It's amazing but a large majority of auto insurance policyholders have purchased from the same company for at least the last four years, and about 40% of consumers have never compared auto insurance rates at all. With the average premium in New Mexico being $1,200, drivers could save about $500 each year by just shopping around, but they assume it's a waste of time to compare rate quotes online.
The recommended way to get the cheapest BMW X1 insurance in Albuquerque is to start doing a yearly price comparison from insurance carriers who provide car insurance in New Mexico.
- Read and learn about auto insurance and the factors you can control to prevent expensive coverage. Many risk factors that result in higher rates like at-fault accidents, speeding tickets, and poor credit rating can be controlled by making small lifestyle or driving habit changes.
- Get rate quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only quote rates from a single company like Progressive or Allstate, while independent agents can provide price quotes for a wide range of insurance providers.
- Compare the new rate quotes to the price on your current policy to see if cheaper X1 coverage is available. If you find a lower rate quote, make sure there is no coverage gap between policies.
- Provide adequate notice to your current company to cancel your current policy and submit payment along with a signed and completed policy application for your new policy. Be sure to place your new certificate verifying proof of insurance in an easily accessible location in your vehicle.
The key thing to remember is to use similar limits and deductibles on every quote request and and to get quotes from every insurance company. Doing this helps ensure a fair price comparison and and a good selection of different prices.
Why Informed Drivers Pay Less for BMW X1 Insurance
Many things are used in the calculation when premium rates are determined. Some factors are common sense such as your driving record, although others are more transparent such as your credit history or your commute time.
Cut prices and deter theft - Selecting a car model with anti-theft technology or alarm system can help bring down rates. Anti-theft devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping your vehicle from being stolen.
Adjust deductibles and save - Insurance for physical damage, also known as collision and other-than-collision, protects your BMW from damage. Examples of covered claims are a broken side mirror, flood damage, and burglary. Comp and collision deductibles tell how much you are willing to pay if a covered claim is submitted. The more money you're willing to pay, the lower your rates will be.
More performance means more cost - The performance level of the car you are insuring makes a significant difference in determining your rates. Low performance passenger vehicles usually have the lowest premiums, but the final cost of insurance is determined by many other factors.
Is you employer costing you more? - Did you know your career choice can influence rates? Occupations such as real estate brokers, executives, and accountants have higher premium rates due to stressful work requirements and lots of time spent at work. On the other hand, professions such as farmers, athletes and the unemployed have lower than average premiums.
Insurance losses for a BMW X1 - Insurers take into consideration insurance loss statistics for every vehicle in order to profitably underwrite each model. Models that statistically have a higher amount or frequency of claims will cost more for specific coverages.
The data below shows the historical insurance loss data for BMW X1 vehicles. For each coverage category, the loss probability for all vehicles compiled together equals 100. Values under 100 suggest a positive loss record, while numbers above 100 point to more losses or an increased chance of larger losses than average.
|Specific BMW Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW X1 4dr 2WD||99||86||113||90||95||87|
|BMW X1 4dr 4WD||103||96||120||73||69||82|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Affordable rates by taking advantage of discounts
Some insurers do not list every discount in an easy-to-find place, so the following is a list of some of the more common and the harder-to-find car insurance savings. If you do not double check each discount you deserve, you're just leaving money on the table.
- Passive Restraints and Air Bags - Cars that have air bags or motorized seat belts can qualify for discounts of 20 to 30 percent.
- Own a Home - Owning a house in Albuquerque can save a few bucks since owning and maintaining a home means you have a higher level of financial diligence.
- Multi-policy Discount - If you can combine your home and auto policy with one insurance company you could earn a discount of at least 10% off all policies.
- Organization Discounts - Affiliation with specific professional or occupational memberships or organizations can get you a small discount on your next renewal.
- Drive Safe and Save - Drivers who avoid accidents could pay up to 40% less than their less cautious counterparts.
It's important to understand that most discounts do not apply to the whole policy. Most only cut the price of certain insurance coverages like collision or personal injury protection. So even though it sounds like you could get a free car insurance policy, you aren't that lucky.
Car insurance companies that have these benefits include:
Before buying, ask each company which discounts you qualify for. Some discounts listed above might not be available to policyholders in your area. If you would like to choose from a list of companies that have a full spectrum of discounts in New Mexico, click this link.
What is the best car insurance company in New Mexico?
Buying coverage from the right insurance provider can be rather challenging considering how many different companies sell coverage in New Mexico. The rank data in the lists below may help you decide which auto insurers to look at putting your business with.
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%
Don't give up on affordable coverage
Discount BMW X1 insurance in Albuquerque is attainable on the web and also from your neighborhood Albuquerque agents, and you need to comparison shop both so you have a total pricing picture. Some insurance companies do not provide online quoting and most of the time these small, regional companies prefer to sell through independent agencies.
As you shop your coverage around, do not skimp on critical coverages to save a buck or two. There are too many instances where an insured dropped physical damage coverage and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your objective should be to buy a smart amount of coverage at the best cost while still protecting your assets.
Much more information about insurance in New Mexico can be read at the links below