How Much are Auto Insurance Quotes for Hybrid Vehicles in New Mexico?

Wouldn’t it be great if you could just magically know the best company that has the cheapest car insurance rates for hybrid vehicles? It’s just not that easy, however, as there are a whole slew of unknown factors such as if you are a renter or homeowner, where you choose to live in New Mexico, and your prior traffic citations, that all factor into the price you pay. We are going to cover the best ways to find cheap auto insurance and should give you a good beginning to your search for cheaper coverage.

One of the key factors that is looked at to help calculate auto insurance rates is the neighborhood you call home in New Mexico. Areas that are more densely populated or have higher claim rates like Albuquerque, Artesia, and North Valley tend to pay higher rates, whereas more rural areas tend to receive cheaper rates.

The information below rates the priciest cities in New Mexico for hybrid vehicles to purchase auto insurance in.

Prices are approximated as specific New Mexico zip code can revise auto insurance rates noticeably.

The vehicle you are insuring is one of the largest factors that determines whether or not you can buy cheap auto insurance for hybrid vehicles. Vehicles with lots of horsepower, poor passenger safety features, or an increased likelihood of liability claims will cost quite a bit more to insure than safer models.

The information below presents insurance premiums for a selection of the more afforable vehicles to insure.

Prices above based on married female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Rate information does not factor in garaging location in New Mexico which can alter insurance rates considerably.

Based upon these rates, you can see that makes and models like the Honda Accord, Toyota Prius, Honda CR-V, Ford Escape, and Toyota Tacoma will be some of the more affordable vehicles to insure for hybrids.

Trying to buy cost effective auto insurance is not always easy, and finding out which company has the cheapest car insurance rates for hybrid vehicles will require additional perseverance. Each insurance company has a different process to set premium rates, so we’ll take a look at the car insurance companies with the overall best prices in New Mexico.

Best Insurance Companies for Hybrids

Compare Rates and Save

USAA may have some of the best car insurance rates in New Mexico at around $683 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers also rank well as some of the cheaper New Mexico car insurance companies.

In the above example, if you are currently insured with Farmers and switched to Allied, you could see savings of roughly $372. New Mexico drivers with The Hartford may save as much as $382 a year, and Central Mutual customers might cut rates by $398 a year.

To get a quick, customized rate comparison, click here to get quotes or quote prices from the following companies.

Understand that those prices are averages for all types of insureds and vehicles and do not take into consideration a rate discount for hybrid vehicles. So the car insurance company that is best for you may not even be included in the above list. That points out the importance of why you need to get rate quotes using your own driver and vehicle profiles.

Cost difference between full coverage and liability

Finding cheap car insurance for hybrid vehicles in New Mexico is important to most drivers, and one great way to find cheaper insurance is to only buy liability insurance. The chart below shows the difference between insurance rates when comparing full coverage to liability only. The rate quotes are based on no claims, a clean driving record, $250 deductibles, marital status is single, and no other discounts are factored in.

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As an overall average, full coverage costs $1,695 per year over liability only. That is a big expense that brings up the question when is it safe to stop buying full coverage. There is no set guideline of when to drop full coverage, but there is a general guideline. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.

For example, let’s say your vehicle’s claim settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $3,000 after the deductible is paid. If premium cost is more than $300 annually to have full coverage, then it could be time to drop full coverage.

The illustration below highlights how deductible selection can influence annual premium costs when searching for cheap insurance for hybrid vehicles. The data is based on a single male driver, comprehensive and collision coverage, and no policy discounts are applied.

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A 40-year-old driver could save $264 a year by changing from a $100 deductible to a $500 deductible, or save $400 by changing to a $1,000 deductible. Younger drivers, like the 20-year-old, could lower their rates $868 or more by using higher deductibles when buying full coverage.

When using a larger deductible, it will now be necessary to have plenty of savings on hand to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.

Progressive, State Farm, Allstate, or Geico: Who is cheapest?

When it comes to buying auto insurance for hybrids in New Mexico, the four most popular companies are Progressive, State Farm, Allstate, and Geico. Between them, they insure over 45% of all policies written in the United States. They all have the same basic coverages, but each one has unique coverages that may influence your choice. The next table rates ratings for price, service, and claims, in additional to some of the optional coverages offered by each one.