Save Money on Acura TSX Insurance in Albuquerque

A recent auto insurance study revealed that a large majority of drivers have bought auto insurance from the same company for a minimum of four years, and nearly the majority have never even shopped around for cheaper coverage. Consumers in Albuquerque can save hundreds of dollars each year by just comparing rate quotes, but they assume it’s a waste of time to do a rate comparison.

Discount Acura TSX insuranceThe preferred way to find discount Acura TSX insurance is to start doing an annual price comparison from insurers who sell auto insurance in Albuquerque.

A good tip to remember is that you’ll want to compare similar deductibles and liability limits on each price quote and and to compare as many car insurance companies as possible. Doing this helps ensure a level playing field and and a good selection of different prices.

If you have insurance now, you should be able to reduce premiums using these tips. Buying the cheapest insurance in Albuquerque is actually not that difficult if you follow our advice. Nevertheless, New Mexico consumers can benefit from knowing the methods companies use to determine how much to charge and apply this information to your search.

When quoting car insurance, remember that comparing all the rates in your area will increase your chances of finding the best offered rates. Some smaller insurers do not give online price quotes, so it’s important to also get quotes from the smaller companies as well.

The following companies provide free rate quotes in Albuquerque, NM. If multiple companies are listed, we suggest you compare several of them to get a more complete price comparison.

Rate information and statistics

The table shown below showcases detailed analysis of insurance rates for Acura TSX models. Having a better understanding of how insurance prices are figured is important for drivers to make smart choices when buying a car insurance policy.

Acura TSX Insurance Rates in Albuquerque, NM
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
TSX $224 $458 $332 $20 $100 $1,134 $95
TSX Technology Package $224 $458 $332 $20 $100 $1,134 $95
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Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Price information does not factor in specific zip code location which can increase or decrease premiums considerably.

Higher deductibles lower rates

A question often asked by Albuquerque drivers is at what level do you set your deductibles. The rates shown below illustrate how much more you’ll pay of buying low and high physical damage deductibles. The first data set uses a $250 physical damage deductible and the second set of prices uses a $1,000 deductible.

Acura TSX insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
TSX $280 $494 $274 $16 $82 $1,171 $98
TSX Technology Package $280 $494 $274 $16 $82 $1,171 $98
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Acura TSX insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
TSX $174 $310 $274 $16 $82 $856 $71
TSX Technology Package $174 $310 $274 $16 $82 $856 $71
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Rates do not factor in vehicle location which can revise coverage rates substantially.

Based on this data, using a $250 deductible costs an average of $27 more each month or $324 annually than requesting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to have at least 28 months between claims, you would probably be better off if you choose a higher deductible.

The illustration below demonstrates how deductible levels and can change Acura TSX insurance premiums for each different age group. The rates are based on a married male driver, comp and collision included, and no discounts are factored in.

Insurance rate increases from tickets or accidents

The diagram below illustrates how violations and at-fault accidents can increase Acura TSX car insurance rates for each different age group. The premium estimates are based on a single female driver, full coverage, $100 deductibles, and no other discounts are factored in.

Rate comparison of full coverage and liability-only

The chart below visualizes the comparison of Acura TSX car insurance costs with full physical damage coverage and with liability coverage only. The premiums are based on no claims or driving violations, $100 deductibles, single status, and no discounts are applied.

When to drop comprehensive and collision

There is no clear-cut formula to eliminate physical damage coverage on your policy, but there is a broad guideline. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, then you might consider buying liability only.

For example, let’s say your Acura TSX claim settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $2,000 after paying your deductible. If it’s costing in excess of $200 a year for physical damage coverage, then you may want to consider only buying liability coverage.

There are a few situations where dropping full coverage is not a good idea. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not consider dropping full coverage.

Learn How to Get Car Insurance Cheaper

Consumers need to have an understanding of a few of the rating criteria that come into play when calculating car insurance rates. When consumers understand what influences your rates, this enables you to make decisions that may reward you with big savings.

The factors shown below are some of the major factors used by companies to determine your rates.

Urban residents pay more – Residing in a small town can save you money if you are looking for the lowest rates. Fewer drivers means fewer accidents as well as less vandalism and auto theft. People who live in big cities have more aggressive driving styles and longer commutes to work. More time behind the wheel means more chances of being involved in an auto accident.

Car insurance liability limits – Your car insurance policy’s liability coverage will protect you in the event that you are responsible for personal injury or accident damage. Liability provides legal defense starting from day one. Liability insurance is quite affordable when compared to the cost of physical damage coverage, so drivers should make sure they buy enough to cover all assets.

Your occupation is a factor – Did you know your career choice can influence rates? Occupations like judges, social workers, and stock brokers are shown to have the highest average rates attributed to intense work situations and lots of time spent away from family. On the other hand, occupations such as scientists, engineers and performers get better rates.

Fewer miles means better premiums – The more miles you rack up on your Acura in a year’s time the higher your rate. Many insurance companies charge rates based upon how much you drive. Cars used primarily for pleasure use can get a lower rate than vehicles that are driven to work every day. It’s always a good idea to double check that your car insurance coverage is rated on the correct driver usage. Having an incorrect usage rating on your TSX may be costing you higher rates.

Credit rating impact car insurance costs – Having a bad credit score is a big factor in determining premium rates. So if your credit rating is lower than you’d like, you could be paying less to insure your Acura TSX if you clean up your credit. Insureds with good credit tend to file fewer claims and have better driving records than drivers who have poor credit scores.

Are men or women drivers cheaper? – Over time, data shows that females tend to be a little less risky than males. However, don’t assume that women are better drivers. Both genders cause auto accidents in similar numbers, but men get into accidents with more damage. Not only that, but men also get ticketed for serious violations such as DWI and reckless driving.

The diagram below illustrates the comparison of Acura TSX car insurance costs for male and female drivers. The data assumes no driving violations, no at-fault accidents, comprehensive and collision coverage, $1,000 deductibles, drivers are not married, and no other discounts are factored in.

Marriage discount – Walking down the aisle actually saves money on car insurance. It demonstrates that you tend to be more mature than a single person and statistics prove drivers who are married file infrequent claims.

Insurance in New Mexico serves several purposes

Even though it’s not necessarily cheap to insure an Acura in Albuquerque, insuring your vehicle serves several important purposes.

First, the majority of states have compulsory liability insurance requirements which means it is punishable by state law to not carry a minimum amount 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.

Second, if your vehicle has a loan, most banks will require that you have full coverage to ensure loan repayment if the vehicle is totaled. If you cancel or allow the policy to lapse, the lender may insure your Acura at a more expensive rate and force you to pay for the much more expensive policy.

Third, insurance protects both your Acura TSX and your assets. It will also reimburse you for hospital and medical expenses incurred in an accident. Liability coverage will also pay to defend you if you are sued as the result of your driving. If you receive damage to your vehicle caused by a storm or accident, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.

The benefits of insuring your TSX definitely exceed the price paid, especially for larger claims. Despite what companies tell you, the average driver is currently overpaying as much as $700 annually so we recommend shopping around each time the policy renews to ensure rates are competitive.