Auto Insurance in Hobbs, NM – 10 Discounts You May be Unaware of

Tired of trying to scrape together enough money to insure your vehicles every month? Your situation is no different than many other New Mexico consumers. Having so many companies and agents to choose from, it can be hard to choose the lowest price insurance company.

It’s important to do rate comparisons once or twice a year since insurance rates change frequently. Despite the fact that you may have had the best price a year ago there may be better deals available now. So just forget anything you know (or think you know) about auto insurance because you’re about to learn how to use online quotes to save money, get proper coverage and the best rates.

How to Get Cheap Auto Insurance in Hobbs, New Mexico

There are a variety of methods you can shop for auto insurance but there is one way that is less time-consuming than others. You can waste a few hours (or days) driving to agents in Hobbs, or you could use online quotes for quick rates.

Most major companies belong to an insurance system that enables customers to enter their policy data once, and at least one company provides a quote for coverage. This saves time by eliminating repetitive form submissions for each company you want a rate for.

To find out how much you’re overpaying now click here to open in new window.

The only drawback to using this type of system is that you can’t choose the insurers to get pricing from. So if you want to select specific insurance companies to compare, we put together a list of the cheapest auto insurance companies in New Mexico. Click to view list.

Whichever way you use, be sure to compare apples-to-apples coverage limits and deductibles for each price quote. If the quotes have unequal deductibles or liability limits it will be next to impossible to make an equal comparison in Hobbs.

Cut your premium with these ten discounts

Companies offering auto insurance don’t always advertise every available discount in a way that’s easy to find, so we researched some of the more common and the more hidden auto insurance savings. If you aren’t receiving every discount you deserve, you’re just leaving money on the table.

• Discount for Life Insurance – Select insurance companies reward you with a break if you buy a life insurance policy as well.
• Military Discounts – Having a family member in the military may qualify for rate reductions.
• New Car Discount – Buying coverage on a new vehicle can cost up to 25% less due to better safety requirements for new cars.
• Payment Discounts – If you pay your entire premium ahead of time instead of monthly or quarterly installments you could save up to 5%.
• Multiple Cars – Having all your vehicles on the same auto insurance policy may reduce the rate for each vehicle.
• Save over 55 – If you’re over the age of 55, you may be able to get reduced rates.
• Discount for Swiching Early – Some insurance companies reward drivers for signing up before your current expiration date. The savings is around 10%.
• No Accidents – Claim-free drivers pay much less as compared to accident-prone drivers.
• Anti-theft System – Vehicles with anti-theft systems are stolen less frequently and qualify for as much as a 10% discount.
• Auto/Home Discount – If you insure your home and vehicles with the same company you may earn 10% to 20% off each policy.

Keep in mind that most discount credits are not given to the entire cost. Some only apply to individual premiums such as collision or personal injury protection. Just because it seems like you would end up receiving a 100% discount, auto insurance companies aren’t that generous.

To see a list of insurers who offer auto insurance discounts in New Mexico, follow this link.

What happened to insurance agents?

A small number of people just want to get advice from a local agent. Professional agents are trained to spot inefficiencies and help you file claims. The biggest benefit of price shopping on the web is the fact that you can find the lowest rates and still choose a local agent.

After completing this simple form, your insurance data is submitted to insurance agents in Hobbs who will compete for your insurance coverage. You don’t have to visit any agencies since price quotes are sent to the email address you provide. Now that’s easy!

Deciding on an insurer should depend on more than just the premium amount. These questions are important to ask:

• Is vehicle mileage a factor when determining depreciation for repairs?
• Does the agency provide any after hours assistance?
• What insurance companies do they recommend if they are an independent agent?
• Does the agent have professional designations like CIC, CPCU or AIC?
• What insurance company do they write the most business with?
• Is the agent and/or agency licensed to do business in New Mexico?
• If your car is in the repair shop, do you have coverage for a rental car?
• Which insurance companies are they affiliated with?

Different types of Hobbs insurance agencies

When researching a good Hobbs insurance agent, you need to know there are two different types of agents from which to choose. Agents are classified as either independent or captive. Both properly insure your vehicles, but it’s good to learn how they are different since it can impact buying decisions.

Captive Insurance Agents

Captive agencies can only write with one company like Allstate, AAA, Liberty Mutual and State Farm. These agents are not able to place coverage with different providers so they have to upsell other benefits. Captives are trained well on their company’s products which helps them compete with independent agents.

Shown below is a list of captive insurance agencies in Hobbs who can help you get comparison quotes.

Allstate Insurance – 1401 N Turner St # 8 – Hobbs, NM 88240 – (505) 393-9050
State Farm Insurance – 111 E Sanger St – Hobbs, NM 88240 – (505) 393-4500

Independent Agencies or Brokers

Independent agents are not employed by any specific company so they have the ability to put coverage with many different companies and possibly get better coverage at lower prices. To move your coverage to a new company, they simply move the coverage in-house and that require little work on your part. When shopping rates, we recommend you include price quotes from several independent insurance agents to have the most options to choose from.

Listed below is a short list of independent insurance agencies in Hobbs that are able to give rate quotes.

Phil Millender Agency – 2700 N Grimes St # D – Hobbs, NM 88240 – (505) 492-1212
Charlie Sparks Agency Inc – 2400 N Grimes St # B2 – Hobbs, NM 88240 – (505) 393-6813
Rebecca Long Agency – 226 W Vega Dr – Hobbs, NM 88240 – (505) 393-2661
George Gandy Insurance Svc – 2400 N Grimes St # B2 – Hobbs, NM 88240 – (505) 392-9013
Randy Hobbs and Co Insurance – 3120 N Grimes St – Hobbs, NM 88240 – (505) 392-8734

To view a full list of licensed insurance agents in Hobbs, please click here.

After getting answers to your satisfaction to any questions you have and a good coverage price, you may have just found an insurance agency that meets your needs to provide auto insurance coverage.

Auto insurance policy coverages

Having a good grasp of your policy helps when choosing appropriate coverage for your vehicles. Policy terminology can be confusing and nobody wants to actually read their policy. Below you’ll find typical coverage types offered by auto insurance companies.

Auto collision coverage

This coverage will pay to fix damage to your vehicle from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for claims like colliding with a tree, sideswiping another vehicle, hitting a mailbox and colliding with another moving vehicle. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. Another option is to choose a higher deductible in order to get cheaper collision rates.

Medical payments and PIP coverage

Med pay and PIP coverage kick in for immediate expenses for chiropractic care, ambulance fees, funeral costs, dental work and doctor visits. They are often used to fill the gap from your health insurance plan or if you are not covered by health insurance. Coverage applies to not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. PIP coverage is not universally available and gives slightly broader coverage than med pay

Comprehensive auto coverage

Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as damage from flooding, a broken windshield and a tree branch falling on your vehicle. The most your auto insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

UM/UIM (Uninsured/Underinsured Motorist) coverage

This provides protection when the “other guys” are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your vehicle.

Since a lot of drivers carry very low liability coverage limits (25/50/10 in New Mexico), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important.

Liability coverages

Liability insurance protects you from damage or injury you incur to people or other property. It protects YOU from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have limits of 25/50/25 which means a limit of $25,000 per injured person, $50,000 for the entire accident, and property damage coverage for $25,000.

Liability coverage pays for claims like repair bills for other people’s vehicles, bail bonds, medical services, court costs and funeral expenses. How much liability coverage do you need? That is a personal decision, but it’s cheap coverage so purchase as large an amount as possible. New Mexico requires drivers to carry at least 25,000/50,000/10,000 but you should think about purchasing more coverage.

Smart shoppers get results

You just learned many ways to shop for auto insurance online. The most important thing to understand is the more price quotes you have, the more likely it is that you will get a better rate. Consumers may even find the best price on auto insurance is with some of the smallest insurance companies. These companies can often provide lower rates in certain areas as compared to the big name companies such as Progressive or GEICO.

Lower-priced auto insurance is possible both online as well as from independent agents in Hobbs, and you should compare price quotes from both to have the best rate selection. A few companies don’t offer the ability to get a quote online and these smaller companies work with independent agents.

Even more information is available at the New Mexico Insurance Division website. Visitors are able to find out industry alerts, find a variety of consumer forms, and view a list of available companies.