Cheapest Car Insurance for Uber Drivers in New Mexico

Deciding which company offers the best insurance rates for Uber drivers will take a little more effort in order to find a policy that fits your budget. Each auto insurer has a different process for filing rates in each state, so we’ll go over the most affordable insurance companies in New Mexico.

It’s important that readers know that New Mexico insurance rates are impacted by many things that control the policy price. Improving your credit score, adding a teenager to your policy, or getting a driving violation may prompt premium changes resulting in some rates now being cheaper than competitors.

Best Cheap Insurance Rates for Your Uber Vehicle

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USAA has some of the best car insurance rates in New Mexico at around $677 annually. Allied, Safeco, Farm Bureau Mutual, and State Farm also make the cut as some of the cheapest New Mexico insurance companies.

As the example above demonstrates, if you currently buy coverage from Farm Bureau Mutual and switched to Allied, you could earn an annual savings of upwards of $282. New Mexico drivers with State Farm may save as much as $390 a year, and Central Mutual policyholders might see rate reductions of $394 a year.

Bear in mind that those rates are averages for all drivers and vehicles and and are not figured with a rate decrease for Uber drivers. So the company that fits you best may not even be in the list of companies above. That is why you need to compare rates from multiple companies using your own specific driver information and vehicle.

For Uber vehicles, one of the big criteria that is looked at to determine the price of your policy is where your residence is in New Mexico. Regions with larger populations or more claims like South Valley, Santa Fe, and Rio Rancho tend to have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates benefit from having to pay less for coverage.

The table below shows the priciest cities in New Mexico for Uber drivers in which to buy car insurance.

Price information shown is estimated as the specific New Mexico residence address can revise coverage prices noticeably.

Insurance rates are higher with tickets and accidents

The common sense way to enjoy good insurance rates in New Mexico for Uber vehicles is to be a cautious driver and not get tickets or have accidents. The information below demonstrates how citations and at-fault collisions drive up insurance rates for different insured age categories. The costs are based on a single male driver, comp and collision included, $1,000 deductibles, and no additional discounts are factored in.

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In the chart above, the average cost of a car insurance policy in New Mexico per year with no accidents and a clean driving record is $1,830. Factor in two speeding tickets and the average cost swells to $2,411, an increase of $581 each year. Now add one accident along with the two speeding tickets and the 12-month cost of insurance for Uber drivers increases to an average of $3,005. That’s an increase of $1,175, or $98 per month, just for not paying attention while driving!

Does Allstate, Geico, State Farm, or Progressive have the cheapest car insurance?

When it comes to buying car insurance for Uber vehicles, the top insurers to get price quotes from are Allstate, Geico, State Farm, and Progressive. All offer liability and physical damage insurance, but each one has a different combination of discounts, features, and options that may influence your buying decision. The data below breaks down some of the different options that are available for buyers.