I doubt anyone anticipates paying for auto insurance, especially when the cost is too high.
Sad but true, 70% of consumers have stayed with the same insurance company for four years or more, and almost half have never even shopped around for affordable coverage. Many consumers in Albuquerque could pocket up to 40% a year by just shopping around, but they don't understand how simple it is to find affordable rates by getting comparison quotes. Big companies like Allstate, Liberty Mutual and State Farm constantly bombard you with ads and consumers find it hard to ignore the promise of big savings and take the time to shop coverage around.
It's a great practice to do price comparisons yearly because prices trend upward over time. Even if you think you had the lowest price on auto insurance a couple years back you can probably find a lower rate today. Don't believe everything you read about auto insurance out there, but in just a couple of minutes you can learn some guaranteed methods to reduce your auto insurance bill.
If you already have coverage or are looking for a new policy, you can use these techniques to shop for the lowest rates and still have adequate protection. Locating the most cost-effective insurance policy in Albuquerque is much easier if you know where to start. Consumers just need to understand the proper methods to find the lowest price on the web.
Smart consumers know how to buy car insurance cheaper
Many things are taken into consideration when pricing auto insurance. A few of the factors are predictable such as your driving record, although others are less apparent like your vehicle usage or your commute time.
- Don't get traffic citations - Your driving record impacts premiums far more than you think. Even a single speeding ticket or other violation can increase rates to the point where it's not affordable. Attentive drivers pay less for auto insurance as compared to those with violations. Drivers with license-revoking violations like DWI, reckless driving or hit and run convictions are required to prove financial responsibility with their state in order to prevent a license revocation.
- Proper usage rating affects premiums - The more you drive in a year's time the higher your rate. Almost all companies calculate rates based upon how much you drive. Autos that have low annual miles can get a lower rate than cars that get driven a lot. Double check that your car insurance policy reflects the correct usage for each vehicle.
- Only buy extra policy coverages you need - There are quite a few extra coverages that can add up on your car insurance policy. Add-on coverages like rental car reimbursement, death and dismemberment, and Farm Bureau memberships are examples of these. These coverages may sound good when buying your policy, but your needs may have changed so remove them from your policy.
- Pay more out-of-pocket - Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your vehicle. A few examples of covered claims could be a broken windshield, hitting a deer, and rolling your vehicle. Physical damage deductibles define the amount you are required to spend out-of-pocket in the event of a claim. The larger the amount the insured is willing to pay, the less your car insurance will be.
- Poor credit history equals high prices - Having a bad credit history is a big factor in calculating your car insurance rates. If your credit rating can use some improvement, you may save money insuring your vehicle if you clean up your credit. Insureds that have very high credit ratings tend to file fewer claims and have better driving records as compared to drivers with poor credit.
- Alarms and GPS tracking lower premiums - Purchasing a vehicle with anti-theft technology or alarm system can help lower your rates. Anti-theft devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can help prevent your vehicle from being stolen.
The quickest method to get policy rate comparisons is to know the fact most of the larger companies participate in a system to compare their rates. To start a quote, the only thing you need to do is take a few minutes to give details such as level of coverage desired, types of safety features, if a SR-22 is required, and whether you are married. Your information is then sent to many highly-rated insurers and you receive quotes very quickly.
If you wish to get multiple quotes for your car now, click here and complete the form.
The companies shown below provide comparison quotes in Albuquerque, NM. If multiple companies are listed, it's a good idea that you visit two to three different companies in order to find the most competitive rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Silverado LT Regular Cab||$818||$409||$68|
|Dodge Ram Crew Cab Laramie 2WD||$998||$499||$83|
|Ford Edge Sport AWD||$804||$402||$67|
|Ford Escape XLS 4WD||$1,060||$530||$88|
|Ford F-150 XLT Super Cab 4WD||$976||$488||$81|
|Ford Focus SES 4-Dr Sedan||$1,276||$638||$106|
|Honda Accord EX 2-Dr Coupe||$1,092||$546||$91|
|Honda CR-V EX-L 4WD||$1,092||$546||$91|
|Honda Civic VP 4-Dr Sedan||$914||$457||$76|
|Honda Odyssey LX||$1,138||$569||$95|
|Hyundai Sonata GLS 4-Dr Sedan||$1,220||$610||$102|
|Kia Optima SX||$1,414||$707||$118|
|Mazda 3 S Grand Touring 4-Dr Sedan||$1,510||$755||$126|
|Nissan Altima Hybrid 4-Dr Sedan||$948||$474||$79|
|Toyota Camry LE||$854||$427||$71|
|Toyota Corolla XLE||$1,058||$529||$88|
|Get Your Own Custom Quote Go|
Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Premium amounts do not factor in the specific area where the vehicle is garaged which can revise premium rates considerably.
Do you need full coverage?
The information below illustrates the difference between Ford Fusion auto insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The prices are based on a clean driving record, no claims, $1,000 deductibles, single male driver, and no discounts are applied to the premium.
Ford Fusion rates are for example purposes only. To get rates for your specific vehicle, click here.
When to drop full coverage
There is no definitive guideline for phasing out full coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than around 10% of the vehicle's replacement cost less your deductible, then you might want to consider buying only liability coverage.
For example, let's say your Ford Fusion replacement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $3,000 after paying the physical damage deductible. If premiums are more than $300 annually for full coverage, then it could be time to drop full coverage.
There are some conditions where eliminating full coverage is not a good plan. If you still have a loan on your vehicle, you have to keep full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage.
The information below illustrates how your deductible choice and can change Nissan Altima insurance costs for different insured age categories. The rates are based on a married male driver, comprehensive and collision coverage, and no discounts are factored in.
Nissan Altima rates are for example purposes only. To get rates for your specific vehicle, click here.
Auto insurance premiums by gender
The diagram below shows the comparison of insurance prices for male and female drivers in Albuquerque. The data is based on a clean driving record, no at-fault accidents, comprehensive and collision coverage, $250 deductibles, single marital status, and no other discounts are factored in on a Honda Pilot Touring.
Honda Pilot rates are for example purposes only. To get rate quotes for your specific vehicle, click here.
Auto insurance does more than just repair your car
Even though it's not necessarily cheap to insure a vehicle in Albuquerque, insurance may be mandatory for several reasons.
- Most states have mandatory liability insurance requirements which means the state requires a specific minimum amount of liability insurance 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 you took out a loan on your vehicle, almost all lenders will make it a condition of the loan that you have comprehensive coverage to ensure loan repayment if the vehicle is totalled. If you do not keep the policy in force, the bank may buy a policy for your vehicle at a much higher rate and require you to pay a much higher amount than you were paying before.
- Insurance safeguards both your car and your personal assets. It will also pay for many types of medical costs for yourself as well as anyone injured by you. Liability coverage, the one required by state law, also pays for attorney fees and expenses in the event you are sued. If your vehicle gets damaged, comprehensive and/or collision insurance will pay to restore your vehicle to like-new condition.
The benefits of insuring your vehicle are definitely more than 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 compare quotes from several companies each time the policy renews to ensure rates are competitive.
Save a ton on insurance with these insurance discounts
Buying insurance is not cheap, but you may qualify for discounts to help bring down the price. Most are applied when you quote, but some discounts are required to be requested specifically before being credited. If you do not check that you are getting every discount you deserve, you may be paying too high a price.
- Safety Course Discount - Taking time to complete a defensive driving class can save you 5% or more if you qualify.
- Payment Method - By paying your entire bill at once instead of paying each month you may have a lower total premium amount.
- Club Memberships - Being a member of qualifying employment or professional organizations could qualify you for a break on your next insurance statement.
- Senior Citizens - If you're over the age of 55, you can get a small decrease in premiums.
- Good Grades Discount - Performing well in school can get you a discount of up to 25%. Many companies even apply the discount to college students well after school through age 25.
- Accident Waiver - Not really a discount, but some companies like Allstate and GEICO will forgive one accident without raising rates so long as you haven't had any claims for a certain period of time.
- Switch and Save Discount - Some insurance companies reward drivers for renewing your policy before your current coverage expires. It's a savings of about 10%.
- Drive Safe and Save - Drivers without accidents could pay up to 40% less than less cautious drivers.
- Air Bags and Passive Restraints - Options like air bags can get savings as much as 30%.
- Employee of Federal Government - Active or retired federal employment could cut as much as 10% off with select insurance companies.
Policy discounts save money, but some credits don't apply to the entire cost. Most cut specific coverage prices like liability and collision coverage. Even though the math looks like you would end up receiving a 100% discount, it doesn't quite work that way.
A few of the larger companies and their possible discounts are:
- Progressive has savings for online signing, good student, online quote discount, multi-policy, and homeowner.
- Farmers Insurance may offer discounts for youthful driver, teen driver, mature driver, alternative fuel, and pay in full.
- Farm Bureau may include discounts for driver training, multi-policy, renewal discount, youthful driver, multi-vehicle, 55 and retired, and safe driver.
- State Farm policyholders can earn discounts including good driver, good student, accident-free, Drive Safe & Save, and multiple policy.
- GEICO may have discounts that include military active duty, federal employee, multi-policy, good student, air bags, defensive driver, and emergency military deployment.
- SAFECO offers discounts including teen safety rewards, drive less, multi-car, safe driver, anti-theft, and teen safe driver.
- Liberty Mutual includes discounts for good student, new move discount, hybrid vehicle, teen driver discount, multi-policy, and safety features.
Double check with each insurance company which credits you are entitled to. A few discounts may not apply in Albuquerque. To locate providers who offer online insurance quotes in Albuquerque, follow this link.
Insurance agent or online?
Many drivers would prefer to talk to an insurance agent and that is not a bad decision Good agents are trained to spot inefficiencies and help submit paperwork. The biggest benefit of comparing rates online is you can get lower rates and still have a local agent. And buying from local insurance agencies is definitely important in Albuquerque.
After completing this simple form, your coverage information is submitted to local insurance agents in Albuquerque who can give free rate quotes for your coverage. It makes it easy because there is no need to search for an agent since price quotes are sent directly to you. In the event you want to get a price quote from a particular provider, just search and find their rate quote page and complete a quote there.
If you want a reliable insurance agency, there are a couple of different agency structures and how they operate. Insurance agencies in Albuquerque are either independent agents or exclusive agents. Both can do a good job, but it's a good idea to understand why they differ since it may influence which type of agent you select.
Independent Insurance Agents
These agents are not required to write business for one company and that enables them to quote your coverage with an assortment of companies and help determine which has the cheapest rates. If prices rise, your agent can switch companies without you having to go to a different agency.
If you are trying to find cheaper rates, we highly recommend that you contact independent agents to get the most accurate price comparison.
Shown below are independent agents in Albuquerque that can give you comparison quotes.
Webster Insurance Agency Inc
1201 Eubank Blvd Suite 3 - Albuquerque, NM 87112 - (505) 294-1497 - View Map
Exclusive Insurance Agencies
These type of agents generally can only insure with one company and examples are AAA, State Farm, Farmers Insurance, and Allstate. They generally cannot compare other company's rates so it's a take it or leave it situation. Exclusive insurance agents receive a lot of sales training on their company's products which can be an advantage.
Listed below is a list of exclusive agents in Albuquerque who can help you get price quotes.
Finding a good insurance agency shouldn't rely on just a low price. The answers to these questions are important, too.
- Does the agent recommend any additional coverage?
- Do they have any clout with companies to ensure a fair claim settlement?
- Do they review policy coverages at every renewal?
- Will their companies depreciate repairs to your car based on the mileage?
- Is the agent CPCU or CIC certified?
- Do they get extra compensation for selling add-on coverages?
Don't give up on cheap coverage
You just learned many tips how you can find cheaper coverage online. The key thing to remember is the more you quote Albuquerque car insurance, the more likely it is that you will get a better rate. You may even discover the most savings is with the least-expected company. Regional companies can often insure niche markets at a lower cost than their larger competitors like Progressive or GEICO.
While you're price shopping online, you should never skimp on critical coverages to save a buck or two. There are a lot of situations where consumers will sacrifice liability coverage limits to discover at claim time that it was a big mistake. Your strategy should be to buy a smart amount of coverage at the best cost, but do not skimp to save money.
- Alcohol Impaired Driving FAQ (iihs.org)
- Who Has the Cheapest Car Insurance for College Students in New Mexico? (FAQ)
- Who Has the Cheapest New Mexico Car Insurance Quotes for a 20 Year Old Male? (FAQ)
- What Insurance is Cheapest for High Risk Drivers in New Mexico? (FAQ)
- Vehicle Safety Ratings (iihs.org)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)
- Teen Driving Statistics (GEICO)