UPDATED: Mar 13, 2020
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Cheap Car Insurance in Santa Fe, NM
In the market for cheap auto insurance in Santa Fe, NM? From AutoInsuranceEZ.com, you will find the cheapest insurance rates for your area. To get free car insurance quotes from the best providers right now, type in your postal code within the quote box in this article.
Santa Fe is the second oldest city in all of the United States, and is also the capital of New Mexico. Many young artists and writers are proud to call Santa Fe their home, and the city is host to one of the most famous opera companies in the world. In addition to arts and culture, city planners have been careful to design their growing metropolis with the intention of preserving its historical adobe architecture.
- Fun fact: don’t look down! Because Santa Fe is #1 on the list of “Top 100 highest located cities (pop. 50,000+)”. Thinking of finding out more about Santa Fe? Click here!
Auto Insurance Coverage Requirements in New Mexico
Driving legally in Santa Fe requires:
|Bodily Injury Liability||25,000/50,000||25,000/50,000|
|Property Damage Liability||10,000||25,000|
|Uninsured Motorist Bodily Injury||Not required||25,000/50,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||100 deductible|
Remember that although purchasing less coverage might seem like a better deal, it could cost you in the long run. Liability insurance, for example, is extremely limited. It only covers you in the event that you cause an accident. So if someone else hits you, or severe whether damages your car, you’ll have to fix your vehicle 100% out-of-pocket.
Most New Mexico drivers can be expected to pay around $114 per month. However, Santa Fe drivers can find deals as low as $47/mo* – if you know where and how to look. With the right provider and some good data, you too can get the best deals available on automotive insurance near you.
Allied, Central Mutual, and State Farm are currently offering the lowest rates in the Santa Fe area. But are low rates the only metric to base your decision on? What about their customer service reviews? Or their claims filing process? Just remember that there are many factors to consider before you make a final decision.
Auto insurance carriers consider many factors when determining insurance quotes, such as gender, geography, credit score/rating, miles driven each year, and business use of the vehicle. Also keep in mind that premiums differ from one company to another. To make sure you’re still getting the best rate, assess cheap Santa Fe auto insurance prices on the web.
Major Car Insurance Factors in Santa Fe
There are numerous ways your car insurance rate can be determined. But not all of it is out of your control; there are steps you can take in order to impact which discounts you are entitled to get. Listed here are some of these factors in greater detail:
Your Zip Code
The spot where you park your vehicle every night will likely have a serious impact on your car insurance rate. Generally, auto insurance is less expensive in non-urban regions because fewer vehicles signifies a smaller likelihood that you’ll get into a collision with another automobile. The population of Santa Fe is 69,976 and the general family earnings are $49,445.
If you live in a zip code where deadly accidents are a common occurrence, then your insurance provider might be raising rates in your area to compensate for this risk. The accident statistics for Santa Fe can be found in the chart above. Talk to your agent, and see if these accidents are raising rates near you – and whether you might qualify for any Safe Driver discounts.
Auto Thefts in Santa Fe
Finding inexpensive auto insurance can be tough should you be vulnerable to auto theft. Specific common automobile models are appealing to thieves, as well as motor vehicles that are left typically in big metropolitan areas. The total quantity of thieved motor vehicles in Santa Fe was 174 as recently as 2012. This means that auto theft isn’t a huge problem in Santa Fe – but it’s still a problem. And the only way you can really protect yourself is with Comprehensive coverage.
Your Credit Score
Depending on your credit, a poor score can end up nearly doubling your monthly rate. Luckily, New Mexico average insurance rates are fairly low to start with, so it may not break your budget. And there are local providers who still offer low rates, in spite of poor credit.
Statistics reveal that the more youthful you’re, the greater harmful you’re driving. To offset the chance of a potential accident, most teenage motorists are required to pay for much greater rates than their older adult alternatives. However, youthful drivers can help to save cash with Good Student or Motorists Driving Course discount rates.
Your Driving Record
A clear driving history will enable you to get the cheapest rate, while accidents and tickets will lift up your monthly cost. A lot of citations, or serious violations like Drunk driving, might create a lack of coverage altogether. Make sure to speak to your insurance provider about Accident Forgiveness discount rates to be able to reduce your cost.
You are able to manage with less coverage if you are driving a cost-effective vehicle. However with luxury automobiles, you are likely to want more comprehensive coverage, that will yield greater monthly rates. But you will find methods for getting discount rates, even on luxury coverage.
Minor Car Insurance Factors in Santa Fe
Among the factors below, you may be able to find something which you can largely control and also utilize for discounts:
Your Marital Status
Married couples can save money on their overall insurance costs by bundling anything and everything they can. Bundling your car insurance together is only a start. You can also add homeowner’s insurance, or renter’s insurance, RV insurance, and more.
Many car insurance companies are naturally leaning from charging extremely different rates for men and women motorists. Many companies don’t charge different rates whatsoever according to gender alone. Individuals that do charge a maximum of single-2% difference – and whether that difference punishes males or women is dependent wholly around the insurance carrier.
Your Driving Distance to Work
Thankfully, commute times in Santa Fe are delightfully short, usually only lasting between 16-19 minutes at a stretch. Around 73% of drivers prefer to take their own vehicle in to work by themselves, while another 5-20% will likely carpool. Approximately 4% work from home.
You can drive as numerous miles as you would like each year, and for reasons uknown – driving more miles, or only commuting for pleasure will not create a huge dent inside your monthly premium. However, business automobiles have about 10% greater insurance costs, so be skeptical of this fact.
Your Coverage and Deductibles
To increase your coverage without breaking the bank, talk to your insurance provider about raising your deductible. This will lower your monthly rates, while making coverage more affordable. Of course, it will also make repairs and costs more expensive if you ever have to file a claim.
Education in Santa Fe, NM
More than one-fifth of Santa Fe residents have earned a bachelor’s degree, while 17% have completed all requirements for a high school diploma or other equivalent. With numbers like these, it’s easy to see why Santa Fe enjoys lower auto insurance rates than most: insurance providers often give lower quotes to drivers with a higher education. And, believe it or not, these discounts are even better than those based on your employment, or your annual salary.
Of the many different institutions for higher learning in Santa Fe, all of them boast an enrollment of less than 2,000 students, which means smaller class sizes and more specialized attention from educators. The College of Santa Fe is unique in that it offers students both two- and four-year degree programs; it is also a private institution. Southwestern College is a good choice for students looking for an education in psychology and emotional therapy. Additionally, Santa Fe Community College offers programs in vocational and technical studies, associates degrees, and preparatory classes for a four-year university.
Sadly for a good number of insurance companies, a super easy online search could expose so many of their industry strategies. But even using the right facts, it might still be hard for you as an individual to determine your personal risk profile and discover affordable insurance. Make sure you perform your own due diligence before you commit to your subsequent auto insurance policy.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.