How many times have you said it's time to compare more competitive auto insurance rates in Gallup, NM? Locating cheaper insurance for a car in New Mexico can normally be difficult, but you can learn the following methods to find lower rates. There are more efficient ways to find auto insurance online so you're going to learn the proper way to quote coverages on a and get the lowest price from both online companies and Gallup agents.
The most recommended method to compare rates is to understand most of the bigger providers pay for the opportunity to provide you with a free rate quote. The only thing you need to do is give the companies some data like level of coverage desired, your general credit rating, if you have an active license, and driver ages. That information is then submitted to many of the top insurers and they provide comparison quotes with very little delay.
To compare rates for your car now, click here and enter your coverage details.
The companies shown below offer free quotes in New Mexico. If several companies are displayed, we suggest you visit several of them to get a more complete price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Silverado Crew Cab Hybrid 2WD||$1,460||$730||$122|
|Dodge Grand Caravan Hero||$850||$425||$71|
|Dodge Ram Quad Cab Laramie 4WD||$1,062||$531||$89|
|Ford Escape XLT 2WD||$856||$428||$71|
|Ford Explorer Eddie Bauer 2WD||$1,030||$515||$86|
|Ford F-150 Lariat Crew Cab Platinum 4WD||$1,362||$681||$114|
|Ford Focus SEL 4-Dr Sedan||$1,276||$638||$106|
|Honda Accord LX 4-Dr Sedan||$806||$403||$67|
|Honda CR-V LX 4WD||$844||$422||$70|
|Honda Civic Hybrid 4-Dr Sedan||$1,100||$550||$92|
|Nissan Altima 3.5 SR 2-Dr Coupe||$1,078||$539||$90|
|Nissan Rogue SL 2WD||$1,160||$580||$97|
|Toyota Camry LE||$846||$423||$71|
|Toyota Corolla XLE||$1,058||$529||$88|
|Get Your Own Custom Quote Go|
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Premium amounts do not factor in zip code location which can decrease or increase rates considerably.
Should you buy full coverage?
The illustration below visualizes the comparison of Hyundai Sonata insurance rates with full coverage compared to only the New Mexico minimum liability coverage. The price estimates are based on no violations or accidents, $250 deductibles, single male driver, and no discounts are applied to the premium.
Hyundai Sonata rates are for example purposes only. To get rates for your specific vehicle, click here.
Should you be buying full coverage?
There isn't a steadfast formula of when to eliminate physical damage coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
For example, let's pretend your Hyundai Sonata claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $8,000 after the deductible is paid. If premiums are more than $800 a year for physical damage coverage, then you may want to consider only buying liability coverage.
There are some conditions where only buying liability is not advised. If you still owe a portion of the original loan, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not consider dropping full coverage.
Higher deductibles lower rates
When shopping for auto insurance, a common question is how high should the deductibles for physical damage be. The data tables below can help illustrate the rate differences between high and low comp and collision deductibles. The first rate quote example uses a $100 comprehensive and collision deductible and the second rate chart uses a $1,000 deductible.
Chevrolet Tahoe rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tahoe LS 2WD||$278||$500||$322||$20||$96||$1,241||$103|
|Tahoe LS 4WD||$312||$500||$322||$20||$96||$1,275||$106|
|Tahoe LT 2WD||$312||$500||$322||$20||$96||$1,275||$106|
|Tahoe LT 4WD||$312||$500||$322||$20||$96||$1,275||$106|
|Tahoe LTZ 2WD||$312||$590||$322||$20||$96||$1,365||$114|
|Tahoe LTZ 4WD||$312||$590||$322||$20||$96||$1,365||$114|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tahoe LS 2WD||$154||$264||$322||$20||$96||$856||$71|
|Tahoe LS 4WD||$174||$264||$322||$20||$96||$876||$73|
|Tahoe LT 2WD||$174||$264||$322||$20||$96||$876||$73|
|Tahoe LT 4WD||$174||$264||$322||$20||$96||$876||$73|
|Tahoe LTZ 2WD||$174||$310||$322||$20||$96||$922||$77|
|Tahoe LTZ 4WD||$174||$310||$322||$20||$96||$922||$77|
|Get a Quote for Your Vehicle Go|
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Table data does not factor in specific garaging location which can influence insurance rates significantly.
Using the premium rates above, we can conclude that using a $100 deductible costs approximately $34 more each month or $408 each year than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 26 months between claims, you would most likely save money by selecting a higher deductible.
How to determine if raising deductibles makes sense
|Average monthly premium for $100 deductibles:||$108|
|Average monthly premium for $1,000 deductibles (subtract):||- $74|
|Monthly savings from raising deductible:||$34|
|Difference between deductibles ($1,000 - $100):||$900|
|Divide difference by monthly savings:||$900 / $34|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||26 months|
Premiums by gender and age
The example below shows the difference between insurance costs for male and female drivers in Gallup. Data assumes no violations or accidents, comp and collision included, $500 deductibles, drivers are single, and no policy discounts are applied on a Honda Accord LX-S.
Honda Accord rates are for example purposes only. To get rate quotes for your specific vehicle, click here.
Take policy discounts and save on auto insurance
Insurance can be prohibitively expensive, but you might already qualify for some discounts that many people don't even know exist. Many of these discounts will be applied automatically when you complete an application, but occasionally some discounts must be specially asked for before you get the savings. If you are not receiving all the discounts you deserve, you could be saving more on your auto insurance.
- Sign Online - A handful of companies give back up to $50 get Gallup auto insurance over the internet.
- Pay Early and Save - By making one initial payment instead of monthly or quarterly installments you can actually save on your bill.
- First Accident Forgiveness - This one isn't a discount, but companies like Liberty Mutual, Allstate and State Farm will let one accident slide before your rates go up if your claims history is clear for a certain period of time.
- Clubs and Organizations - Being a member of qualifying clubs or civic groups may earn a discount when shopping for auto insurance.
- Early Switch Discount - Some companies provide a discount for switching to them early. Ten percent is about the average savings.
You can save money using discounts, but most discounts do not apply to your bottom line cost. Most only cut individual premiums such as collision or personal injury protection. Despite the fact that it seems like you can get free auto insurance, you aren't that lucky.
To choose auto insurance companies that offer discounts in New Mexico, follow this link.
Get rate quotes but buy from a local Gallup insurance agency
Certain consumers would prefer to talk to an insurance agent and that can be a great decision Licensed agents are trained to spot inefficiencies and help you file claims. The biggest benefit of comparing auto insurance online is that you can obtain cheap auto insurance rates and still choose a local agent.
To make it easy to find an agent, after completing this form (opens in new window), the quote information is instantly submitted to participating agents in Gallup who will return price quotes and help you find cheaper coverage. There is no need to find an agent since price quotes are sent to the email address you provide. If you wish to get a comparison quote from a specific insurance company, you can always search and find their rate quote page and fill out their quote form.
Picking an provider requires more thought than just the price. These questions are important to ask:
- Does the agent help file claims?
- Are glass claims handled on-site or do you have to take your vehicle to a repair shop?
- Does the company allow you to choose your own collision repair facility?
- Do the companies they represent have a solid financial rating?
- Are they able to influence company decisions when a claim is filed?
- Does the agency support the community they serve?
- Will you work with the agent or an assistant?
What determines your policy premium?
It's important that you understand the different types of things that play a part in calculating the level of your policy premiums. If you understand what controls the rates you pay, this allows you to make educated decisions that may result in big savings.
Shown below are a few of the "ingredients" used by your company to calculate your premiums.
Are you male or female? - Statistics show women tend to be less risk to insure than men. This data doesn't prove that women are better drivers. Both genders cause at-fault accidents at a similar rate, but the men tend to have higher claims. Men also have more aggressive citations such as reckless driving. Teenage male drivers are the most expensive to insure and therefore are the most expensive to insure.
Decrease premiums by maintaining coverage - Not maintaining insurance is a big no-no and auto insurance companies will penalize you for letting your coverage cancel without a new policy in place. In addition to paying higher premiums, failure to provide proof of insurance will get you a fine, jail time, or a revoked license. You may need to prove you have insurance by filing a SR-22 with the New Mexico motor vehicle department to get your license reinstated.
Add-on coverages can add up - Insurance companies have many optional add-on coverages that you can buy on your policy. Insurance for roadside assistance, high-cost glass coverage, and Farm Bureau memberships may be costing you every month. They may sound like good ideas when discussing your needs, but if you don't need them remove them from your policy.
More miles equals more premium - The higher the mileage driven in a year the more you'll pay to insure your vehicle. The majority of insurers charge rates based on their usage. Vehicles that do not get driven very much can be on a lower rate level than vehicles that are driven to work every day. Verify your policy properly reflects annual mileage, because improper ratings can cost you money.
Three reasons insurance is important
Even though rates can get expensive, buying insurance may be required and benefits you in several ways.
- The majority of states have mandatory insurance requirements which means state laws require a specific minimum amount of liability coverage in order to license the vehicle. In New Mexico these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your vehicle has a lienholder, most banks will make it a condition of the loan that you have physical damage coverage to ensure they get paid if you total the vehicle. If coverage lapses or is canceled, the lender may have to buy a policy to insure your vehicle for a much higher rate and force you to pay the higher price.
- Insurance protects your vehicle and your assets. Insurance will also pay for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. Liability insurance will also pay attorney fees if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, comprehensive and/or collision insurance will pay to repair the damage.
The benefits of buying enough insurance greatly outweigh the cost, especially if you ever need it. Despite what companies tell you, the average driver is currently overpaying as much as $855 a year so it's important to compare rates at least once a year to save money.
Cheaper car insurance is out there
We've covered many tips how you can get a better price on car insurance in Gallup. The key concept to understand is the more quotes you get, the more likely it is that you will get a better rate. You may even discover the best price on car insurance is with an unexpected company.
When getting Gallup auto insurance quotes online, don't be tempted to buy less coverage just to save a little money. There are a lot of situations where an insured cut physical damage coverage only to regret at claim time that saving that couple of dollars actually costed them tens of thousands. Your objective should be to purchase a proper amount of coverage for the lowest cost but still have enough coverage for asset protection.
Budget-friendly car insurance in Gallup can be found both online and from local insurance agents, so you need to quote Gallup auto insurance with both so you have a total pricing picture. A few companies may not offer the ability to get a quote online and these small, regional companies provide coverage only through independent agents.
To read more, feel free to browse the articles below:
- Shopping for a Safe Car (Insurance Information Institute)
- Who Has Affordable New Mexico Auto Insurance Rates for First-time Drivers? (FAQ)
- Who Has Cheap Auto Insurance Quotes for Unemployed Drivers in New Mexico? (FAQ)
- How Much are Auto Insurance Quotes with Multiple Speeding Tickets in New Mexico? (FAQ)
- How Much are New Mexico Car Insurance Rates for Ride Shares? (FAQ)
- Drunk Driving Statistics (Insurance Information Institute)
- Alcohol Impaired Driving FAQ (iihs.org)
- Understanding Limits and Deductibles (Allstate)
- Determining Your Vehicle's Value and Repair Cost (Insurance Information Institute)