The New Mexico Car Insurance Calculator gives you a personalized overview of your average rates and what factors contribute to them. Many factors play a part when calculating insurance costs, including age, driving history, credit scores, coverage level and location – each can impact costs dramatically; to get the best rates it is essential to shop around; most drivers can find lower premiums with some research!
New Mexico drivers tend to pay higher premiums for auto insurance due to its higher than average traffic accident and fatality rates, and its higher proportion of uninsured motorists (21.8% vs 12.6% nationally).
Drivers over 25 often see their rates skyrocket after marriage, with young men generally paying more than women for equivalent coverage. Drivers with poor driving records may also face steeper premiums. Furthermore, adding collision and comprehensive coverage typically incurs greater expenses than just carrying state minimum liability policies.
Selecting the proper coverage is of critical importance for New Mexico drivers, as state minimum requirements provide only limited protection. Liability-only policies offer minimal financial responsibility but fail to protect cars against theft or natural disaster damage or animal strikes; full coverage car policies provide substantial coverage at a higher cost.
Your choice of vehicle can make a substantial impactful on your insurance rate and premium costs. Factors like make and model of car as well as safety features like anti-lock brakes can all have an effect on how much coverage costs; moreover, depending on its characteristics your insurance companies might even provide quotes based on its make/model/year combination.
New Mexico’s roadways are more congested than in most other states, which can lead to higher rates for some drivers. Speeding tickets often increase rates as insurers perceive this behavior as irresponsible driving behavior and, on average, will increase liability coverage rates in New Mexico by $45 on average.
Credit is one of the primary factors influencing rates; those with excellent credit will generally pay less than those with poor credit. Insurers use credit scores to assess risk and set premiums; an average increase in premiums of 37% can occur for drivers below 650 while drivers who exceed 750 can often secure lower premiums.
Other factors that can impact rates include your commute distance, security features of your vehicle and whether or not you opt for upfront payment or monthly installment plans. Discounts also play an integral part in how much coverage costs, with some providers offering special pricing packages for veterans, students, safe drivers, homeowners and those willing to go paperless.