Cheap Car Insurance Albuquerque NM stands at number 3 in the list of cities with most expensive car insurance rates in NM State. Car owners in Albuquerque NM pay 13% more or say 0.3 times more in car insurance premium than the state car insurance average and 1.5 times more than the national average. Average yearly car insurance rates in Albuquerque is about $1446 per year compared to $900 for the national average.