All drivers know that age, driving history and credit score play an integral part in their auto insurance premiums; but many don’t realize other factors can have just as great an effect – marital status, zip code and even the type of car can impact premiums as well. There are various discounts available if you qualify, such as being a student driver with low annual mileage and/or going paperless; shopping around and comparing quotes from multiple insurers before making your choice may help find more cost-effective policies than big national players like State Farm Allstate or GEICO!
New Mexico drivers understand the importance of finding coverage at an affordable price is of utmost importance, given that state’s minimum coverage requirements are among the lowest nationwide. At just $100k for bodily injury liability per person and $50k in property damage damages respectively, their requirements could leave them exposed if an accident occurs and your liability limits fall short of covering costs that easily surpass either vehicle value or savings accounts.
Texas drivers can benefit from purchasing additional coverages that go above and beyond their state minimum requirements, like collision and uninsured motorist coverage, to save on premiums. Lowering deductibles will also save money; but be aware that choosing higher or lower deductibles could result in a higher premium payment.
Location can have a significant effect on car insurance premiums in any given state. Different neighborhoods pose different levels of risk for car accidents and therefore attract different rates from insurers; insurance providers consider factors such as crime rate, traffic volume and car thefts when setting their premiums; living in busy cities like Albuquerque can result in higher premiums while rural locations might offer cheaper premiums.
Other variables affecting New Mexico car insurance policies include your gender, age and marital status. Young men often pay more due to being more prone to accidents than young women. And as drivers age beyond 70, their premiums often start increasing again as specific aspects of their driving ability start declining.
As previously discussed, any accidents or moving violations on your record can have an adverse impact on your auto insurance rates. An incident alone can increase them by 47% while more serious offenses such as DUI convictions could increase them even more significantly.