Cheap Car Insurance Quotes for Single Moms in New Mexico

When we talk about car insurance, the words “cheap” or “affordable” should not be used anywhere in the article to describe car insurance prices. It’s just a fact that cheap car insurance for single moms is pretty hard to find. Don’t let that bother you, though, because we are going to tell you how you can quote insurance that is easy on your budget.

Cost and performance of the vehicle on the policy is one of the main factors when comparison shopping for the best cheap car insurance for single moms. Vehicles with lower performance, good safety features, or a track record of few liability claims will cost much less to insure than higher performance models.

The next lists shows insurance rates for a number of the most affordable automobiles to insure.

Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Premium amounts do not factor in specific garaging location which can alter premiums greatly.

Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Prices do not factor in your specific New Mexico location which can modify coverage rates substantially.

Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Table data does not factor in specific garaging location which can impact premiums noticeably.

When shopping for insurance for single parents, one of the many considerations that determine the price of your policy is where your residence is in New Mexico. Regions with more people or even just more weather-related claims like Albuquerque, Santa Fe, and Los Alamos tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims generally have lower rates.

The next table displays the more expensive cities in New Mexico for single moms to buy an auto insurance policy in.

Rates are approximated as the vehicle garaging location can modify auto insurance rates significantly.

Does full coverage make sense?

Finding cheap auto insurance for single moms in New Mexico is important to most drivers, and one good way to lower the cost of insurance is to not pay for full coverage. The illustration below illustrates the difference between car insurance costs with full coverage and liability only. The data assumes no claims or violations, $250 deductibles, single marital status, and no discounts are factored in.

If we average the cost for all age groups, physical damage coverage on your policy costs an additional $2,262 per year over and above liability only. That is a large expense and it proposes the question if you should buy full coverage. There is no clear-cut formula for eliminating comp and collision coverage, but there is a guideline you can consider. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your vehicle’s claim settlement value is $12,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $11,000 after paying your policy deductible. If premium cost is more than $1,100 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.

The illustration below shows how different deductible levels can change insurance costs when getting quotes for cheap insurance for single moms. The price estimates are based on a single male driver, comprehensive and collision coverage, and no other discounts are factored in.

The chart above illustrates that a 40-year-old driver could pocket $370 a year by switching from a $100 deductible up to a $500 deductible, or save $558 by selecting a $1,000 deductible. Young drivers, like the 20-year-old example, could potentially save up to $1,220 every year by selecting a higher deductible. If you do decide to increase your deductibles, it’s a good idea to have additional funds squirreled away to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

Find cheap auto insurance for single moms in New Mexico

The list below details some of the recommended money-saving suggestions that can help New Mexico drivers get more affordable coverage.

• Raise your deductibles
• Avoid speeding and other traffic citations and pay less
• Drive safe vehicles
• Do not get into accidents
• Improve your credit
• Do not pay for full coverage on older vehicles
• Keep rates low by comparing prices once a year

The final tip is particularly valuable, as we stressed in this article. Coverage prices in New Mexico vary considerably, so don’t be unwilling to buy a different policy if a cheaper rate is available. Having a favorite company is fine, but it isn’t a good idea if that faithfulness ends up costing you potentially thousands of dollars a year. It takes less than five minutes to compare rates and find cheaper auto insurance for single moms.

Cheapest insurance quotes for single parents

Due to technology, there are many ways to find cheap auto insurance in New Mexico, but the most common are through an independent or non-exclusive agent, an exclusive insurance agency such as State Farm or Auto-Owners, or buying direct from a company like Progressive or Geico.

They all have the same end result, but buyers should know the differences in how they give price quotes.

Independent agents write for multiple companies and can get rate quotes from all of them. They do not sell for just one brand and can get prices from more than one company, which may give you the best idea of how your rates compare. If cheaper coverage is found, your policy is moved internally and you stay with the same agent.

Exclusive agencies are able to place business with a single insurance company like Allstate and Liberty Mutual agents. These agents normally cannot quote prices from more than just one company, so you will not be able to compare their rates to other companies.

If you choose to buy auto insurance direct, you do not use local insurance agents and buy direct online or over the phone from a company like Progressive or Geico. This auto insurance option may be good for people who do not have a need for a risk management assessment and understand the limitations of their policy.

So comparing independent agents, exclusive agents, and direct, which one works best to buy cheap auto insurance for single moms in New Mexico? Our initial answer would be shopping direct results in the cheapest price because there isn’t an agent involved, but unfortunately, that is not the case. And we’d like to say going through an independent agent is the best way to go because they can shop around, but that assumption is also not necessarily accurate. And occasionally, exclusive agents may have prices that cannot be met by either independent or direct companies.

Because there is so much variation in auto insurance prices, the only real way to get the cheapest rates is to get rate quotes and compare. It takes a little work, but we recommend you get rate quotes from independent agents, exclusive agents, and direct companies to give yourself plenty of rates to compare. For a list of companies with cheap rates in New Mexico, click here to view.