How Much Does Car Insurance Cost for College Students in New Mexico?

How Much Does Car Insurance Cost for College Students in New Mexico?

You have seen the captivating commercials from auto insurance companies like The General, Progressive, and State Farm that promise huge savings, so drivers just need to pick the company with the catchiest ad, right?

It’s not quite that easy, unfortunately, as there are a whole bunch of unknown elements like if you are insuring for full coverage or just liability only, the crash test ratings of your vehicle, and what coverage limits you want, that all impact the cost of your policy. In this article, we will cover the different ways you can keep rates low and will hopefully give the reader a good start in finding the cheapest insurance.

The car, truck, or SUV you are trying to insure is one of the largest factors when comparison shopping for economical car insurance for college students. Vehicles with high performance, a lack of advanced safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than more modest models.

The information below showcases coverage prices for the most cost-effective vehicles to insure.

Cheapest Auto Insurance Rates for College Students in New Mexico
Vehicle Make and Model Estimated Cost for Full Coverage
Ford Escape XLS 4WD $1,895
Honda CR-V EX-L 2WD $1,922
Chevrolet Traverse LS AWD $1,951
Ford Edge SE 2WD $2,080
Toyota Prius $2,092
Kia Forte LX 4-Dr Sedan $2,107
Dodge Grand Caravan CV $2,112
Ford Focus SE 4-Dr Sedan $2,221
Chevrolet Impala LS $2,231
Toyota RAV4 Limited 4WD $2,248
Toyota Sienna XLE $2,257
Chevrolet Malibu Hybrid $2,248
Toyota Tacoma Double Cab 4WD $2,258
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Data variables include single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate information does not factor in the specific area where the vehicle is garaged which can impact premiums significantly.

Looking at the numbers, you can infer that vehicles like the Ford Escape, Honda CR-V, and Chevrolet Traverse are the less-costly vehicles to insure for students in college. The price of auto insurance will tend to be higher just due to the fact that there is more claim risk for college students, but overall those particular models will probably have the best insurance prices available.

One of the many things that control the price of your policy is your zip code in New Mexico. Cities with larger populations or higher claims like Albuquerque, Santa Fe, and Artesia will most likely have higher rates, whereas areas that tend to be more rural generally benefit from lower car insurance rates.

The information below rates the most expensive cities in New Mexico for college students to buy auto insurance in.

Most expensive New Mexico cities for auto insurance
Rank City Premium Per Year
1 Albuquerque $1,417
2 South Valley $1,377
3 Santa Fe $1,342
4 North Valley $1,329
5 Artesia $1,291
6 Los Lunas $1,289
7 Los Alamos $1,269
8 Rio Rancho $1,256
9 Hobbs $1,246
10 Espanola $1,223
11 Carlsbad $1,213
12 Las Vegas $1,195
13 Farmington $1,183
14 Gallup $1,176
15 Portales $1,175
16 Roswell $1,174
17 Lovington $1,159
18 Deming $1,155
19 Las Cruces $1,142
20 Clovis $1,134
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Rate information is approximated as vehicle location can impact insurance rates substantially.

How to find a good New Mexico auto insurance company

Finding the best company can be rather challenging considering how many choices drivers have in New Mexico. The ranking information in the lists below could help you pick which auto insurance companies to look at when trying to find the cheapest insurance for college students. The ratings below include companies that insure vehicles across America, so companies without a large exposure are not taken into consideration for this list.

Top 10 Large Auto Insurance Providers in New Mexico Ranked by A.M. Best Rating

  1. USAA – A++
  2. Travelers – A++
  3. GEICO – A++
  4. State Farm – A++
  5. The Hartford – A+
  6. Esurance – A+
  7. Nationwide – A+
  8. Allstate – A+
  9. Titan Insurance – A+
  10. Progressive – A+

Top 10 Large Auto Insurance Providers in New Mexico Ranked by Customer Service

  1. GEICO
  2. State Farm
  3. The Hartford
  4. The General
  5. Progressive
  6. Allstate
  7. AAA Insurance
  8. American Family
  9. Nationwide
  10. Liberty Mutual

Find cheap car insurance for college students in New Mexico

Here are some of the better thrifty suggestions that can help drivers get lower-cost auto insurance.

  • Choose a safer vehicle and pay lower rates
  • Higher comprehensive and collision coverage deductibles will save money
  • Avoid having at-fault accidents
  • Maintaining good credit helps earn cheaper rates
  • Speeding tickets and other violations increase rates
  • Keep rates low by comparing prices once a year

The last tip is especially significant, as we discussed in this article. Insurance prices in New Mexico vary considerably, so drivers shouldn’t be reluctant to change to a new company if you can save money.

Many drivers tend to have loyalty to a certain company, but it’s not recommended if your bullheadedness ends up costing you potentially thousands of dollars a year. It takes less than five minutes to compare prices and find cheaper auto insurance for college students.