9 Tips Proven to Lower Auto Insurance Costs in Albuquerque New Mexico

Saving money on Albuquerque auto insurance is hard for beginners to comparison shopping online. Consumers have so many companies to choose from that it can be a lot of work to locate the lowest price in Albuquerque.

Consumers need to check auto insurance prices occasionally due to the fact that insurance rates go up and down regularly. Even if you got the lowest price last year there is a good chance you can find better rates now. Block out anything you think you know about auto insurance because you’re about to learn one of the best ways to lower your rates without sacrificing coverage.

Verify you’re getting all your discounts

Companies that sell car insurance don’t always list every available discount very clearly, so here is a list both well-publicized and also the lesser-known auto insurance savings.

  • Resident Student – Kids in college who live away from home without a vehicle on campus can receive lower rates.
  • One Accident Forgiven – Some insurance companies allow you one accident before your rates go up so long as you haven’t had any claims for a particular time prior to the accident.
  • Student Driver Training – Require your teen driver to enroll in driver’s education in school.
  • Braking Control Discount – Anti-lock brake equipped vehicles can avoid accidents and qualify for as much as a 10% discount.
  • Multiple Vehicles – Insuring multiple vehicles with the same company can get a discount on all vehicles.
  • Military Discounts – Having a deployed family member may qualify for rate reductions.
  • Anti-theft System – Anti-theft and alarm systems prevent vehicle theft and qualify for as much as a 10% discount.
  • Sign Early and Save – Some companies give discounts for switching policies before your current policy expires. It can save you around 10%.
  • Homeowners Pay Less – Simply owning a home may earn you a small savings because maintaining a house demonstrates responsibility.

As a disclaimer on discounts, most of the big mark downs will not be given to your bottom line cost. Most only reduce the price of certain insurance coverages like collision or personal injury protection. Just because it seems like you would end up receiving a 100% discount, companies wouldn’t make money that way.

To choose providers with discount auto insurance rates in New Mexico, follow this link.

What about my local Albuquerque agents?

Certain consumers just want to sit down with an agent and that is OK! One of the best bonuses of comparing insurance prices online is the fact that you can find better rates but also keep your business local.

Once you complete this short form, your coverage information gets sent to insurance agents in Albuquerque who will battle for your insurance coverage. There is no need to drive around as quotes are delivered to the email address you provide. Get lower rates AND a local agent.

Picking a company should depend on more than just a low price. These questions are important to ask:

  • Does the agency support the community they serve?
  • How long have they worked with personal auto insurance coverage?
  • Do you have coverage for a rental car if your vehicle is in the repair shop?
  • Who are their largest clients?
  • Does the agency have a good rating with the Better Business Bureau?
  • What insurance company do they write the most business with?
  • Do the coverages you’re quoting properly cover your vehicle?
  • Do clients work directly with the agent or are most inquiries handled by a CSR?

Do you need an independent or captive car insurance agent?

If you’re trying to find local Albuquerque agents, you must know there are a couple types of agencies from which to choose. Insurance agencies in Albuquerque are categorized either independent (non-captive) or captive.

Captive Insurance Agents

Captive agencies can only write with one company such as Farmers Insurance or State Farm. They generally cannot place coverage with different providers so they have to upsell other benefits. They receive extensive training on their products and sales techniques which helps them compete with independent agents. Consumers often choose to use a captive agent mainly due to the prominence of the brand and the convenience of having all coverages with one company.

Listed below are captive agents in Albuquerque that are able to give comparison quotes.

  • Farmers Insurance Group – 6200 Coors Blvd NW # K2 – Albuquerque, NM 87120 – (505) 899-9094
  • State Farm Insurance – 4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231
  • Liberty Mutual Insurance – 6100 Uptown Blvd NE # 340 – Albuquerque, NM 87110 – (505) 881-2007
  • Allstate Insurance Co – 4004 Carlisle Blvd NE # L – Albuquerque, NM 87107 – (505) 881-9171
  • Farm Bureau Insurance – 6330 Riverside Plz Ln # 260 – Albuquerque, NM 87120 – (505) 890-1110
Independent Insurance Agents

Independent agencies do not work for one specific company but rather can write business with multiple insurance companies enabling the ability to shop coverage around. If you are not satisfied with one company, the agent simply finds a different carrier and that require little work on your part.

When comparison shopping, we recommend you include price quotes from multiple independent agents to have the most options to choose from.Most can insure with different regional companies which may provide better rates.

The following are independent insurance agencies in Albuquerque who can help you get price quote information.

  • Insurance Exchange – 8001 Pennsylvania Cir NE – Albuquerque, NM 87110 – (505) 262-1000
  • Michael D Smith Agency – 5850 Eubank Blvd NE – Albuquerque, NM 87111 – (505) 798-9700
  • F Carabajal Insurance Svc – 2130 San Mateo Blvd NE # A – Albuquerque, NM 87110 – (505) 232-7397
  • Cynthia Maxwell Agency – 8244 Menaul Blvd NE – Albuquerque, NM 87110 – (505) 883-9000
  • Phil Gaona Agency – 1330 San Pedro Dr NE – Albuquerque, NM 87110 – (505) 265-6789

To view a full list of licensed insurance agents in Albuquerque, go to this page.

After receiving answers to your satisfaction to all your questions and a low price estimate, chances are good that you have found a car insurance agent that is a good match to insure your vehicles. Keep in mind once you purchase a policy you can terminate coverage at any point so never feel you’re contractually obligated to a specific agent with no way out.<img class="alignright" style="padding-top:15px" src="https://www.findnewcarinsurance.com/wp-content/uploads/ci175-13.jpg" alt="lower rates in Albuquerque NM” />

Is there deception in advertising?

Progressive, Allstate and GEICO constantly bombard you with ads on television and other media. All the companies make an identical promise about savings if you switch your policy. How does each company make almost identical claims?

All the different companies can use profiling for the right customer that is profitable for them. For example, a desirable insured might be between the ages of 40 and 55, a clean driving record, and chooses high deductibles. A customer getting a price quote who meets those qualifications will qualify for the lowest rates and is almost guaranteed to cut their rates substantially.

Potential insureds who don’t meet these standards will have to pay higher premiums which usually ends up with the customer not buying. The ad wording is “customers that switch” but not “drivers who get quotes” save that much. That’s why companies can claim big savings. Because of the profiling, you should get as many quotes as possible. It’s just too difficult to predict which insurance companies will give you the biggest savings.

When might I need an agent?

When buying the right insurance coverage, there is no “best” method to buy coverage. Everyone’s situation is unique.

For instance, these questions can aid in determining if your situation may require specific advice.

  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • Can my teen driver be rated on a liability-only vehicle?
  • When would I need rental car insurance?
  • At what point should I drop full coverage?
  • What can I do if my company won’t pay a claim?
  • Is my teen driver covered when they drive my company car?
  • Where can I get insurance after a DUI in New Mexico?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • Do I need higher deductibles?

If it’s difficult to answer those questions, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, fill out this quick form.

Auto insurance coverages 101

Having a good grasp of your auto insurance policy aids in choosing the right coverages for your vehicles. Auto insurance terms can be difficult to understand and reading a policy is terribly boring.

Comprehensive or Other Than Collision

This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as theft, rock chips in glass, a tree branch falling on your vehicle and fire damage. The most you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

UM/UIM Coverage

Your UM/UIM coverage provides protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your vehicle.

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

Coverage for liability

Liability coverage provides protection from injuries or damage you cause to other people or property by causing an accident. Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 50/100/50 that means you have $50,000 in coverage for each person’s injuries, a limit of $100,000 in injury protection per accident, and a limit of $50,000 paid for damaged property.

Liability insurance covers claims such as medical expenses, emergency aid, repair bills for other people’s vehicles, structural damage and loss of income. How much liability should you purchase? That is a personal decision, but consider buying as high a limit as you can afford. New Mexico requires minimum liability limits of 25,000/50,000/10,000 but you should consider buying higher limits.

Collision insurance

Collision coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage protects against things such as crashing into a ditch, rolling your car and crashing into a building. This coverage can be expensive, so you might think about dropping it from older vehicles. Drivers also have the option to increase the deductible to get cheaper collision coverage.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses for rehabilitation expenses, chiropractic care and hospital visits. The coverages can be used in conjunction with a health insurance policy or if you are not covered by health insurance. Coverage applies to all vehicle occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not available in all states but can be used in place of medical payments coverage

More tips and info about auto insurance is available at the New Mexico Insurance Division website. New Mexico consumers can view agent and company licensing information, view a list of available companies, find disaster information, and discover disciplinary actions.

A little work can save a LOT of money

When buying insurance coverage, do not skimp on coverage in order to save money. In many instances, an accident victim reduced uninsured motorist or liability limits and discovered at claim time that the small savings ended up costing them much more. Your aim should be to buy a smart amount of coverage at an affordable rate, not the least amount of coverage.

Throughout this article, we presented many ideas to compare auto insurance prices online. The most important thing to understand is the more companies you get rates for, the better your comparison will be. You may even discover the lowest premiums are with a small local company.

People change insurance companies for a variety of reasons including lack of trust in their agent, not issuing a premium refund, delays in responding to claim requests and poor customer service. It doesn’t matter what your reason, finding a great new company is less work than it seems.