Cheapest Car Insurance for Homeowners in New Mexico

When shopping for cheaper car insurance for people who own their homes, one of the many components that is used to calculate the amount you pay for auto insurance is where you call home in New Mexico. Cities that have higher claim levels or more people like Albuquerque, South Valley, and Artesia likely pay more, whereas areas that tend to be more rural have the luxury of the cheapest car insurance for homeowners in New Mexico.

The information below rates the higher priced cities in New Mexico for homeowners to buy an auto insurance policy in.

Information shown are comparative as the specific geographic location can revise premiums noticeably.

Finding cost effective insurance is easier said than done, and determining which companies quote the cheapest car insurance rates for homeowners will take even more diligence. Coverage rates will probably be a little bit less expensive than the average price in New Mexico, with the decrease attributed to the reduced risk that goes along with offering insurance for people who own their homes. Competitively-priced insurance should be attainable from many insurance companies.

Each auto insurer uses their own calculation for setting rates, so let’s begin by examining the car insurance companies that tend to have lower prices in New Mexico. It’s important to know that New Mexico car insurance rates are influenced by many factors that control the policy premium. This price variability is why it is critical to do a thorough rate comparison to find cheap auto insurance quotes for homeowners. Auto insurance prices are determined by many different factors and change substantially, so the cheapest option the last time you shopped around may now be quite expensive.

Best Car Insurance Prices for Homeowners

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USAA offers some of the best car insurance rates in New Mexico at around $677 each year. Allied, Safeco, Farm Bureau Mutual, and Farmers also are some of the cheapest New Mexico insurance companies.

In the rate table above, if you currently have a policy with Allied and switched to USAA, you might achieve an annual savings of in the vicinity of $253. Insureds with Safeco might save as much as $327 a year, and Farm Bureau Mutual customers might lower prices by $501 a year.

Be aware that those policy rates are averages for all drivers and vehicles and do not factor in a rate decrease for homeowners. So the company that is most affordable for your situation may not even be in the above list. That helps illustrate why you need to get quotes using your own specific driver information and vehicle.

The make and model of vehicle requiring insurance is one of the main factors that determines if you can find the cheapest car insurance for homeowners in New Mexico. Vehicles with limited speed and performance, good safety features, or low incidents of liability claims will cost quite a bit less to insure than adrenaline junky models.

The data below showcases auto insurance rates for the cheaper vehicles to insure in New Mexico.

Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Price estimates do not factor in specific location which can alter rates noticeably.

Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Premium costs do not factor in specific New Mexico garaging location which can lower or raise coverage prices noticeably.

Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Price information does not factor in specific New Mexico garaging location which can modify coverage prices substantially.

How careless driving impacts car insurance rates

In a perfect world, the ideal way to receive the cheapest car insurance rates in New Mexico for people who own their homes is to be a careful driver and not get tickets or have accidents. The information below demonstrates how traffic citations and fender-benders can increase insurance costs for each different age group. The data is based on a single female driver, full coverage, $500 deductibles, and no policy discounts are applied.

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The data in the chart shows the average cost of a car insurance policy in New Mexico per year with no violations or accidents is $1,449. Get written up for two speeding tickets and the average cost surges to $1,935, an increase of $486 each year. Now include two accidents along with the two speeding tickets and the annual cost of car insurance for homeowners increases to an average of $3,836. That’s an increase of $2,387, or $199 per month, just for not paying attention while driving!

Finding a highly-rated auto insurance company is hard considering how many different insurance companies sell coverage in New Mexico. The information in the next section can help you decide which auto insurers you want to consider purchasing a policy from. The rankings below are only made up of large nationwide companies, so companies that focus mainly on New Mexico business are not included in this list.

Which major car insurance company is best?

If you are shopping around for auto insurance, four of the larger companies to compare rates for are Progressive, Geico, State Farm, and Allstate. When combined, they insure almost half of all vehicles in the U.S.. The table below compares some of the different features that are available for policyholders.