Socorro Auto Insurance Rates, Quotes, Agents & Reviews in NM

Socorro, NM Auto Insurance Rates, Quotes, Agents & Reviews

Zimlon, through its research, found that car owners in Socorro, NM, can avail multiple discounts on car insurance by taking various factors into consideration. These factors are explored in detail by Zimlon in the analysis below.

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Cheapest Car Insurance in Socorro, NM

In Socorro, New Mexico, auto insurance is an important part of life for many people. With the state’s mountainous terrain and busy highways, having the right auto insurance is essential for anyone who drives in Socorro.   Auto insurance is required by law in the state of New Mexico. In Socorro, auto insurance will typically cover damages caused by accidents, theft, fire, and other incidents. Coverage can include medical expenses, rental car reimbursement, and roadside assistance. 

The average cost of car insurance in Socorro, NM, is $1,329. When looking for auto insurance in Socorro, finding a reliable provider with a good reputation is essential. Many auto insurance companies offer discounts for people who have taken defensive driving courses, have a good driving record, and are members of certain organizations. It’s also important to shop around and compare quotes from multiple companies to find the best rate. By reading this article, you can get the best Socorro, New Mexico, auto insurance plan for your needs and budget.

Auto Insurance Rates Based on the Age of the Driver

Insurance companies use age as a determining factor to decide how much of a risk a driver poses when it comes to filing a claim. Young drivers are often considered riskier than older drivers, resulting in higher premiums. Generally, younger drivers are more likely to be involved in an accident than older drivers. This is due to their lack of experience, which can lead to risky driving behaviours. Insurance companies will often charge higher premiums for young drivers because of this risk. For instance, teenagers in Socorro, New Mexico, pay $4213 for car insurance, while drivers over the age of 40 pay $1265.

Auto Insurance Rates Post-DUI

It is important to understand that a DUI conviction will likely significantly increase your auto insurance premiums. In Socorro, DUI convictions are treated seriously, and the penalties can be harsh. A person may face jail time, fines, license suspension, and other penalties for a first-time offence. All of these consequences can have a negative impact on your lifestyle and finances, including your auto insurance rates. In New Mexico, drivers convicted of a DUI can expect to pay significantly more for their auto insurance. Insurance companies calculate rates based on numerous factors, including driving record, age, gender, etc. A DUI conviction will make you a high-risk driver, so your rates will be much higher. Auto insurance in Socorro, New Mexico, typically costs $1,329. Following a DUI, the rate goes up to $2,093.

Auto Insurance Rates Based on Credit History

Insurers use credit scores to determine the risk associated with insuring someone. Generally, people with higher credit scores are seen as less of a risk than those with lower credit scores. As a result, they are typically offered lower premiums. On the other hand, people with lower credit scores are seen as higher risk and are typically offered higher premiums. For instance, in Socorro, New Mexico, drivers with exceptional credit scores pay $1140 for auto insurance, whilst those with poor credit must spend $2,168 for the same coverage.

Factors that can influence the cost of car insurance in Socorro, NM are listed below. It is imperative to understand these factors in order to reduce the cost of car insurance. It is also essential to strike a balance between the cost of insurance and the coverage requirements.

Socorro, NM Auto Insurance Rate Comparisons with Neighboring Locations | Back to Top

The following table compares the cost of insurance in Socorro, NM with that of other cities in and around Socorro.

Socorro Socorro County Escondida Polvadera Lemitar San Antonio
Average Insurance Rates $1,329 $1,323 $1,995 $2,018 $1,367 $2,016

Socorro, NM Auto Insurance Rates vary Based on Deductibles in Neighboring Cities | Back to Top

The following table makes a comparison of the variation in car insurance rates in and around Socorro, NM based on the change in deductibles. A higher deductible leads to a decrease in the cost of car insurance.

Location Low Deductible ($500) High Deductible ($1000)
Socorro $1,646 $1,390
Luis Lopez $2,718 $2,296
San Antonio $2,076 $1,754
Socorro County $1,272 $1,074
Escondida $2,055 $1,736
Lemitar $2,870 $2,424
Polvadera $1,386 $1,171
Chamizal $2,055 $1,736

Socorro, NM Auto Insurance Rates Based on the Age of the Driver | Back to Top

Teenagers in Socorro, NM usually pay a much higher car insurance rate compared to the rest of the state as they are generally considered to be less responsible behind the wheel. Middle-aged drivers are likely to pay lower car insurance premiums if they are considered to be safer drivers by insurance companies.

Age of Driver Insurance Cost
Teens $4,312
20 Years $1,708
30 Years $1,315
40 Years $1,265
50 Years $1,172
60 Years $1,188
70 Years $1,383

Socorro, NM Car Insurance Discounts for Multi-Car Insurance | Back to Top

Car owners in Socorro, NM can obtain discounts if they insure multiple vehicles with the same insurer. The average savings one can obtain are as follows:

Number of Cars Auto Insurance Cost Total Savings
2 Vehicles $2,312 $346
3 Vehicles $3,469 $518
4 Vehicles $4,625 $691

Savings on 2 Vehicles bundle:$346

Savings on 3 Vehicles bundle:$518

Savings on 4 Vehicles bundle:$691

Socorro, NM Post- DUI Auto Insurance Rates | Back to Top

Driving Under Influence (DUI) can be an added burden on your wallet. The cost of auto insurance will go up post-DUI. The below graph does a comparison of auto insurance rates before and after DUI in and around Socorro, NM.

Location Average Insurance Cost Post DUI Insurance Rate
Socorro $1,329 $2,093
Luis Lopez $1,457 $2,294
San Antonio $2,016 $3,174
Socorro County $1,323 $2,083
Escondida $1,995 $3,141
Lemitar $1,367 $2,152
Polvadera $2,018 $3,177
Chamizal $1,995 $3,141

Socorro, NM Auto Insurance Rates Based on Credit Score | Back to Top

Car insurance companies can use the Credit Score of car drivers to determine car insurance rates. Car drivers with good credit can avail of substantial discounts on car insurance rates.

Credit Score Insurance Cost
Exceptional (800-850) $1,140
Excellent (740-799) $1,302
Good (670-739) $1,385
Average (580-669) $1,807
Poor (300-579) $2,168

Socorro, NM Auto Insurance Agents | Back to Top

Car owners can obtain quotes from multiple auto insurance companies. Comparing different quotes can help identify the cheapest auto insurance provider best suited for their coverage needs.

Agent Name Company Agent Address Contact Details
Damien Ocampo State Farm 1004 N California St Ste B, Socorro, 87801-4273 575-835-0001
Michael Olguin Insurance Associates Llc Travelers 315 N CALIFORNIA ST, SOCORRO, 87801 575-835-1331
Blue Star Insurance Travelers 424 Becker Ave, Belen, 87002 (505) 861-0002
Luccas Greene State Farm 614 Becker Ave, Belen, 87002-3634 505-864-7474
Charles Van Gombos Allstate 329 E Reinken Ave, Belen, 87002 (505) 864-1291
Clara Reyes Farmers 101 1/2 Eaton Ave, Socorro, 87801 (575) 835-0966
La Shanna Reese Farmers 415 W Reinken Ave, Belen, 87002 (505) 861-0100
Panagopoulos Insurance Agency None 511 W Reinken Ave, Belen, 87002 None

Socorro, NM Auto Insurance Rates can Increase Based on Driving Violations | Back to Top

Auto insurance rates tend to increase depending on the type and number of driving violations. The driving violations can stay on the record for a considerable amount of time leading to higher auto insurance rates. The severity of the driving violation and place of residence will determine how long the violation stays on record.

Driving Violation Cost Increase Total Insurance Cost
Driving Without Headlights +$58 $1,387
Driver's Failure In Showing Documents +$129 $1,458
Driving With An Expired Registration +$137 $1,466
Driving At A Considerably Slow Pace +$288 $1,617
Using A Cellphone While Driving +$304 $1,633
Running A Red Light +$310 $1,639
Speeding +$326 $1,655
Driving A Vehicle Without The Required Permission +$413 $1,742
Driving With An Expired/Suspended License +$896 $2,225

Socorro, NM Auto Insurance Rates Based on Anti-Theft Feature | Back to Top

Cars that are equipped with safety devices are less prone to thefts. As a result, auto insurance companies provide a considerable amount of discounts to vigilant car owners. The discounts vary depending on the type and number of safety devices installed.

Anti Theft Feature Insurance Cost
Audible Alarm $1,276
Active Disabling Device $1,276
Tracking Device $1,249
Passive Disabling Device $1,236