Car Insurance for Albuquerque in 2024

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Drivers in Albuquerque pay an average of $2,440 per year for car insurance, but you might find cheaper coverage if you shop around.

By Andrew Marder 

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If you’re looking for cheap car insurance in Albuquerque, New Mexico, you’ll want to shop around and compare quotes from multiple companies. Insurers use a variety of factors to determine the cost of auto insurance, including your age, address, the type of car you drive and your driving history, which means every driver will ultimately get a different rate. That’s why shopping around is your best bet to getting the cheapest car insurance in Albuquerque — or anywhere.

To find the cheapest companies in Albuquerque, NerdWallet looked at average full coverage rates calculated from public filings obtained by pricing analytics company Quadrant Information Services. We analyzed rates for male and female drivers for all ZIP codes in Albuquerque driving a 2021 Toyota Camry LE.

Read on to find out how auto insurance companies in Albuquerque stack up. You can also check out our list of the cheapest car insurance companies nationwide.

Table of contents

Cheapest car insurance companies in Albuquerque

The biggest variable in your insurance cost will be the company you choose, so you’ll want to shop around to be confident you’re getting the best rate. In Albuquerque, these are the cheapest car insurance companies based on average rates for a 35-year-old driver with good credit and a clean driving record, according to NerdWallet’s most recent analysis. It's important to remember that rates are determined individually, so these may not be the cheapest companies for you.

CompanyRateNerdWallet Rating
Geico$2,077
NerdWallet rating 

5.0

/5
Farm Bureau Financial Services$2,118Not yet rated
Nationwide$2,221
NerdWallet rating 

4.5

/5
Progressive$2,323
NerdWallet rating 

4.5

/5
State Farm$2,635
NerdWallet rating 

5.0

/5
Allstate$3,418
NerdWallet rating 

4.5

/5
Farmers$3,754
NerdWallet rating 

4.5

/5
Encompass$5,120
NerdWallet rating 

4.0

/5

Average car insurance cost in Albuquerque and New Mexico

Rates across New Mexico differ from those in Albuquerque for lots of reasons. The number of accidents, the type of roads and even the weather can affect the rates drivers are charged. According to NerdWallet’s most recent analysis, the average rate in New Mexico is $2,030, while in Albuquerque, it's $2,440.

Average city rateAverage state rate
$2,440$2,030

Average cost of car insurance in Albuquerque’s largest ZIP codes

The cost of auto insurance varies based on where you live, even from one neighborhood to the next. Some parts of a city may have higher rates of accidents or thefts, which can lead to an increase in the price you pay. According to NerdWallet’s analysis, here are the most populated ZIP codes in Albuquerque and the average annual cost of car insurance for a 35-year-old driver with good credit and a clean driving record.

ZIP CodeAverage Rate
87121$2,634
87114$2,390
87120$2,329
87111$2,335
87105$2,552
87123$2,374
87112$2,317
87109$2,338
87110$2,241
87108$2,554

Cheap car insurance in Albuquerque by age

Along with where you live, your age is another major factor in the price you pay for car insurance. For example, younger drivers usually pay more than older drivers with similar driving histories and credit scores due to having less experience on the road.

You could easily find that the cheapest company for you changes as you age. Here's a breakdown of prices in Albuquerque for similar drivers at various ages, according to NerdWallet’s most recent analysis.

Cheapest for 20-year-olds

While teen drivers are the most likely to be in an accident, 20-year-old drivers are still relatively new to the road. A higher rate of accidents among younger drivers means they also pay more for car insurance. According to NerdWallet’s most recent analysis, here's what 20-year-olds in Albuquerque pay, on average.

CompanyRateNerdWallet Rating
Geico$3,455
NerdWallet rating 

5.0

/5
Farm Bureau Financial Services$3,752Not yet rated
Progressive$4,200
NerdWallet rating 

4.5

/5
State Farm$5,793
NerdWallet rating 

5.0

/5
Nationwide$5,831
NerdWallet rating 

4.5

/5
Farmers$7,195
NerdWallet rating 

4.5

/5
Allstate$7,307
NerdWallet rating 

4.5

/5
Encompass$12,029
NerdWallet rating 

4.0

/5

Cheapest for 35-year-olds

By 35, your car insurance rates should plateau. This is a great age to compare rates, as the cheapest insurer you found in your 20s may no longer be the best deal.

Here’s what 35-year-old drivers might pay, on average, in Albuquerque, according to NerdWallet’s analysis.

CompanyRateNerdWallet Rating
Geico$2,077
NerdWallet rating 

5.0

/5
Farm Bureau Financial Services$2,118Not yet rated
Nationwide$2,221
NerdWallet rating 

4.5

/5
Progressive$2,323
NerdWallet rating 

4.5

/5
State Farm$2,635
NerdWallet rating 

5.0

/5
Allstate$3,418
NerdWallet rating 

4.5

/5
Farmers$3,754
NerdWallet rating 

4.5

/5
Encompass$5,120
NerdWallet rating 

4.0

/5

Cheapest for 60-year-olds

At age 60, your car insurance rates are about as low as they're going to get if your history is clean. Most drivers in this age group have lots of experience on the road and established driving records, so insurers know what they're getting into and charge less accordingly. That doesn't mean you won't be able to save money by bundling or tapping into other discounts, so keep shopping around. Below are the cheapest companies, on average, in Albuquerque, according to NerdWallet’s most recent analysis.

CompanyRateNerdWallet Rating
Farm Bureau Financial Services$1,814Not yet rated
Progressive$1,833
NerdWallet rating 

4.5

/5
Nationwide$1,867
NerdWallet rating 

4.5

/5
Geico$2,060
NerdWallet rating 

5.0

/5
State Farm$2,373
NerdWallet rating 

5.0

/5
Allstate$2,971
NerdWallet rating 

4.5

/5
Farmers$3,306
NerdWallet rating 

4.5

/5
Encompass$4,492
NerdWallet rating 

4.0

/5

Albuquerque’s cheapest companies and rates by driving record

Your driving history also plays a large role in your auto insurance rate. Drivers who have clean records will usually pay less than those with accidents, speeding tickets or other violations. Again, comparing insurance companies is your best bet to getting the lowest rate.

According to NerdWallet’s analysis, these are the average rates in Albuquerque by company for good drivers and those with violations on their record.

Good drivers

Drivers without any marks on their records are almost always going to pay the lowest prices for auto insurance when compared to drivers with an accident or driving violation. Insurers set rates based on the potential risk of you filing a claim, and good drivers are considered among the least risky. Here are the average rates for good drivers in Albuquerque according to NerdWallet’s most recent analysis.

CompanyRateNerdWallet Rating
Geico$2,077
NerdWallet rating 

5.0

/5
Farm Bureau Financial Services$2,118Not yet rated
Nationwide$2,221
NerdWallet rating 

4.5

/5
Progressive$2,323
NerdWallet rating 

4.5

/5
State Farm$2,635
NerdWallet rating 

5.0

/5
Allstate$3,418
NerdWallet rating 

4.5

/5
Farmers$3,754
NerdWallet rating 

4.5

/5
Encompass$5,120
NerdWallet rating 

4.0

/5

Drivers with a DUI

Drivers with a DUI can struggle to find affordable insurance and may need to turn to a high-risk car insurance company. A DUI on your record means you should expect to pay substantially more than a driver without one.

Here are the average rates for drivers with a DUI in Albuquerque according to NerdWallet’s most recent analysis.

CompanyRateNerdWallet Rating
Progressive$2,695
NerdWallet rating 

4.5

/5
Geico$3,731
NerdWallet rating 

5.0

/5
State Farm$3,737
NerdWallet rating 

5.0

/5
Farm Bureau Financial Services$3,914Not yet rated
Nationwide$4,333
NerdWallet rating 

4.5

/5
Allstate$4,616
NerdWallet rating 

4.5

/5
Farmers$6,399
NerdWallet rating 

4.5

/5

Drivers with an at-fault accident

If you've got an at-fault accident on your record, you'll pay more than a driver with a clean record, but likely less than someone with a DUI. Your insurance company may ask for details about the accident to determine your rate — a fender bender will likely be treated differently from an accident caused by running a red light. Here are the cheapest average rates for drivers with an at-fault accident on their record in Albuquerque, according to NerdWallet’s most recent analysis.

CompanyRateNerdWallet Rating
Farm Bureau Financial Services$2,885Not yet rated
Geico$3,275
NerdWallet rating 

5.0

/5
State Farm$3,277
NerdWallet rating 

5.0

/5
Progressive$3,423
NerdWallet rating 

4.5

/5
Nationwide$3,784
NerdWallet rating 

4.5

/5
Allstate$5,056
NerdWallet rating 

4.5

/5
Farmers$5,566
NerdWallet rating 

4.5

/5
Encompass$6,708
NerdWallet rating 

4.0

/5

Shop around to get cheap insurance

No matter what company you're currently getting auto insurance from, remember that it's important to shop around and compare quotes from multiple companies. Prices and offers change over time, and you may be able to save by switching to another insurer.

Be sure to take advantage of potential discounts. Many insurers offer car insurance discounts for things like bundling other types of insurance with your auto policy or going years without filing a claim.

Methodology

For our “good driver” profile, NerdWallet found median insurance estimates in the city for single male and female drivers with good credit and no tickets or violations. The analysis included the largest insurance companies in each state; smaller insurers were also included when rates were available. Liberty Mutual and its subsidiaries were excluded from our analysis as rates were not made available.

We used a 35-year-old driver (unless a different age is stated) and a 2021 Toyota Camry LE and assumed 12,000 annual miles driven.

For full coverage policies, we used the following coverage limits:

  • $100,000 bodily injury liability per person.

  • $300,000 bodily injury liability per accident.

  • $50,000 property damage liability per accident.

  • $100,000 uninsured motorist coverage per person.

  • $300,000 uninsured motorist coverage per accident.

  • Collision coverage with a $1,000 deductible.

  • Comprehensive coverage with a $1,000 deductible.

Where required by law, minimum additional coverages were added. Some policies include additional coverages at the insurer’s discretion.

We used the same assumptions for all other driver profiles, with the following exceptions:

  • For drivers with minimum coverage, we adjusted the numbers above to reflect the minimum required coverage by law in the state.

  • For drivers with one at-fault crash, we added a single at-fault crash that happened six months ago, resulting in $10,000 in property damage and no bodily injury claim.

  • For drivers with a DUI, we added a single drunken driving violation that happened six months ago.

These are median rates generated through Quadrant Information Services. Your own rates will be different.