If saving the most money is your goal, then the best way to get budget auto insurance rates is to make a habit of regularly comparing prices from companies that sell auto insurance in Albuquerque. Prices can be compared by following these guidelines.
- Step 1: Try to learn about how auto insurance works and the things you can control to prevent rate increases. Many things that cause high rates like traffic violations, accidents, and a not-so-good credit history can be controlled by paying attention to minor details. Later in this article we will cover more details to help reduce premium rates and find possible discounts that are available.
- Step 2: Obtain price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can provide rates from a single company like Progressive or State Farm, while independent agencies can give you price quotes from multiple insurance companies. View companies
- Step 3: Compare the new rate quotes to the price on your current policy and determine if there is any savings. If you find a lower rate, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Step 4: Give notification to your current company of your intention to cancel your current coverage and submit a completed application and payment for the new policy. Immediately upon receiving it, store the certificate of insurance along with your vehicle registration.
A good tip to remember is to make sure you’re comparing similar limits and deductibles on every price quote and and to look at as many companies as you can. This guarantees a fair rate comparison and maximum price selection.
A study showed that the vast majority of drivers have stayed with the same insurance company for more than four years, and practically 40% of auto insurance customers have never even shopped around for affordable coverage. New Mexico drivers can cut their rates by as much as 40% a year, but they don’t believe the large savings they would see if they switched to a more affordable policy.
Locating the most cost-effective insurance policy in Albuquerque can be made easier if you know where to look. In a nutshell, every vehicle owner who compares rates for insurance will probably find a cheaper policy. But New Mexico vehicle owners should learn the methods companies use to calculate their prices and take advantage of how the system works.
When quoting car insurance, remember that comparing a wide range of rates will improve the odds of getting the best offered rates. Not every company provides online Albuquerque LR4 insurance quotes, so you should also compare rates from them, too.
The companies shown below provide free quotes in Albuquerque, NM. If multiple companies are listed, we suggest you visit as many as you can in order to find the most affordable rates.
Premium rates and analysis
The premium table displayed below covers different insurance premium costs for Land Rover LR4 models. Having a good understanding how auto insurance policy rates are calculated can benefit drivers when making smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|LR4 HSE Plus||$314||$592||$332||$20||$100||$1,358||$113|
|Get Your Own Custom Quote Go|
Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Premium costs do not factor in vehicle garaging location which can affect coverage rates substantially.
Insurance rates by age and gender in Albuquerque
The example below compares Land Rover LR4 yearly insurance costs for male and female drivers. The rates are based on a clean driving record, no claims, comp and collision included, $250 deductibles, drivers are not married, and no discounts are taken into consideration.
Full coverage rates vs. liability-only
The chart below shows the comparison of Land Rover LR4 auto insurance rates with and without physical damage coverage. Data assumes no driving violations, no at-fault accidents, $250 deductibles, single status, and no discounts are taken into consideration.
When to eliminate full coverage
There is no specific rule to exclude physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let’s pretend your Land Rover LR4 settlement value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $2,000 after you pay the deductible. If you are paying more than $200 a year for physical damage coverage, then you might consider buying liability only.
There are some circumstances where eliminating full coverage is not financially feasible. If you haven’t paid off your loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not remove full coverage.
Auto insurance discounts help lower rates for Land Rover LR4 insurance in Albuquerque
Auto insurance is not cheap nor is it fun to buy but discounts can save money and there are some available that you may not even know about. Some trigger automatically when you purchase, but a few must be specifically requested before you will receive the discount.
- Mature Driver Discount – Seniors may be able to get a slight reduction on a Albuquerque auto insurance quote.
- College Student – College-age children living away from Albuquerque attending college and don’t have a car can receive lower rates.
- Pay Early and Save – If you pay your entire premium ahead of time as opposed to paying monthly you could save 5% or more.
- Paper-free Discount – A few larger online companies provide a small discount for signing up on their website.
- Discounts for Multiple Vehicles – Buying a policy with primary and secondary vehicles with one company could earn a price break for each car.
- Save with a New Car – Putting coverage on a new LR4 can cost up to 25% less since newer models are generally safer.
- Waiver for an Accident – Not a discount per se, but companies like Liberty Mutual, GEICO and Allstate permit an accident before your rates go up if you have no claims prior to being involved in the accident.
Discounts save money, but please remember that most of the big mark downs will not be given to the entire cost. Most only reduce individual premiums such as liability, collision or medical payments. So even though it sounds like it’s possible to get free car insurance, you aren’t that lucky.
The chart below shows the difference between Land Rover LR4 yearly insurance costs with and without discounts applied. The rates are based on a male driver, no claims or violations, New Mexico state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, multi-car, safe-driver, homeowner, and marriage discounts applied.
Car insurance companies that possibly offer these discounts are:
- Mercury Insurance
- Farmers Insurance
- Auto-Owners Insurance
- Liberty Mutual
It’s a good idea to ask every prospective company which discounts you qualify for. Depending on the company, some discounts may not be offered in your area. To locate insurers who offer online Land Rover LR4 insurance quotes in Albuquerque, click here.
Why you need insurance for your vehicle
Even though it’s not necessarily cheap to insure a Land Rover in Albuquerque, paying for car insurance may be mandatory for several reasons.
- Just about all states have mandatory liability insurance requirements which means state laws require specific minimum amounts of liability insurance in order to get the vehicle licensed. 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 you have a loan on your Land Rover LR4, it’s guaranteed your bank will require you to have physical damage coverage to guarantee loan repayment. If you let the policy lapse, the lender may insure your Land Rover at a more expensive rate and make you pay for the expensive policy.
- Insurance protects your Land Rover LR4 and your assets. Insurance will pay for medical bills for you, your passengers, and anyone else injured in an accident. Liability coverage, the one required by state law, will also pay attorney fees if anyone sues you for causing an accident. If your Land Rover gets damaged, your policy will pay all costs to repair after the deductible has been paid.
The benefits of carrying enough insurance are definitely more than the cost, particularly for liability claims. In a recent study of 1,000 drivers, the average customer is overpaying over $825 a year so it’s recommended you shop around at least once a year to make sure the price is not too high.
Different people need different auto insurance coverages
When it comes to buying insurance from an agent or online for your vehicles, there really is no best way to insure your cars. Everyone’s situation is a little different.
For example, these questions might help in determining whether or not you will benefit from professional help.
- Why does it cost so much to insure a teen driver in Albuquerque?
- Does my medical payments coverage pay my health insurance deductible?
- Should I rate my Land Rover LR4 as pleasure use or commute?
- Is my Land Rover LR4 covered for smoke damage?
- When would I need rental car insurance?
- Where can I get insurance after a DUI in New Mexico?
- Exactly who is provided coverage by my policy?
If you’re not sure about those questions but a few of them apply, you may need to chat with an agent. If you want to speak to an agent in your area, simply complete this short form.
Compare prices but work with a local neighborhood Albuquerque car insurance agent
Some people just prefer to get advice from a local agent and that is not a bad decision One of the great benefits of comparing insurance prices online is the fact that drivers can get cheap rate quotes and still have an agent to talk to.
After filling out this simple form, the quote information is emailed to local insurance agents that give free quotes for your business. It’s much easier because you don’t need to contact any agents since rate quotes are delivered directly to you. You can get cheaper car insurance rates and work with a local agent. If you need to quote rates from a specific insurance company, you would need to search and find their rate quote page and fill out the quote form the provide.
Finding a good provider is decision based upon more than just a cheap quote. Some important questions to ask are:
- If you are a high risk driver, do they have special markets for your coverage?
- Do they specialize in personal lines coverage in Albuquerque?
- Is assistance available after office hours?
- How would your car be valued if totaled?
- Which insurance companies are they affiliated with?
- Do they have any clout with companies to ensure a fair claim settlement?
What types of car insurance agents are in Albuquerque?
When looking for a local agent, there are a couple of different types of agents and how they function. Car insurance agents are categorized either independent (non-exclusive) or exclusive.
Exclusive Insurance Agents
These agents can only place business with one company such as State Farm, Allstate and AAA. These agents are not able to give you multiple price quotes so they have to upsell other benefits. Exclusive agencies receive a lot of sales training on their company’s products which helps them sell on service rather than price. Consumers often use the same exclusive agent partially due to high brand loyalty and solid financial strength.
Shown below are exclusive agents in Albuquerque that can give you rate quotes.
- Belinda Barreras-Medrano – State Farm Insurance Agent
1201 Rio Grande Blvd NW – Albuquerque, NM 87104 – (505) 764-9111 – View Map
- Stephanie Valdez – State Farm Insurance Agent
5921 Lomas Blvd NE a – Albuquerque, NM 87110 – (505) 255-8676 – View Map
- Richard Moore – State Farm Insurance Agent
5353 Wyoming Blvd NE b – Albuquerque, NM 87109 – (505) 821-6000 – View Map
Independent Insurance Agents
These agents often have affiliation with several companies so they can insure your vehicles with any number of different companies enabling the ability to shop coverage around. If premiums increase, the business is moved internally which requires no work on your part. If you need lower rates, we recommend you include rate quotes from at least one independent agent for the best price selection. Many independent agencies also insure through additional companies that you may not be familiar with which can save you money.
Shown below are independent insurance agencies in Albuquerque willing to provide price quote information.
- Commercial West Insurance
2616 Mesilla St NE #2 – Albuquerque, NM 87110 – (505) 255-9577 – View Map
- Cress Insurance
6101 Moon St NE #1000 – Albuquerque, NM 87111 – (505) 822-8114 – View Map
- Free Market Insurance Agency
6211 San Mateo Blvd NE #120 – Albuquerque, NM 87109 – (505) 881-2645 – View Map
Specifics of your auto insurance policy
Having a good grasp of auto insurance aids in choosing the best coverages and the correct deductibles and limits. Auto insurance terms can be difficult to understand and nobody wants to actually read their policy.
Auto liability insurance
This protects you from injuries or damage you cause to other people or property in an accident. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/10 that translate to a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and property damage coverage for $10,000.
Liability coverage pays for things like court costs, medical expenses and medical services. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as much as you can afford. New Mexico requires minimum liability limits of 25/50/10 but drivers should carry more liability than the minimum.
The next chart demonstrates why minimum state limits may not provide adequate coverage.
Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive can pay for claims like rock chips in glass, theft, falling objects, hitting a bird and hitting a deer. The most your auto insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
This coverage will pay to fix damage to your LR4 caused by collision with an object or car. A deductible applies then the remaining damage will be paid by your insurance company.
Collision insurance covers claims such as scraping a guard rail, driving through your garage door and hitting a mailbox. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to increase the deductible on your LR4 to bring the cost down.
Coverage for medical payments
Med pay and PIP coverage kick in for immediate expenses like prosthetic devices, surgery, funeral costs and EMT expenses. They can be used in conjunction with a health insurance policy or if you lack health insurance entirely. It covers all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not available in all states and gives slightly broader coverage than med pay
Uninsured and underinsured coverage
Your UM/UIM coverage provides protection when the “other guys” do not carry enough liability coverage. Covered losses include medical payments for you and your occupants and damage to your Land Rover LR4.
Since many New Mexico drivers only purchase the least amount of liability that is required (25/50/10 in New Mexico), it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.