The most effective way to find discount Toyota Camry insurance in Albuquerque is to do a yearly price comparison from providers who provide car insurance in New Mexico. This can be done by following these steps.
- Step 1: Get a basic knowledge of individual coverages and the things you can change to keep rates low. Many things that increase rates like traffic violations and poor credit can be improved by making minor driving habit or lifestyle changes.
- Step 2: Obtain price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like GEICO or Farmers Insurance, while agents who are independent can provide price quotes from multiple companies.
- Step 3: Compare the new rate quotes to your current policy premium and see if you can save money. If you can save some money and switch companies, make sure coverage is continuous and does not lapse.
One piece of advice is that you’ll want to make sure you compare the same deductibles and limits on every quote and to quote with as many carriers as you can. Doing this ensures an apples-to-apples comparison and maximum price selection.
A recent insurance study discovered that a large majority of insurance policyholders in New Mexico kept their policy with the same company for well over three years, and approximately 38% of consumers have never compared rates with other companies. Most drivers in the U.S. could save themselves about 46.5% a year by just comparing quotes, but most just don’t grasp the rate savings if they moved their coverage to a different company.
Locating cheaper protection in Albuquerque is not as hard as you may think. If you have a current insurance policy or just want a better rate, take advantage of these tips to find the best rates while maintaining coverages. Smart shoppers just need to learn the most effective way to shop their coverage around over the internet.
Cheapest Toyota Camry insurance quotes in Albuquerque, New Mexico
Most larger insurance companies give pricing online. Getting online rates for Toyota Camry insurance in Albuquerque is pretty painless as you simply enter your personal and coverage information into the form. After you submit the form the system pulls your driving record and credit report and gives you a price quote based on these factors. This streamlines rate comparisons, and it’s absolutely necessary to do this in order to get the lowest payment on auto insurance.
In order to find out how much you’re overpaying now, check out the auto insurance providers below. To compare your current rates, we recommend you enter the limits and deductibles as shown on your current policy. This guarantees you are getting rate quotes based on the exact same insurance coverage.
The following companies provide free quotes in New Mexico. If you wish to find cheaper auto insurance in New Mexico, it’s highly recommended you visit as many as you can to get the best price comparison.
Get cheaper rates by taking advantage of these ten discounts
Properly insuring your vehicles can get expensive, but you might already qualify for some discounts that you may not know about. Some discounts will apply when you quote, but once in a while a discount must be inquired about before they will apply. If you’re not getting every credit available, you are not getting the best rate possible.
- Theft Deterrent System – Anti-theft and alarm system equipped vehicles are stolen with less frequency and that can save you a little bit as well.
- Renewal Discounts – A few larger companies allow discounts for renewing your policy prior to the expiration date on your current Camry insurance policy. It could save around 10% when you buy Albuquerque auto insurance online.
- Auto/Home Discount – If you combine your auto and home policies and insure them with the same company you will save up to 20% off your total Camry insurance premium.
- Employee of Federal Government – Simply working for the federal government could cut as much as 10% off with select insurance companies.
- Clubs and Organizations – Being a member of qualifying employment or professional organizations could trigger savings on your bill.
- Multiple Cars – Buying coverage for primary and secondary vehicles with one company can reduce rates for all insured vehicles.
- Distant Student Discount – Any of your kids who are enrolled in a college that is more than 100 miles from Albuquerque and do not have a car may be able to be covered for less.
- Mature Driver Discount – Mature drivers may qualify for reduced rates.
- Accident-Free Discounts – Claim-free drivers get the best car insurance rates as compared to drivers with a long claim history.
- Albuquerque Homeowners Discount – Just owning your own home can earn you a little savings because of the fact that having a home demonstrates responsibility.
Please keep in mind that most discounts do not apply to the entire cost. A few only apply to individual premiums such as medical payments or collision. Despite the appearance that having all the discounts means you get insurance for free, company stockholders wouldn’t be very happy.
The information below illustrates the difference between Toyota Camry car insurance rates with and without discounts. The information is based on a male driver, no violations or accidents, New Mexico state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, safe-driver, claim-free, multi-car, and multi-policy discounts applied.
Auto insurance companies that may offer quotes with these discounts may include but are not limited to:
Before buying, ask each company which discounts you qualify for. Depending on the company, some discounts may not apply in your state. To find car insurance companies with the best discounts in New Mexico, follow this link.
Rates and statistics
The price information shown next covers estimates of insurance prices for Toyota Camry models. Being aware of how policy rates are formulated can help you make smart choices when choosing a car insurance company.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Price information does not factor in specific zip code location which can change coverage rates greatly.
Annual premiums for males compared to females
The diagram below visualizes the comparison of Toyota Camry auto insurance rates for male and female drivers. The premiums assume a clean driving record, no claims, full coverage, $500 deductibles, drivers are not married, and no discounts are applied.
Do you need full coverage?
The chart below shows the comparison of Toyota Camry auto insurance rates with full physical damage coverage and with liability coverage only. The information is based on a clean driving record, no claims, $500 deductibles, drivers are single, and no additional discounts are factored in.
When to drop comprehensive and collision coverage
There isn’t a written rule to delete comp and collision coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than around 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s assume your Toyota Camry claim settlement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after paying your policy deductible. If you are paying over $400 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are a few situations where buying only liability insurance is not in your best interest. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not opt for liability only.
Comparing rates from local Albuquerque insurance agencies
Many people just prefer to sit down and talk to an agent and that can be a great decision Most agents are trained to spot inefficiencies and help in the event of a claim. An additional benefit of comparing insurance prices online is the fact that drivers can get the lowest rates and also buy local. Putting coverage with neighborhood agents is especially important in Albuquerque.
After completing this quick form, your information is submitted to agents in your area that can provide free Albuquerque auto insurance quotes for your business. You don’t have to even leave your home as quotes are delivered immediately to you. If you want to quote rates from a specific insurance company, don’t hesitate to go to their quote page and submit a quote form there.
Multiple types of auto insurance agents in Albuquerque
If you prefer to buy insurance from a good insurance agency, it’s important to understand the different agency structures and how they are distinctly different. Insurance agents can be described as either independent agents or exclusive agents. Either can do a good job, but it’s important to know the subtle differences because it may have an impact on buying decisions.
Independent Agents (or Brokers)
These agents are normally appointed by many insurers so as a result can place your coverage through lots of different companies enabling the ability to shop coverage around. If premiums increase, the agent simply finds a different carrier and you don’t have to find a new agent.
When comparing rates, you definitely need to compare prices from at a minimum one independent agency to get the most accurate price comparison.
Shown below is a list of independent insurance agents in Albuquerque who may provide free insurance rate quotes.
Sunset Insurance Corporation
1905 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 247-2578 – View Map
Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444 – View Map
Webster Insurance Agency Inc
1201 Eubank Blvd Suite 3 – Albuquerque, NM 87112 – (505) 294-1497 – View Map
Exclusive agencies work for only one company and some examples include Allstate, Farmers Insurance or State Farm. They usually cannot compare other company’s rates so keep that in mind. Exclusive agents are usually quite knowledgeable on their company’s products and that can be a competitive advantage.
The following is a list of exclusive agencies in Albuquerque that are able to give price quotes.
Cynthia Bahling – State Farm Insurance Agent
12700 San Rafael Ave NE #2 – Albuquerque, NM 87122 – (505) 292-3934 – View Map
John Marcelli – State Farm Insurance Agent
12611 Montgomery, Ste A3 – Albuquerque, NM 87111 – (505) 293-0100 – View Map
GEICO Insurance Agent
5317 Menaul Boulevard Northeast – Albuquerque, NM 87110 – (505) 265-1600 – View Map
Picking the best insurance agent requires more thought than just the price. Ask your prospective agent these questions:
- Which companies do they recommend if they are an independent agency?
- What insurance companies do they work with in Albuquerque?
- Do the companies they represent have a solid financial rating?
- How are they compensated?
- What is the agency’s Better Business Bureau rating?
- Are all drivers listed on the coverage quote?
- Are there any discounts for paying up front?
- In the event of vehicle damage, can you pick the collision repair facility?
If you feel you receive good answers to these questions as well as offering an affordable quote, chances are good that you have found an auto insurance agent that is professional and can properly service your insurance policy. It’s important to know that you can cancel your policy at any point so don’t feel you are locked into any particular company indefinitely.
Insuring your Toyota vehicle just makes sense
Even though it’s not necessarily cheap to insure a Toyota in Albuquerque, insuring your vehicle may be required and benefits you in several ways.
First, almost all states have compulsory liability insurance requirements which means the state requires specific limits of liability if you drive a vehicle. 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 your Camry has a lienholder, more than likely the lender will require that you have comprehensive coverage to guarantee loan repayment. If the policy lapses, the bank or lender will purchase a policy for your Toyota at an extremely high rate and force you to reimburse them the higher price.
Third, insurance protects both your Toyota Camry and your personal assets. It will also cover hospital and medical expenses incurred in an accident. Liability coverage will also pay to defend you if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.
The benefits of carrying enough insurance more than offset the price you pay, particularly when you have a large claim. On average, a vehicle owner in Albuquerque is overpaying more than $820 a year so you should quote and compare rates at every policy renewal to help ensure money is not being wasted.
Auto insurance coverage specifics
Having a good grasp of your policy aids in choosing appropriate coverage and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy. Listed below are the normal coverages offered by auto insurance companies.
Uninsured/Underinsured Motorist coverage – Your UM/UIM coverage provides protection from other motorists when they either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your Toyota Camry.
Since a lot of drivers carry very low liability coverage limits (which is 25/50/10), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.
Collision coverage – This will pay to fix damage to your Camry resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers claims like rolling your car, backing into a parked car, scraping a guard rail, crashing into a building and sideswiping another vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to choose a higher deductible on your Camry in order to get cheaper collision rates.
Comprehensive coverage – Comprehensive insurance coverage pays for damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers things such as damage from a tornado or hurricane, damage from getting keyed, theft and hitting a bird. The most a auto insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Liability – Liability insurance can cover damage or injury you incur to other’s property or people. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 25/50/10 which means $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and property damage coverage for $10,000. Another option is one limit called combined single limit (CSL) which combines the three limits into one amount with no separate limits for injury or property damage.
Liability coverage protects against claims such as court costs, medical expenses, repair bills for other people’s vehicles and loss of income. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as high a limit as you can afford. New Mexico state law requires minimum liability limits of 25/50/10 but it’s recommended drivers buy more coverage.
The next chart shows why minimum state limits may not be high enough to adequately cover claims.
Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance reimburse you for short-term medical expenses for things like surgery, chiropractic care, dental work and X-ray expenses. They 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 and also covers any family member struck as a pedestrian. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage
Ratings for Albuquerque auto insurance companies
Choosing a highly-rated car insurance company can be difficult considering how many different companies insure vehicles in Albuquerque. The ranking information shown below can help you choose which companies to look at shopping prices with.
Top 10 Albuquerque Car Insurance Companies Ranked by Value
- American Family
- The Hartford
- Titan Insurance
- The General
- AAA Insurance
- State Farm
- Mercury Insurance
What is YOUR best insurance company?
Cheap Toyota Camry insurance in Albuquerque is attainable online and with local Albuquerque insurance agents, so get free Albuquerque auto insurance quotes from both of them to have the best chance of lowering rates. Some companies do not offer online rate quotes and most of the time these small, regional companies sell through independent agents.
When getting Albuquerque auto insurance quotes online, it’s a bad idea to skimp on coverage in order to save money. There are too many instances where an insured cut collision coverage only to regret at claim time they didn’t have enough coverage. Your focus should be to purchase a proper amount of coverage at the best possible price while not skimping on critical coverages.
For more information, take a look at the resources below:
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Who Has the Cheapest Albuquerque Auto Insurance Quotes for a Honda Accord? (FAQ)
- Who Has the Cheapest Albuquerque Car Insurance for a Ford Explorer? (FAQ)
- Child Safety Seats (Insurance Information Institute)
- Prom Night Tips for Teen Drivers (State Farm)
- Speed and Speed Limit FAQ (iihs.org)
- How to Avoid Common Accidents (State Farm)