Searching for low-cost insurance rates in Las Cruces, NM? Having to pay for expensive insurance in Las Cruces can dry up your savings and force you to make tough financial choices. Comparison shopping can lower your rates and help to make ends meet.
Surprisingly, a recent survey revealed that the vast majority of drivers have bought insurance from the same company for well over three years, and nearly half have never shopped around. New Mexico drivers could save up to 40% each year just by getting comparison quotes, but they don't understand how simple it is to find lower-cost insurance rates. Numerous insurance companies battle for your insurance dollar, so it's not easy to compare every company to discover the definitive lowest rate possible on insurance.
Compare Las Cruces auto insurance quotes online
The companies shown below are ready to provide price quotes in New Mexico. If multiple providers are shown, we suggest you visit several of them to get the lowest price.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Equinox LTZ 2WD||$1,386||$693||$116|
|Chevrolet Impala LS||$1,112||$556||$93|
|Chevrolet Malibu Hybrid||$974||$487||$81|
|Chevrolet Silverado LT Regular Cab||$1,324||$662||$110|
|Dodge Grand Caravan SE||$908||$454||$76|
|Dodge Ram Quad Cab Laramie 4WD||$1,318||$659||$110|
|Ford Escape Limited 4WD||$878||$439||$73|
|Ford F-150 Lariat King Ranch 2WD||$1,220||$610||$102|
|Ford Focus SEL 4-Dr Sedan||$1,148||$574||$96|
|Honda Accord LX 4-Dr Sedan||$1,040||$520||$87|
|Honda CR-V LX 2WD||$748||$374||$62|
|Honda Civic EX-L 2-Dr Coupe||$1,364||$682||$114|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,510||$755||$126|
|Toyota Camry Hybrid||$978||$489||$82|
|Toyota Corolla LE||$1,474||$737||$123|
|Volkswagen Jetta S 4-Dr Sedan||$898||$449||$75|
|Get Your Own Custom Quote Go|
Cost estimates assume married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Premium costs do not factor in vehicle location which can impact premium rates significantly.
Liability-only rates compared to full coverage
The example below shows the comparison of Honda Civic annual premium costs with liability coverage only compared to full coverage. The rates are based on no accidents or driving violations, $250 deductibles, married male driver, and no additional discounts are factored in.
Honda Civic rates are for example purposes only. To get rates for your specific vehicle, click here.
Are you wasting money on full coverage?
There isn't a steadfast formula for excluding full coverage, but there is a broad guideline. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost minus the deductible, then it may be the right time to buy liability only.
For example, let's say your Honda Civic replacement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $4,000 after you pay the deductible. If premiums are more than $400 annually for full coverage, then it may be the right time to buy liability only.
There are some conditions where dropping physical damage coverage is not in your best interest. If you still have a lienholder on your title, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
When to buy liability coverage only
There is no clear-cut rule that is best for determining when to drop physical damage coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than 10% of replacement cost minus your deductible, then you might consider buying liability only.
For example, let's assume your Chevrolet Cruze claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company would pay you is $7,000 after the policy deductible has been paid. If it's costing you more than $700 a year for your policy with full coverage, then it could be time to drop full coverage.
There are some scenarios where only buying liability is not recommended. If you have an outstanding loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if you don't have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not consider dropping full coverage.
Cut your auto insurance rates with discounts
Buying auto insurance is not cheap, but discounts can save money and there are some available that many consumers don't even know exist. A few discounts will automatically apply when you purchase, but less common discounts must be asked for prior to receiving the credit.
- Defensive Driver Discount - Taking a defensive driving course may get you a small discount and easily pay for the cost of the class.
- Paperwork-free - A few larger companies give back up to $50 for buying your policy over the internet.
- Employee of Federal Government - Federal government employees could qualify for a slight premium decrease with select insurance companies.
- Early Payment Discounts - By paying your policy upfront instead of monthly or quarterly installments you can avoid the installment charge.
- Anti-lock Brake Discount - Anti-lock brake equipped vehicles can reduce accidents so companies give up to a 10% discount.
- Own a Home - Being a homeowner may trigger a policy discount on auto insurance because owning a home requires personal responsibility.
Just know that most discount credits are not given to the overall cost of the policy. The majority will only reduce the cost of specific coverages such as comprehensive or collision. Even though it may seem like you could get a free auto insurance policy, auto insurance companies aren't that generous.
A list of auto insurance companies and some of the discounts are:
- State Farm discounts include student away at school, safe vehicle, good student, Drive Safe & Save, driver's education, and passive restraint.
- Esurance offers premium reductions for multi-car, Switch & Save, safety device, online shopper, and renters.
- Progressive offers discounts including multi-policy, continuous coverage, good student, online quote discount, and homeowner.
- Liberty Mutual includes discounts for new graduate, new vehicle discount, multi-car, teen driver discount, safety features, exclusive group savings, and preferred payment discount.
- Auto-Owners Insurance has discounts for safe vehicle, student away at school, mature driver, safe driver, and good student.
- GEICO may include discounts for five-year accident-free, good student, seat belt use, anti-theft, military active duty, and driver training.
If you want cheaper Las Cruces car insurance quotes, ask each company or agent to apply every possible discount. Some discounts listed above may not apply to policyholders in your area. To see insurers that have a full spectrum of discounts in Las Cruces, click here to view.
Insuring your vehicle just makes sense
Despite the fact that auto insurance is not cheap in Las Cruces, auto insurance is required in New Mexico but also provides important benefits.
- Most states have minimum liability requirements which means you are required to carry specific minimum amounts of liability coverage if you want to drive legally. 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 loan, it's most likely the lender will require that you buy insurance to ensure they get paid if you total the vehicle. If you default on your policy, the bank will be required to insure your vehicle for a much higher rate and require you to reimburse them for it.
- Auto insurance protects both your vehicle and your assets. Insurance will pay for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, also pays expenses related to your legal defense if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, comprehensive and/or collision insurance will pay to repair the damage.
The benefits of buying auto insurance more than cancel out the cost, specifically if you ever have a liability claim. But the average American driver is currently overpaying as much as $850 per year so you should quote rates every year to save money.
You are unique and your insurance should be too
When choosing coverage online or from an agent for your personal vehicles, there is no cookie cutter policy. Each situation is unique.
For instance, these questions can aid in determining whether your personal situation might need an agent's assistance.
- Do I need special endorsements for business use of my vehicle?
- Is other people's property covered if stolen from my vehicle?
- What is no-fault insurance?
- Why is insurance for a teen driver so high in Las Cruces?
- Should I have combined single limit or split liability limits?
- Does insurance cover tools stolen from my truck?
- Are my custom wheels covered?
If you're not sure about those questions but you think they might apply to your situation, you might consider talking to an insurance agent. If you want to speak to an agent in your area, fill out this quick form. It is quick, free and can help protect your family.