Factors Influencing the Cost of Car Insurance in Albuquerque, NM
Albuquerque is the most populous city in the state of New Mexico. With the average cost of insurance at $1,291, it is clear that car insurance is expensive in Albuquerque. New Mexico ranks 25th on the list of most expensive states to buy car insurance in. The average cost of car insurance in New Mexico is $1,431. Insurers in New Mexico are mandated to offer a discount if car owners fix an anti-theft device in their cars. Combining this with a Vehicle Recovery System would make car insurance cheaper. Car Insurance becomes expensive if one’s driving record is not clean. The average cost of car insurance jumps from $1,431 to $2,662 after a case of DUI. Car Insurance in New Mexico can be as cheap as $952 in Alamogordo and as expensive as $1,291 in Albuquerque.
Factors affecting the cost of car insurance could be multifold. The National Insurance Crime Bureau’s (NICB) annual Hot Spots report has Albuquerque occupying the top position. Albuquerque has the highest per-capita-rate of car thefts in the U.S. Car owners are advised to have their car insurance up-to-date.Albuquerque had 7,146 vehicles stolen in 2018. This is 4,059 more than Anchorage, AL.
Theft rates are a crucial factor in determining how expensive or cheap car insurance rates can be. It is quite possible that Albuquerque has high insurance costs because of this very reason. Other factors such as gender and age also influence the cost of car insurance in Albuquerque.
While a 78 year-old-female senior from Wells St SE, pays $1,848, an 81 year-old-male senior from Lovelace Road SE, only pays $1,254 on car insurance. Car insurance in Albuquerque is more expensive for senior women than for married and senior men. While senior women pay $1,587, married men pay $1,497, and senior men pay only $1,471 on car insurance.
Car insurance could also end up being expensive depending on the make and model of one’s car. Paying a higher deductible on cars like Ford Expedition EL King Ranch and Infiniti G37 leads to a reduction in savings. Lower deductibles seem to help save more on these cars. The cost of insuring an Audi A8 in Albuquerque can be as expensive as $2,060. This is similar to the cost of insuring a BMW 6 Series. BMW and Audi are by far the most expensive cars to insure.
Like in other places, comparing different insurance rates and keeping one’s requirements in mind is key to landing the best car insurance.