Find Cheaper Volvo V50 Insurance in Albuquerque

Really, the only way to get budget auto insurance rates is to annually compare prices from insurers in Albuquerque. This can be done by following these guidelines.

1. Read and learn about how auto insurance works and the modifications you can make to prevent expensive coverage. Many things that are responsible for high rates such as at-fault accidents, speeding tickets, and a less-than-favorable credit rating can be improved by making lifestyle changes or driving safer.
2. Get rate quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can give quotes from one company like GEICO or State Farm, while independent agencies can quote rates from multiple insurance companies. View companies
3. Compare the new rate quotes to the premium of your current policy and determine if there is any savings. If you find a better price and buy the policy, ensure there is no coverage lapse between policies.

A good tip to remember is to compare identical coverage information on every quote and and to get rates from every company you can. Doing this enables an apples-to-apples comparison and the best rate selection.

Shockingly, over 70% of consumers kept their coverage with the same car insurance company for well over three years, and approximately 40% of consumers have never even compared rates from other companies. With the average premium in New Mexico being $1,244, drivers can save hundreds of dollars each year just by comparing rates, but most undervalue the large savings they would see if they moved their coverage to a different company.

This article’s goal is to let you in on the best way to quote coverages and how to save the most money. If you currently have a car insurance policy, you will surely be able to lower your rates using these methods. Smart buyers just have to understand the proper way to shop on the web.

How to compare free Albuquerque Volvo V50 insurance quotes

Finding cheaper Volvo V50 insurance quotes can be quick and easy. You just have to invest a few minutes to get quotes to discover which company has inexpensive Albuquerque car insurance quotes.

The following companies have been selected to offer price quotes in New Mexico. To find the best auto insurance in Albuquerque, we recommend you get rates from several of them to get the most affordable price.

Lower rate quotes on Volvo V50 insurance in Albuquerque with these insurance discounts

Insuring your vehicles can cost a lot, but discounts can save money and there are some available that can dramatically reduce your bill. Some trigger automatically when you complete an application, but a few must be asked for before you get the savings. If you aren’t receiving every discount possible, you could be saving more on your insurance.

• Use Seat Belts – Using a seat belt and requiring all passengers to buckle up can save a little off the PIP or medical payment premium.
• Air Bags and Passive Restraints – Vehicles equipped with air bags or motorized seat belts can qualify for discounts of 25 to 30%.
• Discount for Life Insurance – Some insurance companies give a lower rate if you buy life insurance.
• Drive Safe and Save – Insureds who avoid accidents may save up to 50% more than less cautious drivers.
• Discounts for Federal Employees – Active or retired federal employment can earn a discount up to 10% with a few insurance companies.
• Claim Free – Albuquerque drivers who stay claim-free can save substantially in comparison with accident-prone drivers.

Drivers should understand that some credits don’t apply to the entire cost. Most only reduce the price of certain insurance coverages like medical payments or collision. So even though you would think you could get a free insurance policy, you’re out of luck.

The diagram below shows the difference between Volvo V50 auto insurance costs with and without discounts applied to the premium. The data is based on a female driver, a clean driving record, no at-fault accidents, New Mexico state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, multi-policy, claim-free, marriage, and multi-car discounts applied.

Companies and their possible discounts are shown below.

• State Farm offers discounts for Drive Safe & Save, good driver, multiple policy, good student, and driver’s education.
• GEICO may offer discounts for good student, federal employee, seat belt use, daytime running lights, emergency military deployment, air bags, and driver training.
• Progressive has savings for good student, multi-policy, online quote discount, multi-vehicle, homeowner, and online signing.
• 21st Century discounts include teen driver, student driver, good student, homeowners, driver training, air bags, and anti-lock brakes.
• American Family may have discounts that include air bags, mySafetyValet, accident-free, multi-vehicle, defensive driver, early bird, and good driver.
• The Hartford offers premium reductions for air bag, anti-theft, defensive driver, good student, vehicle fuel type, and driver training.
• AAA has discounts for multi-policy, anti-theft, good student, good driver, and education and occupation.

Before buying, ask each insurance company to apply every possible discount. Some discounts may not be offered in your state. If you would like to see a list of providers that offer many of these discounts in Albuquerque, click here to view.

Rates and statistics

The data table shown below highlights detailed analysis of insurance policy prices for Volvo V50 models. Having a better idea how insurance prices are established can be valuable when making informed decisions when comparing rate quotes.

Data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Table data does not factor in specific zip code location which can affect prices noticeably.

Rate comparison for different deductibles

A question often asked by Albuquerque drivers is how low should you set your deductibles. The figures shown below may aid in understanding the rate difference between low and high physical damage deductibles. The first rate estimation uses a $250 deductible for physical damage and the second rate chart uses a $1,000 deductible.

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Rate quotes do not factor in vehicle garaging location which can lower or raise coverage rates substantially.

Based on the data above, we can derive that using a $250 deductible will cost you approximately $27 more each month or $324 a year than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you usually have more than 28 months between claims, you would more than likely save some money if you choose the higher deductible.

One thing to be aware of is that increasing deductibles to lower your rates means you will have to pay more of your own money when you have a claim. That will require some extra savings in the event you need to pay the deductible for vehicle repair.

Impact of speeding/accidents on insurance rates

The illustration below highlights how traffic violations and at-fault collisions can drive up Volvo V50 yearly insurance costs for each age group. The rates are based on a married female driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.

Comparing quotes from local Albuquerque insurance agents

Many people would prefer to get professional advice from a licensed agent and that is a personal choice. Professional insurance agents are trained risk managers and help file insurance claims. A nice benefit of getting free rate quotes online is the fact that you can find cheap auto insurance quotes and still buy from a local agent. Supporting neighborhood agents is definitely important in Albuquerque.

Upon completion of this form (opens in new window), your insurance coverage information is immediately sent to participating agents in Albuquerque who will give you quotes and help you find cheaper coverage. You never need to do any legwork because quoted prices will be sent instantly to you. If you have a need to compare rates from a specific auto insurance provider, don’t hesitate to visit that company’s website and fill out the quote form the provide.

Albuquerque auto insurance agents are either independent or exclusive

If you need to find a reliable insurance agent, it’s important to understand the types of agencies and how they work. Agents are classified as either exclusive agents or independent agents. Either type can sell affordable auto insurance policies, but we need to point out how they are different since it may influence the type of agent you choose.

Independent Agents (or Brokers)

Independent agents are not employed by any specific company and that enables them to quote your coverage with a variety of different insurance companies and help determine which has the cheapest rates. If prices rise, your agent can switch companies and you don’t have to find a new agent.

When searching for an agent, we highly recommend that you get several quotes from several independent insurance agents for the best price selection. Most independent agents also contract with smaller mutual companies that may have much lower rates than larger companies.

Listed below is a short list of independent agents in Albuquerque that may be able to provide free price quotes.

• Lorraine Y Chavez Insurance Agency, Inc.
  8224 Louisiana Blvd NE – Albuquerque, NM 87113 – (505) 821-7123 – View Map
• Cress Insurance
  6101 Moon St NE #1000 – Albuquerque, NM 87111 – (505) 822-8114 – View Map
• Berger Briggs Real Estate and Insurance Inc
  4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444 – View Map

More Albuquerque agents

Exclusive Auto Insurance Agencies

Exclusive agencies work for only one company and some examples include State Farm or Allstate. Exclusive agents cannot shop your coverage around so always compare other rates. Exclusive agents are well trained on their products and sales techniques which helps overcome the inability to quote other rates. Some consumers prefer to use the same agent mostly because of loyalty to the company and solid financial strength.

Shown below are Albuquerque exclusive agencies that are able to give rate quotes.

• Phil Pettit – State Farm Insurance Agent
  3507 Wyoming Blvd NE B – Albuquerque, NM 87111 – (505) 875-1300 – View Map
• Matt Medina – State Farm Insurance Agent
  4253 Montgomery Blvd NE g205 – Albuquerque, NM 87109 – (505) 881-8100 – View Map
• Paul Maestas – State Farm Insurance Agent
  111 Coors Blvd NW, Ste C7 – Albuquerque, NM 87121 – (505) 831-3725 – View Map

More Albuquerque agents

Deciding on an insurance agent should depend on more than just the premium amount. The following questions are important to ask.

• Will the quote change when the policy is issued?
• What insurance company do they write the most business with?
• Does the agency have a good rating with the Better Business Bureau?
• Are they properly licensed to sell insurance in New Mexico?
• Is auto insurance their primary focus in Albuquerque?

Once you have acceptable answers to these questions as well as offering an affordable quote, it’s possible that you found an auto insurance agent that will adequately provide auto insurance.

Insurance Cost Influencing Factors

Smart consumers have a good feel for the factors that go into determining the price you pay for auto insurance. When you know what positively or negatively controls the rates you pay, this allows you to make educated decisions that may result in lower auto insurance prices.

• Poor credit rating equals high premiums – Having a good credit score is a big factor in determining what you pay. If your credit can be improved, you could be paying less to insure your Volvo V50 by improving your rating. Insureds with good credit tend to file fewer claims than drivers with lower ratings.

• Vehicle risk impacts rates – The make and model of the car you need to insure makes a huge difference in how high your rates are. The most favorable rates are usually for the lowest performance passenger cars, but that’s not the only thing that factors into the final price.

  The chart below is based on a married male driver age 30, full coverage with $100 deductibles, and no discounts or violations. The data compares Volvo V50 insurance rates compared to other models that have a range of risk factors.

• Gender impacts rates – Statistics show that females tend to be a little less risky than males. It does not mean females are better drivers. They both cause auto accidents in similar numbers, but guys tend to have higher claims. Men also statistically get ticketed for serious violations like DUI and reckless driving.

  The illustration below illustrates the difference between Volvo V50 car insurance costs for male and female drivers. The information is based on no claims or driving violations, comprehensive and collision coverage, $250 deductibles, drivers are single, and no discounts are applied to the premium.

• Extra coverages that may not be needed – There are quite a few add-on coverages that sound like a good idea at the time but may not be useful. Coverage for things like roadside assistance, towing coverage, and extra equipment coverage are some examples. These may sound like a good investment when deciding what coverages you need, but now you might not need them so eliminate them to save money.
• A car insurance policy lapse is a bad thing – Having a gap between insurance policy dates is a sure-fire way to drive up your policy premiums. Not only will you pay more, failure to provide proof of insurance could result in fines and jail time. You may then be required to provide proof of insurance in the form of an SR-22 filing with the New Mexico motor vehicle department.
• Insurance rates for married couples – Having a significant other can actually save you money on your auto insurance bill. Having a spouse may mean you are more mature and insurance companies reward insureds because being married results in fewer claims.

Auto insurance in New Mexico serves several purposes

Despite the high cost of buying insurance for a Volvo V50 in Albuquerque, maintaining insurance is required in New Mexico but also provides important benefits.

First, most states have mandatory insurance requirements which means the state requires a minimum amount of liability insurance coverage 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 you have a loan on your V50, most banks will force you to have full coverage to ensure they get paid if you total the vehicle. If the policy lapses, the lender will be forced to insure your Volvo at an extremely high rate and require you to reimburse them much more than you were paying before.

Third, auto insurance protects both your Volvo and your personal assets. Insurance will pay for all forms of medical expenses for yourself as well as anyone injured by you. Liability insurance, one of your policy coverages, will also pay to defend you in the event you are sued. If mother nature or an accident damages your car, collision and comprehensive coverages will cover the repair costs.

The benefits of having insurance greatly outweigh the cost, especially with large liability claims. Unknowingly, the average driver is overpaying more than $825 a year so it’s very important to do a rate comparison at every policy renewal to help ensure money is not being wasted.

How much can you save?

While you’re price shopping online, it’s very important that you do not sacrifice coverage to reduce premiums. In many cases, an insured cut physical damage coverage to discover at claim time they didn’t purchase enough coverage. The ultimate goal is to purchase plenty of coverage at an affordable rate but still have enough coverage for asset protection.

In this article, we covered many ideas to lower your Volvo V50 insurance premium rates in Albuquerque. The key thing to remember is the more providers you compare, the better your chances of lowering your prices. Consumers could even find that the lowest premium rates come from a lesser-known regional company.

Consumers switch companies for any number of reasons including extreme rates for teen drivers, high rates after DUI convictions, poor customer service and even lack of trust in their agent. It doesn’t matter what your reason, choosing a new insurance company is not as difficult as it may seem.

To read more, take a look at the following helpful articles:

• Auto Insurance Basics (Insurance Information Institute)
• Who Has Affordable Auto Insurance for a Dodge Grand Caravan in Albuquerque? (FAQ)
• How Much is Auto Insurance for High Mileage Drivers in Albuquerque? (FAQ)
• Who Has Affordable Albuquerque Auto Insurance Rates for Homeowners? (FAQ)
• Who Has Cheap Auto Insurance for Drivers Over Age 70 in Albuquerque? (FAQ)
• What Insurance is Cheapest for Electric Cars in Albuquerque? (FAQ)
• Older Drivers FAQ (iihs.org)
• How do I File a Claim? (Insurance Information Institute)
• Side Impact Crash Tests (iihs.org)