When searching for lower-cost insurance, are you confused by the crazy number of insurance providers in your area? Drivers have so many choices that it can turn into a lot of work to find better premium rates for Hyundai Elantra insurance in Albuquerque. Everyone knows Albuquerque is a wonderful place to live, but high insurance prices can make it nearly impossible for many drivers to pay for enough insurance coverage.
Unbelievable but true, most insurance policyholders have stayed with the same insurance company for a minimum of four years, and nearly half have never compared rates with other companies. With the average premium in New Mexico being $1,244, drivers could save up to $470 every year by just shopping around, but they just feel it's too hard to save money by comparing rate quotes.
You need to take a look at other company's rates before your next renewal because insurance prices are adjusted regularly by insurance companies. Just because you found the lowest rates on Hyundai Elantra insurance in Albuquerque six months ago there may be better deals available now. Forget all the misinformation about insurance because it's time to teach you the proper way to save on insurance.
If you are insured now, you will most likely be able to find better prices using these methods. Finding and comparing more affordable auto insurance policy in Albuquerque is simple if you know the tricks. Although New Mexico drivers do need to understand the way insurance companies set your policy premium because rates fluctuate considerably.
Albuquerque Insurance Prices are Influenced by These Factors
Many different elements are considered when you quote your car insurance policy. Some are obvious like an MVR report, but other factors are less obvious like your continuous coverage and annual miles driven.
Low mileage costs less - Driving more miles annually the higher the price you pay to insure it. Almost all companies apply a rate based on how the vehicle is used. Cars left parked in the garage can get a lower rate as compared to vehicles used primarily for driving to work. It's a good idea to make sure your declarations sheet is rated on annual mileage. Having an incorrect usage rating on your Elantra may be wasting your money.
Premiums for guys may be higher - Over time, data shows that females tend to be a little less risky than males. However, this does not mean males are worse at driving than females. Men and women tend to get into auto accidents at about the same rate, but the male of the species have costlier accidents. Men also tend to have more aggressive citations like DUI and reckless driving. Young men ages 16 to 20 generally have the highest accident percentage so it costs more to insure them.
Insurance policy lapses increase prices - Not maintaining insurance is a misdemeanor and your next policy will cost more because you let your coverage lapse. And not only will your rates increase, getting caught without coverage could result in a fine, jail time, or a revoked license. Then you may be required to file a SR-22 with the New Mexico motor vehicle department to get your license reinstated.
Policy add-ons may be wasting money - There are a lot of extra coverages that sound like a good idea at the time if you aren't careful. Add-on coverages like personal injury protection, towing coverage, and extra equipment coverage may be costing you every month. They may seem good when discussing your needs, but if they're wasting money remove them and pocket the money.
Job reflects on rates - Jobs like lawyers, business owners and financial analysts tend to have the highest average rates because of high stress levels and long work hours. Conversely, occupations like scientists, historians and retirees pay lower than average rates.
Claims statistics for a Hyundai Elantra - Companies use past loss statistics for each vehicle when they set coverage costs for each model. Models that the data determines to have higher number or severity of losses will have higher rates.
The next table shows the loss history for Hyundai Elantra vehicles. For each policy coverage, the loss probability for all vehicles averaged together is a value of 100. Numbers that are below 100 indicate better than average losses, while values over 100 indicate a higher chance of having a claim or a tendency for losses to be larger than average.
Hyundai Elantra Insurance Loss Statistics
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Hyundai Elantra GT||95||91||95||112||114||107|
Statistics from IIHS.org for 2013-2015 Model Years
The quickest way to compare car insurance rates for Hyundai Elantra insurance in Albuquerque is to understand most larger insurance companies participate in a system to provide you with free rate quotes. All you need to do is provide information such as if you are currently licensed, distance driven, how much school you completed, and whether the vehicles are used for commuting. Those rating factors is then sent to insurance companies and you get price estimates very quickly.
To compare rates for your Hyundai Elantra now, click here and see if a lower rate is available in Albuquerque.
The car insurance companies shown below provide free quotes in Albuquerque, NM. If more than one company is shown, it's a good idea that you click on several of them in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Elantra GLS Touring Station Wagon||$168||$286||$258||$16||$78||$806||$67|
|Elantra Blue 4-Dr Sedan||$116||$304||$364||$22||$108||$914||$76|
|Elantra GLS 4-Dr Sedan||$238||$578||$338||$20||$102||$1,276||$106|
|Elantra SE 4-Dr Sedan||$150||$304||$328||$20||$98||$900||$75|
|Elantra SE Touring Station Wagon||$192||$348||$258||$16||$78||$892||$74|
|Get Your Own Custom Quote Go|
Data variables include married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Prices do not factor in vehicle location which can change prices considerably.
Cautious drivers save money
The example below demonstrates how citations and accident claims raise Hyundai Elantra insurance rates for different age groups. The premium estimates are based on a married female driver, comprehensive and collision coverage, $250 deductibles, and no discounts are taken into consideration.
Full coverage rates compared to liability-only
The diagram below shows the difference between Hyundai Elantra insurance premiums when comparing full coverage to state minimum liability only. The data assumes no violations or claims, $250 deductibles, single male driver, and no other discounts are factored in.
Should you pay for full coverage?
There is no definitive guideline to stop paying for full coverage on your policy, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
For example, let's pretend your Hyundai Elantra book value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,000 after the policy deductible has been paid. If you are paying in excess of $800 a year for physical damage coverage, then you may need to consider dropping full coverage.
There are a few cases where dropping physical damage coverage is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not opt for liability only.
Yearly car insurance costs for men versus women
The illustration below compares Hyundai Elantra auto insurance rates for male and female drivers. The premiums assume no tickets, no at-fault accidents, full coverage, $250 deductibles, drivers are not married, and no policy discounts are applied.
Car insurance ads are enticing
Popular car insurance providers such as Progressive, GEICO, Allstate and State Farm regularly use ads in print and on television. They all seem to advertise the message that drivers can save some big amount just by moving your coverage to them. How does every car insurance company have lower policy pricing? You have to listen carefully.
Different companies are able to cherry pick for the driver that will be a good risk. For example, a desirable insured may be between 30 and 50, carries full coverage, and drives less than 7,500 miles a year. Any customer that hits that "sweet spot" gets the lowest premium rates and will also cut their Hyundai Elantra insurance rates if they switch.
Consumers who cannot meet the ideal profile may be required to pay higher prices with the end result being business going elsewhere. The ads state "customers that switch" not "everyone that quotes" can save as much as they claim. That's the way insurance companies can confidently make those statements.
Each company has different criteria, so drivers should compare many company's rates. You cannot predict which insurance companies will have the best prices at this point in time.
Insurance is not optional
Despite the potentially high cost of Hyundai Elantra insurance, maintaining insurance is required in New Mexico but also provides important benefits.
First, almost all states have minimum liability requirements which means the state requires a specific minimum amount of liability insurance 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.
Second, if you have a lien on your Elantra, it's guaranteed your bank will make it a condition of the loan that you have comprehensive coverage to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank or lender will purchase a policy for your Hyundai for a much higher rate and require you to fork over a much higher amount than you were paying before.
Third, insurance safeguards your Hyundai Elantra and your assets. It will also pay for medical transport and hospital expenses for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, will also pay attorney fees if anyone sues you for causing an accident. If damage is caused by hail or an accident, your policy will pay to restore your vehicle to like-new condition.
The benefits of buying insurance definitely exceed the cost, especially when you need to use it. But the average American driver is currently overpaying as much as $750 every year so compare rates at every renewal to ensure rates are inline.
Affordable Hyundai Elantra insurance in Albuquerque
Insurance can be prohibitively expensive, but you can get discounts that many consumers don't even know exist. Many discounts should be triggered when you complete an application, but some may not be applied and must be manually applied in order for you to get them. If you aren't receiving every discount you qualify for, it's possible you qualify for a lower rate.
- Government Employees - Being employed by or retired from a federal job could qualify for a slight premium decrease with select insurance companies.
- Discount for Swiching Early - Some insurance companies give discounts for switching companies before your current coverage expires. This can save 10% or more.
- Theft Deterrent Discount - Cars with anti-theft systems are less likely to be stolen and qualify for as much as a 10% discount.
- New Vehicle Savings - Adding a new car to your policy can save up to 30% because new vehicles are generally safer.
- Drivers Education - It's a good idea to have your young drivers enroll and complete driver's education if it's offered in school.
- Payment Discounts - If paying your policy premium upfront instead of monthly or quarterly installments you can actually save on your bill.
- First Accident Forgiveness - Not necessarily a discount, but some companies like Allstate and GEICO permit an accident before hitting you with a surcharge if you are claim-free before the accident.
- Active Military Service - Having a deployed family member could trigger a small discount.
Keep in mind that some of the credits will not apply to the entire cost. Most only apply to individual premiums such as liability, collision or medical payments. So when it seems like you would end up receiving a 100% discount, companies wouldn't make money that way.
A few popular companies and a summarized list of policyholder discounts are outlined below.
- The Hartford includes discounts for air bag, bundle, driver training, defensive driver, good student, and anti-theft.
- American Family may include discounts for good driver, mySafetyValet, multi-vehicle, Steer into Savings, early bird, defensive driver, and good student.
- Progressive discounts include multi-vehicle, online signing, homeowner, continuous coverage, good student, online quote discount, and multi-policy.
- Travelers has discounts for hybrid/electric vehicle, early quote, IntelliDrive, multi-policy, multi-car, good student, and home ownership.
- Farmers Insurance has savings for good student, teen driver, multi-car, pay in full, homeowner, alternative fuel, and switch companies.
- USAA policyholders can earn discounts including safe driver, good student, loyalty savings, vehicle storage, and multi-policy.
- Liberty Mutual offers discounts for newly married, multi-policy, newly retired, multi-car, preferred payment discount, and new graduate.
Before you buy a policy, ask each insurance company which discounts they offer. Some credits might not be available to policyholders in Albuquerque. To find insurers that offer multiple discounts in Albuquerque, follow this link.
Getting quotes from local Albuquerque auto insurance agents
Certain consumers would rather talk to an insurance agent and that is a smart decision One of the great benefits of getting online price quotes is you may find cheap rate quotes and still choose a local agent. Buying insurance from neighborhood agents is still important in Albuquerque.
To help locate an agent, after submitting this simple form, the coverage information is instantly submitted to local insurance agents who will give competitive quotes to get your business. It's much easier because you don't need to visit any agencies because quoted prices will be sent to your email. You can find better rates without the usual hassles of price shopping. If you wish to get a price quote for a specific company, you can always jump over to their website to submit a rate quote request.
Exclusive agents vs. Independent agents
If you would like to find a reputable agency, there are a couple of types of insurance agents and how they work. Car insurance agencies can be categorized as either exclusive or independent.
Independent Car Insurance Agents
Agents in the independent channel do not have single company limitations so they can write business with a variety of different insurance companies and potentially find a lower price. If you want to switch companies, they simply move your policy to a different company which makes it simple for you. When comparing rates, it's a good idea to get insurance quotes from several independent insurance agents to get the best comparison. They often place coverage with additional companies that you may not be familiar with which may provide better rates.
Listed below are Albuquerque independent agencies that may be able to give you cheap rate quotes.
- Menicucci Insurance Llc
2116 Vista Oeste NW Bldg 5 - Albuquerque, NM 87120 - (505) 883-3683 - View Map
- Sunset Insurance Corporation
1905 San Mateo Blvd NE - Albuquerque, NM 87110 - (505) 247-2578 - View Map
- Commercial West Insurance
2616 Mesilla St NE #2 - Albuquerque, NM 87110 - (505) 255-9577 - View Map
Exclusive Car Insurance Agencies
Exclusive insurance agents can only provide pricing for a single company like State Farm or Allstate. Exclusive agencies are unable to provide rate quotes from other companies so they are skilled at selling on more than just price. Exclusive insurance agents receive a lot of sales training on what they offer which helps offset the inability to provide other markets. Consumers often choose to use an exclusive agent mostly because of loyalty to the company rather than having low rates.
Below are exclusive agents in Albuquerque who can help you get rate quotes.
- Allstate Insurance: Krista L. Sanchez
3300 San Mateo Blvd NE e - Albuquerque, NM 87110 - (505) 255-3371 - View Map
- Allstate Insurance: Larry Gaylord
3296 Coors Blvd NW d - Albuquerque, NM 87120 - (505) 836-4630 - View Map
- Ronna Todd - State Farm Insurance Agent
4830 Juan Tabo Blvd NE e - Albuquerque, NM 87111 - (505) 293-3303 - View Map
Finding the right insurance agent is decision based upon more than just the price. Any agent in Albuquerque should be willing to answer these questions.
- Which company do they place the most coverage with?
- Will they make sure you get an adequate claim settlement?
- What insurance companies do they recommend if they are an independent agent?
- Can you use your own choice of collision repair facility?
- Are claim adjusters local or do you have to take your car somewhere else?
It's not one size fits all
Always remember that when buying adequate coverage, there really is not a one-size-fits-all type of policy. Every situation is different so your insurance should reflect that For example, these questions can help discover whether your personal situation would benefit from professional advice.
- Is my dog or cat covered if injured in an accident?
- How does medical payments coverage work?
- Is my trailer covered?
- If I drive on a suspended license am I covered?
- How much liability coverage do I need in New Mexico?
- Does my policy cover me if I wreck while driving under the influence?
- How many claims can I have before being canceled?
- Is business property covered if stolen from my car?
- Am I covered when using my vehicle for business?
- Is my business laptop covered if it gets stolen from my vehicle?
If you're not sure about those questions but you think they might apply to your situation then you might want to talk to a licensed agent. To find lower rates from a local agent, complete this form or you can also visit this page to select a carrier
Don't give up on cheaper rates
When you buy Albuquerque car insurance online, make sure you don't reduce needed coverages to save money. There are a lot of situations where someone sacrificed physical damage coverage and discovered at claim time that it was a big error on their part. Your objective should be to get the best coverage possible at a price you can afford, but don't skip important coverages to save money.
We've covered some good ideas how to compare Hyundai Elantra insurance rates in Albuquerque. It's most important to understand that the more times you quote, the better likelihood of getting affordable Hyundai Elantra insurance quotes. You may even find the best rates are with an unexpected company. Some small companies can often insure niche markets at a lower cost than their larger competitors like State Farm or Progressive.
More detailed car insurance information is located at these sites:
- What is Gap Insurance? (Insurance Information Institute)
- Who Has the Cheapest New Mexico Car Insurance Quotes for Low Credit Scores? (FAQ)
- What is the Cheapest Auto Insurance in Artesia, New Mexico? (FAQ)
- Safety Features for Your New Car (State Farm)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)
- Determining Your Vehicle's Value and Repair Cost (Insurance Information Institute)