If saving money is your primary concern, then the best way to find the cheapest price for Honda CR-Z insurance is to do an annual price comparison from different companies that sell auto insurance in Albuquerque.
First, get an understanding of how companies set rates and the measures you can take to prevent rate increases. Many rating criteria that cause rate increases such as accidents, traffic violations, and a low credit score can be controlled by making minor changes to your lifestyle. This article provides additional tips to help prevent costly coverage and find overlooked discounts.
Second, request rate estimates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from a single company like GEICO or Allstate, while independent agencies can quote rates from multiple sources.
Third, compare the price quotes to your existing policy to see if you can save by switching companies. If you can save money, make sure coverage is continuous and does not lapse.
Fourth, provide adequate notice to your current company of your decision to cancel your existing policy and submit a down payment along with a completed application to your new company or agent. When you receive it, place your new certificate verifying coverage along with your vehicle registration.
The key thing to know about shopping around is to try to use similar limits and deductibles on each quote request and and to look at as many car insurance companies as possible. This provides an accurate price comparison and a complete selection of prices.
It’s safe to assume that auto insurance companies don’t want their policyholders to compare prices. Insureds who shop around are likely to switch to a new company because of the high probability of finding good coverage at a lower price. A recent insurance study revealed that people who routinely compared quotes saved on average $850 each year as compared to drivers who don’t make a habit of comparing rates.
If finding the cheapest price on Honda CR-Z insurance is the reason you’re here, then having an understanding of how to shop for coverages can make it easier to shop your coverage around.
Just keep in mind that comparing a large number of companies increases your odds of finding more affordable insurance.
The companies shown below can provide quotes in New Mexico. If your goal is to find cheap auto insurance in Albuquerque, NM, we suggest you compare several of them to find the cheapest car insurance rates.
Why you need to buy insurance
Even though it can be expensive, insuring your vehicle is mandatory in New Mexico but it also protects more than you think.
- Most states have mandatory insurance requirements which means the state requires specific minimum amounts of liability insurance coverage if you want to drive legally. 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 vehicle has a lienholder, almost all lenders will force you to carry insurance to guarantee payment of the loan. If you do not pay your insurance premiums, the lender will be forced to insure your Honda at a significantly higher premium and require you to reimburse them for it.
- Insurance protects both your vehicle and your assets. It also can pay for 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, also pays expenses related to your legal defense if you are sued as the result of your driving. If your vehicle suffers damage from an accident or hail, your insurance policy will pay to have it repaired.
The benefits of buying insurance greatly outweigh the cost, specifically if you ever have a liability claim. As of last year, the average driver in New Mexico is overpaying more than $865 each year so you should quote and compare rates at every policy renewal to ensure rates are competitive.
Insurance policy discounts for Honda CR-Z insurance in Albuquerque
Insurance is not an enjoyable expense, but you may find discounts that can drop the cost substantially. Certain discounts will be applied at the time you complete a quote, but some discounts are required to be specifically requested prior to receiving the credit.
- Discounts for Safe Drivers – Drivers without accidents can save as much as half off their rates than less cautious drivers.
- Defensive Driver Discount – Successfully completing a course that instructs on driving safety can save you 5% or more and easily recoup the cost of the course.
- Claim-Free Discount – Drivers who don’t have accidents pay less in comparison with frequent claim filers.
- Student Discounts – Getting good grades could provide a savings of up to 20% or more. This discount can apply well after school through age 25.
- Early Switch Discount – Some companies reward drivers for signing up before your current CR-Z insurance policy expires. It could save around 10% when you buy Albuquerque auto insurance online.
- Employee of Federal Government – Active or former government employment can earn a discount up to 10% with certain companies.
- Theft Deterrent – Vehicles with anti-theft systems are less likely to be stolen and can earn a small discount on your policy.
- Distant Student – Any of your kids who are attending college and do not have a car may qualify for this discount.
- Air Bag Discount – Vehicles with factory air bags and/or automatic seat belt systems can get savings of 20% or more.
- Payment Discounts – By making one initial payment instead of paying each month you can avoid the installment charge.
As a footnote on discounts, most credits do not apply to your bottom line cost. Some only apply to the cost of specific coverages such as liability, collision or medical payments. Just because it seems like you would end up receiving a 100% discount, it doesn’t quite work that way.
A few of the larger companies and some of the discounts are detailed below.
- State Farm offers discounts for passive restraint, multiple policy, driver’s education, accident-free, anti-theft, and Steer Clear safe driver discount.
- American Family may have discounts that include bundled insurance, defensive driver, air bags, Steer into Savings, accident-free, and good driver.
- AAA includes discounts for good driver, AAA membership discount, education and occupation, pay-in-full, good student, multi-car, and anti-theft.
- GEICO discounts include anti-lock brakes, anti-theft, driver training, military active duty, defensive driver, and membership and employees.
- Mercury Insurance policyholders can earn discounts including annual mileage, ease of repair, accident-free, low natural disaster claims, location of vehicle, type of vehicle, and good driver.
- Farmers Insurance may include discounts for multi-car, electronic funds transfer, bundle discounts, distant student, early shopping, and pay in full.
- Progressive has discounts for online signing, multi-policy, multi-vehicle, continuous coverage, and online quote discount.
If you are trying to find low cost Albuquerque auto insurance quotes, ask each insurance company which credits you are entitled to. Savings might not be available to policyholders in Albuquerque. To choose insurance companies that offer multiple discounts in Albuquerque, click this link.
What if I want to buy from local Albuquerque insurance agents?
Many people would rather visit with an insurance agent and that is OK! One of the best bonuses of comparing rate quotes online is that drivers can save money and get the lowest rates but also keep your business local.
To find an agent, once you fill out this quick form, your insurance data is immediately sent to local insurance agents who want to provide quotes to get your business. You won’t even need to leave your house since rate quotes are delivered to you instantly. Get lower rates and an insurance agent to talk to. In the event you want to get a price quote for a specific company, don’t hesitate to search and find their rate quote page to submit a rate quote request.
Picking the best company should depend on more than just a cheap price. Here are some questions you might want to ask.
- How long have they worked with personal auto insurance coverage?
- Do they carry Errors and Omissions coverage?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- Will your rates increase after a single accident?
- Does the company have a local claim office in Albuquerque?
- What insurance companies do they work with in Albuquerque?
Not all auto insurance agents are the same
If you want a local agent, it’s important to understand the different types of agents that you can select. Car insurance agents can be described as either exclusive or independent agents depending on their company appointments.
Exclusive Car Insurance Agents
Exclusive insurance agents write business for a single company and examples are Allstate, State Farm and Farm Bureau. Exclusive agents cannot give you multiple price quotes so always compare other rates. They are very knowledgeable on their company’s products and that allows them to sell at a higher price point.
Shown below is a short list of exclusive agencies in Albuquerque willing to provide rate quotes.
Independent Car Insurance Agencies
Agents of this type do not have single company limitations and that is an advantage because they can write policies through many different car insurance companies and find you the best rates. If your agent finds better pricing, they simply switch companies in-house and you can keep the same agent. When comparing car insurance rates, you will want to get some free quotes from independent agents for maximum quote selection.
Shown below is a list of independent agencies in Albuquerque that can give you comparison quotes.
Webster Insurance Agency Inc
1201 Eubank Blvd Suite 3 – Albuquerque, NM 87112 – (505) 294-1497 – View Map
J. B. Martin Insurance Agency
8500 Menaul Blvd NE #345 – Albuquerque, NM 87112 – (505) 888-8846 – View Map
After getting good feedback to any questions you may have and locked in a price quote, you may have just found an auto insurance agent that is reputable and can properly service your car insurance policy.
How do I know if I need professional advice?
When it comes to buying your policy, there really is no one size fits all plan. Every situation is different.
For example, these questions can aid in determining whether you would benefit from an agent’s advice.
- When should I drop full coverage on my Honda CR-Z?
- Am I covered when using my vehicle for business?
- Where can I get insurance after a DUI in New Mexico?
- Can I afford to pay high deductible claims out of pocket?
- What happens if I owe more than my Honda CR-Z is worth?
- Why am I be forced to buy a membership to get insurance from some companies?
- Do I pay less for low miles?
- What is an umbrella policy?
- Who is covered when they drive my Honda CR-Z?
- How much liability coverage do I need in New Mexico?
If you can’t answer these questions, you may need to chat with a licensed insurance agent. To find an agent in your area, complete this form.
Auto insurance coverage breakdown
Learning about specific coverages of your policy aids in choosing appropriate coverage for your vehicles. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy.
Uninsured Motorist or Underinsured Motorist insurance
Your UM/UIM coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your Honda CR-Z.
Since a lot of drivers only purchase the least amount of liability that is required (New Mexico limits are 25/50/10), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea.
This will pay to fix damage to your CR-Z resulting from colliding with an object or car. You have to pay a deductible and then insurance will cover the remainder.
Collision can pay for things like crashing into a building, colliding with a tree, crashing into a ditch, damaging your car on a curb and driving through your garage door. This coverage can be expensive, so consider removing coverage from older vehicles. You can also choose a higher deductible on your CR-Z in order to get cheaper collision rates.
Comprehensive coverage (or Other than Collision)
Comprehensive insurance coverage covers damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive insurance covers claims such as theft, vandalism, a broken windshield and hitting a bird. The maximum amount your auto insurance company will pay is the cash value of the vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.
Insurance for medical payments
Coverage for medical payments and/or PIP reimburse you for immediate expenses such as chiropractic care, dental work and surgery. They can be utilized in addition to your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. PIP coverage is not an option in every state and may carry a deductible
This coverage protects you from damage or injury you incur to people or other property in an accident. It protects you from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 25/50/10 which means a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and $10,000 of coverage for damaged property.
Liability insurance covers claims like bail bonds, court costs, loss of income and emergency aid. How much liability should you purchase? That is a personal decision, but buy as high a limit as you can afford. New Mexico state law requires minimum liability limits of 25/50/10 but you should consider buying better liability coverage.
The next chart demonstrates why buying low liability limits may not be enough.
You can find cheap coverage
People switch companies for any number of reasons including poor customer service, questionable increases in premium, delays in responding to claim requests and even denial of a claim. Regardless of your reason, finding the right insurance provider is pretty easy and you might even save some money in the process.
You just learned many tips how you can get a better price on Honda CR-Z insurance in Albuquerque. The most important thing to understand is the more companies you get premium rates for, the better your comparison will be. Consumers may even find the lowest car insurance rates come from an unexpected company.
Some companies may not have the ability to get a quote online and most of the time these smaller companies provide coverage only through independent agents. Cheaper Honda CR-Z insurance in Albuquerque can be sourced on the web and also from your neighborhood Albuquerque agents, so you should compare both so you have a total pricing picture.
Additional insurance information can be read at the links below
- Uninsured Motorist Statistics (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance Quotes for a Nissan Altima in Albuquerque? (FAQ)
- State Car Insurance Guides (GEICO)
- Get the Right Protection (InsureUonline.org)