Best Cheap Car Insurance for Retired Military in New Mexico

Everyone has different tastes in autos, and the style of vehicle to be insured is probably the most important factor that determines if you can find the best cheap coverage for retired military. Vehicles with high performance engines, a lack of safety features, or a track record of large liability claims will cost significantly more to insure than safer, lower-performance models.

The lists below shows coverage costs for a handful of the most economical vehicles to insure.

Price 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, claim-free, homeowner, multi-vehicle, and safe-driver. Prices do not factor in specific garaging location which can lower or raise prices significantly.

Price 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 safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Price information does not factor in New Mexico location which can impact auto insurance rates substantially.

Above prices assume married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Estimates do not factor in garaging location in New Mexico which can alter premiums considerably.

Trying to find low-cost auto insurance is easier said than done, and figuring out which company quotes the most affordable insurance rates for retired military will involve even more shopping around. Each insurer has a unique approach to set premium rates, so let’s take a look at the insurance companies with the overall best prices in New Mexico.

It’s important to know that New Mexico insurance rates are impacted by many factors that control your annual premium. Improving your credit score, buying a new vehicle, or getting a DUI can cause premium changes that may make certain companies more expensive than others.

Best Cheap Insurance Rates for Vets

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USAA offers some of the lowest car insurance rates in New Mexico at around $683 a year. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the most economical New Mexico auto insurance companies.

In the above rates, if you currently have a policy with Farmers and switched to Allied, you may see an annual savings of around $315. Policyholders with Central Mutual might save as much as $366 a year, and State Farm customers might see rate reductions of $388 a year.

Remember that these estimates are averages across all types of insureds and vehicles and are not factoring in a price discount for retired military. So the company that has the cheapest rates for you may not even be featured in the above list. That point stresses why you need to compare as many prices as possible using your own individual information.

For veterans, one of the big criteria that aid in calculating rate quotes is the neighborhood you call home. Urban areas that are densely populated like Albuquerque, North Valley, and Los Lunas tend to pay slightly more, whereas more rural areas benefit from having to pay less for coverage.

The next table shows the most expensive areas in New Mexico for retired military in which to buy car insurance.

Table data uses estimated as the specific area where the vehicle is garaged can influence insurance rates noticeably.

Accidents and violations increase rates

The easiest method to snag cheap insurance rates in New Mexico for veterans is to be a good driver and maintain a clean driving record. The diagram below illustrates how traffic citations and accident claims can influence insurance rates for each age group. The prices are based on a single male driver, comp and collision included, $250 deductibles, and no discounts are taken into consideration.

In the prior example, the average cost of an auto insurance policy per year with no accidents or violations is $1,695. Receive one speeding ticket and the average cost hikes up to $1,908, an increase of $213 each year. Now throw in one accident along with the one speeding ticket and the 12-month cost of insurance for retired military goes up to an average of $2,506. That’s an increase of $811, or $68 per month, just for not driving responsibly!

Difference between full coverage and liability only rates

Finding the best cheap car insurance for retired military in New Mexico is probably important to the majority of drivers, and one of the fastest ways to reduce the cost of insurance is to not buy full coverage. The information below illustrates the comparison of auto insurance rates when comparing full coverage to liability only. The premiums assume no claims or driving violations, $250 deductibles, drivers are single, and no discounts are applied to the premium.

If all age groups are averaged, physical damage coverage on your policy costs $2,262 per year over liability only. That amount may make you wonder if it’s a good idea to buy full coverage. There is no specific rule of when to phase out physical damage insurance, but there is a guideline you can consider. If the annual cost of coverage is 10% or more of the replacement cost minus the deductible, then it might be time to buy liability only.

There are some circumstances where buying only liability insurance is not a good idea. If you haven’t paid off your loan, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not opt for liability only.

Ideas for finding low-cost insurance for retired military

Lowering your rates is not difficult, and here are many penny-pinching solutions that can help New Mexico drivers find low-cost auto insurance.

• Be a cautious driver
• Safer vehicles cost less to insure
• Drop full coverage on older vehicles
• Prevent price hikes by avoiding at-fault accidents
• Bundle home and auto and earn a discount
• Claim-free drivers earn discounts
• Keep rates low by comparing prices once a year

That final tip is certainly crucial, as we stressed in this write-up. Insurance rates can change considerably in a year, so don’t be afraid to switch to a new company if a more affordable price is available. Many consumers stick with the same company and that’s fine, but it’s not a great idea if your bullheadedness ends up costing you money that could be going to better use. If you have a few minutes, compare rates to find cheaper insurance for retired military.