Key Takeaways
- State Farm is the cheapest car insurance company in Albuquerque, charging $99 a month for full coverage and $47 a month for minimum coverage.
- On average, Albuquerque drivers pay $169 a month for full coverage, slightly more than the statewide average of $152.
- For minimum coverage, Albuquerque drivers pay $81 a month, on average — also more than the statewide average of $71.
In this article
The cheapest car insurance companies in Albuquerque, NM
State Farm is the cheapest car insurance option for nearly all drivers in Albuquerque. In fact, the company offers the lowest rates for:
- Full and minimum coverage
- Young drivers
- Senior drivers
- Married drivers
- Drivers with incidents on their records
State Farm may be the cheapest car insurance company for you, but it also might be a different company. This is because rates are based on several factors, including the car you drive and your driving record.
To get your cheapest rate, compare auto insurance quotes from several different companies.
New Mexico car insurance state minimums
All drivers in New Mexico must carry at least 25/50/10 liability car insurance. This means their policies must have, at a minimum:
| Coverage type | State requirements |
|---|---|
| Bodily injury liability | $25,000 per person / $50,000 per accident |
| Property damage liability | $10,000 per accident |
Drivers may add optional coverages for:
- Uninsured motorists
- Towing costs
- Rental car fees
Cheapest minimum-coverage auto insurance rates in Albuquerque: State Farm
State Farm has the cheapest minimum-coverage car insurance in Albuquerque, offering premiums at an average cost of $47 a month.
Citywide, the average cost of minimum car insurance is $81 a month, so State Farm offers a 42% discount.
| Insurance company | Monthly rate |
|---|---|
| State Farm | $47 |
| Farm Bureau | $62 |
| GEICO | $79 |
| Progressive | $99 |
| Allstate | $115 |
| Farmers | $128 |
| USAA* | $38 |
| Rates are for minimum-coverage car insurance for a 35-year-old male with a good driving record. *Only available to current/former military and their families. | |
Find out how much you could save on car insurance
Cheapest full-coverage auto insurance rates in Albuquerque: State Farm
State Farm also leads the way for full-coverage auto insurance, charging the city’s lowest average rate of $99 per month.
Overall, Albuquerque drivers pay $169 a month for full-coverage car insurance, meaning State Farm’s rates are 41% lower.
Full-coverage car insurance typically refers to policies with collision and comprehensive coverages as well as liability. No state requires full coverage, but lenders and lessors often do.
| Insurance company | Monthly rate |
|---|---|
| State Farm | $99 |
| GEICO | $153 |
| Farmers | $207 |
| Farm Bureau | $207 |
| Progressive | $210 |
| Allstate | $232 |
| USAA | $78 |
| Rates are for full-coverage car insurance for a 35-year-old male with a good driving record. | |
Cheapest car insurance in Albuquerque for drivers with bad credit: State Farm
State Farm is the cheapest car insurance company for drivers with bad credit, offering full coverage for $208 a month, on average.
In Albuquerque, the average full-coverage cost for a driver with bad credit is $263 a month — a good bit higher than the average of $169 for those with good credit. This is because drivers with bad credit are often seen as riskier for insurance companies to cover.
| Insurance company | Monthly rate |
|---|---|
| State Farm | $208 |
| GEICO | $212 |
| Progressive | $298 |
| Farm Bureau | $311 |
| Farmers | $336 |
| Allstate | $339 |
| USAA | $134 |
| Rates are for full-coverage car insurance for a 35-year-old male with poor credit and a good driving record. | |
Cheapest car insurance for drivers with a prior incident
State Farm is the best source of cheap car insurance for drivers with a prior incident, including those with speeding tickets, at-fault accidents and DUIs.
Cheapest for drivers with a speeding ticket: State Farm
Drivers with a speeding ticket should head to State Farm for cheap auto insurance, where the average monthly rate is $107.
Albuquerque drivers with a speeding ticket pay $207 per month, on average, for car insurance. That’s 23% more than the cost for drivers with clean records.
| Insurance company | Monthly rate |
|---|---|
| State Farm | $107 |
| GEICO | $192 |
| Farm Bureau | $231 |
| Allstate | $259 |
| Progressive | $275 |
| Farmers | $287 |
| USAA | $98 |
| Rates are for full-coverage car insurance for a 35-year-old male with one speeding ticket on his driving record. | |
Cheapest for drivers with an at-fault accident: State Farm
State Farm also has the cheapest car insurance for drivers with an accident on their record. For full coverage, the company charges $116 a month.
Citywide, the average rate for drivers with an at-fault accident is $254 a month, so State Farm offers a discount of over 50%.
| Insurance company | Monthly rate |
|---|---|
| State Farm | $116 |
| Farm Bureau | $276 |
| Farmers | $290 |
| GEICO | $306 |
| Progressive | $324 |
| Allstate | $353 |
| USAA | $117 |
| Rates are for full-coverage car insurance for a 35-year-old male with one at-fault accident on his driving record. | |
Cheapest for drivers with a DUI: State Farm
The cheapest auto insurance for drivers with a DUI comes from State Farm, which charges $107 a month. This is for full coverage; if you buy less coverage, your rate will be lower, too.
Overall, Albuquerque drivers with a DUI pay $300 a month, on average, for car insurance. That’s more than the cost for those with accidents or speeding tickets.
| Insurance company | Monthly rate |
|---|---|
| State Farm | $107 |
| Progressive | $261 |
| Farmers | $278 |
| Allstate | $320 |
| Farm Bureau | $353 |
| GEICO | $628 |
| USAA | $156 |
| Rates are for full-coverage car insurance for a 35-year-old male with one DUI on his driving record. | |
Cheapest car insurance for senior drivers: State Farm
Senior drivers looking for cheap car insurance should go to State Farm, where the average 65-year-old pays $91 a month for full coverage.
In Albuquerque, seniors typically pay slightly less than their younger counterparts do for car insurance. This is true in many cities, as seniors are seen by insurance companies as being reliable and experienced drivers.
| Insurance company | Monthly rate |
|---|---|
| State Farm | $91 |
| GEICO | $156 |
| Farm Bureau | $185 |
| Progressive | $187 |
| Farmers | $223 |
| Allstate | $241 |
| USAA | $78 |
| Rates are for full-coverage car insurance for a 65-year-old male with a clean driving record. | |
Get cheap car insurance regardless of your age
Cheapest car insurance for young drivers: State Farm
State Farm has the cheapest car insurance for young drivers in Albuquerque, too, charging $128 a month for minimum coverage and $177 a month for full coverage.
Young drivers are less experienced and therefore insurance companies consider them to be fairly risky. This is why, as in many cities, young drivers in Albuquerque pay quite a bit more than their older counterparts.
| Insurance company | Minimum coverage | Full coverage |
|---|---|---|
| State Farm | $128 | $177 |
| Farm Bureau | $167 | $352 |
| Progressive | $246 | $666 |
| GEICO | $261 | $519 |
| Allstate | $295 | $647 |
| Farmers | $516 | $846 |
| USAA | $83 | $177 |
| Rates are for an 18-year-old male with a clean driving record. | ||
Cheapest car insurance for married drivers: State Farm
Married drivers will find the lowest car insurance rates at State Farm, which offers full coverage for $99 a month.
Married drivers pay an average of $160 a month for full-coverage policies in Albuquerque — slightly less than singles do.
| Insurance company | Monthly rate |
|---|---|
| State Farm | $99 |
| GEICO | $159 |
| Progressive | $165 |
| Farmers | $197 |
| Farm Bureau | $205 |
| Allstate | $224 |
| USAA | $72 |
| Rates are for full-coverage car insurance for a married 35-year-old male with a good driving record. | |
Car insurance laws in New Mexico
No-fault car insurance
New Mexico is an at-fault car insurance state rather than a no-fault car insurance state. This means the driver deemed responsible for an accident typically has to help pay for the victim’s costs and damages.
Financial Responsibility Insurance Certificate (SR-22)
An SR-22 form is a certificate that some states require for drivers who are returning from license suspensions or revocations. New Mexico, however, does not require those drivers to obtain an SR-22.
Albuquerque car insurance: FAQs
State Farm is the cheapest car insurance provider in Albuquerque, offering minimum coverage for $47 and full coverage for $99 a month.
Albuquerque drivers pay an average of $81 a month for minimum-coverage car insurance and $169 for full coverage.
New Mexico law requires drivers to carry 25/50/10 car insurance at a minimum. This means they must have at least $25,000 of bodily injury liability coverage per person, and $50,000 per accident, plus $10,000 of property damage liability coverage.
Methodology
The rates shown in this article are based on an analysis of more than 300,000 auto insurance quotes obtained from Quadrant Information Services for sample drivers from across Albuquerque, New Mexico.
Unless otherwise noted, our sample driver is a single 35-year-old with good credit. All sample drivers own a 2012 Honda Accord LX that they drive for an average of 13,500 miles per year.
Our senior base driver is a 65-year-old male with a good driving record. Our young base driver is an 18-year-old male with a good driving record.
Minimum-coverage rates reflect the cost of policies meeting the minimum liability limits required by the state.
Full-coverage policies include the following coverages, limits and deductibles:
- Bodily injury liability: $100,000 limit per person/$300,000 limit per accident
- Property damage liability: $100,000 limit
- Collision: $500 deductible
- Comprehensive: $500 deductible
Auto insurance by city
- Albuquerque
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