No one in their right mind likes having to buy insurance, especially when their premiums are through the roof.
It's shocking but most insurance policyholders renewed their policy with the same company for over three years, and approximately 38% of consumers have never quoted insurance rates at all. Rio Rancho drivers could save 40% each year, but they just don't want to compare rates and save money.
Online insurance companies like State Farm and GEICO increase brand awareness with TV and radio ads and it is difficult to see through the cute green geckos and mayhem and take the time to shop coverage around.
You should take the time to get comparison quotes periodically because prices are variable and change quite frequently. If you had the best price on insurance on your last policy you can probably find a lower rate today. Forget all the misinformation about insurance because you're about to learn the right way to save money, get proper coverage and the best rates.
Check for these money saving discounts
Not too many consumers would say auto insurance is affordable, but there may be some discounts that can drop the cost substantially. A few discounts will automatically apply at the time you complete a quote, but some need to be inquired about before they will apply. If you aren't receiving every discount you qualify for, you could be paying more than you need to.
- Theft Deterrent Discount - Cars and trucks with anti-theft systems prevent vehicle theft and can earn a small discount on your policy.
- Save over 55 - If you qualify as a senior citizen, you are able to get a discount up to 10%.
- New Vehicle Savings - Buying a new car model is cheaper since new model year vehicles are generally safer.
- Full Payment Discount - If you can afford to pay the entire bill rather than paying in monthly installments you may reduce your total bill.
- Student Discounts - Getting good grades could provide a savings of up to 20% or more. The discount lasts up until you turn 25.
- No Claims - Drivers with accident-free driving histories can save substantially in comparison to frequent claim filers.
- Save with More Vehicles Insured - Having several vehicles with the same auto insurance company can get a discount on all vehicles.
A little disclaimer on discounts, some of the credits will not apply to the entire policy premium. Most only apply to the cost of specific coverages such as comp or med pay. So even though you would think all the discounts add up to a free policy, you aren't that lucky.
Some of the larger companies that may offer some of the discounts shown above include:
If you are trying to find cheaper Rio Rancho car insurance quotes, ask each company or agent to apply every possible discount. Some credits may not apply to policies in every state. To see a list of insurance companies with discount rates in New Mexico, follow this link.
Most of the larger companies like Progressive, GEICO, Allstate and State Farm allow you to get coverage prices on their websites. Comparing insurance rates online is quite easy because it's just a matter of typing in your coverage information as detailed in the form. After the form is submitted, the quote system will obtain your credit score and driving record and gives you a price quote. The ability to get online rate quotes makes comparing rates easy, and it is important to get many rate quotes in order to find the most affordable possible premiums on insurance.
To save time and compare pricing, compare rate quotes from the providers shown below. If you have a policy now, it's recommended you enter the insurance coverages as shown on your current policy. Using the same limits helps guarantee you will have an apples-to-apples comparison for similar insurance coverage.
The companies in the list below provide price comparisons in Rio Rancho, NM. If more than one company is shown, it's highly recommended you visit two to three different companies to find the most affordable car insurance rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Equinox LS AWD||$1,106||$553||$92|
|Chevrolet Silverado LS Crew Cab 2WD||$970||$485||$81|
|Dodge Ram Quad Cab Laramie 4WD||$1,250||$625||$104|
|Ford Escape Limited 2WD||$830||$415||$69|
|Ford Explorer Limited 2WD||$1,094||$547||$91|
|Ford F-150 Lariat King Ranch 2WD||$1,086||$543||$91|
|Ford Focus SE 4-Dr Sedan||$816||$408||$68|
|GMC Sierra Denali Crew Cab 4WD||$874||$437||$73|
|Honda Accord EX-L 4-Dr Sedan||$690||$345||$58|
|Honda CR-V EX-L 4WD||$878||$439||$73|
|Honda Civic EX-L 2-Dr Coupe||$1,206||$603||$101|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$868||$434||$72|
|Kia Optima SX||$1,090||$545||$91|
|Mazda 3 S Sport 4-Dr Hatchback||$916||$458||$76|
|Nissan Altima 3.5 SR 2-Dr Coupe||$1,018||$509||$85|
|Nissan Rogue SL 2WD||$1,006||$503||$84|
|Toyota Camry XLE||$1,058||$529||$88|
|Toyota Corolla XLE||$1,304||$652||$109|
|Toyota Tacoma Double Cab 4WD||$764||$382||$64|
|Get Your Own Custom Quote Go|
Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Prices do not factor in your specific Rio Rancho location which can modify prices greatly.
Car insurance cost for men versus women
The example below illustrates the comparison of insurance premiums for male and female drivers in Rio Rancho. The rate quotes are based on no violations or claims, comp and collision included, $1,000 deductibles, single marital status, and no discounts are applied to the premium on a Ford Escape XLS.
Ford Escape rates are for example purposes only. To get rate quotes for your specific vehicle, click here.
Analysis of deductible levels
One common question asked by Rio Rancho drivers is how high should your deductibles be. The following insurance rates approximate the differences in price between high and low physical damage coverage deductibles. The first set of prices uses a $100 deductible for comprehensive and collision coverage and the second set of prices uses a $1,000 deductible.
Ford Fusion rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Fusion S 4-Dr Sedan||$278||$500||$322||$20||$96||$1,241||$103|
|Fusion SE 4-Dr Sedan||$312||$590||$322||$20||$96||$1,365||$114|
|Fusion Hybrid 4-Dr Sedan||$312||$680||$402||$24||$120||$1,563||$130|
|Fusion SEL 4-Dr Sedan||$312||$590||$322||$20||$96||$1,365||$114|
|Fusion Sport 4-Dr Sedan||$312||$590||$322||$20||$96||$1,365||$114|
|Fusion SEL AWD 4-Dr Sedan||$348||$680||$322||$20||$96||$1,491||$124|
|Fusion Sport AWD 4-Dr Sedan||$348||$680||$322||$20||$96||$1,491||$124|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Fusion S 4-Dr Sedan||$154||$264||$322||$20||$96||$856||$71|
|Fusion SE 4-Dr Sedan||$174||$310||$322||$20||$96||$922||$77|
|Fusion Hybrid 4-Dr Sedan||$174||$358||$402||$24||$120||$1,078||$90|
|Fusion SEL 4-Dr Sedan||$174||$310||$322||$20||$96||$922||$77|
|Fusion Sport 4-Dr Sedan||$174||$310||$322||$20||$96||$922||$77|
|Fusion SEL AWD 4-Dr Sedan||$194||$358||$322||$20||$96||$990||$83|
|Fusion Sport AWD 4-Dr Sedan||$194||$358||$322||$20||$96||$990||$83|
|Get a Quote for Your Vehicle Go|
Data rating is 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, safe-driver, multi-policy, homeowner, and multi-vehicle. Estimates do not factor in Rio Rancho location which can lower or raise premium rates noticeably.
Based on the above data, using a $100 deductible will cost you about $38 more each month or $456 for a full year than buying the higher $1,000 deductible. Due to the fact that you would have to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go more than 24 months between claims, you would probably be better off by selecting a higher deductible.
What impacts Rio Rancho insurance policy rates?
Lots of factors are taken into consideration when premium rates are determined. Some are pretty understandable like an MVR report, but other criteria are not quite as obvious like where you live and annual miles driven.
The items below are a few of the things used by your company to calculate your premiums.
Getting married can lower rates - Being married can get you a discount compared to being single. Marriage means you're more responsible and it's proven that married drivers tend to file fewer claims.
Type of car determines base premiums - The make and model of the car, truck or SUV you are trying to find cheaper insurance for makes a significant difference in your car insurance bill. Lower performance four cylinder passenger models usually have the lowest premiums, but there are many factors that impact the final cost.
Which gender costs less? - Statistics demonstrate women are more cautious behind the wheel. However, this does not mean men are WORSE drivers than women. Both sexes cause auto accidents at about the same rate, but guys cause more damage. In addition to higher claims, males also get more serious tickets such as driving while intoxicated (DWI) or driving recklessly. Males from age 16 to 21 cause the most accidents so they pay the highest premiums.
Prices may be lower depending on your job - Occupational choices like judges, executives and stock brokers are shown to have the highest average rates due to job stress and long work hours. Conversely, jobs such as scientists, athletes and performers have lower than average premiums.
A coverage lapse can increase rates - Driving any period of time without insurance is against the law and companies may charge more for letting your coverage have a gap. Not only will rates go up, the inability to provide proof of insurance may earn you a fine, jail time, or a revoked license.
Poor credit decisions can cost you - An insured's credit score will be a significant factor in calculating your insurance rates. If your credit history could use some work, you could pay less to insure your vehicle by improving your rating. People that have very high credit ratings tend to file fewer claims than drivers who have lower ratings.
When to get professional advice
When quoting and comparing the best auto insurance coverage, there isn't really a one size fits all plan. Each situation is unique and your policy should reflect that. For instance, these questions may help highlight if your insurance needs might need professional guidance.
- Does coverage follow the driver or the vehicle?
- What are the liability requirements in my state?
- If my car is totalled with they pay enough to replace it?
- What exactly is covered by my policy?
- How does medical payments coverage work?
- Is water damage covered by my policy?
- Do I have ACV or replacement cost coverage?
- Do I need roadside assistance coverage?
- Why am I required to buy high-risk coverage?
If you're not sure about those questions but a few of them apply, you might consider talking to an agent. If you don't have a local agent, take a second and complete this form or click here for a list of auto insurance companies in your area.
Insurance agencies near you
Many drivers prefer to get professional advice from a licensed agent and that can be a great decision An additional benefit of comparing rates online is you may find cheap car insurance quotes and still buy from a local agent.
After completing this form (opens in new window), the coverage information is immediately sent to companies in Rio Rancho who will return price quotes for your car insurance coverage. It's much easier because you don't need to leave your computer since price quotes are sent immediately to you. You'll get the best rates and an insurance agent to talk to. If you wish to get a price quote from one company in particular, you would need to go to their quote page and submit a quote form there.
Choosing an company requires more thought than just a cheap price. Before buying a policy in Rio Rancho, get answers to these questions.
- Is there a local claims center in Rio Rancho?
- Do you have coverage for a rental car if your vehicle is in the repair shop?
- What are the financial ratings for the companies they represent?
- Do they feel the quoted coverages are adequate?
- Does the company allow you to choose your own collision repair facility?
- Does the agency have a positive business rating?
The different types of car insurance agents
If you are searching for a good insurance agency, you need to know there are two different types of agents and how they can service your needs differently. Car insurance agents in Rio Rancho are classified as either independent agents or exclusive agents depending on their employer.
Exclusive agents write business for a single company and examples are Farmers Insurance and State Farm. These agents are unable to give you multiple price quotes so they have to upsell other benefits. These agents are very knowledgeable on their company's products which helps them compete with independent agents.
Independent Agents (or Brokers)
Independent agents do not write with just one company and that is an advantage because they can write policies amongst many companies and find you cheaper rates. To move your coverage to a new company, the business is moved internally and you won't have to switch agencies. If you need lower rates, you absolutely need to include a couple of independent agencies for maximum quote selection.
Choosing vehicle insurance is an important decision
Despite the high cost of buying insurance in Rio Rancho, insurance may not be optional for several reasons.
- Almost all states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability protection in order to drive the car. 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, most lenders will require you to buy insurance to ensure they get paid if you total the vehicle. If you let the policy lapse, the lender may insure your vehicle for a lot more money and force you to pay much more than you were paying before.
- Insurance preserves both your assets and your vehicle. It will also cover many types of medical costs incurred in an accident. 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, your insurance policy will pay to repair the damage.
The benefits of insuring your vehicle more than offset the price you pay, especially when you need to use it. According to a 2015 survey, the average American driver is overpaying more than $850 per year so it's very important to do a rate comparison at every policy renewal to ensure rates are inline.
One last note
We just showed you a lot of information how to reduce auto insurance rates online in Rio Rancho. The key thing to remember is the more price quotes you have, the better likelihood of getting the cheapest Rio Rancho car insurance quotes. Consumers could even find that the biggest savings come from the least-expected company. They may only write in your state and offer lower car insurance rates than their larger competitors like Allstate and Progressive.
There are still a few companies who do not offer price quotes online and usually these smaller providers only sell through local independent agencies. Cheaper auto insurance in Rio Rancho can be purchased from both online companies and with local Rio Rancho insurance agents, and you need to price shop both to get a complete price analysis.
More information can be found at these links:
- Safety Belts FAQ (iihs.org)
- What is the Cheapest Car Insurance in Las Vegas, New Mexico? (FAQ)
- Who Has Affordable New Mexico Auto Insurance Rates for First-time Drivers? (FAQ)
- Who Has Cheap Auto Insurance Quotes for a Toyota Corolla in New Mexico? (FAQ)
- How Much are Car Insurance Rates for 16 Year Olds in New Mexico? (FAQ)
- Vehicle Insurance in the U.S. (Wikipedia)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- Think You're a Safe Driver? (State Farm)