Who Has the Cheapest Auto Insurance for High School Students in New Mexico?

Establishing which company quotes the most affordable insurance rates for high school students takes a little more effort in order to find the lowest price quote. Every insurance provider uses a different method for establishing rates, so let’s take a look at the insurance companies that tend to have lower prices in New Mexico.

It’s important to know that New Mexico insurance rates are calculated based on many things which can significantly increase or decrease the price of your policy. Turning one year older, buying a different home, or getting a ticket for running a stop sign can produce rate changes resulting in some rates now being cheaper than competitors.

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USAA generally has some of the most affordable car insurance rates in New Mexico at around $677 a year. Allied, Safeco, Farm Bureau Mutual, and Farmers also make the cut as some of the more affordable New Mexico auto insurance companies.

As the example above demonstrates, if you are a policyholder with Allied and switched to USAA, you could realize a yearly savings of about $243. Policyholders with Safeco might save as much as $327 a year, and Farm Bureau Mutual insureds might reduce rates by $525 a year.

Remember that these policy prices are averages across all types of insureds and vehicles and and are not calculated with a rate surcharge for high school students. So the company that has the lowest price for you may not even be shown in the company chart above. That emphasizes why you need to get rate quotes using your own personal information and vehicle type.

When buying auto insurance for teenagers, one of the key criteria that establish the amount you pay each year for auto insurance is where you live in New Mexico. Areas with more people or even just a higher incidence of claims like Albuquerque, Artesia, and Rio Rancho tend to pay more, whereas cities that are not as densely populated get the luxury of paying less.

The illustration below displays the higher priced cities in New Mexico for high school students to buy car insurance in.

Prices are comparative as the specific area where the vehicle is garaged can decrease or increase insurance rates significantly.

The diagram below shows how choosing a deductible can impact insurance premiums when getting quotes for cheap insurance for high school students. The costs are based on a single male driver, full coverage, and no discounts are applied.

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A 50-year-old driver could lower rates by $264 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $400 by using a $1,000 deductible. Young drivers, like the 20-year-old category, could save $868 or even more by choosing a higher deductible. When increasing deductibles, it will be required to have additional funds in a savings account to satisfy the extra out-of-pocket expense, which deters some people from using high deductibles.

Discounts on the cheapest car insurance for high school students in New Mexico

Insurance providers that provide policies for high school students may also give you price discounts that can lower rates by as much as 35% or more if you meet specific criteria. A few of the larger companies and some of the premium reductions they offer can be read below.

The diagram below illustrates the difference between auto insurance rates with and without discounts being applied to the rates. The data assumes a male driver, a clean driving record, no at-fault accidents, New Mexico state minimum liability limits, comp and collision included, and $500 deductibles.

The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with continuous coverage, passive restraint, paperless filing, paid-in-full, anti-theft, and good student discounts applied. When discounts are applied, the the average amount saved on insurance for high school students is 13% or $244.

google.charts.setOnLoadCallback(drawDiscqcibChart);function drawDiscqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Male Driver No Discounts’, ‘Male Driver with Discounts’],[‘Age 18’, 3653,2615],[‘Age 30’, 1363,993],[‘Age 40’, 1335,969],[‘Age 50’, 1219,883],[‘Age 60’, 1181,857]]);var options = {title: ‘Insurance Premium Comparison for High School Students’,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’,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);}