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Mandy Sleight has over 15 years of insurance knowledge and expertise in auto, home, life, health, pet, supplemental benefits, and other insurance products. She’s a sought-after insurance expert, appearing in Bankrate.com, Moneygeek.com, U.S. News & World Report, Reviews.com, CNET, and other publications, and she's been writing for Compare.com since 2023.
Mandy uses her background and experience working for well-known insurance companies like State Farm and Nationwide Insurance to create engaging and easy-to-understand content that helps readers make smarter insurance choices that have a positive effect on their budgets and finances.
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Lequita Westbrooks is an insurance editor at Compare.com. Her writing and editing experiences span several industries, including insurance, personal finance, higher education, and more. She excels at explaining complex topics like auto insurance in simple, easy-to-understand language and is passionate about helping readers save money. Lequita graduated from the University of South Florida, where she earned her Bachelor’s degree in English.
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Albuquerque drivers pay an average of $93 per month for liability insurance and $228 for full-coverage insurance, according to Compare.com data. While Albuquerque rates are higher than average, you don’t have to settle for higher rates — several companies, like State Farm, offer much lower rates.
Keep reading to learn which companies offer the cheapest rates in Albuquerque and how factors like your age, driving record, and coverage choices affect your car insurance costs.
Albuquerque drivers pay an average monthly premium of $160 for car insurance.
State Farm is the cheapest car insurance company in Albuquerque, with an average monthly rate of $56.
New Mexico law requires all drivers to have at least 25/50/10 in liability insurance.
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Location  | Average Monthly Premium: Liability | Average Monthly Premium: Full Coverage | Average Monthly Premium: All Policies |
|---|---|---|---|
| Albuquerque | $93 | $228 | $160 |
| New Mexico | $72 | $193 | $132 |
| National average | $92 | $176 | $135 |
The average cost of car insurance in Albuquerque is $160 per month. For comparison’s sake, the average for New Mexico is $132.
That said, average auto insurance rates only scratch the surface — your actual rate could be different. Your unique driving profile, including your driving history and age, determines your personal insurance premium.
No matter what the average rates in your city are, you can still find ways to save. Several car insurance companies offer rates below the city average.
The table below highlights the five cheapest auto insurers in Albuquerque and each company’s average premium, according to Compare.com data.
Company | Average Monthly Premium |
|---|---|
| State Farm | $56 |
| USAA | $68 |
| GEICO | $70 |
| Allstate | $112 |
| Progressive | $121 |
State Farm is the cheapest auto insurance company for many Albuquerque drivers, averaging just $56 per month.
But with so many rating factors influencing car insurance costs, it may not be the cheapest option for everyone. That’s why we analyzed dozens of auto insurers to find the best companies for various demographics. Let’s look at three of the best companies in 2024.
Compare personalized quotes from the area’s top insurers.
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No single car insurance company is the best choice for everyone. The best insurer for you is one that meets your coverage needs and budget. We chose the following three companies based on criteria such as average rates, customer reviews and ratings, and available discounts and coverage options in Albuquerque.
Average premium: $56 per month
Compare.com Rating: 4.90 out of 5
Among the cheapest rates in New Mexico
Above-average customer satisfaction ratings
Many dedicated local agents
Fewer optional coverages
Below-average digital satisfaction ratings
Steep qualifications for accident forgiveness
State Farm offers some of the lowest average rates in Albuquerque, at $56 per month. It also ranks above average in J.D. Power’s most recent claims satisfaction and auto insurance satisfaction studies.
Unfortunately, State Farm doesn’t offer gap insurance and has fewer coverage options than some competitors. You also have to remain accident-free for nine years to qualify for accident forgiveness, while most other companies typically require three or five years with no accidents.
Average premium: $70 per month
Compare.com Rating: 4.65 out of 5
Some of the cheapest rates in the area
Highly rated mobile app
Many available discounts
Below-average customer satisfaction rating
Gap insurance not available
Only one local agent in Albuquerque
GEICO offers some of the most affordable rates in Albuquerque. If you’re a commuter, it also offers affordable mechanical breakdown and roadside assistance coverage, the latter of which starts at just $14 annually per vehicle.
The company also received an above-average rating for its digital shopping experience in the J.D. Power 2024 U.S. Insurance Digital Experience Study. But it ranked below average for customer satisfaction in the J.D. Power 2024 U.S. Auto Insurance Study.
GEICO only has one insurance agent in the Albuquerque area, so it may not be the best choice if you want a local agent.
Average premium: $112 per month
Compare.com Rating: 4.93 out of 5
Pay-per-mile coverage available
Great telematics program
Above-average claims and digital shopping satisfaction
Not the cheapest rates in the area
Below-average customer satisfaction
Poor reviews on Google Play Store
Allstate is a good option if you work from home or are a low-mileage driver. You could earn savings with Allstate’s Milewise program, which charges a low base rate and then a per-mile rate. Safe drivers can earn additional discounts with Drivewise by allowing the company to track driving behaviors.
Though Allstate’s recent Google Play reviews express frustration with the mobile app, it earned positive reviews — 4.8 out of 5 stars — on the Apple Store app.
Comparing personalized quotes is the quickest way to find the right fit.
The insurance coverage you choose affects how much you pay for car insurance. Liability insurance at the state minimum coverage level is the cheapest policy you can buy. But it only covers others you cause injury or property damage to, which might not be enough to protect your finances if you cause an accident.
The table below shows five companies offering the cheapest liability coverage in Albuquerque, according to our data.
Company | Average Monthly Premium |
|---|---|
| State Farm | $40 |
| USAA | $48 |
| GEICO | $50 |
| Hallmark | $69 |
| The General | $76 |
State Farm has the cheapest liability coverage in Albuquerque, averaging just $40 per month, according to our data.
But many drivers find they need more than liability. Let’s look at the cheapest companies for full coverage.
Full-coverage car insurance usually includes liability coverage plus collision and comprehensive coverage for your vehicle. The additional coverages make it more expensive, but they offer more protection. It’s a good choice if you can’t afford to fix or replace your car after an accident, and lenders often require it if you finance or lease your car.
The table below shows the cheapest full-coverage insurance options for Albuquerque drivers, according to Compare.com data.
Company | Average Monthly Premium |
|---|---|
| State Farm | $73 |
| USAA | $88 |
| GEICO | $91 |
| Allstate | $144 |
| Progressive | $155 |
State Farm is the cheapest insurer for full coverage in Albuquerque, with an average rate of $73 per month, according to our research.
Now, let’s look at how age affects car insurance premiums.
Your age is a crucial factor that determines your auto insurance costs. Teens and young drivers have higher rates because they have less experience and tend to engage in riskier driving behaviors. As you age, you should gain more experience behind the wheel and develop safer driving skills — which could lead to lower rates.
The table below breaks down average car insurance premiums by age, and the cheapest insurer and its monthly rate for each group, according to Compare.com data.
Age Group | Citywide Average Monthly Premium | Cheapest Insurer | Cheapest Insurer’s Average Monthly Premium |
|---|---|---|---|
| Teens | $306 | State Farm | $122 |
| 20s | $212 | State Farm | $86 |
| 30s | $150 | State Farm | $65 |
| 40s | $143 | State Farm | $62 |
| 50s | $119 | State Farm | $53 |
| 60s | $107 | State Farm | $48 |
| 70s | $126 | State Farm | $50 |
Next, we’ll go into more detail about the cheapest insurers for teens and seniors.
Teens are the most expensive age group to insure. That’s largely because they’re four times more likely to get into an accident and are three times more likely to get into a fatal crash than drivers age 20 and older, according to the Insurance Institute for Highway Safety (IIHS).
Albuquerque teens pay an average of $306 per month for car insurance, according to our data. But this group can find cheaper rates with State Farm, at an average of $122 per month.
Retirement is a milestone you spend years looking forward to — and you can also look forward to cheaper car insurance. Seniors tend to drive less and get into fewer motor vehicle crashes which makes them less risky to insure.
On average, Albuquerque seniors in their 60s pay an average rate of $107 per month, according to our data. State Farm is the cheapest company for this group, averaging $48 per month.
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Your driving record is one of the most significant factors affecting car insurance rates. Getting tickets, driving under the influence (DUI), and causing accidents increases your likelihood of filing a claim, which raises your insurance costs.
The table breaks down rates by driving record and the cheapest insurer in Albuquerque for each, according to our research.
Driving Record | Citywide Average Monthly Premium | Cheapest Insurer | Cheapest Insurer’s Average Monthly Premium |
|---|---|---|---|
| Clean record | $160 | State Farm | $69 |
| Speeding ticket | $232 | State Farm | $88 |
| At-fault accident | $244 | State Farm | $93 |
| DUI | $277 | State Farm | $114 |
Drivers with a clean driving record pay the least for car insurance, but if you have infractions on your record, you’ll see your rates increase. Here’s how violations affect how much you pay.
If the authorities catch you speeding, expect your rates to increase. In fact, a single speeding ticket raises rates by an average of 27% nationally, according to Compare.com data.
Drivers in Albuquerque pay an average of $232 per month after a ticket, but you can get cheaper coverage with State Farm. Its average monthly rate after a speeding ticket is only $88.
Causing an accident is another way to see your auto premium insurance. Insurance rates go up by a national average of 34% after an at-fault accident, according to Compare.com data.
Although the average rate after an accident is $244 per month in Albuquerque, you could get a cheaper rate with State Farm, at an average cost of $93 per month.
A DUI is a serious infraction that can cause your insurance rates to skyrocket. After a DUI conviction, rates increase by a national average of 50%, according to our data.
The average car insurance cost after a DUI is $277 per month in Albuquerque. State Farm’s average rate is far cheaper, averaging $114 per month.
You don’t need a perfect driving record to find affordable rates.
New Mexico drivers must have liability car insurance coverage that meets the minimum requirements under the state’s Mandatory Financial Responsibility Act, according to the New Mexico Motor Vehicle Division (MVD). Every driver must have at least the following coverage limits:
$25,000 of bodily injury liability per person
$50,000 of bodily injury per accident
$10,000 for property damage liability
You can also make a cash deposit or get a surety bond for $60,000 instead of buying liability insurance. If you don’t have enough coverage, you’ll have to pay a $30 registration reinstatement fee, plus a license plate replacement fee if you turned your tag into the MVD.
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Though Albuquerque’s auto insurance rates are higher than the statewide average, you can still save on your car insurance. Here are a few tips to get coverage:
Improve your credit: Your credit history is one of many factors insurers use to determine your premium. Bad credit can be costly, but raising your credit can help you get lower rates.
Be mindful while driving: Practicing safe driving habits can help you avoid tickets and accidents, which drive up your insurance premium. You could save even more by allowing your insurer to track your driving habits through its telematics program.
Bundle your policies: You can get a multi-policy discount by insuring your auto and home or renters insurance with the same company, which can save you up to 25% compared to buying policies individually from different companies.
Shop around for coverage: Compare quotes from several insurers to find out which has the best insurance rate for your situation. For even faster quotes, use an insurance comparison site.
Get personalized quotes from New Mexico’s top-rated insurers.
We answered common questions drivers ask about getting cheap car insurance in Albuquerque.
State Farm has the cheapest car insurance in Albuquerque, at an average of $56 per month, according to our research. But your actual rate may be different depending on your unique driver profile.
The average cost of car insurance in Albuquerque is $160 per month, according to Compare.com data. That breaks down to $93 per month for liability-only insurance and $228 for full-coverage insurance.
New Mexico drivers must have at least 25/50/10 insurance. That breaks down to $25,000 per in bodily injury per person and $50,000 per accident, plus $10,000 per accident for property damage liability.
You must pay a $30 registration reinstatement fee if authorities catch you driving without insurance in Albuquerque. If you’ve already turned in your license plates, you’ll pay an additional replacement fee to get new tags.
Data Methodology:
Data scientists at Compare.com analyzed more than 50 million real-time auto insurance quotes from more than 75 partner insurers in order to compile the rates and statistics seen in this article. Compare.com’s auto insurance data includes coverage analysis and details on drivers’ vehicles, driving records, insurance histories, and demographic information.
All the rates listed in this article have been collected from a combination of real Compare.com quotes and external insurance rate data gathered in collaboration with Quadrant Information Services. Compare.com uses these observations to provide readers with insights into how auto insurance companies determine their premiums.
Sources:
J.D. Power, “2024 U.S. Auto Insurance Study,” accessed October 17, 2024.
J.D. Power, “2023 U.S. Auto Claims Satisfaction Study,” accessed October 17, 2024.
J.D. Power, “2024 U.S. Insurance Digital Experience Study,” accessed October 17, 2024.
Google Play, “Allstate Mobile,” accessed October 18, 2024.
Apple Store, “Allstate Mobile,” accessed October 18, 2024.
Insurance Institute for Highway Safety, “Teenagers,” accessed October 17, 2024.
AAA Foundation, “Rates of Motor Vehicle Crashes, Injuries and Deaths in Relation to Driver Age, United States, 2014-2015,” accessed October 17, 2024.
New Mexico Motor Vehicle Division, “Chapter 11 – Mandatory Insurance,” accessed October 18, 2024.
Insurance Research Council, “14 Percent of U.S. Drivers Were Uninsured in 2022, IRC Estimates,” accessed October 18, 2024.
Compare.com's #1 goal is to save you money. We publish resources that are based on hard-hitting data and years of industry experience to help you make more informed decisions with your wallet.
Learn more about us, our team, and what makes us tick.
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Mandy Sleight has over 15 years of insurance knowledge and expertise in auto, home, life, health, pet, supplemental benefits, and other insurance products. She’s a sought-after insurance expert, appearing in Bankrate.com, Moneygeek.com, U.S. News & World Report, Reviews.com, CNET, and other publications, and she's been writing for Compare.com since 2023.
Mandy uses her background and experience working for well-known insurance companies like State Farm and Nationwide Insurance to create engaging and easy-to-understand content that helps readers make smarter insurance choices that have a positive effect on their budgets and finances.
Lequita Westbrooks is an insurance editor at Compare.com. Her writing and editing experiences span several industries, including insurance, personal finance, higher education, and more. She excels at explaining complex topics like auto insurance in simple, easy-to-understand language and is passionate about helping readers save money. Lequita graduated from the University of South Florida, where she earned her Bachelor’s degree in English.
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