Buying the best cheap car insurance for a Honda CR-V depends on a large number of rating criteria such as age of the vehicle, the condition of your credit, and blemishes on your driving record. New Mexico drivers pay around $745 a year for CR-V insurance, but that price is an estimate based on a 50-year-old single male driver with both comprehensive and collision coverage and $500 deductibles.
There’s a good chance you may not be 50 years old (or even male), possibly married instead of single, and maybe your CR-V just needs liability-only coverage. Having the smallest difference in rating variables could end up in a significant change in the price of coverage.
Different coverage needs are the reason why the best way to find the cheapest rates for your Honda is to just compare rates yourself.
The specific trim level can impact the coverage cost, so the price you pay to insure a CR-V LX 2WD trim level will be $22 less than the cost to insure the more costly CR-V EX-L 4WD version, as shown in the table below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|CR-V LX 2WD||$152||$286||$310||$18||$92||$858||$72|
|CR-V EX 2WD||$152||$286||$310||$18||$92||$858||$72|
|CR-V LX 4WD||$152||$286||$310||$18||$92||$858||$72|
|CR-V EX 4WD||$174||$286||$310||$18||$92||$880||$73|
|CR-V EX-L 2WD||$174||$286||$310||$18||$92||$880||$73|
|CR-V EX-L 4WD||$174||$286||$310||$18||$92||$880||$73|
|Get Your Own Custom Quote Go|
Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Price estimates do not factor in your specific Albuquerque location which can alter insurance rates greatly.
Choosing a good quality insurance company can be a challenge considering how many companies provide coverage in Albuquerque. The company ratings shown below can help you analyze which providers you want to consider shopping prices with.
The ratings below are for the companies with a significant amount of written premium nationwide, so smaller companies are not included in the list. If you wish to compare rates and find cheaper insurance for a Honda CR-V, simply click here.
Top 10 Major Auto Insurance Providers in Albuquerque Ranked by Value
- American Family
- The Hartford
- Titan Insurance
- The General
- AAA Insurance
- State Farm
Top 10 Major Auto Insurance Providers in Albuquerque Ranked by Claims Service
- State Farm
- AAA Insurance
- Liberty Mutual
- Titan Insurance
- The Hartford
- The General
The illustration below illustrates how your deductible choice can impact premium costs when trying to find cheap insurance for a Honda CR-V. The information is based on a married female driver, comprehensive and collision coverage, and no additional discounts are factored in.
The data above shows that a 30-year-old driver could save $256 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $388 by using a $1,000 deductible. Young drivers, such as the 20-year-old example, can cut $544 annually just by choosing higher deductibles. When raising deductibles, it’s a good idea to have plenty of savings on hand to cover the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Liability-only versus full coverage
Paying a lower price for auto insurance is probably important to the majority of drivers, and one great way to save on the cost of insurance for a Honda CR-V is to only pay for liability coverage. The diagram below shows the difference between annual premium costs with liability coverage only compared to full coverage. The prices are based on no accidents or driving violations, $250 deductibles, marital status is single, and no discounts are taken into consideration.
Averaged for all ages 20 through 70, physical damage coverage on your policy costs $1,695 per year more than just buying liability only. That amount may make you wonder when is it safe to stop buying full coverage. There is no written rule that is best for determining when to drop full coverage on your policy, but there is a general school of thought. If the annual cost of coverage is 10% or more of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
The importance of shopping around
Albuquerque auto insurance rates are influenced by many factors which can substantially change your annual premium. Simply turning a year older, filing a claim, or getting a couple of tickets may generate price changes that may make certain companies more affordable than others. Also, companies file new New Mexico auto insurance rates multiple times each year as an adjustment for underwriting gains or losses. A period of higher than normal claims can result in rate increases, while a better claims history may cause more affordable CR-V insurance rates.
As an example, the data below shows which company has the cheapest car insurance in Albuquerque, NM for a 30-year-old male driver with a good driving record, no prior claims, and great credit. If we look at prices based on his current risk profile, USAA may offer the best car insurance rates in Albuquerque at $876 per year. This is $692 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are the rest of the cheapest Albuquerque, NM auto insurance companies.
In this example, we will give the driver from the first set of rates an at-fault accident, poor credit, and a stop sign violation. Because each company has a proprietary method to set their prices, analyzing rates may now result in a different ranking of the cheapest companies as shown below.
USAA now has the cheapest price in Albuquerque, NM with The Hartford, Central Mutual, Allied, and Safeco now being in the top five. This example illustrates why it is critical to do a thorough rate comparison to find the most budget-friendly insurance rates for a Honda CR-V.
Rates are made up of many different factors and can change substantially, so the lowest-price company when you last compared rates may now be quite expensive.
The Albuquerque auto insurance agencies shown below are a good start to aid you in deciding which policy fits your needs best, as some people have coverage questions and would like to have some advice when trying to find the best insurance rates for a CR-V. It can be difficult to find the cheapest auto insurance company, and getting advice from a licensed New Mexico insurance agent can provide peace of mind knowing your coverage gives you adequate protection in case of an accident or claim.
To locate an Albuquerque insurance agent using an interactive map, click the button after the list.
Associated Insurance Professionals, Inc
1429 Carlisle Blvd NE – Albuquerque, NM 87110 – (505) 265-3704
Rosendo Aragon – State Farm Insurance Agent
1808 Lomas Blvd NW b – Albuquerque, NM 87104 – (505) 247-2921
State Farm: Nancy Berch
2716 San Pedro Dr NE – Albuquerque, NM 87110 – (505) 881-1008
Bob Jones – State Farm Insurance Agent
3613 NM-528 B – Albuquerque, NM 87114 – (505) 898-9505
Lorraine Y Chavez Insurance Agency, Inc.
8224 Louisiana Blvd NE – Albuquerque, NM 87113 – (505) 821-7123
Tips for buying cheaper insurance for a Honda CR-V
Lowering your rates is not difficult, and here are some of the better money-saving ideas that can help you locate lower-cost auto insurance.
- Maintain a safe distance and avoid accidents
- Buy your homeowners policy from the same company as your auto insurance
- Try to remain claim-free
- Ensure your driving record is clean
- Get cheaper liability coverage by choosing a safer vehicle
- Compare rate quotes frequently
The last item on the list is extraordinarily necessary, as we discussed in the prior information. Coverage prices vary considerably, so you should be ready to switch carriers if a more affordable rate is found.
Having a favorite company is fine, but it’s not a good idea if that loyalty results in overpaying potentially thousands of dollars a year. Spend a few minutes and compare prices to find cheaper auto insurance for a Honda CR-V in Albuquerque.