Did you make the mistake of buying overpriced auto insurance? Believe me when I say many Roswell consumers feel financially strained by their auto insurance policy.

A recent NerdWallet.com study revealed that over 70% of consumers have purchased from the same company for at least four years, and approximately 38% of consumers have never shopped around. The average driver in Roswell can cut their rates by as much as $470 a year just by shopping around, but they just don't understand the rate savings if they switched to a cheaper policy. Consumers have many insurance companies to purchase coverage from, and even though it's nice to have a choice, more options can take longer to compare rates and find the lowest cost auto insurance.

Finding a lower price on insurance is pretty simple and can save money. All you need to do is spend a little time comparing rate quotes to see which company has cheap Roswell car insurance quotes.

Getting free quotes online is quite simple, and it makes it obsolete to spend your day driving to insurance agencies in your area. Shopping for insurance online has made agencies unnecessary unless you have a complicated situation and need the guidance that only an agent can give. If you prefer, some companies allow you to find lower rates online but have a local Roswell agent actually write the policy.

The companies shown below offer comparison quotes in New Mexico. If multiple companies are shown, it's highly recommended you visit several of them to get the cheapest price.

Insurance Cost Estimates for Popular Vehicles in Roswell
Make, Model, and Trim Level Annual Policy Premium 6-month Policy Premium Monthly Premium
Chevrolet Colorado LT 4WD $858 $429 $72
Chevrolet Malibu LS $974 $487 $81
Chevrolet Silverado LT Regular Cab $1,160 $580 $97
Dodge Ram Crew Cab Sport 4WD $1,146 $573 $96
Ford Escape XLT 4WD $776 $388 $65
Ford F-150 XLT Super Cab 4WD $828 $414 $69
Ford Focus SEL 4-Dr Sedan $1,120 $560 $93
GMC Sierra Denali Crew Cab 4WD $856 $428 $71
Honda Accord LX-P 4-Dr Sedan $824 $412 $69
Honda CR-V EX-L 4WD $1,202 $601 $100
Honda Civic EX 2-Dr Coupe $1,206 $603 $101
Honda Odyssey EX-L $804 $402 $67
Jeep Grand Cherokee Limited 2WD $1,162 $581 $97
Nissan Altima 3.5 SR 4-Dr Sedan $1,334 $667 $111
Toyota Camry LE $950 $475 $79
Toyota Corolla XLE $1,024 $512 $85
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Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Information does not factor in specific Roswell garaging location which can change premiums significantly.

Difference between liability only and full coverage rates

The illustration below illustrates the comparison of Honda Pilot yearly insurance costs with and without physical damage coverage. Data assumes no claims, a clean driving record, $500 deductibles, married female driver, and no discounts are taken into consideration.

Honda Pilot rates are for example purposes only. To get rates for your specific vehicle, click here.

When to stop buying comprehensive and collision coverage

There is no definitive guideline of when to stop paying for comp and collision coverage, but there is a guideline you can use. If the yearly cost of full coverage is about 10% or more of the vehicle's replacement cost less your deductible, then it might be time to consider dropping full coverage.

For example, let's say your Honda Pilot book value is $3,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would get paid by your company is $2,000 after the deductible is paid. If it's costing you more than $200 a year for full coverage, then it might be time to buy liability only.

There are some scenarios where dropping full coverage is not recommended. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.

Choosing deductibles

The hardest decision when buying coverage is where should you set your physical damage deductibles. The rates below approximate the difference in cost of buying low and high physical damage coverage deductibles. The first pricing table uses a $250 physical damage coverage deductible and the second set of rates uses a $500 deductible.

Honda Pilot rates are for example purposes only. To get rates for your specific vehicle, click here.

Honda Pilot insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Pilot LX 2WD $248 $344 $322 $20 $96 $1,055 $88
Pilot EX 2WD $280 $344 $322 $20 $96 $1,087 $91
Pilot EX 4WD $280 $344 $322 $20 $96 $1,087 $91
Pilot EX-L 2WD $280 $420 $322 $20 $96 $1,163 $97
Pilot EX-L 4WD $280 $420 $322 $20 $96 $1,163 $97
Pilot Touring 2WD $280 $420 $322 $20 $96 $1,163 $97
Pilot Touring 4WD $280 $420 $322 $20 $96 $1,163 $97
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Honda Pilot insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Pilot LX 2WD $202 $278 $322 $20 $96 $918 $77
Pilot EX 2WD $228 $278 $322 $20 $96 $944 $79
Pilot EX 4WD $228 $278 $322 $20 $96 $944 $79
Pilot EX-L 2WD $228 $338 $322 $20 $96 $1,004 $84
Pilot EX-L 4WD $228 $338 $322 $20 $96 $1,004 $84
Pilot Touring 2WD $228 $338 $322 $20 $96 $1,004 $84
Pilot Touring 4WD $228 $338 $322 $20 $96 $1,004 $84
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Premium costs do not factor in vehicle garaging location which can alter price quotes significantly.

Based on this data, we can arrive at the conclusion that using a $250 deductible will cost you about $12 more each month or $144 annually than choosing the higher $500 deductible. Because you would pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you normally average at a minimum 21 months between claims, you would probably be better off by selecting a higher deductible.

How to calculate if a higher deductible is a good decision

Average monthly premium for $250 deductibles: $94
Average monthly premium for $500 deductibles (subtract): - $82
Monthly savings from raising deductible: $12
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $12
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 21 months

Score discounts on Roswell insurance

Some insurers do not advertise every disount available in an easy-to-find place, so the following list contains some of the best known as well as the least known insurance savings. If they aren't giving you every credit you deserve, you are not getting the best rate possible.Discount insurance

Consumers should know that many deductions do not apply to the overall cost of the policy. Most only reduce specific coverage prices like medical payments or collision. Even though it may seem like you could get a free insurance policy, it's just not the way it works.

A list of insurance companies and their possible discounts are included below.

When getting a coverage quote, ask every prospective company to apply every possible discount. Some credits may not apply to policies in Roswell.

What determines your policy premium?

When buying auto insurance it's important to understand the rating factors that are used to determine the rates you pay for auto insurance. If you have a feel for what determines base rates, this helps enable you to make changes that may reward you with better auto insurance rates. Lots of things are used when you get a price on insurance. A few of the factors are predictable like your driving record, but other criteria are not quite as obvious such as your marital status and annual miles driven.

The factors shown below are just a few of the factors utilized by car insurance companies to help set your rates.

Three good reasons to insure your vehicle

Even though it's not necessarily cheap to insure a vehicle in Roswell, car insurance is not optional due to several reasons.

First, just about all states have mandatory insurance requirements which means the state requires a minimum amount of liability in order to get the vehicle licensed. 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.

Second, if you took out a loan on your vehicle, almost all lenders will make it mandatory that you carry insurance to guarantee loan repayment. If you cancel or allow the policy to lapse, the lender may insure your vehicle at a significantly higher premium and force you to reimburse them much more than you were paying before.

Third, insurance safeguards both your car and your assets. Insurance will pay for medical transport and hospital expenses incurred in an accident. Liability insurance, one of your policy coverages, also pays expenses related to your legal defense if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, your policy will pay to repair the damage.

The benefits of carrying adequate insurance are definitely more than the cost, particularly when you have a large claim. On average, a vehicle owner in Roswell is wasting up to $869 every year so smart consumers compare quotes once a year at a minimum to save money.

Claim statistics by make and model

What vehicles have the most claims? The following statistics show the worst and best vehicle models for the probability of having to file claims.

Lowest and Highest Medical Payment Coverage Claims by Vehicle Make and Model
Lowest Claim Frequency Highest Claim Frequency
Tesla Model S Chevrolet Spark
Chevrolet Silverado 2500 Dodge Charger
Ford F-350 SuperCrew Nissan Versa
Chevrolet Corvette Mitsubishi Lancer
Audi A4 Allroad Hyundai Accent
Ford Expedition Kia Forte

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Auto Insurance Liability Claims by Vehicle Model
Lowest Claim Frequency Highest Claim Frequency
Subaru Forester Mitsubishi Mirage
Subaru Outback Mitsubishi Lancer
Fiat 500 Dodge Charger
Audi A6 Hyndai Accent
Mercedes-Benz SL Class Chevrolet Sonic
Chevrolet Corvette Chevrolet Impala

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Manufacturer Models with the Lowest and Highest Comprehensive Claims
Lowest Claim Frequency Highest Claim Frequency
Chevy Spark Porsche Panamera GTS
Nissan Leaf Mercedes-Benz S Class
Chevy Silverado 2500 BMW M6
GMC Sierra 2500 Maserati Granturismo
Ford F-350 Maserati Quattroporte
Nissan Xterra Audi S7

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Collision Insurance Claims by Manufacturer Model
Lowest Claim Frequency Highest Claim Frequency
Jeep Wrangler Audi RS7
Ford F-250 SuperCab Maserati Granturismo
Chevrolet Colorado Nissan GT-R
Ford Edge BMW 6 Series
GMC Canyon Bentley Continental Flying Spur
Nissan Xterra Ferrari 458

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Be persistent and save

When shopping online for car insurance, it's a bad idea to skimp on coverage in order to save money. In too many instances, an insured cut collision coverage only to regret at claim time that the few dollars in savings costed them thousands. The ultimate goal is to purchase plenty of coverage at the best cost, but don't skip important coverages to save money.

We covered a lot of techniques to shop for car insurance online. The key concept to understand is the more rate comparisons you have, the higher the chance of saving money. Consumers may even find the lowest premium rates are with some of the lesser-known companies. Smaller companies often have lower prices on specific markets as compared to the big name companies such as Allstate, GEICO and Progressive.

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