Cheapest car insurance companies in Albuquerque 

After an in-depth analysis, Insurance.com found that Central Insurance and Geico are the cheapest car insurance companies in Albuquerque for 2023. 

In Albuquerque, Central Insurance provides the cheapest auto insurance rates to drivers at an average annual premium of $1,492 annually

Car insurance costs may vary in Albuquerque based on your location, driving record, coverage level and the insurance company you choose. Increase your chances of getting the best deal by comparing car insurance quotes from multiple carriers. The following companies are known to offer the cheapest auto insurance rates in Albuquerque.

CompaniesAverage annual rates
USAA$1,173
Central Insurance$1,492
Geico$1,657
Progressive$1,852
Nationwide$1,969
State Farm$2,132
Allstate$3,149
Farmers$3,259
Iowa Farm Bureau$3,424
Kemper Insurance$3,582

Cheapest car insurance cost in Albuquerque by Age Group 

In Albuquerque, Central Insurance is the cheapest car insurance company for teenagers, offering full coverage policies at $3,327 a year, on average. Teenagers often face higher car insurance rates due to statistical data indicating that they pose a greater risk on the roads. 

Teenagers can lower their insurance costs by strategically utilizing the good student discount or remaining listed as a driver on their parent's policy.

When compared to other car insurance companies, USAA turned out to be the cheapest car insurance company for young drivers in Albuquerque, offering full coverage at an annual average cost of $1,704.

As Albuquerque drivers transition into their 30s, they can enjoy significantly lower auto insurance costs compared to their 20s. USAA stands out as the cheapest car insurance option for adult drivers, with an annual premium of $1,189

If you are a senior driver in Albuquerque and looking for a cheap car insurance company, then consider buying insurance from USAA. It is the cheapest auto insurance company for senior drivers, with an average premium of $1,267 per year

CompanyTeensYoung AdultsAdultsSeniors
Central Insurance$3,327$2,259$1,546$1,734
USAA$3,414$1,704$1,189$1,267
Geico$5,085$2,564$1,720$1,730
State Farm$6,052$3,515$2,146$2,071
Iowa Farm Bureau$6,331$4,265$3,388$3,224
Nationwide$6,706$3,202$1,981$1,882
Progressive$7,406$2,955$1,888$1,903
Allstate$10,853$4,968$3,124$3,303
Farmers$11,737$5,934$3,097$3,371
Kemper Insurance$16,462$5,333$3,404$3,583

Cheapest car insurance companies in Albuquerque by driver profile 

Driver profile is one of the many factors that insurers take into account to determine car insurance premiums in Albuquerque. Drivers with a history of accidents or traffic citations on their record can expect significantly higher costs than those with a clean driving record.

Comparison shopping is the key to getting the cheapest car insurance rates in Albuquerque. By comparing rates from multiple providers, you ensure you're getting the coverage you need at an affordable price.

Below are some of the cheapest car insurance companies in Albuquerque by driver profile.

If you're a Albuquerque driver with poor credit, Geico is the cheapest car insurance company for you, based on Insurance.com's in-depth data analysis. It offers a full-coverage car insurance policy at an average cost of $1,752 annually

Below is a list of carriers that offer car insurance at an affordable rate for drivers with poor or less-than-perfect credit scores. 

CompanyAverage annual rates
Geico$1,752
Nationwide$1,872
USAA$2,117
Farmers$2,744
Progressive$2,747
Allstate$2,829
State Farm$2,865

USAA has the cheapest car insurance premiums for drivers with speeding ticket violations on their records in Albuquerque. Its full coverage car insurance policy costs an average of $1,457 per year for drivers aged 30. 

Remember that the cheapest car insurance company for you may not be the cheapest company for someone else. Ensure you compare car insurance quotes from various carriers to secure the most favorable deal. This way, you can find the insurance company that offers the best rates and coverage for your specific needs. 

CompanyAverage annual premium
USAA$1,457
Nationwide$1,544
State Farm$1,561
Geico$2,096
Farmers$2,316
Progressive$2,371
Allstate$2,438

According to Insurance.com's analysis, State Farm tops the list of cheap car insurance providers in Albuquerque for drivers involved in at-fault accidents, with an average annual cost of $1,589. After being in an at-fault accident, finding cheap car insurance rates might seem challenging, but by comparing quotes, you can find a policy that aligns with your budget. 

CompanyAverage annual rates
State Farm$1,589
USAA$1,867
Nationwide$1,987
Geico$2,366
Farmers$2,692
Progressive$3,029
Allstate$3,157

In Albuquerque, State Farm has the cheapest car insurance rates for individuals with DUI on their record. The company provides a full coverage policy at an average cost of $1,561 a year

A DUI conviction can significantly affect your auto insurance rates. However, to keep your coverage rates low, it is important to compare quotes from various insurers before renewing or purchasing a new policy. Doing so ensures you get the most competitive rate for your situation.

CompanyAverage annual rates
State Farm$1,561
USAA$2,468
Progressive$2,562
Farmers$2,784
Geico$2,797
Nationwide$2,844
Allstate$3,576

Average car insurance cost in Albuquerque 

In Albuquerque, the annual cost of car insurance for the coverage level of 100/300/100 is $2,231 or around $186 per month. However, the average yearly rate for state minimum coverage in Albuquerque is $543.

Full coverage car insurance may cost more than the state minimum, but it offers valuable protection beyond just covering damage to other drivers' vehicles. Unlike state minimum, full coverage includes damage to your vehicle in addition to liability coverage.

You can potentially lower your full coverage premium by comparing quotes from different carriers. It allows you to find the best coverage at a competitive price.

Average annual RatesState minimum average
$2,231$543

Methodology

Insurance.com commissioned 2023 data for the cheapest car insurance rates in cities from Quadrant Data Services for all 50 states and Washington D.C. Rates are based on the following profile:

  • 40-year-old male driver
  • Honda Accord LX
  • 12-mile daily commute, 10,000 annual miles
  • Good credit
  • Clean record

While the rates for drivers with poor credit, speeding tickets, DUI and at-fault accidents were sourced from the Auto Problems Report 2023.

Rates are based on coverage limits of:

  • $100,000 bodily injury per person
  • $300,000 bodily injury per accident
  • $100,000 property damage per accident
  • $500 comprehensive and collision deductible

Insurance.com analyzed rates from over 34,000 ZIP codes, 56 million quotes, and 136 companies. Based on the analysis, we have created lists of the cheapest companies for different driver profiles. USAA also made it to the list, but it offers services only to current and former military members and their families. Rates sourced from Quadrant Data Services for comparison purposes only; your rates may differ.

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