State Farm has the cheapest rates for both full and minimum coverage in Albuquerque, New Mexico. Drivers could pay $45 per month for minimum coverage and $140 a month for full coverage. That's far cheaper than the city average of $63 per month for minimum coverage and $201 per month for full coverage.

As the most populous city in New Mexico, Albuquerque residents pay 31% more for minimum coverage car insurance than the statewide average, which is $48 per month.

Cheapest auto insurance in Albuquerque: State Farm

Albuquerque drivers can save over $200 per year by getting a minimum coverage policy from State Farm. The city average for minimum coverage is $757 per year, but State Farm charges $545.

If you're eligible, USAA offers an even better deal: drivers can pay $361 per year for minimum coverage. However, USAA only sells policies to members of the military, veterans and some of their family members.

Be aware that when you purchase a minimum coverage policy, your own car is not covered. Minimum coverage in New Mexico only covers any damages or injuries you cause other drivers. It does not pay for your own injuries or repairs — and depending on how serious the accident is, it may not fully cover the other driver's damages and injuries. If you want to protect yourself and your own car, you'll need full coverage.

Cheapest full coverage car insurance in Albuquerque: State Farm

State Farm also had the best rates for full coverage in Albuquerque. The city average is $2,413 per year, but State Farm charges 30% less — $1,679 per year. Allstate is also a solid option. Its average annual premium of $2,358 for full coverage is $55 cheaper than the state average.

A full coverage auto insurance policy means that you pay for collision and comprehensive coverages in addition to the state-mandated minimum liability coverages.

Cheapest car insurance for drivers with prior incidents

Insurers set your rates based on the risk they think you pose behind the wheel. Incidents on your driving record and a poor credit score cause them to view you as higher-risk and raise your rates. With this in mind, we identified the cheapest car insurance for drivers who have:

Cheapest car insurance in Albuquerque after an accident

Average annual rates in Albuquerque go up by 43% after an at-fault accident, from $2,413 to $3,449. State Farm offers much cheaper policies, however. Annual premiums in Albuquerque average $1,822 per year.

Allstate and Geico are also solid options for Albuquerque drivers seeking cheap full coverage after an accident. At an average $3,313 and $3,354 per year, they are $136 and $95 cheaper than the city average, respectively.

Cheapest car insurance for drivers with a speeding ticket: State Farm

State Farm also has the best rates for drivers seeking affordable full coverage after a speeding ticket. In fact, State Farm charges Albuquerque drivers the same rate after an incident on their driving record, no matter what that incident was. You can expect to pay $1,822 per year for a full coverage policy from State Farm, no matter if you've been in an at-fault accident, or received a speeding ticket or a citation for driving under the influence (DUI).

Cheapest car insurance for drivers with a DUI: State Farm

Insurers penalized a DUI the most severely out of all the incidents in our study. Rates went up by 55% after a DUI, as opposed to 43% after an at-fault accident and 20% after a speeding ticket.

State Farm, Farm Bureau and Allstate had the best rates for Albuquerque drivers who have been caught driving under the influence. Together, these three insurers charged an average of $2,592 per year, making them 31% cheaper than the city average of $3,747.

Cheapest car insurance for drivers with poor credit: Geico

Your credit score influences your auto insurance rates, with a lower score leading to higher rates and a higher score corresponding to lower rates. In Albuquerque, drivers with poor credit pay an average $2,889 per year — far more than what drivers with very good credit ($1,776) or average credit ($2,040) pay.

Cheapest car insurance for married drivers: State Farm

Car insurance for married drivers in Albuquerque is $143 cheaper per year on average than car insurance for single drivers. Once again, State Farm had the best rates for these drivers. You could pay $1,679 for a policy from State Farm — $591 less than the city average, which is $2,270.

Cheapest car insurance for young drivers: Farm Bureau

Farm Bureau had the cheapest rates for teen drivers, charging $2,329 less than the city average of $6,818 a year, and $5,645 less than Progressive, the most expensive insurer for teen drivers. These huge differences in premiums underscore the importance of comparing car insurance to get a good deal.

Teens should also leverage discounts to secure more affordable auto insurance. Many insurers offer discounts to teens who have a solid GPA and to college students who live away from home most of the year and don't have access to the family car. Always ask your insurer which discounts are available to you.

Best auto insurance companies in Albuquerque

ValuePenguin polled customers at major insurance companies about their satisfaction with their most recent claims experience. Of the insurance companies in this study, USAA, State Farm and Allstate had the highest percentage of customers who said they were "extremely satisfied" with their most recent claims.

For more detail about the customer service reputations of the insurers in this city study, check out our analysis of the best cheap car insurance in New Mexico.

Average car insurance costs in Albuquerque by ZIP code

Insurance companies vary rates not only by which city you live in, but also by ZIP code. Certain ZIP codes experience higher crime or accident rates, making drivers who live there a greater risk to insure.

In Albuquerque, ZIP code 87121 paid the most for full coverage, at $2,614 per year, while ZIP code 87114 paid the least, at $2,318 per year.

Auto theft statistics in Albuquerque

Albuquerque is both the most populous city in New Mexico and the city with the highest rate of motor vehicle theft. Our analysis of 2019 FBI Crime Data found that about 10 cars are stolen for every 1,000 residents.

Methodology

This study is based on rate data from seven of the largest insurers in New Mexico. Unless otherwise noted, our sample driver was a 30-year-old man who drives a 2015 Honda Civic EX and has the following limits on a full coverage policy:

ValuePenguin's study used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings. They are intended solely for comparative purposes, as your own rates will likely differ.