A recent NerdWallet.com study revealed that almost 70% of insureds have stayed with the same insurance company for over three years, and nearly half have never even compared rates from other companies. Many consumers in New Mexico could cut their rates by as much as $470 a year just by shopping around, but they just don’t want to do a rate comparison.
The best way to find low-cost auto insurance rates in Albuquerque is to start comparing rates regularly from companies in New Mexico.
- Get a basic knowledge of how auto insurance works and the changes you can make to lower rates. Many rating criteria that cause high rates such as speeding tickets, careless driving and a less-than-favorable credit rating can be improved by making minor changes to your lifestyle. This article provides tips to help keep rates affordable and get discounts that may be overlooked.
- Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give rate quotes from one company like GEICO and State Farm, while agents who are independent can give you price quotes for a wide range of companies.
- Compare the new quotes to your current policy to determine if you can save on Z4 insurance. If you find better rates and change companies, make sure there is no coverage gap between policies.
- Give notification to your agent or company of your decision to cancel your current auto insurance policy. Submit a down payment and signed policy application to the new company. As soon as you receive it, place your new certificate verifying coverage in an accessible location in your vehicle.
An essential thing to point out is to try to use identical limits and deductibles on every quote request and and to get quotes from as many auto insurance providers as possible. Doing this provides the most accurate price comparison and a complete selection of prices.
Verify you’re earning every discount
Auto insurance companies don’t always list the entire discount list in an easy-to-find place, so here is a list some of the more common as well as the least known car insurance savings.
- Anti-theft Discount – Cars and trucks optioned with advanced anti-theft systems can help prevent theft and will save you 10% or more on Z4 insurance in Albuquerque.
- Include Life Insurance and Save – Larger companies have a lower premium rate if you buy life insurance from them.
- Waiver for an Accident – This one is not really a discount per se, but companies like Allstate and GEICO allow you one accident before hitting you with a surcharge with the catch being you have to be claim-free prior to the accident.
- Memberships – Participating in a professional or civic organization could qualify you for a break on your next car insurance statement.
- Employee of Federal Government – Employees or retirees of the government can save as much as 8% with some car insurance companies.
You can save money using discounts, but most discount credits are not given to your bottom line cost. Some only reduce the cost of specific coverages such as liability, collision or medical payments. Just because it seems like you could get a free car insurance policy, that’s just not realistic.
The chart below compares BMW Z4 premium costs with and without discounts. The prices are based on a male 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 homeowner, safe-driver, multi-policy, claim-free, marriage, and multi-car discounts applied.
A few popular companies and their possible discounts are detailed below.
- Farmers Insurance discounts include alternative fuel, homeowner, switch companies, mature driver, and youthful driver.
- State Farm policyholders can earn discounts including safe vehicle, multiple autos, accident-free, defensive driving training, student away at school, passive restraint, and anti-theft.
- Liberty Mutual may offer discounts for multi-policy, safety features, newly married, hybrid vehicle, and new move discount.
- MetLife includes discounts for good student, good driver, multi-policy, claim-free, and accident-free.
- Progressive offers premium reductions for online signing, multi-policy, good student, continuous coverage, multi-vehicle, and homeowner.
Check with all the companies to apply every possible discount. Some discounts may not apply in your state. To see a list of companies with the best BMW Z4 insurance discounts in Albuquerque, follow this link.
To get the cheapest BMW Z4 rate quotes, there a variety of ways to compare rate quotes from different companies. The simplest method to do a complete rate comparison involves getting comparison quotes online.
When comparing auto insurance rates, know that comparing a large number of companies helps you find more affordable rates. Some insurance companies are not set up to provide online price quotes, so it’s necessary to compare price estimates from them, too.
The companies shown below have been selected to offer price quotes in New Mexico. If you wish to find the best car insurance in Albuquerque, NM, we recommend you visit as many as you can to get a more complete price comparison.
Rates and detailed analysis
The rate information shown below highlights a range of coverage costs for BMW Z4 models. Having a good understanding how insurance prices are calculated can help customers make decisions when shopping your coverage around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Z4 3.0I SDRIVE 2-Dr Roadster | $348 | $700 | $370 | $22 | $110 | $1,550 | $129 |
| Z4 3.5I SDRIVE 2-Dr Roadster | $348 | $700 | $370 | $22 | $110 | $1,550 | $129 |
| Get Your Own Custom Quote Go | |||||||
Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Price information does not factor in specific location which can affect coverage rates greatly.
Higher deductibles lower rates
The hardest decision when buying coverage is what deductibles to buy. The rates shown below can help show the cost difference of buying low and high deductibles. The first data table uses a $100 deductible for comprehensive and collision coverage and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Z4 3.0I SDRIVE 2-Dr Roadster | $348 | $680 | $274 | $16 | $82 | $1,425 | $119 |
| Z4 3.5I SDRIVE 2-Dr Roadster | $348 | $680 | $274 | $16 | $82 | $1,425 | $119 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Z4 3.0I SDRIVE 2-Dr Roadster | $254 | $458 | $274 | $16 | $82 | $1,084 | $90 |
| Z4 3.5I SDRIVE 2-Dr Roadster | $254 | $458 | $274 | $16 | $82 | $1,084 | $90 |
| Get Your Own Custom Quote Go | |||||||
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, safe-driver, claim-free, multi-vehicle, and homeowner. Estimates do not factor in specific location information which can modify price quotes significantly.
Based on these figures, using a $100 deductible could cost the average driver approximately $29 more each month or $348 annually than selecting the higher $500 deductible. Due to the fact that you would have to pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at a minimum 14 months between claim filings, you would more than likely save some money if you choose a higher deductible.
BMW Z4 insurance rates by gender in Albuquerque
The chart below shows the difference between BMW Z4 annual premium costs for male and female drivers. The rate quotes are based on no driving violations, no at-fault accidents, full physical damage coverage, $1,000 deductibles, drivers are single, and no discounts are factored in.
Should you buy full coverage?
The example below illustrates the comparison of BMW Z4 auto insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The prices are based on no violations or claims, $500 deductibles, drivers are not married, and no discounts are factored in.
When to stop paying for full coverage
There is no written rule for dropping comp and collision coverage, but there is a general school of thought. If the annual cost of your full coverage insurance is more than 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your BMW Z4 settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $4,000 after paying the physical damage deductible. If it’s costing you more than $400 a year for full coverage, then it may be the right time to buy liability only.
There are some scenarios where eliminating full coverage is not recommended. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.
Eight factors that determine insurance prices
Smart consumers have a good feel for the factors that help determine your policy premiums. When you know what positively or negatively positively or negatively impacts your premiums, this helps enable you to make changes that can earn you cheaper rates.
Does your occupation raise your rates? – Occupational choices like military generals, architects, and accountants generally pay higher rates than the rest of us due to job stress and long work hours. On the other hand, careers such as farmers, historians and the unemployed receive lower rates.
Marriage is a factor – Walking down the aisle may cut your premiums when buying insurance. Having a significant other demonstrates that you tend to be more mature than a single person and statistics show being married results in fewer claims.
Rate your vehicle for proper use – The more you drive your BMW every year the more you will pay for insurance. Many insurance companies calculate rates determined by how the vehicle is used. Vehicles that do not get driven very much receive better premium rates as compared to vehicles used primarily for driving to work. It’s a good idea to make sure your insurance declarations sheet is showing the correct usage for each vehicle, because it can save money. Incorrect rating for your Z4 can cost quite a bit.
Cars with good safety ratings cost less to insure – Safe vehicles tend to have better insurance rates. These vehicles reduce occupant injuries and lower rates of occupant injuries means less money paid by your insurance company passed on to you as lower rates.
Do you know your coverage deductibles? – Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, covers damage that occurs to your BMW. Some examples of covered claims are a dented fender, collision with an animal, and having your car stolen. The deductibles tell how much you are willing to pay if the claim is covered. The more money you’re willing to pay, the less your insurance will be.
Use credit responsibly and save – Your credit score can be an important factor in determining your rates. Therefore, if your credit score could use some work, you may save money insuring your BMW Z4 if you clean up your credit. People that have very high credit ratings tend to file fewer claims and have better driving records than drivers with poor credit scores.
Liability insurance is critical – Your policy’s liability coverage provides coverage when you are found liable for personal injury or accident damage. Your policy’s liability insurance provides legal defense coverage up to the limits shown on your policy. Carrying liability coverage is mandatory and cheap compared to comp and collision, so buy as much as you can afford.
Can a thief steal your car? – Buying a car with a theft deterrent system can earn a premium discount. Advanced theft deterrents like OnStar, LoJack tracking, and tamper alarms all help stop auto theft and help lower rates.
Insurance loss data for BMW Z4 vehicles – Insurers study historical loss data to help calculate premium rates. Vehicles that the data shows to have higher loss trends will have higher rates for specific coverages. The table below demonstrates the insurance loss data used by companies for BMW Z4 vehicles.
For each coverage type, the claim probability for all vehicles as a whole is considered to be 100. Values that are under 100 indicate better than average losses, while percentage values above 100 point to more frequent losses or larger claims.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW Z4 Convertible | 131 | 67 | 78 |
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
It’s not one size fits all
When quoting and choosing coverage for your personal vehicles, there isn’t really a best way to insure your cars. Every insured’s situation is different.
These are some specific questions can aid in determining whether or not you might need an agent’s assistance.
- Is my state a no-fault state?
- How can I get the company to pay a claim?
- What happens if I owe more than my BMW Z4 is worth?
- Is my nanny covered when transporting my kids?
- Does my policy cover my teen driver if they drive my company car?
- What are the liability requirements in my state?
If you can’t answer these questions, you might consider talking to a licensed agent. If you want to speak to an agent in your area, fill out this quick form.
Comparing quotes from local Albuquerque auto insurance agents
Some consumers prefer to talk to an insurance agent and there is nothing wrong with that. One of the best bonuses of comparing car insurance online is that you can find cheap car insurance quotes and also buy local. And buying from small agencies is still important in Albuquerque.
By using this quick form, the coverage information is immediately sent to agents in your area who will give you quotes for your insurance coverage. It’s much easier because you don’t need to visit any agencies since rate quotes are delivered straight to your inbox. It’s the lowest rates without having to waste a lot of time. If you have a need to compare rates from one company in particular, feel free to jump over to their website and give them your coverage information.
Types of auto insurance agents
If you would like to find a reliable insurance agency, it can be helpful to understand the different types of agencies and how they differ in how they quote coverages. Albuquerque agents are either independent agents or exclusive agents depending on their employer.
Independent Car Insurance Agencies or Brokers
Agents of this type are not limited to a single company and that gives them the ability to insure with many different companies depending on which coverage is best. If you are not satisfied with one company, an independent agent can move your coverage which requires no work on your part. When comparing car insurance rates, it’s a good idea to include price quotes from at least one independent agent to get the best comparison. Most can insure with mutual insurance companies that may provide cheaper car insurance rates.
Shown below are independent insurance agencies in Albuquerque that can give you competitive price quotes.
- Daniels Insurance Inc
320 Gold Ave SW # 700 – Albuquerque, NM 87102 – (505) 766-9676 – View Map - Menicucci Insurance Llc
2116 Vista Oeste NW Bldg 5 – Albuquerque, NM 87120 – (505) 883-3683 – View Map - Cress Insurance
6101 Moon St NE #1000 – Albuquerque, NM 87111 – (505) 822-8114 – View Map
Exclusive Agents
These agents can only provide pricing for a single company such as Farmers Insurance, American Family, State Farm and Allstate. Exclusive agents cannot compare other company’s rates so they have to upsell other benefits. These agents are highly trained on their company’s products which helps offset the inability to provide other markets. Some consumers prefer to use the same agent partially due to high brand loyalty rather than having low rates.
Shown below are exclusive agents in Albuquerque that are able to give price quote information.
- Francis Harding – State Farm Insurance Agent
4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231 – View Map - Chavez Geissler Agency – Farmers Insurance
3517 Wyoming Blvd NE – Albuquerque, NM 87111 – (505) 271-2222 – View Map - Bob Strilich – State Farm Insurance Agent
6751 Academy Rd NE a – Albuquerque, NM 87109 – (505) 823-9333 – View Map
Deciding on an insurance agency should include more criteria than just the premium amount. The answers to these questions are important, too.
- What is the financial rating for the quoted company?
- Does the agency support the community they serve?
- Can you contact them at any time?
- Will the quote change when the policy is issued?
- Which company do they place the most coverage with?
- Do they feel the quoted coverages are adequate?
Choosing the best vehicle insurance in New Mexico is an important decision
Despite the high insurance cost for a BMW Z4 in Albuquerque, buying insurance is required in New Mexico but also provides important benefits.
- Just about all states have mandatory insurance requirements which means you are required to buy 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.
- If you bought your vehicle with a loan, it’s most likely the lender will stipulate that you buy full coverage to protect their interest in the vehicle. If you default on your policy, the lender may insure your BMW at a significantly higher premium and force you to pay much more than you were paying before.
- Insurance protects both your assets and your BMW. It will also provide coverage for medical expenses incurred in an accident. Liability insurance also pays expenses related to your legal defense in the event you are sued. If your BMW gets damaged, your insurance policy will pay to restore your vehicle to like-new condition.
The benefits of having insurance outweigh the cost, especially if you ever need it. Today the average American driver is overpaying over $700 annually so compare quotes from several companies at least once a year to ensure rates are inline.
Don’t give up on cheap rates
Discount BMW Z4 insurance in Albuquerque is attainable from both online companies and also from your neighborhood Albuquerque agents, and you should compare price quotes from both in order to have the best price selection to choose from. Some insurance providers don’t offer online quoting and many times these small, regional companies work with local independent agencies.
As you prepare to switch companies, it’s a bad idea to skimp on critical coverages to save a buck or two. There are too many instances where someone sacrificed full coverage and discovered at claim time they didn’t purchase enough coverage. The proper strategy is to get the best coverage possible at the best possible price, but do not sacrifice coverage to save money.
Throughout this article, we presented a lot of ways to shop for BMW Z4 insurance online. It’s most important to understand that the more price quotes you have, the better your chances of lowering your car insurance rates. You may even discover the best price on insurance is with a lesser-known regional company.
For more information, feel free to browse the following helpful articles:
- Should I Purchase an Umbrella Liability Policy? (Insurance Information Institute)
- Who Has Cheap Auto Insurance Quotes for First-time Drivers in Albuquerque? (FAQ)
- How Much are Albuquerque Auto Insurance Quotes for a Ford Focus? (FAQ)
- How Much is Albuquerque Car Insurance for Real Estate Agents? (FAQ)
- How to Avoid Buying a Flooded Car (Insurance Information Institute)
- Learn About Car Insurance (GEICO)
- Winter Driving (Insurance Information Institute)