Best Ways to Save on Albuquerque Ford Ranger Insurance

Remarkably, a study showed that the vast majority of consumers renewed their policy with the same company for at least the last four years, and nearly half have never quoted rates to find affordable coverage. With the average premium in New Mexico being $1,244, drivers could cut their rates by up to $500 a year by just comparing rate quotes, but they just don’t understand how much money they would save if they switched.

If you want to save money, the best way to get affordable Ford Ranger insurance is to annually compare prices from different companies in Albuquerque.

• Step 1: Try to learn a little about policy coverages and the things you can change to keep rates low. Many factors that are responsible for high rates such as speeding tickets, accidents and an unacceptable credit score can be improved by making minor driving habit or lifestyle changes. Continue reading for more details to help prevent costly coverage and get additional discounts.
• Step 2: Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can give quotes from a single company like Progressive or Farmers Insurance, while independent agencies can quote prices from multiple companies. View insurance agents
• Step 3: Compare the new rate quotes to your current policy premium and see if there is a cheaper rate in Albuquerque. If you find better rates and switch companies, make sure there is no lapse in coverage.
• Step 4: Notify your current company of your decision to cancel your current auto insurance policy. Submit the required down payment along with the signed application to your new insurance company. Once the paperwork is finalized, put the certificate verifying coverage in your vehicle’s glove compartment or console.

One key aspect of rate comparisons is that you use the same level of coverage on each quote request and and to get rate quotes from as many different insurance providers as possible. This enables a fair rate comparison and the best price quote selection.

The quickest way to compare car insurance rates for Ford Ranger insurance in Albuquerque is to understand car insurance companies allow for online access to give rate comparisons. To start a quote, the only thing you need to do is provide details such as which vehicles you own, how much coverage you want, if you have an active license, and marital status. That information gets transmitted to all major companies and they return quotes within a short period of time.

If you would like to start a quote now, click here and complete the quick form.

The companies shown below provide free rate quotes in Albuquerque, NM. If you wish to find cheap car insurance in Albuquerque, NM, it’s a good idea that you visit as many as you can to get the best price comparison.

Insuring your vehicle just makes sense

Despite the high cost, insuring your vehicle is most likely required but also gives you several important benefits.

• Just about all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a minimum amount of liability coverage 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.
• If you have a lien on your Ranger, almost every bank will force you to buy full coverage to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank may buy a policy for your Ford for a much higher rate and require you to reimburse them for the expensive policy.
• Auto insurance preserves your car and your assets. It will also reimburse you for medical bills for both you and anyone you injure as the result of an accident. Liability coverage will also pay to defend you if you cause an accident and are sued. If you have damage to your Ford as the result of the weather or an accident, comprehensive and collision coverage will pay all costs to repair after the deductible has been paid.

The benefits of carrying adequate insurance more than cancel out the cost, especially if you ever need it. But the average American driver overpays more than $825 a year so it’s important to compare rates at every renewal to make sure the price is not too high.

Rates and statistics

The rate table shown next highlights estimates of insurance prices for Ford Ranger models. Being aware of how auto insurance prices are established is important for making informed purchases.

Table data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Rates do not factor in specific zip code location which can raise or lower price quotes substantially.

Where to set your deductibles

One of the most common auto insurance questions is which deductibles should you choose. The rates below sum up the rate differences when you buy lower versus higher comp and collision deductibles. The first data table uses a $250 physical damage coverage deductible and the second set of prices uses a $500 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Information does not factor in vehicle location which can influence premiums substantially.

Using the premium rates above, we can conclude that using a $250 deductible costs an average of $12 more each month or $144 every year than requesting the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you usually have at a minimum 21 months between claim filings, you would save money if you decide on a higher deductible.

Drive safe and save

The chart below illustrates how traffic citations and at-fault accidents increase Ford Ranger auto insurance costs for different age groups of insureds. The data assumes a married male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied.

Liability only or full coverage

The illustration below illustrates the comparison of Ford Ranger annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or driving citations, $100 deductibles, drivers are single, and no discounts are factored in.

When to drop comprehensive and collision coverage

There is no written rule of when to drop physical damage insurance, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than around 10% of the settlement you would receive from your company, then you might consider buying liability only.

For example, let’s say your Ford Ranger settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $3,000 after paying your deductible. If premium cost is more than $300 annually for physical damage coverage, then it might be time to consider dropping full coverage.

There are some scenarios where dropping full coverage is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not remove full coverage.

Don’t overlook these Ford Ranger insurance discounts

Insurance is not an enjoyable expense, but you may find discounts that could drop your premiums quite a bit. Most are applied when you get a quote, but a few must be asked about before they will apply.

• Discount for Life Insurance – If the company offers life insurance, you could get better prices if you take out life insurance from them.
• Clubs and Organizations – Belonging to certain professional organizations could qualify you for a break on your next insurance statement.
• Multi-car Discount – Buying a policy with multiple cars on the same insurance policy can reduce rates for all insured vehicles.
• Defensive Driver Discounts – Participating in a course teaching defensive driving skills could cut 5% off your bill and also improve your driving technique.
• Pay Upfront and Save – By paying your policy upfront rather than paying monthly you could save up to 5%.
• Federal Employees – Having worked for a branch of the government can earn a discount up to 10% with a few insurance companies.
• E-sign – Some insurance companies will provide an incentive for signing up on the web.

One last thing about discounts, most credits do not apply to the entire cost. Most only apply to individual premiums such as liability, collision or medical payments. So even though they make it sound like it’s possible to get free car insurance, nobody gets a free ride. But any discount will bring down your policy premium.

The chart below shows the difference between Ford Ranger car insurance costs with and without discounts applied to the policy rates. The premiums assume a female driver, a clean driving record, no at-fault accidents, New Mexico state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, multi-car, homeowner, safe-driver, and marriage discounts applied.

A few of the larger companies and some of the discounts are detailed below.

• State Farm has savings for driver’s education, good driver, defensive driving training, good student, multiple policy, and student away at school.
• GEICO includes discounts for membership and employees, good student, military active duty, daytime running lights, and anti-lock brakes.
• Progressive offers premium reductions for homeowner, multi-policy, online quote discount, online signing, good student, and multi-vehicle.
• 21st Century may have discounts that include 55 and older, early bird, theft prevention, driver training, air bags, automatic seat belts, and good student.
• American Family offers discounts for air bags, early bird, accident-free, defensive driver, good driver, multi-vehicle, and Steer into Savings.
• The Hartford may include discounts for air bag, good student, anti-theft, driver training, and bundle.
• AAA policyholders can earn discounts including anti-theft, multi-car, pay-in-full, good driver, and multi-policy.

Double check with each company or agent which discounts you qualify for. Depending on the company, some discounts may not be offered in your state. To view companies that provide some of the discounts listed above in New Mexico, follow this link.

Don’t assume everyone needs the same car insurance coverage

When choosing insurance from an agent or online for your personal vehicles, there isn’t really a one-size-fits-all type of policy. Each situation is unique and your car insurance should unique, too.
For example, these questions might help in determining if you might need professional guidance.

• Should I waive the damage coverage when renting a car?
• Is my Ford Ranger covered for smoke damage?
• Can I cancel at any time?
• Are combined or split liability limits better?
• Does insurance cover tools stolen from my truck?
• Is a new car covered when I drive it off the dealer lot?
• Am I covered when driving someone else’s vehicle?
• How much liability coverage do I need in New Mexico?
• Do I need PIP (personal injury protection) coverage in New Mexico?

If you don’t know the answers to these questions but one or more may apply to you, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, take a second and complete this form or go to this page to view a list of companies. It is quick, free and can help protect your family.