Inconceivable but true, almost 70% of drivers have stayed with the same insurance company for a minimum of four years, and nearly 40% of drivers have never quoted rates to find lower-cost coverage. Drivers in New Mexico can save hundreds of dollars each year by just shopping around, but they don’t want to take the time to compare other rate quotes.
It takes a few minutes, but the best way to get cheaper car insurance rates in Albuquerque is to do a yearly price comparison from companies who provide auto insurance in New Mexico. You can shop around by following these guidelines.
- First, read and learn about coverages and the factors you can control to keep rates low. Many factors that cause high rates like at-fault accidents, speeding tickets, and a less-than-favorable credit history can be improved by being financially responsible and driving safely.
- Second, request rate estimates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like Progressive or State Farm, while independent agencies can provide rate quotes from multiple insurance companies.
- Third, compare the new rate quotes to your existing rates to determine if you can save on Accent insurance in Albuquerque. If you can save some money and decide to switch, make sure there is no lapse in coverage.
- Fourth, give proper notification to your current agent or company of your decision to cancel your current coverage and submit the application along with any required down payment to your new company or agent. When you receive it, put the new certificate verifying coverage along with your vehicle registration.
A valuable tip to remember is to use identical limits and deductibles on every price quote and and to compare all possible companies. Doing this enables an apples-to-apples comparison and the best price selection.
The providers in the list below offer free quotes in New Mexico. To buy cheap auto insurance in Albuquerque, we recommend you visit several of them to get the best price comparison.
Hyundai Accent coverage statistics
The data table shown below highlights a range of rate quotes for Hyundai Accent models. Having a better understanding of how car insurance premiums are determined can be of help when making informed decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Accent Blue 2-Dr Hatchback||$210||$344||$358||$22||$108||$1,042||$87|
|Accent GS 2-Dr Hatchback||$248||$420||$358||$22||$108||$1,156||$96|
|Accent GLS 4-Dr Sedan||$248||$494||$476||$28||$142||$1,388||$116|
|Accent SE 2-Dr Hatchback||$284||$570||$358||$22||$108||$1,342||$112|
|Get Your Own Custom Quote Go|
Data variables include single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Price estimates do not factor in specific zip code location which can revise auto insurance rates considerably.
Hyundai Accent full coverage rates compared to liability only
The chart below shows the difference between Hyundai Accent insurance costs with full physical damage coverage and with liability coverage only. The prices are based on no accidents, no driving violations, $250 deductibles, drivers are not married, and no discounts are taken into consideration.
When to stop paying for full coverage
There is no exact rule of when to exclude physical damage insurance, but there is a general guideline you can use. If the annual cost of your full coverage insurance is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s say your Hyundai Accent settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $2,000 after the policy deductible has been paid. If you are paying more than $200 annually for full coverage, then it might be time to buy liability only.
There are some circumstances where dropping physical damage coverage is not in your best interest. If you haven’t paid off your loan, you have to keep full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.
Insurance protects more than just your car
Even though it’s not necessarily cheap to insure a Hyundai in Albuquerque, paying for insurance may be required for several reasons.
- Just about all states have minimum mandated liability insurance limits which means you are required to buy a specific minimum amount of liability insurance if you don’t want to risk a ticket. 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, most banks will require that you carry insurance to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank will be required to insure your Hyundai at a more expensive rate and force you to reimburse them for the expensive policy.
- Insurance safeguards your car and your assets. Insurance will also pay for medical bills for you, your passengers, and anyone else injured in an accident. Liability insurance also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If you have damage to your Hyundai as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of buying enough insurance definitely exceed the price paid, particularly for liability claims. On average, a vehicle owner in Albuquerque is currently overpaying as much as $865 each year so you should quote and compare rates at every policy renewal to help ensure money is not being wasted.
Why Smart Consumers Pay Less for Hyundai Accent Insurance
Many things are taken into consideration when quoting car insurance. Some are obvious like an MVR report, but some are less obvious like your continuous coverage or how safe your car is.
Listed below are some of the factors that factor into rates.
- Why do you need liability? – The liability coverage on your policy is the coverage that protects you in the event that you are ruled to be at fault for physical damage or personal injury to other. Liability insurance provides you with a defense in court to defend your case. Liability insurance is pretty cheap compared to other policy coverages, so drivers should buy more than the minimum limits required by law.
Better drivers pay less – Your driving citation history has a big impact on rates. Drivers with clean records have lower premiums than bad drivers. Just one citation could increase your next policy renewal to the point where it’s not affordable. People who have flagrant tickets like hit and run, DWI or reckless driving convictions may find that they have to to submit a SR-22 or proof of financial responsibility with their state’s department of motor vehicles in order to legally drive a vehicle.
The diagram below shows how traffic citations and fender-benders can raise Hyundai Accent auto insurance rates for different ages of insureds. Data assumes a married male driver, full coverage, $1,000 deductibles, and no discounts are applied to the premium.
Premiums drop with age – Older people are proven to be safer behind the wheel, file fewer claims, and are generally more financially stable. Beginning drivers have been known to be careless and easily distracted when driving with friends so insurance rates are higher.
The following chart uses these variables: single driver, full coverage with $1000 deductibles, and no discounts or violations.
- Marriage can lower costs – Getting married may cut your premiums on insurance. It means you’re less irresponsible it has been statistically shown that married couples file fewer claims.
- Bundling policies can get discounts – Lots of insurance companies afford a discount to buyers that purchase more than one policy in the form of a multi-policy discount. If you currently are using one company, it’s always a smart idea to compare other Albuquerque Accent insurance rates to guarantee you are still saving the most. You may still find lower rates even if you have your coverage with different companies
- Don’t abuse insurance claims – If you frequently file small claims, you can pretty much guarantee higher rates. Car insurance companies in New Mexico award the best rates to people who file claims infrequently. Insurance coverage is designed for larger claims.
Claims statistics for a Hyundai Accent – Companies include the past claim history for a vehicle when setting premium rates. Vehicles that are shown to have high amounts or severity of claims will have higher premium rates.
The next table shows the insurance loss data used by companies for Hyundai Accent vehicles. For each policy coverage, the claim probability for all vehicles, regardless of make, model or trim level, equals 100. Numbers below 100 indicate a favorable loss history, while numbers above 100 indicate more frequent claims or tendency to have larger claims.
Hyundai Accent Insurance Claim Statistics Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Hyundai Accent 98 109 89 129 129 133BETTERAVERAGEWORSE
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
There’s no such thing as the perfect auto insurance policy
When quoting and comparing proper insurance coverage for your personal vehicles, there really is no one size fits all plan. Your needs are unique to you.
For example, these questions may help highlight whether or not you could use an agent’s help.
- Where can I get insurance after a DUI in New Mexico?
- Are my tools covered if they get stolen from my vehicle?
- Does low annual mileage earn a discount?
- Do they offer discounts for home and auto coverage?
- Is my custom stereo system covered?
- What is the ISO rating for a Hyundai Accent?
- Do I really need UM/UIM coverage?
If it’s difficult to answer those questions but a few of them apply then you might want to talk to a licensed agent. To find an agent in your area, fill out this quick form. It is quick, free and can help protect your family.
What is the best auto insurance company in Albuquerque?
Selecting a high-quality insurance company can be rather challenging considering how many choices you have in Albuquerque. The rank data shown below can help you analyze which auto insurers you want to consider comparing rate quotes with.
Top 10 Albuquerque Car Insurance Companies Ranked by Claims Service
- State Farm
- AAA Insurance
- Liberty Mutual
- Titan Insurance
- The Hartford
- Mercury Insurance
Top 10 Albuquerque Car Insurance Companies Ranked by Customer Service
- State Farm
- The Hartford
- Mercury Insurance
- The General
- AAA Insurance
- American Family
Find cheaper rates by being thorough
Throughout this article, we presented some good ideas how to compare Hyundai Accent insurance premium rates in Albuquerque. The most important thing to understand is the more times you quote, the higher the chance of saving money. Consumers may even find the biggest savings come from a company that doesn’t do a lot of advertising.
The cheapest Hyundai Accent insurance in Albuquerque can be found on the web in addition to many Albuquerque insurance agents, and you should compare price quotes from both in order to have the best price selection to choose from. Some insurance providers do not offer price quotes online and usually these regional insurance providers only sell through independent agents.
Consumers who switch companies do it for a number of reasons such as an unsatisfactory settlement offer, being labeled a high risk driver, lack of trust in their agent or even unfair underwriting practices. No matter why you want to switch, switching companies can be less work than you think.
Helpful learning opportunities
- Prepare your Teens for Safe Driving (InsureUonline.org)
- How Much is Auto Insurance for Teenage Females in Albuquerque? (FAQ)
- Who Has Affordable Albuquerque Auto Insurance Rates for Homeowners? (FAQ)
- Who Has Affordable Auto Insurance for College Graduates in Albuquerque? (FAQ)
- Avoiding Deer Collisions (Insurance Information Institute)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- How to shop for a safer car (Insurance Institute for Highway Safety)
- What is Full Coverage? (Allstate)