Compare Audi Q5 Insurance Quotes in Albuquerque

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Audi Q5 insurance cost
Audi Q5 insurance cost image courtesy of QuoteInspector.com

If saving the most money is your goal, then the best way to find cheaper prices for Audi Q5 insurance in Albuquerque is to start comparing prices regularly from different companies in New Mexico.

First, learn about auto insurance and the factors you can control to prevent rate increases. Many policy risk factors that cause high rates like accidents, traffic violations, and a negative credit score can be controlled by making minor driving habit or lifestyle changes. This article provides instructions to prevent expensive rate increases and find overlooked discounts.

Second, request price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only provide price estimates from one company like Progressive and State Farm, while independent agents can provide prices from many different companies.

Third, compare the new rate quotes to the price on your current policy to see if you can save by switching companies. If you find a better price and change companies, make sure coverage does not lapse between policies.

Fourth, notify your current company of your intention to cancel your existing policy. Submit a down payment along with a signed application to your new agent or company. As soon as you receive it, put the certificate of insurance in your vehicle's glove compartment or console.

One key aspect when comparing rates is to compare identical coverage information on each quote request and and to analyze as many carriers as you can. Doing this enables a fair price comparison and a complete price analysis.

Insurance quote for Audi Q5 in AlbuquerqueA recent NerdWallet.com study revealed that most drivers in New Mexico kept their coverage with the same car insurance company for four years or more, and roughly 40% of drivers have never even shopped around for cheap coverage. Most drivers in the United States could save roughly 46.5% every year just by getting comparison quotes, but they don't want to take the time to find cheap car insurance rates.

How to get the cheapest Audi Q5 insurance in Albuquerque, New Mexico

When comparison shopping, there are several ways to obtain and compare prices from companies that offer car insurance in New Mexico. The simplest method to compare rates involves getting comparison quotes online.

Just keep in mind that comparing more prices increases the chance that you will find the best offered rates.

The companies shown below are ready to provide price comparisons in Albuquerque, NM. To locate the cheapest auto insurance in New Mexico, we suggest you visit as many as you can to get a more complete price comparison.

Car insurance analysis for an Audi Q5

The coverage information displayed next showcases different insurance premium costs for Audi Q5 models. Learning as much as possible about how insurance prices are formulated can aid in making decisions on the best policy coverages.

Audi Q5 Insurance Rates in Albuquerque, NM
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Q5 3.2 Premium AWD $150 $368 $364 $22 $108 $1,012 $84
Q5 3.2 Premium Plus AWD $166 $368 $364 $22 $108 $1,028 $86
Q5 3.2 Premium Plus S-Line AWD $166 $368 $364 $22 $108 $1,028 $86
Q5 3.2 Prestige AWD $166 $418 $364 $22 $108 $1,078 $90
Q5 3.2 Prestige S-Line AWD $166 $418 $364 $22 $108 $1,078 $90
Get Your Own Custom Quote Go

Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Price information does not factor in specific garaging location which can influence coverage rates substantially.

An analysis of deductible level

When comparing car insurance rates, the most common question is how high should the deductibles for physical damage be. The following tables illustrate the rate difference when you buy lower versus higher deductibles. The first table uses a $250 deductible for comprehensive and collision coverage and the second price chart uses a $500 deductible.

Audi Q5 insurance premium estimates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Q5 3.2 Premium AWD $280 $570 $322 $20 $96 $1,313 $109
Q5 3.2 Premium Plus AWD $314 $570 $322 $20 $96 $1,347 $112
Q5 3.2 Premium Plus S-Line AWD $314 $570 $322 $20 $96 $1,347 $112
Q5 3.2 Prestige AWD $314 $644 $322 $20 $96 $1,421 $118
Q5 3.2 Prestige S-Line AWD $314 $644 $322 $20 $96 $1,421 $118
Get Your Own Custom Quote Go
Audi Q5 insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Q5 3.2 Premium AWD $228 $458 $322 $20 $96 $1,124 $94
Q5 3.2 Premium Plus AWD $254 $458 $322 $20 $96 $1,150 $96
Q5 3.2 Premium Plus S-Line AWD $254 $458 $322 $20 $96 $1,150 $96
Q5 3.2 Prestige AWD $254 $520 $322 $20 $96 $1,212 $101
Q5 3.2 Prestige S-Line AWD $254 $520 $322 $20 $96 $1,212 $101
Get Your Own Custom Quote Go

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Premium costs do not factor in zip code location which can increase or decrease coverage prices substantially.

Based on this data, using a $250 deductible will cost you approximately $16 more each month or $192 a year than quoting the higher $500 deductible. Since the policyholder would be required to pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you usually have at least 16 months between claims, you would come out ahead if you choose a higher deductible. The table below illustrates an example of how we made this calculation.

Average monthly premium for $250 deductibles: $114
Average monthly premium for $500 deductibles (subtract): - $98
Monthly savings from raising deductible: $16
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $16
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 16 months

Informed Consumers Can Lower Insurance Rates

Lots of factors are part of the calculation when you quote your car insurance policy. Some of the criteria are obvious such as your driving record, although some other factors are not as apparent like where you live or your commute time.

Listed below are some of the items companies use to determine prices.

  • Location can affect price - Being located in a small town is a good thing when it comes to auto insurance. Less people translates into fewer accident claims. City drivers regularly have more auto accidents and more time behind the wheel. Higher commute times statistically corresponds to a higher accident and claim rate.
  • Mileage impacts prices - Driving a lot of miles in a year the more you will pay for auto insurance. Most companies calculate rates based on how the vehicle is used. Cars that do not get driven very much receive better premium rates than cars that get driven a lot. It's always a good idea to double check that your auto insurance policy reflects the correct driver usage. Having an incorrect usage rating on your Q5 may be costing you.
  • Single drivers take more risk - Getting married can actually save you money on your auto insurance bill. Marriage may mean you are more responsible and insurance companies like that married drivers tend to have fewer serious accidents.
  • Rates go up with performance - The type of vehicle you need insurance for makes a significant difference in your car insurance bill. The cheapest rates are for the lowest performance passenger cars, but the final cost of insurance is determined by many other factors.

    The chart below is based on a married female driver age 30, full coverage with $250 deductibles, and no discounts or violations. It compares Audi Q5 insurance premiums compared to other makes and models that have a range of performance risks.

  • When should you not file policy claims? - Auto insurance companies in New Mexico give the best rates to drivers who only file infrequent claims. If you are the type of insured that files lots of claims you can pretty much guarantee either a policy non-renewal or much higher rates. Insurance coverage is intended to be relied upon for larger claims.
  • Men tend to take more risk - Statistics show that females tend to be a little less risky than males. However, don't assume that females are better at driving than males. Females and males have accidents at a similar rate, but males get into accidents with more damage. Not only are claims higher, but men have more aggressive citations such as reckless driving. Teenage male drivers are the most expensive to insure so they pay the highest premiums.

    The example below illustrates the comparison of Audi Q5 insurance premiums for male and female drivers. The premiums are based on no violations or claims, comp and collision included, $250 deductibles, single marital status, and no policy discounts are applied.

  • Audi Q5 claim data - Insurance companies include the past claim trends for vehicles as a way to help calculate a profitable premium rate. Models that the data shows to have a trend towards higher claim severity or frequency will have increased rates. The table below demonstrates the loss history for Audi Q5 vehicles.

    For each policy coverage, the statistical loss for all vehicles as a whole is represented as 100. Values under 100 indicate better than average losses, while percentages above 100 point to more frequent losses or an increased chance of larger losses than average.

    Audi Q5 Insurance Claim Statistics
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Audi Q5 4dr 4WD 143 96 110 61 55 78
    Audi Q5 Hybrid 4dr 4WD 156 165
    BETTER
    AVERAGE
    WORSE

    Empty fields indicate not enough data collected
    Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Protect your Audi vehicle and other assets

Despite the high cost of buying insurance for a Audi Q5 in Albuquerque, insuring your vehicle is required by state law in New Mexico and it also provides benefits you may not be aware of.

  • Most states have mandatory insurance requirements which means you are required to buy a specific level of liability 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 bought your vehicle with a loan, more than likely the lender will force you to have physical damage coverage to ensure loan repayment if the vehicle is totaled. If you default on your policy, the bank may insure your Audi at a much higher rate and force you to reimburse them for the expensive policy.
  • Insurance safeguards not only your vehicle but also your assets. It will also cover all forms of medical expenses for not only you but also any passengers injured in an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees in the event you are sued. If your vehicle suffers damage from an accident or hail, your auto insurance policy will cover the damage repairs after a deductible is paid.

The benefits of carrying adequate insurance greatly outweigh the cost, especially if you ever need it. The average driver in New Mexico is wasting up to $700 annually so it's recommended you shop around once a year at a minimum to save money.