Who Has Cheap Car Insurance Quotes for Low Mileage Drivers in New Mexico?

The words “low-cost” and “auto insurance” really should not be used together, especially when trying to find the cheapest car insurance for low mileage drivers. Because it’s not cheap, let’s introduce you to some of the factors that significantly impact car insurance prices, and find some ways to lower the cost of your next policy.

When shopping for insurance for infrequent drivers, one of the many components that help set a rate quote is where you choose to live in New Mexico. Cities with larger populations or higher claim trends like Albuquerque, North Valley, and Los Lunas are more likely to have higher rates, whereas areas that are not as densely populated generally have lower rates.

The information below shows the highest-priced places in New Mexico for low mileage drivers to buy car insurance in.

Rate quotes are comparative as the specific zip code location can modify premium rates considerably.

Finding reliable, low-cost insurance is tough enough, and figuring out which company has the best insurance rates for low mileage drivers calls for a little more work. Every auto insurer uses slightly different criteria for establishing rates, so let’s begin by examining the insurance companies with the overall best prices in New Mexico.

Find the Cheapest Auto Insurance in New Mexico

Get a Free Quote and Save

USAA generally has some of the best car insurance rates in New Mexico at around $657 a year. Allied, Safeco, Farm Bureau Mutual, and Farmers also make the cut as some of the most economical New Mexico car insurance companies.

As the example above demonstrates, if you buy coverage from Farmers and switched to Allied, you might see an annual premium reduction of about $315. Customers with State Farm could save as much as $349 a year, and Central Mutual policyholders might lower prices by up to $380 a year.

To see if your current coverage is too expensive, click here to start a quote or visit several of the following companies.

Understand that those prices are averaged across all ages of drivers and types of vehicles and and are not figured with a rate decrease for low mileage drivers. So the company that has the lowest price for you may not even be shown in the rate chart shown above. That is why you need to compare rates from as many companies as possible using your own driver information and specific vehicle type.

Full coverage or liability only

Finding cheap car insurance for low mileage drivers in New Mexico is the goal of the majority of people, and a good way to reduce the cost of insurance is to buy only liability coverage. The information below shows the comparison of insurance costs with full coverage compared to only the New Mexico minimum liability coverage. The data is based on no violations or accidents, $100 deductibles, single marital status, and no discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $100 Deductibles’, ‘Liability Only’],[‘Age 20’, 3165,977],[‘Age 30’, 1645,539],[‘Age 40’, 1633,501],[‘Age 50’, 1483,469],[‘Age 60’, 1433,461],[‘Age 70’, 1733,613]]);var options = {title: ‘Full Versus Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in New Mexico’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If we average all the age groups together, physical damage insurance costs $1,849 per year more than just insuring for liability. That amount may make you wonder if buying full coverage is worth the money. There is no clear-cut rule of when to stop paying for full coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

Best rates: Progressive, Geico, Allstate, or State Farm

If you want reliable auto insurance for infrequent drivers in New Mexico, the companies that insure more vehicles than anyone else are Progressive, Geico, Allstate, and State Farm. If you combine them together, they insure almost half of the entire U.S. market share. The table below ranks some of the ratings and options that are available.