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Best Cheap Insurance for a Honda Accord in New Mexico

Enter your New Mexico zip code below to view companies that have cheap auto insurance rates.

Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing...

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UPDATED: Nov 17, 2019

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Our editors have a joke that when writing about auto insurance, the words cheap or affordable should not be used anywhere in the article. Forgive the oxymoron, but cheap car insurance for a Honda Accord is just plain contradictory. Don’t let that bother you, though, because we will show you how you can quote and buy coverage that doesn’t cost an arm and a leg.

Your chances of buying affordable auto insurance for a Honda Accord in New Mexico hinges on a lot of rating criteria such as how many years you have been driving, your claims history, and the deductible amount you use. Drivers on average pay approximately $1,180 annually to buy Honda Accord insurance, but that amount is an estimate based on a 40-year-old single male driver that purchased full comprehensive and collision coverage and $100 physical damage deductibles.

There’s a good chance you are not 40 and maybe not even a male, maybe you are married instead of single, or maybe you prefer to not insure for full coverage. What seems to be a minor change in policy rating data may result in a big change in the price of coverage.

Auto insurance is not “one size fits all”, so the most reliable method for finding the cheapest insurance price for your Honda is to just take the time to compare rates yourself. Get a free quote now and you will receive prices from some of the best companies that insure Honda vehicles in New Mexico.

Enter your zip code below to view companies that have cheap auto insurance rates.

Your Honda’s trim level will influence the cost of coverage, so the rate you pay to insure a Accord LX 4-Dr Sedan will be $420 cheaper than the cost to insure the higher-end Accord EX-L 2-Dr Coupe model, as shown in the chart below.

Honda Accord Insurance Rates in New Mexico
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Accord LX 4-Dr Sedan $236 $474 $332 $20 $100 $1,162 $97
Accord EX 4-Dr Sedan $236 $474 $332 $20 $100 $1,162 $97
Accord LX-P 4-Dr Sedan $236 $474 $332 $20 $100 $1,162 $97
Accord EX-L 4-Dr Sedan $272 $576 $332 $20 $100 $1,300 $108
Accord EX 2-Dr Coupe $272 $678 $440 $26 $132 $1,548 $129
Accord LX-S 2-Dr Coupe $272 $678 $440 $26 $132 $1,548 $129
Accord EX-L 2-Dr Coupe $306 $678 $440 $26 $132 $1,582 $132
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Rate information does not factor in garaging location in New Mexico which can lower or raise rates significantly.

Finding decent, low-cost auto insurance is challenging, and deciding which companies quote the best insurance rates for a Honda Accord requires even more work. Every auto insurer uses their own method for setting prices, so let’s begin by taking a look at the most competitive insurance companies in New Mexico.

Enter your zip code below to view companies that have cheap auto insurance rates.

Cheapest auto insurance in New Mexico ranked by cost per year
Rank Company Cost Per Year
1 USAA $677
2 Allied $930
3 Safeco $1,004
4 Farm Bureau Mutual $1,166
5 State Farm $1,297
6 Farmers $1,302
7 The Hartford $1,312
8 Central Mutual $1,354
9 Progressive $1,490
10 Travelers $1,522
11 California Casualty $1,575
12 GEICO $1,640
13 MetLife $1,642
14 Encompass $1,711
15 Allstate $2,385
16 Liberty Mutual $2,554
17 Sentry $3,114
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USAA quotes some of the most affordable car insurance rates in New Mexico at around $677 a year. Allied, Safeco, Farm Bureau Mutual, and State Farm also rank well as some of the more affordable New Mexico car insurance companies.

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In the above rates, if you are currently insured with Farm Bureau Mutual and switched to USAA, you might realize a yearly price reduction of in the vicinity of $489. Policyholders with State Farm might save as much as $620 a year, and Farmers insureds might lower prices by up to $625 a year.

These premium estimates are averages across all types of drivers and the different vehicles they drive and do not factor in a specific rate factor for a Honda Accord. So the car insurance company that is best for you may not even be in the above list. That illustrates why you need to get rate quotes using your own specific driver and vehicle information.

Enter your zip code below to view companies that have cheap auto insurance rates.

Full coverage rates compared to liability-only

Finding the best cheap insurance for a Honda Accord in New Mexico is the goal of most drivers, and one of the easiest ways to reduce the cost of insurance is to buy only liability coverage. The diagram below shows the difference between auto insurance rates with full physical damage coverage and with liability coverage only. The information is based on no claims, a clean driving record, $1,000 deductibles, single status, and no additional discounts are factored in.

As an average, comp and collision coverage costs $1,806 per year more than insuring for liability only. At some point, almost every driver questions when is the right time to remove full coverage. There isn’t a steadfast formula to delete physical damage coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.

For example, let’s say your vehicle’s replacement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $7,000 after the policy deductible has been paid. If you are paying more than $700 annually to have full coverage, then you might want to think about dropping full coverage.

Here’s why you should shop around

New Mexico insurance rates are impacted by many factors that can increase the policy price. Simply getting older, buying higher coverage limits, or getting a speeding ticket may cause policy rate changes resulting in some rates now being cheaper than competitors. Also, auto insurance companies change their prices as often as every quarter to help ensure profitability. Heavy losses may result in more expensive prices, while a lower level of claims may cause more affordable Accord insurance rates.

To illustrate this point, the graph below demonstrates which company has the cheapest car insurance in New Mexico for a 30-year-old female driver with no violations or accidents, and a good credit rating. If we compare prices based on her current risk factors, USAA has the cheapest car insurance rates in New Mexico at $657 each year. This is $911 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are the remainder of the cheapest New Mexico auto insurance companies.

In this next rate comparison, we will give the driver in the first example some claims, a lower credit score, and a few traffic violations. Because each company has their own guidelines to determine rates, comparing quotes could result in a slightly different list of the cheapest New Mexico car insurance companies as shown below.

Allied now has the lowest price in New Mexico with State Farm, Central Mutual, Safeco, and USAA now rounding out the top five. This example illustrates why New Mexico drivers need to compare lots of rates to get the most economical auto insurance quotes for a Honda Accord.

Rates consist of many different factors and change dramatically, so the best company when you last compared rates may now be wasting a lot of money.

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