It’s a fact that car insurance companies don’t want you to compare rates. Drivers who shop around for cheaper price quotes are likely to switch companies because of the high probability of finding a policy with more affordable rates. Remarkably, a study showed that consumers who faithfully checked for cheaper rates saved about $850 each year as compared to drivers who never compared rates.
If finding the best rates on auto insurance in Albuquerque is the reason for your visit, learning how to quote prices and compare insurance rates can save time and make the process easier.
If you want to save money, the best way to get low-cost auto insurance rates is to do a yearly price comparison from different companies in Albuquerque. Drivers can shop around by following these steps.
First, spend some time learning about how insurance works and the measures you can control to prevent expensive coverage. Many things that increase rates such as your driving record and a poor credit score can be controlled by improving your driving habits or financial responsibility. Continue reading for more details to get low prices and find overlooked discounts.
Second, quote rates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can provide rates from one company like GEICO and State Farm, while agents who are independent can provide price quotes for many different companies. Select a company
Third, compare the new rate quotes to the price on your current policy to determine if switching companies saves money. If you find a lower rate quote, make sure coverage is continuous and does not lapse.
Fourth, notify your agent or company of your decision to cancel your current policy. Submit a signed application and payment to the new company. Don’t forget to keep your new certificate of insurance in your vehicle.
One piece of advice is to make sure you enter the same physical damage deductibles and liability limits on every quote and and to get rate quotes from as many auto insurance providers as possible. This provides an accurate price comparison and a complete rate analysis.
Quoting cheaper policy in Albuquerque is not as hard as you think. If you have insurance now or are looking for a new policy, you can follow these tips to save money without reducing coverage. Drivers only need an understanding of the best way to get comparison rates online.
Finding a better price on auto insurance doesn’t have to be difficult. Consumers just need to take a few minutes getting comparison quotes to find out which insurance company has affordable Albuquerque auto insurance quotes.
The auto insurance companies shown below are ready to provide quotes in New Mexico. To locate the cheapest auto insurance in NM, it’s highly recommended you visit several of them to get the best price comparison.
Ford Explorer insurance charts and tables
The table displayed below showcases different coverage costs for Ford Explorer models. Learning how rates are established can help customers make smart choices when buying a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Explorer XLT 2WD||$132||$212||$364||$22||$108||$838||$70|
|Explorer Eddie Bauer 2WD||$132||$212||$364||$22||$108||$838||$70|
|Explorer XLT 4WD||$132||$212||$364||$22||$108||$838||$70|
|Explorer XLT AWD||$132||$212||$364||$22||$108||$838||$70|
|Explorer Eddie Bauer 4WD||$150||$258||$364||$22||$108||$902||$75|
|Explorer Eddie Bauer AWD||$150||$258||$364||$22||$108||$902||$75|
|Explorer Limited 2WD||$150||$258||$364||$22||$108||$902||$75|
|Explorer Limited 4WD||$150||$258||$364||$22||$108||$902||$75|
|Explorer Limited AWD||$150||$258||$364||$22||$108||$902||$75|
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Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Information does not factor in zip code location which can change rates substantially.
Rate comparison of males versus females
The diagram below shows the comparison of Ford Explorer insurance rates for male and female drivers. The data assumes a clean driving record, no claims, full physical damage coverage, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
Ford Explorer full coverage rates compared to liability only
The diagram below compares Ford Explorer auto insurance costs when comparing full coverage to liability only. The price estimates are based on no violations or accidents, $100 deductibles, marital status is single, and no discounts are applied to the premium.
When to drop comprehensive and collision coverage
There isn’t a steadfast formula of when to exclude comprehensive and collision coverage on your policy, but there is a general convention. If the yearly cost for physical damage coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s pretend your Ford Explorer replacement cost is $5,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $4,000 after the deductible is paid. If it’s costing you more than $400 a year to have full coverage, then you might want to think about dropping full coverage.
There are a few cases where dropping physical damage coverage is not in your best interest. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Three reasons to not skimp on car insurance
Despite the high cost of buying insurance for a Ford Explorer in Albuquerque, insuring your vehicle may not be optional for several reasons.
- Just about all states have minimum liability requirements which means you are required to buy a specific minimum amount of liability protection in order to license the vehicle. 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 your Ford Explorer has a loan, more than likely the lender will have a requirement that you have comprehensive coverage to guarantee loan repayment. If you default on your policy, the lender may have to buy a policy to insure your Ford at a much higher premium rate and make you pay the higher price.
- Insurance protects both your assets and your car. It will also pay for hospital and medical expenses for yourself as well as anyone injured by you. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if you are sued as the result of your driving. If you have damage to your Ford as the result of the weather or an accident, your car insurance policy will pay to repair the damage minus the deductible amount.
The benefits of carrying adequate insurance more than offset the price you pay, particularly for liability claims. An average driver in America is overpaying more than $820 a year so smart consumers compare quotes at every renewal to ensure rates are competitive.
Why Your Insurance Costs might be higher
Lots of things are used in the calculation when pricing auto insurance. Some are pretty understandable such as your driving record, although others are more obscure such as your marital status or how safe your car is.
Physical damage deductibles – Your deductibles represent how much money you are required to spend if a covered claim is submitted. Physical damage coverage, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. Some examples of covered claims are colliding with a stationary object, hail damage, and having a roll-over accident. The more money you are required to pay out-of-pocket, the bigger discount you will receive.
Vehicles with better crash test results cost less to insure – Cars with high safety ratings get lower rates. The safest vehicles result in less severe injuries and fewer serious injuries means lower claim amounts and cheaper rates on your policy.
Incidental coverages can cost a lot – There are a lot of extra add-on coverages that can waste your money when buying car insurance. Coverages like vanishing deductibles, death and dismemberment, and Farm Bureau memberships could be just wasting money. You may think they are a good idea at first, but if you’ve never needed them in the past get rid of them and save.
Proper usage rating affects rates – Driving more miles every year the more you will pay for car insurance. A lot of insurance companies charge rates based on their usage. Autos that have low annual miles qualify for better rates than those used for commuting. Double check that your car insurance coverage shows the correct driver usage, because it can save money. An incorrectly rated Explorer may be costing you higher rates.
Single drivers may have higher premiums – Having a spouse can actually save you money on your car insurance policy. Marriage translates into being more financially stable and statistics prove married drivers tend to have fewer serious accidents.
Premiums increase with driving tickets – Your driving record impacts your car insurance rates tremendously. Careful drivers receive lower rates compared to bad drivers. Getting just one moving violation can bump up the cost forty percent or more. Drivers unfortunate enough to have dangerous violations like DWI, reckless driving or hit and run convictions may find that they have to to submit a SR-22 form with the DMV in their state in order to legally drive.
The information below highlights how speeding tickets and accidents increase Ford Explorer insurance premiums for different age categories. The rates are based on a single male driver, comp and collision included, $500 deductibles, and no discounts are applied to the premium.
High credit scores save money – An insured’s credit score can be a huge factor in determining what you pay. So if your credit score could use some work, you may save money insuring your Ford Explorer by spending a little time repairing your credit. People with very high credit ratings tend to file fewer claims and have better driving records than those with lower credit scores.
The type of vehicle you drive affects your premiums – The performance level of the car you are insuring makes a substantial difference in your auto insurance rates. Small economy passenger cars generally receive the lowest base rates, but other factors influence the final cost greatly.
The data below uses these variables: married male driver age 50, full coverage with $250 deductibles, and no discounts or violations. It shows Ford Explorer insurance rates compared to other vehicles that have a range of performance rating factors.
Ford Explorer claim statistics – Insurance companies take into consideration historical loss data for every vehicle when setting rates for each model. Vehicles that are shown to have higher number or severity of losses will cost more for specific coverages. The table below illustrates the insurance loss data used by companies for Ford Explorer vehicles.
For each policy coverage, the statistical loss for all vehicles as a whole is represented as 100. Values below 100 represent a good loss history, while numbers shown that are more than 100 indicate frequent claims or a tendency for claims to be larger.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Ford Explorer 4dr 2WD||80||90||79||75||70||82|
|Ford Explorer 4dr 4WD||94||94||97||75||70||85|
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
You are unique and your car insurance should be too
When it comes to a policy, there really isn’t a one size fits all plan. Your needs are not the same as everyone else’s and your car insurance should unique, too.
For example, these questions might help in determining whether you might need an agent’s assistance.
- Do they offer discounts for home and auto coverage?
- Is a fancy paint job covered?
- How does medical payments coverage work?
- When do I need to add a new car to my policy?
- What if an uninsured driver hits me?
- How much liability coverage do I need in New Mexico?
- Why am I be forced to buy a membership to get insurance from some companies?
- Am I covered by my spouse’s policy after a separation?
If you don’t know the answers to these questions but you think they might apply to your situation then you might want to talk to an insurance agent. To find an agent in your area, fill out this quick form or go to this page to view a list of companies. It only takes a few minutes and may give you better protection.
How much can you save?
As you prepare to switch companies, make sure you don’t buy lower coverage limits just to save a few bucks. In too many instances, an insured cut physical damage coverage only to regret at claim time that their decision to reduce coverage ended up costing them more. The proper strategy is to purchase plenty of coverage at the best cost but still have enough coverage for asset protection.
Throughout this article, we presented a lot of tips how to find cheap Ford Explorer insurance in Albuquerque. The most important thing to understand is the more you quote Albuquerque auto insurance, the better chance you’ll have of finding low cost Albuquerque auto insurance quotes. Consumers could even find that the lowest premium rates come from the least-expected company. Smaller companies may have significantly lower prices on certain market segments than the large multi-state companies such as State Farm or Progressive.
Additional information is located below:
- Distracted Driving Statistics (Insurance Information Institute)
- What Auto Insurance is Cheapest for High Risk Drivers in Albuquerque? (FAQ)
- Credit Impacts Car Insurance Rates (State Farm)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)