Really, the only way to get discount Honda Insight insurance in Albuquerque is to start comparing prices yearly from companies in New Mexico. Prices can be compared by following these steps.
- Get a basic knowledge of the coverage provided by your policy and the factors you can control to keep rates low. Many things that increase rates such as traffic citations and an unfavorable credit rating can be rectified by improving your driving habits or financial responsibility. Keep reading for additional tips to find cheap prices and find possible discounts that are available.
- Compare rates from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give prices from one company like Progressive or State Farm, while independent agents can quote prices from multiple sources.
- Compare the new rate quotes to your existing coverage to see if a cheaper rate is available in Albuquerque. If you find a better price, make sure there is no lapse between the expiration of your current policy and the new one.
- Provide adequate notice to your current company to cancel your current auto insurance policy and submit a signed application and payment for the new coverage. Once the paperwork is finalized, put the certificate verifying coverage along with your vehicle registration.
A crucial key to this process is to try to compare identical coverage information on each quote and to quote with as many carriers as you can. This guarantees a fair price comparison and a thorough price selection.
It’s an obvious conclusion that insurance companies don’t want you to look at other companies. Consumers who shop around for cheaper prices will, in all likelihood, move their business because they have good chances of finding a lower-priced company. Remarkably, a study showed that people who shopped around annually saved an average of $3,450 over four years compared to drivers who never shopped around.
If saving money on car insurance is why you’re here, then having some knowledge of how to get rate quotes and compare insurance can save time, money, and frustration.
Lowering your Honda Insight car insurance rates is not rocket science. All that’s required is to spend a few minutes comparing price quotes online with multiple companies.
Doing price comparisons online is so simple that it makes it obsolete to go to insurance agencies in your area. Buying insurance online reduces the need to sit down with an agent unless you have a need for the advice and guidance that you can only get from talking to an agent. If you prefer, some companies allow you to comparison shop online and still use a local agent.
The car insurance companies shown below offer price comparisons in New Mexico. To buy cheaper car insurance in Albuquerque, it’s highly recommended you click on several of them in order to get a fair rate comparison.
Insurance rates and discounts
Insurance can be pricey, but discounts can save money and there are some available to reduce the price significantly. Some of these discounts will be visible when you purchase, but some may not be applied and must be asked for prior to getting the savings.
- Anti-theft Discount – Vehicles that have factory alarm systems and tracking devices prevent vehicle theft and qualify for as much as a 10% discount.
- Buy New and Save – Insuring a vehicle that is new is cheaper compared to insuring an older model.
- Claim-Free Discount – Drivers with accident-free driving histories can save substantially compared to policyholders that have many claims.
- Good Student Discount – Performing well in school may save as much as 25% on a Albuquerque auto insurance quote. The good student discount can last well after school through age 25.
- Discount for Life Insurance – Insurance carriers who offer life insurance give a lower premium rate if you buy life insurance from them.
- Multi-car Discount – Insuring primary and secondary vehicles with one company can reduce rates for all insured vehicles.
- Telematics Data Discounts – Insureds that choose to allow driving data collection to look at their driving habits by installing a telematics device such as Allstate’s Drivewise and State Farm’s In-Drive system might get better premium rates if they show good driving skills.
- Federal Employees – Active or former government employment may reduce rates when you quote Albuquerque auto insurance depending on your company.
You can save money using discounts, but most discount credits are not given to all coverage premiums. A few only apply to the price of certain insurance coverages like liability, collision or medical payments. So even though you would think it’s possible to get free car insurance, you’re out of luck.
The illustration below illustrates the comparison of Honda Insight yearly insurance costs with and without discounts applied to the rates. The prices are based on a male driver, no tickets, 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-car, homeowner, safe-driver, marriage, claim-free, and multi-policy discounts applied.
The best insurance companies and their possible discounts can be read below.
- Farmers Insurance has savings for alternative fuel, distant student, teen driver, pay in full, and electronic funds transfer.
- State Farm may include discounts for accident-free, multiple autos, safe vehicle, good student, and driver’s education.
- Liberty Mutual has discounts for new move discount, multi-car, teen driver discount, safety features, new vehicle discount, and exclusive group savings.
- MetLife offers premium reductions for multi-policy, good student, accident-free, claim-free, and defensive driver.
- Progressive may offer discounts for good student, continuous coverage, multi-vehicle, homeowner, online signing, and online quote discount.
If you need affordable Honda Insight insurance quotes, ask every company which credits you are entitled to. Discounts may not apply in your area. If you would like to choose from a list of insurers that offer many of these discounts in New Mexico, click this link.
Detailed insurance information
The coverage information shown below showcases a range of policy rates for Honda Insight models. Learning more about how auto insurance premiums are determined can be of help when making informed decisions when comparing rate quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Rate quotes do not factor in vehicle location which can impact prices substantially.
Difference between liability only and full coverage rates
The information below illustrates the difference between Honda Insight insurance costs with liability coverage only compared to full coverage. The rates are based on a clean driving record, no claims, $100 deductibles, single status, and no discounts are applied.
Guidelines for dropping full coverage
There is no definitive guideline to exclude physical damage coverage, but there is a general convention. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s say your Honda Insight replacement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $6,000 after the policy deductible has been paid. If you are currently paying more than $600 annually for full coverage, then you might want to think about dropping full coverage.
There are some scenarios where dropping physical damage coverage is not financially feasible. If you haven’t paid off your loan, you have to keep full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.
Five factors that determine insurance rates
Part of the car insurance buying process is learning the rating factors that help determine the level of your policy premiums. If you have some idea of what influences your rates, this enables informed choices that could help you find better car insurance rates. Multiple criteria are used in the calculation when you quote your car insurance policy. Some are obvious like an MVR report, but other factors are not as apparent such as your credit history and annual miles driven.
- Your vocation can affect prices – Did you know your occupation can influence how much you pay for car insurance? Jobs such as fire fighters, social workers, and stock brokers tend to have higher average rates attributed to stressful work requirements and extremely grueling work hours. Conversely, careers like professors, athletes and performers generally pay rates lower than average.
- Advanced GPS tracking and theft deterrents – Buying a car with anti-theft technology or alarm system can help bring down rates. Theft prevention features such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help stop your vehicle from being stolen.
- Defend yourself with liability coverage – Liability coverage is the protection if ever you are responsible for physical damage or personal injury to other. It provides you with a defense in court which can cost thousands of dollars. Liability insurance is quite affordable as compared to coverage for physical damage, so do not skimp.
- Small claims can cost you – If you are a frequent claim filer, you can pretty much guarantee either higher rates or even cancellation. Car insurance companies in New Mexico award lower rates to drivers who do not rely on their insurance for small claims. Auto insurance is meant to be used in the event of major claims that would cause financial hardship.
- Avoid unnecessary incidental coverages – Policies have extra add-on coverages you can purchase but may not be useful. Add-on coverages like personal injury protection, towing coverage, and term life insurance are some examples. They may seem good when you first buy your policy, but your money might be better spent on other coverage so remove them from your policy.
Neighborhood agents and auto insurance
A lot of people would prefer to have an agent’s advice and that is OK! Most agents can answer important questions and help file insurance claims. The best thing about getting free rate quotes online is you can get the lowest rates and still choose a local agent.
To help locate an agent, after submitting this form (opens in new window), your coverage information gets sent to participating agents in Albuquerque who will gladly provide quotes for your insurance coverage. It’s much easier because you don’t need to visit any agencies because prices are sent instantly to you. If for some reason you want to get a comparison quote from one company in particular, you would need to search and find their rate quote page and complete a quote there.
Selecting a insurance company requires you to look at more than just a cheap price. The answers to these questions are important, too.
- What company do they have the most business with?
- Does the agency have a current Errors and Omissions policy?
- Does the agency have a positive business rating?
- Do they get extra compensation for selling add-on coverages?
- Who is covered by the car insurance policy?
Types of auto insurance agents
When searching for a reliable agent, it helps to know the two types of insurance agents and how they can service your needs differently. Auto insurance agencies can be classified as either independent or exclusive. Either one can do a good job, but we need to point out the subtle differences because it can influence your agent selection.
Exclusive insurance agents can only quote rates from one company and examples are State Farm, Allstate, and Farm Bureau. Exclusive agencies are unable to place coverage with different providers so they have to upsell other benefits. Exclusive insurance agents receive a lot of sales training on their company’s products which helps overcome the inability to quote other rates.
The following are exclusive insurance agents in Albuquerque who can help you get rate quotes.
Independent Auto Insurance Agents
Independent agents do not work for one specific company and that gives them the ability to insure through lots of different companies and help determine which has the cheapest rates. If your premiums go up, your agent can switch companies and you stay with the same agent.
If you need cheaper auto insurance rates, you need to get rate quotes from at least one independent agent so that you have a good selection of quotes to compare.
Listed below is a list of independent agents in Albuquerque that are able to give price quote information.
J B Martin Commercial, Homeowners, Auto, Health and Life Insurance Agency
2800 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 299-7444 – View Map
Once you have acceptable answers and an affordable coverage quote, you’ve probably found an insurance agent that is reliable enough to provide auto insurance coverage.
Shop smart and save
As you quote Albuquerque auto insurance, it’s a bad idea to skimp on critical coverages to save a buck or two. There are a lot of situations where an insured cut collision coverage only to regret that it was a big error on their part. The goal is to purchase a proper amount of coverage at an affordable rate, not the least amount of coverage.
The cheapest Honda Insight insurance in Albuquerque can be sourced both online as well as from insurance agents, so you need to shop Albuquerque auto insurance with both in order to have the best chance of saving money. There are still a few companies who do not offer rates over the internet and these smaller companies only sell through independent agents.
You just learned a lot of ways to save on Honda Insight insurance in Albuquerque. The most important thing to understand is the more companies you get prices for, the higher the chance of saving money. You may even be surprised to find that the best price on insurance is with a company that doesn’t do a lot of advertising. These companies can often provide lower prices in certain areas than their larger competitors like State Farm and Allstate.
Additional detailed information can be found in the articles below:
- Bodily Injury Coverage (Liberty Mutual)
- Who Has Cheap Car Insurance for Drivers with Good Credit in Albuquerque? (FAQ)
- Who Has the Cheapest Car Insurance for a Company Car in Albuquerque? (FAQ)
- Understanding your Policy (NAIC.org)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
- Senior Drivers (Insurance Information Institute)