It’s an obvious conclusion that insurance companies don’t want customers comparing rates. Drivers who shop for lower rates are inclined to buy a new policy because they have a good chance of finding better rates. Surprisingly, a recent survey revealed that people who make a habit of shopping around saved an average of $860 a year as compared to drivers who never shopped around for lower prices.
If saving money on insurance is why you’re here, knowing how to shop for insurance rates can make the process less intimidating.
If you want to find the absolute lowest rates, then the best way to get more affordable auto insurance rates in Albuquerque is to compare prices regularly from different companies that insure vehicles in New Mexico.
Step 1: Get an understanding of the coverage provided by your policy and the steps you can take to prevent high rates. Many rating criteria that increase rates such as speeding tickets, careless driving and an unfavorable credit rating can be remedied by making minor changes to your lifestyle. Read the full article for the details to get better rates and get additional discounts.
Step 2: Request rate estimates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give rate quotes from a single company like Progressive or Allstate, while independent agencies can provide price quotes from multiple sources.
Step 3: Compare the new quotes to your current policy to see if a cheaper price is available. If you find a lower rate, make sure the effective date of the new policy is the same as the expiration date of the old one.
A crucial key to this process is that you use identical coverage information on every quote request and and to get price quotes from as many car insurance companies as possible. This ensures a fair rate comparison and many rates to choose from.
If you currently have a car insurance policy, you will be able to lower your rates using the ideas you’re about to read. Locating the most cost-effective insurance policy in Albuquerque can be made easier if you know where to look. Nevertheless, New Mexico vehicle owners do need to learn the methods companies use to price online insurance and use it to find better rates.
When looking for cheaper Albuquerque car insurance quotes, there are a couple ways to compare quotes from lots of New Mexico car insurance companies. The best method to lower the rate you pay for insurance is to get quotes online.
Getting quotes online is very simple and it takes the place of having to drive around to different Albuquerque agent offices. Comparing Acura TL insurance rate quotes online makes this process obsolete unless you want the extra assistance that you can only get from talking to an agent. It is possible to compare the best prices online but have your policy serviced through an agent. It’s important to know that comparing more quotes will improve the odds of getting a lower rate than you’re paying now. Some regional insurers cannot provide online Albuquerque TL insurance quotes, so you also need to get price quotes from those companies as well.
The companies shown below offer quotes in Albuquerque, NM. If multiple companies are listed, it’s a good idea that you compare several of them to get a more complete price comparison.
Coverage information
The price information shown next outlines detailed analysis of rate quotes for Acura TL models. Learning as much as possible about how car insurance prices are figured can assist in making decisions on which coverage to buy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| TL 3.5 | $196 | $410 | $364 | $22 | $108 | $1,100 | $92 |
| TL 3.5 W/Technology Package | $196 | $410 | $364 | $22 | $108 | $1,100 | $92 |
| TL 3.7 SH AWD | $196 | $410 | $364 | $22 | $108 | $1,100 | $92 |
| TL 3.7 SH W/Technology Package AWD | $196 | $472 | $364 | $22 | $108 | $1,162 | $97 |
| Get Your Own Custom Quote Go | |||||||
Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Rate information does not factor in specific location which can alter insurance rates greatly.
Raise deductibles and save
A question often asked by Albuquerque drivers is at what level do you set your deductibles. The rates below determine the rate fluctuation when you choose different policy deductibles. The first price estimate table uses a $250 deductible and the second set of prices uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| TL 3.5 | $280 | $494 | $322 | $20 | $96 | $1,237 | $103 |
| TL 3.5 W/Technology Package | $280 | $494 | $322 | $20 | $96 | $1,237 | $103 |
| TL 3.7 SH AWD | $280 | $494 | $322 | $20 | $96 | $1,237 | $103 |
| TL 3.7 SH W/Technology Package AWD | $280 | $570 | $322 | $20 | $96 | $1,313 | $109 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| TL 3.5 | $174 | $310 | $322 | $20 | $96 | $922 | $77 |
| TL 3.5 W/Technology Package | $174 | $310 | $322 | $20 | $96 | $922 | $77 |
| TL 3.7 SH AWD | $174 | $310 | $322 | $20 | $96 | $922 | $77 |
| TL 3.7 SH W/Technology Package AWD | $174 | $358 | $322 | $20 | $96 | $970 | $81 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Prices do not factor in vehicle location which can decrease or increase rates substantially.
Based on this data, we can arrive at the conclusion that using a $250 deductible will cost you roughly $27 more each month or $324 a year than selecting the higher $1,000 deductible. Since you would have to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go at least 28 months between claim filings, you would save money if you elect the higher deductible.
The chart below illustrates how your deductible choice and can influence Acura TL insurance costs for different ages of insureds. The data is based on a single female driver, full physical damage coverage, and no discounts are applied.
Price comparison of only insuring for liability
The diagram below shows the comparison of Acura TL car insurance costs with full coverage compared to only the New Mexico minimum liability coverage. The premium estimates are based on no accidents or driving violations, $500 deductibles, drivers are single, and no discounts are factored in.
When to stop paying for full coverage
There is no definitive formula that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let’s assume your Acura TL settlement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $7,000 after paying the physical damage deductible. If premium cost is more than $700 a year for your policy with full coverage, then it may be the right time to buy liability only.
There are a few situations where only buying liability is not in your best interest. If you still owe money on your vehicle, you are required to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.
Why Your Insurance Premiums might be higher
Multiple criteria are part of the equation when you quote your car insurance policy. Some are obvious like your driving record, but other criteria are less obvious like where you live or how safe your car is.
- Your job may affect premiums – Did you know your career choice can influence rates? Occupations such as fire fighters, air traffic controllers, and financial analysts tend to pay higher average rates because of high stress and long work hours. On the other hand, occupations such as actors, engineers and retirees receive lower rates.
- When should you file car insurance claims? – Car insurance companies in New Mexico award the lowest premiums to people who file claims infrequently. If you tend to file frequent claims, you can expect increased rates or even have your policy non-renewed. Insurance coverage is intended for the large, substantial claims.
- Consider raising comp and collision deductibles – Physical damage insurance, also known as collision and other-than-collision, covers your vehicle from damage. Some examples of covered claims are a broken side mirror, collision with an animal, and having your car stolen. Comp and collision deductibles define how much you are required to pay if a claim is determined to be covered. The larger the amount you’re willing to pay, the bigger discount you will receive.
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Accidents inflate rates – How you drive influences premium rates substantially. Only having one driving citation could increase your next policy renewal by as much as thirty percent. Drivers with clean records receive lower rates than bad drivers. Drivers with dangerous violations such as DUI, reckless driving or excessive speeding may find they need to submit a SR-22 or proof of financial responsibility with their state DMV in order to continue driving.
The chart below illustrates how violations and fender-benders can influence Acura TL auto insurance rates for each different age category. The costs are based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are taken into consideration.
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Gender impacts prices – Over the last 30 years, statistics show females are less aggressive when driving. Now that doesn’t mean females are better drivers. Females and males are in auto accidents at about the same rate, but the men cause more damage and cost insurance companies more money. In addition to higher claims, males also have more aggressive citations such as reckless driving.
The illustration below illustrates the comparison of Acura TL car insurance costs for male and female drivers. Data assumes no violations or claims, comprehensive and collision coverage, $500 deductibles, single status, and no discounts are taken into consideration.
- Premiums are affected by your credit rating – A driver’s credit score factor in determining what you pay for car insurance. Therefore, if your credit history is low, you may save money insuring your Acura TL by repairing your credit. People with high credit ratings tend to file fewer claims and have better driving records than drivers who have lower credit scores.
- Car insurance policy lapses increase car insurance rates – Allowing your car insurance policy to lapse will be a guaranteed way to increase your rates. Not only will you pay higher rates, not being able to provide proof of insurance might get you a fine, jail time, or a revoked license. You will then be forced to provide proof of insurance in the form of an SR-22 filing with the New Mexico department of motor vehicles.
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Insurance losses for an Acura TL – Insurers use statistical claims data to determine a rate that will be profitable for them. Models that historically have higher claim frequency or loss amount will have increased rates.
The table below shows the loss history for Acura TL vehicles. For each type of coverage, the claim probability for all vehicles as a whole equals 100. Percentages below 100 are indicative of better than average losses, while values that are above 100 indicate more frequent losses or statistically larger losses.
Auto Insurance Loss Data for Acura TL Models Specific Acura Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Acura TLX 4dr 2WD 90 75 97 93 74 77 Acura TLX 4dr 4WD 120 75 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Why you need car insurance
Even though it’s not necessarily cheap to insure an Acura in Albuquerque, insurance serves an important purpose.
First, the majority of states have mandatory liability insurance requirements which means state laws require specific limits of liability insurance if you want to drive legally. 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.
Second, if you bought your Acura TL with a loan, most banks will stipulate that you have full coverage to protect their interest in the vehicle. If you let the policy lapse, the bank will be required to insure your Acura at a much higher premium rate and require you to reimburse them the higher price.
Third, car insurance protects both your vehicle and your personal assets. It will also provide coverage for all forms of medical expenses for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay to defend you if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.
The benefits of carrying enough insurance greatly outweigh the cost, particularly if you ever have a claim. According to a recent study, the average American driver overpays more than $820 a year so we recommend shopping around each time the policy renews to ensure rates are inline.