How Much Does Auto Insurance Cost for 17 Year Olds in New Mexico?

Wouldn’t it be great if we could just tell you the one auto insurance company that has the best auto insurance prices for 17 year olds? It’s not that simple, unfortunately, as there are a whole bunch of unknown aspects such as if your driving record shows any at-fault accidents, the performance level of your vehicle, whether or not you have had gaps between policies, and your gender, that all factor into the price you pay. The content below will cover the causes of high insurance rates and will give you some help in finding cheaper rates.

For teen drivers, one of the more important considerations that play a part in determining the amount you pay each year for auto insurance is where you keep your vehicle in New Mexico. Areas with more people or even just a higher incidence of claims like Albuquerque, Santa Fe, and Rio Rancho are more likely to pay higher prices, whereas more rural areas generally pay lower car insurance rates.

The table below rates the more expensive cities in New Mexico for 17 year olds to buy an auto insurance policy in.

Rate information is estimated as specific New Mexico zip code can change premium rates noticeably.

Buying low-priced car insurance is easier said than done, and deciding which companies quote the cheapest insurance rates for 17 year olds will involve even more work. Policy prices will more than likely be much more expensive than the average policy in New Mexico due to the extra risk associated with selling insurance for teen drivers, but economical coverage should be possible if you compare enough companies.

Every insurance company has a unique formula for establishing rates, so to begin we’ll rank the lowest cost insurance companies in New Mexico. It’s important to understand that New Mexico insurance rates are determined by lots of factors which can substantially change the cost of a policy. That is why consumers need to take the time to shop around when trying to get the lowest auto insurance quotes for 17 year olds. Insurance prices are calculated by many factors and can decrease or increase without notice, so the cheapest rate six months ago may now cost much more than other companies.

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USAA normally has some of the best car insurance rates in New Mexico at around $663 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers also rank well as some of the more affordable New Mexico insurance companies.

In this example, if you currently have coverage with Farm Bureau Mutual and switched to Allied, you might see a yearly savings of upwards of $272. Policyholders with Farmers may save as much as $333 a year, and State Farm customers might cut rates by $367 a year.

If you would like to find cheap insurance for 17 year olds in New Mexico, click here to get a free quote or visit any of the companies below.

Understand that those rates are averaged across all types of insureds and vehicles and and are not figured with a rate surcharge for 17 year olds. So the insurer that has the cheapest price for you may not even be shown in the list above. That illustrates why you need to get auto insurance quotes using your own specific driver and vehicle information.

How violations and accidents impact rates

The common sense way to snag the cheapest insurance premiums in New Mexico for teen drivers is to be a cautious driver and avoid getting tickets or having accidents. The illustration below illustrates how traffic citations and at-fault accidents can raise insurance costs for different age groups of insureds. Data assumes a married male driver, full physical damage coverage, $100 deductibles, and no additional discounts are factored in.

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In the prior example, the average cost of auto insurance in New Mexico per year with no violations or accidents is $1,580. Get two speeding tickets and the average cost rises to $2,185, an increase of $605 each year. Then include one accident along with the two speeding tickets and the annual cost of insurance for 17 year olds jumps again to an average of $2,789. That’s an increase of $1,209, or $101 per month, just for not maintaining a clean driving record!

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

If you’re looking for the best auto insurance for teen drivers in New Mexico, four companies you’ll want quotes from are Geico, Progressive, Allstate, and State Farm. When combined, they insure almost 50% of the entire U.S. market share. All four offer physical damage and liability coverage, but each has a distinct set of features and optional coverages that you can choose from. The table below compares some of the different features that are available from each company.