Are you a victim of overpriced car insurance? Trust us, there are lots of people in the same boat.
You have multiple car insurance companies to choose from, and although it’s nice to have multiple companies, it makes it harder to find the best cheap car insurance in Albuquerque.
Smart consumers take time to do rate comparisons before your policy renews due to the fact that insurance rates are variable and change quite frequently. Just because you found the best price a few years ago you can probably find a better price now. Ignore everything you know about car insurance because I’m going to let you in on the secrets to one of the best ways to eliminate unnecessary coverages and save money.
Rate influencing factors
An important part of buying insurance is that you know some of the elements that play a part in calculating car insurance rates. Knowing what influences your rates allows you to make educated decisions that will entitle you to big savings.
- Discounts for multiple policies – Most car insurance companies will give a discount to customers who buy several policies from them such as combining an auto and homeowners policy. Discounts can amount to ten or even up to twenty percent in some cases. Even though this discount sounds good, it’s in your best interest to shop around to confirm you are receiving the best rates possible. You may still be able to find a better deal by buying insurance from more than one company.
- How credit affects car insurance rates – A driver’s credit history is a huge factor in calculating your car insurance rates. Therefore, if your credit is not that good, you could be paying less to insure your by spending a little time repairing your credit. People with high credit ratings tend to be more responsible than drivers who have lower credit scores.
- Don’t cancel a policy without a new one in place – Letting your insurance expire will be a fast way to increase your car insurance rates. Not only will rates go up, getting caught without coverage may earn you a hefty fine and possibly a revoked license.
- Your location affects your rates – Residing in small towns and rural areas can be a good thing when insuring your vehicles. Drivers in populated areas have much more traffic and longer commute times. Fewer drivers means a lower chance of having an accident and a lower car theft rate.
Compare the Market for Car Insurance in Albuquerque
Shopping for lower car insurance rates can be a lot of work if you don’t utilize the most efficient way to do it. You can waste hours talking about coverages with agents in Albuquerque, or you could save time and use online quotes for quick rates.
Most of the larger companies participate in an industry program where prospective buyers send in one quote, and each company provides a quote based on that data. This saves time by eliminating quote forms to each individual car insurance company.
To enter your information into the quoting system, click here (opens in new window).
The only drawback to using this type of form is you cannot specify the companies to get pricing from. If you wish to select specific providers to compare prices, we put together a list of car insurance companies in New Mexico. Click to view list.
It’s up to you which method you use, but ensure you are comparing identical coverage limits and deductibles with every price quote. If you compare unequal deductibles or liability limits it will be next to impossible to determine the lowest rate in Albuquerque. Just a small difference in limits can mean a large discrepancy in price. And when quoting car insurance, remember that getting more free quotes will enable you to find the best price.
Lots of discounts mean lots of savings
Companies that sell car insurance don’t always advertise every discount in a way that’s easy to find, so we researched some of the more common and also the lesser-known car insurance savings.
- Own a Home – Simply owning a home may earn you a small savings due to the fact that maintaining a home is proof that your finances are in order.
- Employee of Federal Government – Being employed by or retired from a federal job may qualify you for a discount with select insurance companies.
- Drivers Ed for Students – Have your child complete a driver education course if it’s offered in school.
- Distant Student – Any of your kids who are attending college without a vehicle on campus may qualify for this discount.
- Driver Safety – Taking part in a course teaching defensive driving skills could possibly earn you a 5% discount if your company offers it.
- Multi-car Discount – Buying coverage for more than one vehicle on one policy can get a discount on all vehicles.
Drivers should understand that some of the credits will not apply the the whole policy. Most only apply to the cost of specific coverages such as comp or med pay. So even though it sounds like having all the discounts means you get insurance for free, it doesn’t quite work that way.
Additional detailed information is available at the New Mexico Insurance Division website. Consumers can download brochures, get help finding coverage, file complaints about an insurance agent or broker, and read state legal mandates and laws.
In the end, you save
Cheaper car insurance can be bought both online in addition to many Albuquerque insurance agents, and you need to comparison shop both to get a complete price analysis. There are still a few companies who do not provide the ability to get a quote online and usually these small, regional companies provide coverage only through local independent agents.
When buying insurance coverage, it’s very important that you do not buy less coverage just to save a little money. In many instances, an accident victim reduced liability limits or collision coverage only to discover later that the small savings ended up costing them much more. The aim is to get the best coverage possible at an affordable rate while still protecting your assets.