Cheap Auto Insurance Quotes for Teenage Females in New Mexico

The words “economical” and “insurance” probably shouldn’t be used together, especially when searching for the best car insurance rates for teenage females. To save some money, let’s get started by showing you some things that can significantly affect insurance premiums, and figure out some ways to lower the cost of the next policy you buy.

Deciphering which company quotes the best auto insurance rates for teenage females will require a bit more effort than just comparing a company or two.

Each insurance company uses different criteria for setting prices, so let’s look at the rankings for the auto insurance companies that tend to be cheaper in New Mexico. We do need to point out that New Mexico auto insurance rates are influenced by many factors that may substantially change the price you pay. Simply having a birthday, adding a teenager to your policy, or getting into an accident can trigger price changes resulting in some companies being cheaper than others.

Cheap Insurance Rates for Teens

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USAA offers some of the most affordable car insurance rates in New Mexico at around $677 annually. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the most economical New Mexico insurance companies.

As the rates illustrate above, if you currently buy coverage from Safeco and switched to USAA, you could earn a yearly price reduction of upwards of $337. Drivers with Farm Bureau Mutual could save as much as $525 a year, and Farmers customers might reduce prices by as much as $599 a year.

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

It’s important to note that these policy rates are averaged across all types of insureds and vehicles and do not take into consideration a price surcharge for teenage females. So the car insurance company that can offer you the best rate may not even be in the above rate chart. That illustrates why you need to get car insurance quotes using your own specific driver information and vehicle.

The vehicle you are buying coverage for is one of the largest considerations when looking for cheap auto insurance for teenage females in New Mexico. Vehicles with higher performance characteristics, poor crash test ratings, or a track record of large liability claims will cost quite a bit more to insure than more economical and safe models. The information below presents insurance prices for some of the cheaper automobiles to insure in New Mexico.

Cost estimates assume single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium amounts do not factor in garaging location in New Mexico which can alter rates significantly.

By looking at the data, we can presume that makes and models like the Honda Accord, Hyundai Elantra, Ford Escape, Honda CR-V, and Chevrolet Traverse are a few of the most budget-friendly vehicles to insure for teen girls. The cost of auto insurance will tend to be more expensive because there is more liability risk for teenage females, but overall those vehicles will most likely have the lowest insurance rates that you’ll find.

For New Mexico drivers, one of the criteria that auto insurance companies use when figuring the price you pay for insurance is where your residence is in New Mexico. Areas with increased crime or more people like Albuquerque, North Valley, and Los Alamos tend to have more expensive car insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.

The information below illustrates the priciest cities in New Mexico for teenage females to purchase a policy in.

Premium costs are approximated as specific New Mexico garaging address can modify auto insurance rates significantly.

Auto insurance companies ranked

Ending up with the best insurance company can be rather challenging considering how many choices drivers have in New Mexico. The company rank data in the next section could help you decide which car insurance providers to look at comparing rate quotes with.

The rankings below include major nationwide insurance companies, so smaller regional companies are not taken into consideration for the list. To get rate quotes from the most competitive companies in New Mexico, click here.

Should you buy full coverage?

Finding cheap auto insurance for teenage females in New Mexico is probably important to the majority of people, and one of the quickest ways to find cheap insurance is to buy only liability coverage. The diagram below compares auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no claims or violations, $100 deductibles, single status, and no discounts are applied.

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If the expense is averaged for all age categories, physical damage coverage on your policy costs an extra $2,058 per year more than insuring for liability only. At some point, every insured wonders if you should buy full coverage at all. There is no specific rule for eliminating comp and collision coverage, but there is a general guideline. If the annual cost of having full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.

For example, let’s pretend your vehicle’s replacement cost is $7,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $6,000 after paying your deductible. If premiums are more than $600 a year for physical damage coverage, then it may be the right time to buy liability only.

There are some situations where removing full coverage is not financially feasible. If you haven’t satisfied your loan, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should keep full coverage in place.