Do you want to stop overpaying and find lower-priced insurance rates in Clovis, NM? When trying to find lower-cost insurance, are you confused by the wide range of insurance choices in Clovis? You're not alone. There are such a large number of options that it can turn into hard work to find better insurance rates. Clovis is an excellent city in which to live, but high insurance premiums can make it difficult for lots of drivers to be able to afford adequate coverage.
Unbelievable but true, most consumers have remained with the same insurance company for four years or more, and approximately 38% of consumers have never compared rates to find cheap insurance. With the average insurance premium being $1,244, New Mexico drivers can save $474 each year, but they don't invest the time required to compare rates and save money.
If you are already insured, you will surely be able to reduce the price you pay using this strategy. The goal of this article is to teach you a little about how insurance works and some money-saving tips. But New Mexico vehicle owners must comprehend the way companies market insurance on the web because rates are impacted by many factors.
When price shopping your coverage, comparing all the rates in your area provides better odds of finding more affordable insurance. Some smaller insurers do not give rate quotes online, so it's recommended that you also compare prices from them, too.
The companies in the list below offer price quotes in New Mexico. If multiple companies are listed, we suggest you get prices from several of them in order to get a fair rate comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Malibu LT||$1,148||$574||$96|
|Chevrolet Silverado Crew Cab Hybrid 4WD||$1,638||$819||$137|
|Dodge Ram Crew Cab Laramie 4WD||$1,228||$614||$102|
|Ford Edge Limited 2WD||$816||$408||$68|
|Ford Escape Limited 2WD||$848||$424||$71|
|Ford F-150 STX Super Cab 2WD||$1,022||$511||$85|
|Ford Focus SES 2-Dr Coupe||$1,254||$627||$105|
|Honda Accord LX-S 2-Dr Coupe||$1,236||$618||$103|
|Honda CR-V EX 4WD||$660||$330||$55|
|Honda Civic LX 4-Dr Sedan||$880||$440||$73|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,002||$501||$84|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,080||$540||$90|
|Nissan Rogue S AWD||$1,034||$517||$86|
|Toyota Camry SE||$1,186||$593||$99|
|Toyota Corolla LE||$1,132||$566||$94|
|Toyota RAV4 Sport 4WD||$1,012||$506||$84|
|Get Your Own Custom Quote Go|
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Price estimates do not factor in specific location information which can change premiums considerably.
Difference between full coverage and liability only rates
The example below shows the difference between Chevrolet Malibu premium costs with and without full coverage. The rates are based on no violations or accidents, $250 deductibles, single male driver, and no policy discounts are applied.
Chevrolet Malibu rates are for example purposes only. To get rates for your specific vehicle, click here.
When to stop buying full coverage
There is no clear-cut rule that works best for making the decision to drop comp and collision coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let's say your Chevrolet Malibu replacement value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled, you would only receive $6,000 after the deductible is paid. If you are currently paying more than $600 annually to have full coverage, then it could be time to drop full coverage.
There are a few situations where only buying liability is not a good plan. If you still have a loan on your vehicle, you are required to maintain full coverage to satisfy the loan requirements. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
When to drop full coverage
There is no clear-cut rule that is best for determining when to drop physical damage insurance, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is about 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let's assume your Chevrolet Cruze replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $8,000 after paying your deductible. If you are paying in excess of $800 annually for your policy with full coverage, then you might consider buying liability only.
There are a few cases where eliminating full coverage is not advised. If you still owe money on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle if your current one is totaled, you should not drop full coverage.
How accidents and violations affect rates
The diagram below shows how speeding tickets and at-fault accidents impact Honda Pilot premium costs for each age group. Data assumes a single male driver, comp and collision included, $100 deductibles, and no discounts are factored in.
Honda Pilot rates are for example purposes only. To get rates for your specific vehicle, click here.
Here's why car insurance is not optional
Even though it's not necessarily cheap to insure a vehicle in Clovis, maintaining insurance serves a purpose in several ways.
- Most states have minimum liability requirements which means state laws require a minimum amount of liability insurance coverage if you drive a 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.
- If your vehicle has a lienholder, almost all lenders will make it mandatory that you buy insurance to ensure loan repayment if the vehicle is totalled. If coverage lapses or is canceled, the bank may insure your vehicle at a more expensive rate and force you to pay a much higher amount than you were paying before.
- Insurance safeguards both your assets and your vehicle. It will also provide coverage for medical expenses that are the result of an accident. As part of your policy, liability insurance also pays for attorney fees and expenses if you are sued as the result of an accident. If you have damage to your vehicle as the result of the weather or an accident, collision and comprehensive coverages will cover the damage repairs after a deductible is paid.
The benefits of carrying enough insurance more than cancel out the cost, particularly when you have a large claim. According to a recent study, the average American driver overpays as much as $865 each year so you should quote your policy with other companies at every policy renewal to help ensure money is not being wasted.
What determines auto insurance prices?
Lots of things are used in the calculation when you get a price on insurance. Some factors are common sense such as traffic violations, but some are more transparent such as whether you are married or your financial responsibility. Smart consumers have a good feel for some of the factors that are used to determine your policy premiums. When you understand what impacts premium levels, this enables informed choices that can help you get lower rates.
- Avoid unnecessary add-on coverages - There are a ton of additional coverages that you can buy if you don't pay attention. Coverages like rental car coverage, high-cost glass coverage, and motor club memberships are some examples. You may think they are a good idea when deciding what coverages you need, but now you might not need them so remove them from your policy.
- Filing insurance claims can cost you more - Auto insurance companies in New Mexico provide cheaper rates to drivers who do not rely on their insurance for small claims. If you frequently file small claims, you can expect higher rates. Auto insurance is meant to be used in the event of claims that pose a financial burden.
- Premiums are affected by your credit history - Having a good credit rating can be an important factor in your rate calculation. If your credit score can use some improvement, you could pay less to insure your vehicle by improving your credit score. Drivers who have excellent credit scores tend to be more responsible than drivers who have poor credit scores.
- Don't skimp on liability - Liability coverage kicks in if ever you are ruled to be at fault for causing damage or personal injury in an accident. This coverage provides for a legal defense starting from day one. This coverage is relatively inexpensive when compared to the cost of physical damage coverage, so drivers should make sure they buy enough to cover all assets.
- Insurance rates in urban areas - Residing in smaller towns and rural areas of the country can be a good thing when buying auto insurance. Lower population means reduced accidents and lower theft and vandalism rates. People in densely populated areas have traffic congestion and more severe claims. Spending more time driving means more chances of being involved in an auto accident.
- Is you job costing you more? - Did you know your occupation can influence how much you pay for auto insurance? Careers such as lawyers, social workers and emergency personnel tend to have higher rates than the rest of us attributed to high stress levels and incredibly demanding work hours. On the flip side, careers such as professors, students and the unemployed receive lower rates.
- Are males or females drivers cheaper? - Statistics have proven that females tend to be a little less risky than males. That doesn't necessarily mean that men are worse drivers. Men and women are in accidents at a similar rate, but the men get into accidents with more damage. Men also statistically get higher numbers of serious violations such as reckless driving.
- Annual mileage impacts prices - Driving a lot of miles each year the higher your rate. A lot of insurance companies rate vehicles determined by how the vehicle is used. Cars and trucks left parked in the garage get more affordable rates than cars that get driven a lot. It's always a good idea to double check that your vehicle rating states the correct usage.
Lower-cost Clovis car insurance rates with discounts
Companies offering auto insurance do not advertise every policy discount very clearly, so the following is a list of some of the best known and the harder-to-find credits that may apply to you.
- Accident Forgiveness Coverage - This one is not really a discount per se, but some insurance companies permit an accident before your rates go up so long as you haven't had any claims for a particular time prior to the accident.
- E-sign - A few companies will give a small break get Clovis auto insurance on the internet.
- Anti-theft System - Anti-theft and alarm system equipped vehicles are stolen with less frequency and will save you 10% or more.
- Defensive Driver Discount - Passing a safe driver class can save you 5% or more and easily recoup the cost of the course.
- ABS and Traction Control Discounts - Cars and trucks with anti-lock braking systems can avoid accidents so companies give up to a 10% discount.
- Homeowners Savings - Owning a home in Clovis may earn you a small savings due to the fact that maintaining a home is proof of financial responsibility.
- Discounts for Federal Employees - Employees or retirees of the government can save as much as 8% but check with your company.
- Driver's Ed - Teen drivers should successfully complete driver's ed class as it will make them better drivers and lower rates.
- More Vehicles More Savings - Drivers who insure multiple cars or trucks with the same car insurance company can reduce the rates for all insured vehicles.
As a disclaimer on discounts, some credits don't apply to all coverage premiums. Most cut the cost of specific coverages such as liability and collision coverage. So even though you would think you would end up receiving a 100% discount, company stockholders wouldn't be very happy.
Popular car insurance companies and a summarized list of policyholder discounts are detailed below.
- 21st Century may include discounts for student driver, 55 and older, defensive driver, early bird, air bags, teen driver, and driver training.
- State Farm has savings for multiple policy, safe vehicle, passive restraint, accident-free, and multiple autos.
- AAA offers premium reductions for good driver, education and occupation, AAA membership discount, good student, and anti-theft.
- Liberty Mutual may have discounts that include safety features, multi-policy, multi-car, new move discount, teen driver discount, new vehicle discount, and exclusive group savings.
- Progressive offers discounts including online signing, continuous coverage, multi-vehicle, good student, homeowner, online quote discount, and multi-policy.
If you need inexpensive Clovis auto insurance quotes, ask every prospective company how many discounts you can get. Some discounts listed above may not apply to policies everywhere. To choose companies who offer cheap car insurance quotes in Clovis, click here to view.
Tailor your auto insurance coverage to you
Always keep in mind that when comparing your policy, there is no one size fits all plan. Every situation is different.
For example, these questions can aid in determining if you would benefit from an agent's advice.
- Can I get a multi-policy discount for packaging my home and auto coverage?
- When can my company non-renew my policy?
- Can I afford to pay high deductible claims out of pocket?
- Can I rate high risk drivers on liability-only vehicles?
- Exactly who is provided coverage by my policy?
- What if I total my vehicle and owe more than it's worth?
- Why am I required to buy high-risk coverage?
- Are my custom wheels covered?
- Is my teen driver covered when they drive my company car?
If you don't know the answers to these questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form.
Compare rate quotes but buy from a local Clovis insurance agent
A small number of people would rather visit with an insurance agent and that is just fine! One of the benefits of comparing rates online is that drivers can save money and get cheap car insurance quotes and still buy from a local agent.
To find an agent, once you fill out this simple form, your insurance coverage information is immediately sent to local insurance agents who can give free rate quotes for your business. It makes it easy because there is no need to do any legwork since price quotes are sent to your email. It's the lowest rates without having to waste a lot of time. If you need to get a price quote from a specific company, feel free to visit that company's website and fill out their quote form.
Choosing an provider requires you to look at more than just a low price. These are some valid questions you should ask.
- Is there any savings for paying the full premium?
- Can glass repairs be made at your home?
- How many years of experience in personal auto insurance do they have?
- Do they reduce claim amounts on high mileage vehicles?
- Are there any discounts that you might be missing?
- Do the companies they represent have a solid financial rating?
- Does the company have a local claim office in Clovis?
Once you have received positive responses as well as offering an affordable quote, chances are good that you have found a company that is a good match to properly service your car insurance policy.
One last note
Consumers change insurance companies for a number of reasons such as not issuing a premium refund, questionable increases in premium, high rates after DUI convictions and poor customer service. It doesn't matter why you want to switch choosing a new insurance company can be less work than you think.
You just learned many ways to reduce auto insurance prices online in Clovis. The key concept to understand is the more providers you compare, the better likelihood of getting affordable Clovis auto insurance quotes. You may even discover the lowest prices come from an unexpected company.
As you prepare to switch companies, make sure you don't skimp on coverage in order to save money. There have been many cases where drivers have reduced full coverage and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. The goal is to get the best coverage possible for the lowest price, but don't skip important coverages to save money.
For more information, take a look at these articles:
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- What Auto Insurance is Cheapest for a Chevrolet Malibu in New Mexico? (FAQ)
- Who Has Cheap Car Insurance Rates for a Hyundai Sonata in New Mexico? (FAQ)
- What Car Insurance is Cheapest for Teachers in New Mexico? (FAQ)
- How Much are New Mexico Car Insurance Rates for Ride Shares? (FAQ)
- Who Has Cheap New Mexico Auto Insurance for Uber Drivers? (FAQ)
- Should I Buy a New or Used Car? (Allstate)
- Red Light Cameras (State Farm)
- Collision Coverage (Liberty Mutual)
- Warning systems don't curb driver distraction (Insurance Institute for Highway Safety)