How Much Does Car Insurance Cost for a Learners Permit in New Mexico?

The words “economical” and “insurance” really shouldn’t be used together, in particular when you are looking for the best coverage prices for a learners permit. In an attempt to save some money, let’s get started by showing you some of the factors that have an impact on car insurance premiums, and come up with some ideas to lower the price of your next policy.

Finding out which company has the cheapest insurance rates for a learners permit will involve a little more sweat in order to find the best policy. Every auto insurer has a different formula for filing rates in each state, so let’s take a look at the lowest cost insurance companies in New Mexico.

Keep in mind that New Mexico insurance rates are based on many factors which can substantially decrease or increase the cost of your policy. Improving your credit score, moving to a new city, or getting a reckless driving citation may cause policy rate changes that can cause some rates to be much cheaper than others.

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USAA quotes some of the most affordable car insurance rates in New Mexico at around $683 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers also qualify as some of the cheapest New Mexico auto insurance companies.

As the rates illustrate above, if you are a policyholder with Farm Bureau Mutual and switched to USAA, you may see an annual savings of in the neighborhood of $519. Policyholders with Farmers may save as much as $580 a year, and Central Mutual policyholders might reduce rates by $645 a year.

If you want to find out if you’re overpaying, click here to start a quote or visit several of the following companies.

Be aware that those rates are averaged for all ages of drivers and types of vehicles and and are not calculated with a rate increase for a learners permit. So the insurer that fits your needs best may not even be included in the list of companies shown earlier. That illustrates why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.

The vehicle that needs insurance is a large consideration that determines whether or not you find the lowest-priced coverage for a learners permit. Vehicles with limited top-end speed, excellent safety ratings, or low incidents of liability claims will cost less to insure than adrenaline junky models.

The next lists outlines car insurance prices for a number of the most economical automobiles to buy insurance for.

Cost estimates assume single female driver age 17, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, and claim-free. Table data does not factor in specific zip code location which can decrease or increase premium rates substantially.

Price data assumes single female driver age 17, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium amounts do not factor in specific New Mexico garaging location which can influence premium rates significantly.

Table data represents single female driver age 17, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in specific location which can lower or raise auto insurance rates significantly.

Safe drivers pay less for insurance

The recommended way to find cheap insurance for a learners permit in New Mexico is to pay attention while driving and maintain a clean driving record. The illustration below highlights how speeding tickets and accident claims drive up insurance costs for different age groups. The premium estimates are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘One Speeding Ticket and No Accidents’, ‘One Speeding Ticket and Two Accidents’],[‘Age 20’, 2713,3027,5675],[‘Age 30’, 1895,2209,4857],[‘Age 40’, 1877,2191,4839],[‘Age 50’, 1643,1957,4603],[‘Age 60’, 1565,1877,4527],[‘Age 70’, 1699,2011,4661]]);var options = {title: ‘Accidents, Violations, and New Mexico Insurance Rates’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in New Mexico’,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);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

The data in the chart shows the average cost of car insurance in New Mexico per year with a clean driving record and no accidents is $1,899. Get written up for one speeding ticket and the average cost surges to $2,212, an increase of $313 each year. Now get two accidents along with the one speeding ticket and the annual cost of insurance for a learners permit increases to an average of $4,860. That’s an increase of $2,962, or $247 per month, just for not being a responsible driver!

Discounts on New Mexico car insurance rates

Auto insurance companies that offer cheap insurance for a learners permit in New Mexico may provide price discounts that may potentially lower prices by 30% or more if you meet the requirements. A few popular companies and a selection of discounts are outlined below.

• GEICO has savings for federal employee, good student, daytime running lights, membership and employees, and defensive driver.
• MetLife offers premium reductions for good student, accident-free, claim-free, multi-policy, good driver, and defensive driver.
• State Farm has discounts for anti-theft, defensive driving training, Steer Clear safe driver discount, Drive Safe & Save, multiple policy, and driver’s education.
• Progressive may include discounts for homeowner, multi-vehicle, continuous coverage, good student, online quote discount, multi-policy, and online signing.
• Mercury Insurance discounts include accident-free, age of vehicle, good student, professional/association, anti-theft, and multi-policy.
• 21st Century may have discounts that include teen driver, automatic seat belts, defensive driver, theft prevention, and 55 and older.
• Allstate offers discounts for anti-lock brakes, resident student, senior citizen, good student, good payer, and economy car.

The example below illustrates the difference between car insurance rates with and without discounts applied to the premium. The premiums assume a female driver, no driving violations, no at-fault accidents, New Mexico state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with passive restraint, paperless filing, vehicle safety, anti-theft, continuous coverage, and paid-in-full discounts applied. When discounts are applied, the the average amount saved on insurance for a learners permit is 28% or $681.

google.charts.setOnLoadCallback(drawDiscqcibChart);function drawDiscqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Female Driver No Discounts’, ‘Female Driver with Discounts’],[‘Age 17’, 4785,3421],[‘Age 30’, 1947,1409],[‘Age 40’, 1817,1313],[‘Age 50’, 1589,1149],[‘Age 60’, 1537,1111]]);var options = {title: ‘Insurance Rate Comparison with Discounts for a Learners Permit’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’:{left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#c096ca’, ‘#e1b7ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in New Mexico’,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);}

How to find low-cost insurance for a learners permit

The list below shows a few penny-pinching suggestions that can help you locate lower-cost coverage.

• Buy safe vehicles
• Higher credit ratings may save you money
• Increase physical damage deductibles
• If possible, do not file small claims
• Bundle home or renters insurance to earn a discount on car insurance
• Do not pay for full coverage on older vehicles
• Shop around for lower rates once a year

That last piece of advice is highly vital, as we noted in this piece. Prices charged by auto insurers fluctuate constantly, so you should be ready to buy a different policy if you can find a cheaper rate. Many drivers prefer to stick with one company, but it’s not recommended if that loyalty results in overpaying a small fortune. In less than five minutes you could shop around to find cheaper car insurance for a learners permit.

Best cheap insurance quotes for new drivers

You have many ways to shop for and buy insurance in New Mexico, but the most popular are from an independent or non-exclusive agent, a captive (or exclusive) agency like Auto-Owners or State Farm, or direct online or over the phone from a company like Progressive or Geico. They all have the same basic principle, but they differ slightly in how they provide price quotes.

Independent agencies have contracts with many companies and can compare rates with every one. These types of agencies do not work for one specific company and can compare multiple rates, which may provide you with a better chance of finding cheaper coverage. If cheaper coverage is found, it’s easy for the agent to move the policy which prevents you from having to switch agents.

Exclusive agencies are only able to quote rates from just one company, for example Allstate or Farmers Insurance agents. They are unable to provide multiple price quotes, so if prices are high they cannot provide alternatives.

The third way to buy insurance is direct which means you bypass an exlusive or independent agent and instead shop direct from companies such as Progressive or Esurance. Shopping direct may be good for families who do not have a complex risk profile and know what limits they need.

So which way is best to find cheap insurance for a learners permit in New Mexico? We’d like to say buying from a direct company results in the best prices since that prevents the need to pay agent commissions, but that is generally not the case. We could also assume that buying from an independent agent is the best way to save because you have more choices, but that assumption is also not necessarily accurate. And often times, exclusive agencies may have prices that are the cheapest.

Due to that fact that insurance uses so many rating variables, really the best method to get the cheapest rates is to do a thorough rate comparison. We highly recommend getting quotes from all three to have enough rates to compare. For a list of companies with some of the cheapest New Mexico insurance rates, click here to view.