Cheapest Car Insurance for Drivers Over Age 60 in New Mexico

In a perfect world, we could just tell you the one company that has the rock bottom lowest rates in New Mexico. That is not the case, however, as there are a whole bunch of unknown factors like if you currently have coverage, how many years you have been driving, whether you need higher levels of liability coverage, and if you are a homeowner or renter, that all factor into the price you pay. This article goes into detail about the best ways to avoid overpriced car insurance and should give you a good beginning to your quest for cheaper car insurance.

One of the many components that is used by insurance companies to determine the cost of insurance is where your residence is. Urban areas that are densely populated like Albuquerque, Los Lunas, and Rio Rancho tend to have more expensive auto insurance rates, whereas areas with less congestion generally pay less for insurance.

The following table illustrates the more expensive cities in New Mexico for drivers over age 60 to purchase car insurance in.

Premium costs are estimated as specific New Mexico garaging address can impact coverage prices greatly.

Deciding which company quotes the cheapest insurance rates for drivers over age 60 takes more time than just comparing rates from one or two companies. Each insurance company uses a different method to determine rates, so we’ll take a look at the most budget-friendly insurance companies in New Mexico.

It’s important that readers know that New Mexico insurance rates are based on many factors which can substantially decrease or increase the price of your policy. Getting older, filing a claim, or getting a couple of tickets may prompt premium changes that can cause some rates to be more affordable than competitors.

Best Auto Insurance Prices for Age 60+

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

As shown above, if you are a policyholder with Safeco and switched to USAA, you might achieve savings of about $337. Insureds with Farm Bureau Mutual may save as much as $537 a year, and Farmers customers might lower prices by up to $599 a year.

To find out how your current rates compare, click here or quote rates from the companies below.

Bear in mind that those rates are averaged for all drivers and vehicles in New Mexico and do not take into consideration a rate discount for drivers over age 60. So the company that is best suited for you may not even be included in the list of companies shown earlier. That’s why you need to quote rates from as many companies as possible using your own specific driver and vehicle information.

The vehicle you are trying to insure is a significant factor when shopping for the cheapest car insurance for drivers over age 60 in New Mexico. Vehicles with higher performance, a lack of advanced safety features, or a track record of large liability claims will cost significantly more to insure than safer, lower-performance models. The information below ranks car insurance premiums for a selection of the cheaper automobiles to insure.

Data rating is based on single male driver age 60, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Rate quotes do not factor in zip code location which can decrease or increase coverage prices considerably.

Looking at the numbers, you can conclude that vehicles like the Ford Escape, Honda CR-V, and Hyundai Elantra are a few of the more affordable vehicles to insure for older drivers.

Impact of citations and accidents on New Mexico insurance rates

The best way to enjoy the cheapest car insurance for drivers over age 60 in New Mexico is to be an attentive driver and not receive tickets or have accidents. The illustration below illustrates how speeding tickets and accident claims can increase insurance rates for different age groups. The price estimates are based on a single male driver, comp and collision included, $1,000 deductibles, and no other discounts are factored in.

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The chart shows that the average cost of an auto insurance policy in New Mexico per year with no violations or accidents is $1,806. Receive one speeding ticket and the average cost hikes up to $2,039, an increase of $234 each year. Now get two accidents along with the one speeding ticket and the 12-month cost of insurance for drivers over age 60 goes up to an average of $4,238. That’s an increase of $2,433, or $203 per month, just for not driving carefully!