The most effective way to find discount car insurance rates is to compare quotes once a year from insurers who sell insurance in Albuquerque.
- Try to understand what coverages are included in your policy and the measures you can control to drop your rates. Many rating factors that increase rates such as speeding and a poor credit score can be improved by being financially responsible and driving safely. This article provides the details to find cheap rates and get additional discounts that may be available.
- Quote rates from direct, independent, and exclusive agents. Exclusive and direct companies can provide rates from a single company like GEICO or State Farm, while independent agents can provide price quotes for a wide range of companies.
- Compare the price quotes to the price on your current policy to see if you can save by switching companies. If you can save money and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
The key aspect of shopping around is to make sure you’re comparing similar limits and deductibles on each quote and and to get quotes from as many companies as possible. Doing this helps ensure a fair price comparison and a complete price analysis.
It’s safe to assume that auto insurance companies want to keep you from comparing prices. Insureds who shop around for cheaper prices will most likely move their business because there are good odds of finding more affordable rates. Remarkably, a study showed that consumers who faithfully checked for cheaper rates saved about $3,500 over four years compared to those who never shopped for cheaper rates.
If finding budget-friendly Ford Transit Connect insurance is your objective, then having a good understanding how to get price quotes and compare coverages can save time, money, and frustration.
This article will introduce you to how car insurance companies work and some money-saving tips. If you are paying for car insurance now, you will surely be able to save money using the concepts covered in this article. But New Mexico drivers can benefit from knowing how the larger insurance companies set your policy premium and apply this information to your search.
The best way to compare insurance rates from multiple companies is to know the fact almost all companies provide online access to provide you with a free rate quote. To get started, all you need to do is provide details such as daily mileage, types of safety features, your credit rating estimate, and driver details. That rating data is submitted instantly to many of the top insurers and you will get price comparisons almost instantly.
To start a quote now, click here then complete the form.
The companies in the list below offer price quotes in New Mexico. If you wish to find cheap car insurance in New Mexico, we recommend you click on several of them to get the lowest price.
Rate information and statistics
The price information shown next covers different rate quotes for Ford Transit Connect models. Understanding more about how insurance quotes are formulated is important for you to make smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Transit Connect XL 2WD||$198||$386||$332||$20||$100||$1,036||$86|
|Transit Connect XLT 2WD||$198||$386||$332||$20||$100||$1,036||$86|
|Get Your Own Custom Quote Go|
Data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Price estimates do not factor in specific Albuquerque garaging location which can increase or decrease coverage prices considerably.
Irresponsible driving raises your rates
The illustration below illustrates how violations and at-fault fender-benders increase Ford Transit Connect car insurance costs for each different age group. Data assumes a single male driver, comprehensive and collision coverage, $100 deductibles, and no additional discounts are factored in.
Rate comparison of males versus females
The example below shows the comparison of Ford Transit Connect annual premium costs for male and female drivers. The information is based on no tickets, no at-fault accidents, full coverage, $500 deductibles, single status, and no policy discounts are applied.
Cost difference between full coverage and liability
The illustration below compares Ford Transit Connect annual premium costs with full physical damage coverage and with liability coverage only. The rates are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are not married, and no policy discounts are applied.
When to drop full coverage
There is no exact formula to exclude physical damage coverage on your policy, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 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 pretend your Ford Transit Connect book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $7,000 after paying your policy deductible. If you are currently paying more than $700 annually for physical damage coverage, then you might consider buying liability only.
There are some circumstances where only buying liability is not financially feasible. If you haven’t paid off your loan, you have to carry full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.
Why you need auto insurance
Despite the high cost, insurance is most likely required but also gives you several important benefits.
- Just about all states have minimum mandated liability insurance limits which means you are required to carry specific limits of liability insurance in order to be legal. 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 took out a loan on your vehicle, most banks will stipulate that you carry insurance to ensure loan repayment if the vehicle is totaled. If you let the policy lapse, the lender may insure your Ford at a much higher rate and force you to pay a much higher amount than you were paying before.
- Insurance protects both your assets and your Ford. It will also cover medical expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance will also pay to defend you if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of buying auto insurance outweigh the cost, especially with large liability claims. But the average American driver is wasting up to $830 a year so it’s important to compare rates at every renewal to ensure rates are competitive.
Discounts can help lower premiums on Ford Transit Connect insurance in Albuquerque
Some companies don’t always list every available discount in an easy-to-find place, so we took the time to find some of the more common as well as some of the hidden savings tricks you should be using when you buy Albuquerque auto insurance online. If you are not receiving all the discounts you deserve, you could be getting lower rates.
- Payment Discounts – By making one initial payment as opposed to paying monthly you could save up to 5%.
- Discounts for Safe Drivers – Insureds without accidents can pay as much as 50% less as compared to drivers with claims.
- No Charge for an Accident – Not really a discount, but a few companies such as Allstate, State Farm and GEICO may permit one accident before they charge you more for coverage with the catch being you have to be claim-free prior to being involved in the accident.
- No Claims – Good drivers with no accidents get the best insurance rates as compared to drivers with a long claim history.
- Student Driver Training – It’s a good idea to have your young drivers enroll in driver’s education as it will make them better drivers and lower rates.
Don’t be surprised that some credits don’t apply to your bottom line cost. A few only apply to the price of certain insurance coverages like physical damage coverage or medical payments. If you do the math and it seems like adding up those discounts means a free policy, you aren’t that lucky.
The diagram below illustrates the difference between Ford Transit Connect auto insurance costs with and without discounts being applied to the rates. The premium estimates are based on a female driver, no tickets, no at-fault accidents, New Mexico state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, claim-free, marriage, multi-car, and homeowner discounts applied.
The best insurance companies and some of their more popular discounts are:
- State Farm may include discounts for passive restraint, Drive Safe & Save, multiple policy, Steer Clear safe driver discount, good student, and good driver.
- American Family offers discounts for accident-free, defensive driver, Steer into Savings, bundled insurance, mySafetyValet, air bags, and good driver.
- GEICO offers premium reductions for federal employee, military active duty, anti-theft, seat belt use, membership and employees, and multi-policy.
- 21st Century offers discounts including teen driver, defensive driver, good student, early bird, student driver, and anti-lock brakes.
- Progressive discounts include multi-vehicle, good student, online signing, multi-policy, homeowner, online quote discount, and continuous coverage.
When quoting, ask every insurance company to apply every possible discount. Some credits might not be available to policyholders in every state. To choose insurance companies offering insurance discounts in Albuquerque, click this link.
Local Albuquerque car insurance agents and car insurance
Many drivers still like to talk to a local agent and we recommend doing that A good thing about price shopping on the web is the fact that you can find lower rates but still work with a licensed agent. And supporting local insurance agencies is important especially in Albuquerque.
After filling out this short form, your insurance data is sent to participating agents in Albuquerque that provide free Albuquerque auto insurance quotes to get your business. It simplifies rate comparisons since you won’t have to leave your computer since rate quotes are delivered immediately to you. You can get cheaper car insurance rates without requiring a lot of work. If you have a need to quote rates from a particular provider, just visit that company’s website and submit a quote form there.
If you need to find a local Albuquerque insurance agency, it’s helpful to know the different types of agents and how they can service your needs differently. Albuquerque agents may be either independent or exclusive.
Independent Car Insurance Agents
These agents are not limited to a single company so as a result can place your coverage through many different car insurance companies and possibly get better coverage at lower prices. To transfer your coverage to a different company, the business is moved internally and you won’t have to switch agencies. If you need lower rates, you definitely need to contact at least one independent agent to have the most options to choose from.
Shown below are Albuquerque independent insurance agents who may be able to give you price quote information.
J. B. Martin Insurance Agency
8500 Menaul Blvd NE #345 – Albuquerque, NM 87112 – (505) 888-8846 – View Map
Exclusive Insurance Agents
Agents that choose to be exclusive write business for a single company and some examples include State Farm, AAA, Farmers Insurance or Allstate. Exclusive agents cannot provide rate quotes from other companies so they really need to provide good service. Exclusive insurance agents are very knowledgeable on their products and sales techniques and that allows them to sell at a higher price point.
Shown below are exclusive insurance agencies in Albuquerque who can help you get price quotes.
Deciding on an insurance agency shouldn’t rely on just the bottom line cost. The questions below may impact your decision as well.
- If your car is in the repair shop, do you have coverage for a rental car?
- Do they receive special compensation for putting your coverage with one company over another?
- Is the agency involved in supporting local community causes?
- Does the company use OEM repair parts?
- Are they able to influence company decisions when a claim is filed?
Car insurance coverages explained
Having a good grasp of car insurance aids in choosing the best coverages and the correct deductibles and limits. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording. Below you’ll find typical coverage types offered by car insurance companies.
Comprehensive coverage (or Other than Collision) – Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive insurance covers things like damage from a tornado or hurricane, theft, fire damage, hail damage and damage from flooding. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Liability coverages – This coverage protects you from damage that occurs to other people or property by causing an accident. This coverage protects you against claims from other people. Liability doesn’t cover your own vehicle damage or injuries.
It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show policy limits of 25/50/10 that means you have $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and a limit of $10,000 paid for damaged property. Alternatively, you may have one limit called combined single limit (CSL) which combines the three limits into one amount and claims can be made without the split limit restrictions.
Liability can pay for things such as legal defense fees, loss of income, structural damage and court costs. How much coverage you buy is a decision to put some thought into, but you should buy as high a limit as you can afford. New Mexico state law requires minimum liability limits of 25/50/10 but you should think about purchasing more coverage.
The illustration below demonstrates why minimum state limits may not be adequate.
Uninsured Motorist or Underinsured Motorist insurance – This coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. Covered losses include medical payments for you and your occupants and damage to your Ford Transit Connect.
Since a lot of drivers carry very low liability coverage limits (New Mexico limits are 25/50/10), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is a good idea. Most of the time these limits are similar to your liability insurance amounts.
Collision – Collision coverage covers damage to your Transit Connect caused by collision with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.
Collision insurance covers claims like sideswiping another vehicle, driving through your garage door and colliding with a tree. Collision is rather expensive coverage, so consider removing coverage from vehicles that are older. It’s also possible to bump up the deductible on your Transit Connect to save money on collision insurance.
Insurance for medical payments – Medical payments and Personal Injury Protection insurance pay for expenses like funeral costs, hospital visits and X-ray expenses. They are often used in conjunction with a health insurance policy or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants and will also cover getting struck while a pedestrian. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay
How to find a good New Mexico car insurance company
Choosing a high-quality auto insurance company is difficult considering how many different companies insure vehicles in Albuquerque. The ranking data in the lists below can help you pick which providers to look at when comparing rate quotes.
Top 10 Albuquerque Car Insurance Companies Ranked by Customer Satisfaction
- Titan Insurance – 95%
- USAA – 94%
- AAA Insurance – 91%
- Nationwide – 90%
- State Farm – 90%
- The Hartford – 89%
- GEICO – 89%
- 21st Century – 88%
- Liberty Mutual – 88%
- Allstate – 88%
Top 10 Albuquerque Car Insurance Companies Ranked by Claims Service
- State Farm
- AAA Insurance
- Liberty Mutual
- Titan Insurance
- The Hartford
- Mercury Insurance
Auto insurance savings summarized
In this article, we presented some good ideas how you can get a better price on Ford Transit Connect insurance in Albuquerque. It’s most important to understand that the more you quote Albuquerque auto insurance, the more likely it is that you will get a better rate. You may even discover the biggest savings come from a company that doesn’t do a lot of advertising. These companies often have lower prices on specific markets compared to the large companies like GEICO and State Farm.
As you quote Albuquerque auto insurance, do not skimp on coverage in order to save money. In many instances, an accident victim reduced collision coverage and learned later that saving that couple of dollars actually costed them tens of thousands. Your focus should be to get the best coverage possible for the lowest cost, but do not sacrifice coverage to save money.
More tips and info about auto insurance is available by following these links:
- Collision Insurance Coverage (Nationwide)
- How Much are Albuquerque Auto Insurance Quotes for a Toyota Tacoma? (FAQ)
- Who Has Cheap Auto Insurance Quotes for Police Officers in Albuquerque? (FAQ)
- How Much are Car Insurance Quotes for a Honda Civic in Albuquerque? (FAQ)
- What Insurance is Cheapest for a Hyundai Elantra in Albuquerque? (FAQ)
- Uninsured Motorist Statistics (Insurance Information Institute)
- Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)