Remarkably, a study showed that most car insurance policyholders kept their policy with the same company for well over three years, and just short of a majority have never compared rate quotes at all. Consumers in Albuquerque could save $474 each year, but they don’t invest the time required to save money by comparing rate quotes.
The recommended way to find cheaper prices for car insurance rates is to regularly compare price quotes from insurance carriers in Albuquerque. This can be done by following these guidelines.
- Take a few minutes and learn about how your policy works and the things you can change to keep rates low. Many risk factors that result in higher rates such as your driving record and a less-than-favorable credit rating can be eliminated by paying attention to minor details.
- Compare prices from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give rate quotes from a single company like GEICO or State Farm, while independent agents can provide rate quotes for a wide range of companies. View companies
- Compare the new rates to your existing policy and determine if cheaper Equinox coverage is available. If you find better rates and make a switch, ensure there is no coverage lapse between policies.
- Give notification to your current company to cancel your current auto insurance policy and submit the required down payment along with the signed application to your new agent or company. Once coverage is bound, put the proof of insurance certificate in an accessible location in your vehicle.
One thing to point out is that you use the same physical damage deductibles and liability limits on every quote request and to quote with as many companies as feasibly possible. Doing this ensures a fair rate comparison and a thorough price selection.
If you’re already insured or just want to reduce your rates, you will benefit by learning to lower your rates without reducing protection. Finding the cheapest insurance coverage in Albuquerque is not rocket science. You only need an understanding of the most efficient way to quote multiple rates from many different companies.
Lower Your Albuquerque Insurance Costs
Many different elements are considered when premium rates are determined. A few of the factors are predictable such as traffic violations, but other factors are less apparent like your continuous coverage and annual miles driven. When buying insurance it’s important to understand the rating factors that come into play when calculating the rates you pay for insurance. When you know what positively or negatively positively or negatively impacts your premiums, this allows you to make educated decisions that could help you find big savings.
The itemized list below are some of the factors used by companies to determine rates.
- You might have higher prices if you are single – Walking down the aisle may cut your premiums on insurance. Having a significant other usually means you are more mature than a single person and insurance companies reward insureds because married drivers tend to file fewer claims.
- Know your vehicle’s NHTSA crash test rating – Vehicles that have high safety ratings tend to be cheaper to insure. Safer cars have better occupant injury protection and reduced instances of injuries means less money paid by your insurance company which can mean better rates for you.
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Age of drivers – Older insureds have been proven to be more responsible, file fewer claims, and are generally more financially stable. Youthful drivers are proven to be more careless with other occupants in the car so they pay higher insurance rates.
The data below uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.
- Where you live factors in – Being located in a rural area can be a good thing when trying to find low car insurance rates. Fewer drivers means a lower chance of having an accident in addition to lower liability claims. People who live in big cities regularly have more road rage incidents and more severe claims. Spending more time driving translates into higher accident risk.
- Cheaper rates with high coverage deductibles – Physical damage protection, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your Chevy. Examples of covered claims are a windshield shattered by a rock, hail damage, or theft. Physical damage deductibles tell how much the insured will be required to pay before your insurance pays a claim. The more money you have to pay, the less money you will pay for insurance.
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Insurance losses for a Chevy Equinox – Insurers analyze claim trends for every vehicle to help set a rate to offset losses. Models that tend to have a higher amount or frequency of claims will cost more for coverage. The next table shows the insurance loss data used by companies for Chevy Equinox vehicles.
For each insurance policy coverage type, the statistical loss for all vehicles combined as an average is set at 100. Numbers shown that are under 100 indicate better than average losses, while numbers shown that are more than 100 point to more claims or tendency to have larger claims.
Auto Insurance Loss Data for Chevrolet Equinox Models Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Equinox 4dr 2WD 82 86 74 101 104 93 Chevrolet Equinox 4dr 4WD 84 88 85 89 93 81 BETTERAVERAGEWORSEData Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Chevy Equinox insurance rate analysis
The data table displayed below showcases estimates of coverage costs for Chevy Equinox models. Learning a little about how policy premiums are established can be valuable when making decisions on which coverage to buy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Equinox LS 2WD | $268 | $490 | $328 | $20 | $98 | $1,204 | $100 |
| Equinox LT 2WD | $268 | $490 | $328 | $20 | $98 | $1,204 | $100 |
| Equinox LS AWD | $268 | $490 | $328 | $20 | $98 | $1,204 | $100 |
| Equinox LT AWD | $268 | $490 | $328 | $20 | $98 | $1,204 | $100 |
| Equinox LTZ 2WD | $304 | $578 | $328 | $20 | $98 | $1,328 | $111 |
| Equinox LTZ AWD | $304 | $578 | $328 | $20 | $98 | $1,328 | $111 |
| Equinox LTZ AWD | $304 | $578 | $328 | $20 | $98 | $1,328 | $111 |
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Above prices assume married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Table data does not factor in zip code location which can affect rates greatly.
The example below illustrates how your deductible choice and can impact Chevy Equinox insurance premiums for different ages of insureds. The premiums are based on a married male driver, comp and collision included, and no other discounts are factored in.
How careless driving impacts Albuquerque auto insurance rates
The chart below shows how violations and at-fault collisions can influence Chevy Equinox insurance prices for different age categories. The premiums are based on a married male driver, full physical damage coverage, $100 deductibles, and no discounts are applied to the premium.
Full coverage rates vs. liability-only in Albuquerque
The chart below visualizes the comparison of Chevy Equinox car insurance rates with full physical damage coverage compared to only buying liability only. The costs are based on no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
When to eliminate full coverage
There isn’t a written rule to exclude physical damage insurance, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than around 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Chevy Equinox replacement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $5,000 after the deductible is paid. If it’s costing in excess of $500 annually to have full coverage, then you may need to consider dropping full coverage.
There are some circumstances where only buying liability is not financially feasible. If you have an outstanding loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should maintain full coverage.
Take policy discounts and save on Chevy Equinox insurance in Albuquerque
Insurance can cost an arm and a leg, but discounts can save money and there are some available that may help make it more affordable. A few discounts will automatically apply when you purchase, but some need to be manually applied in order for you to get them.
- Accident Forgiveness Coverage – Not necessarily a discount, but companies like GEICO, State Farm, and Progressive will turn a blind eye to one accident before raising your premiums with the catch being you have to be claim-free before the accident.
- Telematics Data Discounts – Drivers who elect to allow data collection to look at driving manner by using a telematics device in their vehicle such as State Farm’s In-Drive may see discounts as long as they are good drivers.
- Renewal Discounts – Some car insurance companies provide a discount for renewing your policy prior to the expiration date on your current Equinox insurance policy. Ten percent is about the average savings.
- Drivers Education – Teen drivers should complete a driver education course if it’s offered in school.
- Driver Safety – Taking time to complete a class that teaches driver safety techniques can save you 5% or more and also improve your driving technique.
A quick disclaimer, most discount credits are not given to all coverage premiums. The majority will only reduce individual premiums such as comprehensive or collision. Even though the math looks like all the discounts add up to a free policy, nobody gets a free ride.
The illustration below shows the comparison of Chevy Equinox insurance premiums with and without policy discounts. The prices are based on a female driver, no claims or violations, New Mexico state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, claim-free, multi-policy, homeowner, safe-driver, and marriage discounts applied.
A few popular companies and a summarized list of policyholder discounts are outlined below.
- State Farm has discounts for good student, student away at school, anti-theft, safe vehicle, multiple autos, and multiple policy.
- Liberty Mutual may have discounts that include newly retired, new graduate, exclusive group savings, good student, new vehicle discount, teen driver discount, and newly married.
- American Family offers premium reductions for defensive driver, good student, TimeAway discount, accident-free, mySafetyValet, and Steer into Savings.
- Progressive includes discounts for online quote discount, continuous coverage, homeowner, multi-policy, and multi-vehicle.
- Farmers Insurance may offer discounts for early shopping, mature driver, teen driver, multi-car, youthful driver, and business and professional.
- Auto-Owners Insurance has savings for multi-policy, paperless, student away at school, anti-theft, anti-lock brakes, and safe driver.
- SAFECO discounts include bundle discounts, teen safe driver, anti-lock brakes, safe driver, and anti-theft.
Before you buy a policy, ask each company the best way to save money. A few discounts may not apply in Albuquerque.
Don’t give up on cheaper premiums
As you quote Albuquerque car insurance, don’t be tempted to buy poor coverage just to save money. There are a lot of situations where an insured dropped liability coverage limits and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. The goal is to purchase a proper amount of coverage at an affordable rate, not the least amount of coverage.
Cheaper car insurance in Albuquerque can be found on the web as well as from independent agents in Albuquerque, so you should compare both so you have a total pricing picture. Some companies don’t offer the ability to get a quote online and usually these small insurance companies only sell through independent agencies.
To read more, link through to these articles:
- Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
- Who Has Affordable Albuquerque Car Insurance Rates for Drivers with a DUI? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for Immigrants in Albuquerque? (FAQ)
- Who Has Affordable Albuquerque Auto Insurance for a Ford Escape? (FAQ)
- Who Has the Cheapest Auto Insurance for a Learners Permit in Albuquerque? (FAQ)
- Who Has Cheap Auto Insurance for Drivers Over Age 70 in Albuquerque? (FAQ)
- How Much is Albuquerque Car Insurance for Real Estate Agents? (FAQ)
- How Much are Albuquerque Car Insurance Rates for Good Students? (FAQ)
- Choosing an Insurance Company (Insurance Information Institute)
- Electronic Stability Control FAQ (iihs.org)
- What are my Rights when Filing a Claim? (Insurance Information Institute)
- Neck Injury FAQ (iihs.org)