Want to learn how to find the cheapest insurance rates in Farmington, NM? Nobody loves paying for insurance, especially when they know the prices are way too high.

Surprisingly, a recent survey revealed that the vast majority of drivers have remained with the same insurance company for more than four years, and approximately 38% of consumers have never compared quotes from other companies. Most drivers in Farmington could save themselves as much as $474 a year, but most undervalue how much savings they would realize if they moved their coverage to a different company. Drivers have many car insurance companies to pick from, and although it's nice to have a selection, it makes it harder to find the best rates for your vehicles.

It's smart to compare rates before your policy renews because insurance prices are usually higher with each renewal. Even if you got the best deal on insurance a few years ago you can probably find a lower rate today. Forget all the misinformation about insurance because you're about to find out the fastest way to get good coverage on insurance at a lower rate.

Buying affordable car insurance in Farmington is actually quite simple. If you currently have car insurance, you stand a good chance to be able to save money using the ideas you're about to read. You just have to understand the proper way to compare rates from many different companies online.

Many insurance companies give insurance quotes online. The process can be done by anyone as you simply type in the coverages you want into the quote form. After you complete the form, their rating system pulls credit information and your driving record and generates a price based on these and other factors. This makes it simple to compare prices and it's necessary to get many rate quotes in order to get a lower rate.

To find out how much you can save on auto insurance, compare rate quotes from the providers shown below. If you currently have coverage, we recommend you input the coverages as close as possible to your current policy. This guarantees you're receiving comparison quotes for the exact same coverage.

The companies shown below provide price comparisons in Farmington, NM. If multiple providers are shown, it's a good idea that you get prices from several of them to get the best price comparison.

Insurance Estimates for Popular Vehicles in Farmington
Make, Model, and Trim Level Annual Policy Premium 6-month Policy Premium Monthly Premium
Chevrolet Colorado LT Crew Cab 2WD $946 $473 $79
Chevrolet Impala LTZ $902 $451 $75
Chevrolet Silverado LT Extended Cab 4WD $764 $382 $64
Dodge Ram Crew Cab ST 2WD $1,498 $749 $125
Ford Escape Limited 2WD $852 $426 $71
Ford F-150 XLT Regular Cab 2WD $1,254 $627 $105
Ford Focus SES 4-Dr Sedan $772 $386 $64
Honda Accord EX-L 4-Dr Sedan $700 $350 $58
Honda CR-V LX 4WD $898 $449 $75
Honda Civic LX-S 4-Dr Sedan $1,010 $505 $84
Hyundai Elantra SE 4-Dr Sedan $1,038 $519 $87
Hyundai Sonata SE 4-Dr Sedan $1,092 $546 $91
Nissan Altima 2.5 4-Dr Sedan $884 $442 $74
Toyota Camry SE $916 $458 $76
Toyota Corolla LE $1,034 $517 $86
Volkswagen Jetta SEL 4-Dr Sedan $914 $457 $76
Get Your Own Custom Quote Go

Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Estimates do not factor in your specific Farmington location which can affect premiums considerably.

Liability-only versus full coverage

The example below illustrates the comparison of Honda Civic yearly insurance costs when comparing full coverage to liability only. The premium estimates are based on no violations or claims, $250 deductibles, single 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.

When to stop buying physical damage coverage

There isn't a written rule of when to eliminate full coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let's say your Honda Civic replacement cost is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $5,000 after the policy deductible has been paid. If premiums are more than $500 a year for full coverage, then you might want to consider buying only liability coverage.

There are a few cases where only buying liability is not financially feasible. If you still have a lienholder on your title, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.

Why insurance is not optional

Despite the high cost, buying insurance serves an important purpose.

The benefits of insuring your car more than cancel out the cost, particularly when you have a large claim. Despite what companies tell you, the average driver overpays more than $865 each year so smart consumers compare quotes every year to be sure current rates are still competitive.

Do drivers who switch really save?

Consumers in New Mexico can't get away from all the ads for auto insurance savings from the likes of State Farm and Allstate. They all seem to advertise claims about saving some big amount after switching your coverage to them.

How can each company give you a better price on auto insurance?

Companies look for specific characteristics for the type of insured that will be a good risk. A good example of a driver they prefer might have to be between the ages of 30 and 45, has no prior claims, and drives a lower-performance vehicle. Any new insured that fits those parameters will probably get cheap rates and therefore will save a lot on Farmington auto insurance if they switch.

Potential insureds who don't measure up to this ideal profile will have to pay a higher premium which results in the driver buying from a lower-cost company. The wording the ads use say "people that switch" but not "everyone who gets a quote" save that much money. This is how insurance companies can confidently advertise the way they do. Each company has different criteria, so you really should get a wide range of price quotes. It's impossible to know with any certainty which company will be your best fit.

Discounts can help to save on car insurance

Insurance can be prohibitively expensive, but there could be available discounts to help offset the cost. Some discounts will apply at quote time, but some need to be requested specifically in order for you to get them.Car insurance discounts

One thing to note about discounts is that many deductions do not apply to the overall cost of the policy. Some only reduce the cost of specific coverages such as physical damage coverage or medical payments. Even though it may seem like you can get free auto insurance, insurance companies wouldn't stay in business.

To view car insurance companies that offer multiple discounts in New Mexico, click here.

Local insurance agents

Some people just prefer to buy from a licensed agent and that is just fine! Professional agents can help you build your policy and help you file claims. One of the benefits of comparing rates online is you can get cheaper rates and still have an agent to talk to.

Farmington insurance agentsTo help locate an agent, after submitting this quick form, your information is sent to companies in Farmington that can provide free Farmington car insurance quotes for your business. It's much easier because you don't need to search for an agent because quoted prices will be sent to the email address you provide. If you have a need to compare prices from a specific company, you can always visit that company's website and give them your coverage information.

Selecting an provider requires more thought than just a low price. Any agent in Farmington should have no problem answering these questions:

Two types of Farmington auto insurance agents

If you want to use a local Farmington insurance agency, there are a couple of types of insurance agents and how they can service your needs differently. Auto insurance agencies are classified as either independent or exclusive depending on the company they work for. Either one can handle auto insurance, but it's important to know why they differ because it can influence which agent you choose.

Exclusive Auto Insurance Agents

These type of agents can only quote rates from one company and some examples include Allstate and State Farm. Exclusive agents cannot compare other company's rates so if the price isn't competitive there isn't much they can do. These agents receive extensive training on sales techniques and that can be a competitive advantage.

Independent Auto Insurance Agents

Agents of this type can sell policies from many different companies and that allows them to write policies with any number of different companies and find you the best rates. If you are not satisfied with one company, an independent agent can move your coverage and the insured can keep the same agent. When shopping rates, you should always include at a minimum one independent agency to get the best comparison.

If you get satisfactory answers to these questions and an acceptable price quote, chances are good that you have found an insurance agency that is reliable enough to service your policy.

Auto insurance overall losses by make and model

Which vehicle models have a high chance of claims? The statistics below list the best and worst vehicle makes and models for the overall chance of filing claims for each type of coverage listed.

Lowest and Highest Auto Insurance Collision Claims by Vehicle Make and Model
Lowest Overall Losses Highest Overall Losses
GMC Canyon Maserati Ghibli
Smart ForTwo Bently Continental GT
Ford Edge Nissan GT-R
Ford F-250 SuperCab BMW 6 Series
Jeep Wrangler Bently Continental GTC
Ford F-150 SuperCrew BMW M6

Statistics from IIHS.org for 2013-2015 Model Years

Medical Payment Coverage Claims by Vehicle Make and Model
Lowest Overall Losses Highest Overall Losses
Chevrolet Corvette Nissan Sentra
Ford F-350 SuperCrew Mitsubishi Mirage
Tesla Model S Chrysler 200
Land Rover Range Rover Sport Kia Forte
Chevrolet Silverado 2500 Hyundai Accent
Ford Expedition Nissan Versa

Statistics from IIHS.org for 2013-2015 Model Years

Vehicle Models with the Lowest and Highest Comprehensive Insurance Claims
Lowest Overall Losses Highest Overall Losses
Nissan Leaf Bentley Continental GTC
Nissan Xterra BMW M6
Infiniti QX50 BMW M6
Smart ForTwo Maserati Granturismo
Chevy Silverado 2500 Porsche Panamera GTS
Chevy Spark Bentley Continental GT

Statistics from IIHS.org for 2013-2015 Model Years

Bodily Injury Liability Claims by Vehicle Make and Model
Lowest Overall Losses Highest Overall Losses
Volvo XC60 Mitsubishi Mirage
Acura MDX Chevrolet Impala
Fiat 500 Mitsubishi Lancer
Audi A6 Kia Optima
Mercedes-Benz SL Class Chrysler 200
Subaru Forester Dodge Charger

Statistics from IIHS.org for 2013-2015 Model Years

Compare auto insurance prices regularly to save

We just presented many ways to compare auto insurance car insurance rates in Farmington. The most important thing to understand is the more rate comparisons you have, the better your comparison will be. Consumers could even find that the lowest car insurance rates are with some of the smallest insurance companies. They may only write in your state and offer lower premium rates than the large multi-state companies such as State Farm or Progressive.

When trying to cut insurance costs, make sure you don't reduce needed coverages to save money. In too many instances, drivers have reduced physical damage coverage and found out when filing a claim that the savings was not a smart move. Your aim should be to purchase a proper amount of coverage at the best price while not skimping on critical coverages.

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