no policy discounts are applied.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘One Speeding Ticket and No Accidents’, ‘One Speeding Ticket and One Accident’],[‘Age 20’, 2235,2427,2967],[‘Age 30’, 1169,1363,1899],[‘Age 40’, 1131,1329,1863],[‘Age 50’, 1039,1233,1767],[‘Age 60’, 1021,1211,1749],[‘Age 70’, 1187,1379,1917]]);var options = {title: ‘Impact of Tickets and Accidents on New Mexico Honda Accord Insurance’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Insurance Cost for a Honda Accord 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);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

The data charted above shows the average cost of auto insurance in New Mexico per year with no accidents or violations is $1,297. Get one speeding ticket and the average cost jumps to $1,490, an increase of $193 each year. Now get one accident along with the one speeding ticket and the 12-month cost of car insurance for a Honda Accord jumps again to an average of $2,027. That’s an increase of $730, or $61 per month, just for being a careless driver!

Liability only or full coverage

Finding cheap insurance for a Honda Accord in New Mexico is the goal of most people, and one of the easiest ways to pay less for insurance is to buy liability only. The information below illustrates the comparison of insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes no tickets, no at-fault accidents, $100 deductibles, single status, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $100 Deductibles’, ‘Liability Only’],[‘Age 20’, 3165,977],[‘Age 30’, 1645,539],[‘Age 40’, 1633,501],[‘Age 50’, 1483,469],[‘Age 60’, 1433,461],[‘Age 70’, 1733,613]]);var options = {title: ‘Comparison of Rates for Full Coverage and Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Insurance Cost for a Honda Accord in New Mexico’,minValue: 0,format: ‘$###,###’},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 out for all age groups, physical damage coverage costs $1,849 per year over liability only. Lot’s of drivers question if paying for full coverage is a waste of money. There is no specific rule that is best for determining when to drop physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is about 10% or more of the replacement cost minus the deductible, then it could be time to drop full coverage.

Progressive, Geico, Allstate, and State Farm: Who is best?

When it comes to buying insurance for an Accord, some of the first companies to look at are Progressive, Geico, Allstate, and State Farm. The next table compares some of the different options you can buy with each company.