Who Has the Cheapest Car Insurance for Nurses in New Mexico?

The vehicle on the policy is probably the most important factor when trying to find low-cost insurance for nurses. Vehicles with higher performance characteristics, a lack of safety features, or high incidents of liability claims will cost substantially more to insure than more modest models. The lists below illustrates auto insurance costs for a number of the most economical automobiles to insure in New Mexico.

Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Price estimates do not factor in garaging location in New Mexico which can alter coverage rates considerably.

Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Price information does not factor in vehicle location which can modify premium rates noticeably.

Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Estimates do not factor in zip code location which can lower or raise insurance rates significantly.

For New Mexico drivers, one of the criteria that is used to calculate the price of your policy is where you normally keep your vehicle in New Mexico. Areas with more people or more claims like Albuquerque, South Valley, and Hobbs tend to pay slightly more, whereas areas with less crime or weather claims enjoy lower auto insurance rates.

The following table sorts the highest-priced places in New Mexico for nurses to purchase a policy in.

Information shown are comparative as the garaging address in New Mexico can influence premium rates greatly.

Discounts on New Mexico car insurance rates

Car insurance companies that sell the cheapest car insurance for nurses in New Mexico may also provide policy discounts that may potentially lower prices by as much as 40% or more if you are eligible for them. Large car insurance companies and their possible discounts include:

The diagram below illustrates the difference between car insurance rates with and without discounts applied to the premium. The premium estimates are based on a male driver, no claims or driving violations, New Mexico state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with marriage, multiple vehicle, safe-driver, accident-free, vehicle safety, and anti-theft discounts applied. When discounts are factored in, the average savings per year on car insurance for nurses is % or $.

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Difference between liability only and full coverage rates

Finding the cheapest car insurance for nurses in New Mexico is the goal of most vehicle owners, and one of the easiest ways to find cheap insurance is to not insure for full coverage. The illustration below shows the comparison of insurance premiums with full phyical damage coverage and with liability coverage only. Data assumes no accidents, no driving violations, $250 deductibles, marital status is single, and no discounts are applied to the premium.

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If the expense is averaged for all age categories, physical damage insurance costs $2,262 per year more than insuring for liability only. At some point, almost every driver questions if buying full coverage is a waste of money. There is no clear-cut formula for dropping physical damage insurance, but there is a broad guideline. If the yearly cost for physical damage coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.

For example, let’s say your vehicle’s claim settlement value is $11,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $10,000 after paying your deductible. If you are paying more than $1,000 a year to have full coverage, then it might be time to consider dropping full coverage.

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

If you are looking for the best car insurance for health professionals in New Mexico, four companies to take a look at are State Farm, Allstate, Geico, and Progressive. The data below breaks down some of the different options that are available for buyers.