Find Car Insurance in Albuquerque, New Mexico

What You Should Know About Car Insurance in Albuquerque, NM

Albuquerque is almost a tale of two cities. Established as a Spanish colony in the early 1700s, Spanish culture and architecture are woven into the very fabric of this city. From the traditional cuisine offered in many eateries in town to the endless reminders of the past through historic sites, buildings, and even entire neighborhoods, traversing various parts of the municipality can feel like time travel.

Yet, Albuquerque is very much a modern city. The downtown area does have its historic areas, but it is a contemporary business district with many emerging trendy or upscale spots and a major revitalization project in the works.

Commerce and innovation are flourishing with burgeoning modern-day industries such as digital media and film, bioscience, aerospace, healthcare, technology, and renewable energy. Though built in the high desert, the Rio Grande River runs through town, leaving a path of greenery with parks, gardens, and other recreational areas established along its banks.

The University of New Mexico is located in the city, providing educational opportunities for students, and the locals take pride in cheering the school’s New Mexico Lobos teams, who play a full gamut of Division I sports.

Enjoy the beauty, history, and amenities of Albuquerque after talking to an expert agent who will help you find the best auto insurance at the best price in New Mexico.

How Much Does Car Insurance Cost in Albuquerque, New Mexico?

Generally speaking, car insurance in New Mexico is very affordable. A full coverage policy costs $1,591 on average, and a minimum liability policy would be approximately $346. Compare those numbers to the national average of $2,014 and $622, and you can appreciate how reasonable pricing is in the state. However, to get a formal quote and know your exact rate, you would have to let your agent know details about yourself, other drivers in the family, your exact location, and your vehicle.

What Does Full Coverage vs. Minimum Liability Mean?

Many people want to obtain bare basic coverage to protect themselves somewhat and get the most affordable policy available while satisfying their state’s minimum requirements. If that is what you are looking for, ask your agent about minimum liability coverage. This plan would help you pay for damage you are responsible for when you cause an accident. It would not cover losses to your own vehicle if you were at fault for the crash.

If you are willing to pay a little more, full coverage might be right for you. This type of policy would cover damages to your own vehicle in most instances, even when you are at fault. Your insurer would also pay in cases where there is no other party. For example, if a tree falls on your car or some other natural event occurs. While this policy costs more than minimum liability, it brings you peace of mind and might even save you money if you ever get into an accident.

Affordable Car Insurance Rates Comparison by Cities in Albuquerque

Insurance underwriters look closely at your location when they calculate your rate. In the table below, you can see how premiums can vary significantly in different New Mexico cities.

City	Full Coverage Insurance	Liability Insurance Coverage
Albuquerque	$155	$40
Moriarty	$139	$33
Rio Rancho	$143	$40
Santa Fe	$133	$35
Santa Rosa	$131	$29

How Bundling Your Car and Homeowners Insurance Can Save You Money in Albuquerque

If you are relocating to Albuquerque from a different state, you might be pleased when you get lower quotes than ones to which you are accustomed. However, “bundling” policies, which means getting two or more policies — for example, homeowners insurance and car insurance — from the same carrier, could get you an even lower rate.

Many Albuquerque residents like to bundle their home and auto insurance simply for the convenience of dealing with a single insurer. But you can also save 5% to 25% on your premiums. Your InsureOne agent will roll up their sleeves, compare rates and bundling discounts from various providers, and deliver a package of policies customized to your needs at the best prices available. No need to worry about all the effort involved in bundling — your agent deals with all the work, so you do not have to.

What Types of Car Insurance Discounts Are Available in Albuquerque?

If you thought bundling is the only way to lower your insurance premiums, think again. Insurers have many discounts available. Check with your agent if these or other discounts apply to you:

• Paid-in-full discount
• Senior discount
• Telematics discount
• Paperless billing discount
• Auto pay discount

Notable Car Insurance Laws in Albuquerque

Each state has unique laws that pertain to insurance, though most are somewhat similar in nature. The following are some of New Mexico’s guidelines, which pertain to the entire state, including New Mexico.

What Are the Mandatory Car Insurance Requirements in Albuquerque?

Uninsured or underinsured drivers present a problem: If they are at fault for a crash, they might not have the money to cover the other driver’s losses. To prevent the non-guilty party from having to come up with funds to pay for damages to their property that someone else caused, New Mexico requires all drivers to have at least these minimum levels of coverage:

• $25,000 liability coverage for bodily injury per person
• $50,000 liability coverage for bodily injury per accident
• $10,000 liability coverage for property damage

What Is the Penalty for Driving Without Insurance in Albuquerque?

Not obtaining these minimum coverages is a violation of the law. If you fail to maintain the basic coverage required by the state, you may face the following penalties:

• A $300 fine
• Up to 90 days in jail
• Suspension of driving privileges
• Revocation of registration
• A $30 reinstatement fee for your registration

What Factors Go into My Car Insurance Cost in Albuquerque?

New Mexico allows insurers to use a host of details — some not at all driving related — when determining your premium cost. Some of these factors include:

• Marital status
• Credit score
• Crime rates
• Accident rates
• Employment rates

Typical Driving Conditions in Albuquerque

Traffic is not necessarily the biggest issue in Albuquerque. Other than during rush hour, the roads flow pretty smoothly, and even during busy times, you can usually take side streets to get pretty much anywhere in the city. The bigger issue is aggressive driving. It is important to drive defensively here, as there are many accidents resulting in property damage, thousands of injuries yearly, and nearly 100 fatalities. Always be on the lookout for drivers who switch lanes without signaling, run stop signs without stopping, and blow through red lights.

How Many Car Accidents Happen in Albuquerque Per Year?

The University of New Mexico collaborated with the state to do a study on the numbers and types of accidents that have occurred in New Mexico. These are their reported total crashes for 2023:

City	Total Crashes
Albuquerque	13,547
Moriarty	72
Rio Rancho	1,277
Santa Fe	2,287
Santa Rosa	40

How Many Uninsured/Underinsured Motorists Are in Albuquerque?

New Mexico is typically among the top few states when it comes to uninsured drivers — that is not a stat that makes the state proud. According to the Insurance Information Institute, 24.1% of New Mexico’s drivers were uninsured in 2023. Basically, nearly one in every four drivers does not have a policy at all. It would make sense for you to consider adding uninsured/underinsured motorist protection to your policy to protect yourself from these drivers.