Cheap Car Insurance for Teenage Males in New Mexico

Wouldn’t it be great if we could just give you the name of the one auto insurance company that has the cheapest car insurance rates for teenage males? Unfortunately, it’s just not that easy, as there are a whole bunch of unknown factors such as how well you maintain your credit, the level of deductible you choose, and if you are married or single. In this article, we will teach you about the best ways to avoid overpriced car insurance and will give you a good start in finding the cheapest car insurance.

Figuring out which insurers offer the most affordable auto insurance rates for teenage males involves a little more sweat than just picking a company at random. Every insurance company has a proprietary formula for determining rates in each state, so to begin we’ll rank the most budget-friendly auto insurance companies in New Mexico.

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USAA may have some of the cheapest car insurance rates in New Mexico at around $663 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers would also be considered some of the cheaper New Mexico insurance companies.

As illustrated above, if you buy coverage from Farm Bureau Mutual and switched to Allied, you could earn an annual savings of approxmiately $246. Customers with Farmers may save as much as $356 a year, and The Hartford customers might cut rates by $392 a year.

To see if you’re overpaying, click here to start your custom quote or quote rates from the companies below.

It’s important to note that these policy prices are averages for all types of insureds and vehicles and and are not calculated with a rate increase for teenage males. So the car insurance company that fits your needs best may not even be included in the list of companies shown earlier. That points out the importance of why you need to quote rates from many companies using your own specific driver information and vehicle.

One of the key components that is looked at to determine the cost of insurance is where your car is garaged in New Mexico. Areas that are more densely populated like Albuquerque, North Valley, and Los Alamos tend to have more expensive auto insurance rates, whereas less populated areas have the luxury of lower rates.

The table below rates the most expensive areas in New Mexico for teenage males to purchase auto insurance in.

Rate quotes are estimated as the garaging address in New Mexico can influence prices substantially.

Discounts on cheap car insurance for teenage males in New Mexico

Insurers that offer coverage for teenage males may additionally offer policy discounts that could potentially reduce rates by as much as 35% or more if you meet the requirements. A list of companies and their possible discounts are detailed below.

The chart below compares insurance costs with and without discounts applied to the premium. The costs are based on a female driver, no driving violations, no at-fault accidents, New Mexico state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with paperless filing, good student, paid-in-full, vehicle safety, continuous coverage, and passive restraint discounts applied. In this example, the the average yearly reduction on auto insurance for teenage males is % or $.

google.charts.setOnLoadCallback(drawDiscqcibChart);function drawDiscqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Female Driver No Discounts’, ‘Female Driver with Discounts’],[‘Age 17’, 5767,4131],[‘Age 30’, 2435,1769],[‘Age 40’, 2255,1635],[‘Age 50’, 1973,1433],[‘Age 60’, 1907,1383]]);var options = {title: ‘Insurance Rate Comparison with Discounts for Teenage Males’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’:{left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#c096ca’, ‘#e1b7ec’],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);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdisc’));chart.draw(data, options);}

How violations and accidents impact rates

The best way to get the most affordable auto insurance prices in New Mexico for teen boys is to drive carefully and avoid at-fault accidents and violations. The example below shows how violations and accidents can increase car insurance rates for different ages of insureds. Data assumes a single male driver, comp and collision included, $250 deductibles, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘Two Speeding Tickets and No Accidents’, ‘Two Speeding Tickets and Two Accidents’],[‘Age 20’, 2887,3437,5459],[‘Age 30’, 1517,2065,4089],[‘Age 40’, 1495,2043,4065],[‘Age 50’, 1359,1909,3929],[‘Age 60’, 1315,1861,3887],[‘Age 70’, 1597,2149,4171]]);var options = {title: ‘Accidents, Violations, and New Mexico Insurance Prices’,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 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);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

In the chart above, the average cost of car insurance per year with no violations or accidents is $1,695. Receive two speeding tickets and the average cost rises to $2,244, an increase of $549 each year. Now add two accidents along with the two speeding tickets and the yearly cost of auto insurance for teenage males jumps again to an average of $4,267. That’s an increase of $2,572, or $214 per month, just for being a less-than-perfect driver!

Find cheap car insurance for teenage males in New Mexico

Lowering your rates is not difficult, and here are a few thrifty ideas that can help you get lower-cost coverage.

• Buying your home and auto policies from the same company can earn a discount
• Raise comprehensive and collision coverage deductibles
• Drop full coverage on older vehicles
• If possible, pay for small claims out-of-pocket
• Safer vehicles cost less to insure
• Drivers with good credit ratings often pay less
• Keep rates low by shopping around frequently

That last idea is particularly crucial, as we discussed in this write-up. Auto insurance prices in New Mexico change constantly, so don’t hesitate to switch companies if a lower price can be found.

Having a favorite company is fine, but it’s not a good idea if that stubbornness costs you a small fortune year after year. It takes less than five minutes to compare prices and find cheaper insurance for teenage males.