There isn’t a single person who looks forward to buying insurance, particularly when the price is too high.
Regrettably, most insurance buyers in New Mexico have bought insurance from the same company for well over three years, and nearly 40% of drivers have never even shopped around for affordable coverage. Many drivers in America can cut their rates by up to $860 a year, but they just don’t understand how much money they would save if they moved their coverage to a different company. Due to the large number of options for buying affordable insurance for a Lincoln MKT in Albuquerque, it’s difficult to choose the cheapest company.
The quickest method to compare policy rates for Lincoln MKT insurance in Albuquerque takes advantage of the fact most of the larger companies allow for online access to give rate comparisons. To begin a comparison, all you need to do is take a few minutes to give details such as whether you are single or married, the ages of drivers, whether or not you need a SR-22, and what your job is. Your information is automatically sent to many highly-rated insurers and they return quotes instantly.
To compare rates for your Lincoln MKT now, click here and enter your zip code.
The car insurance companies shown below are our best choices to provide price quotes in Albuquerque, NM. If you wish to find the best auto insurance in New Mexico, we suggest you visit several of them to get the best price comparison.
Insurance protects more than just your car
Despite the high cost, paying for insurance is most likely required but also gives you several important benefits.
First, just about all states have mandatory liability insurance requirements which means you are required to carry 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.
Second, if your Lincoln MKT has a loan, almost every bank will make it mandatory that you have insurance to ensure the loan is repaid in case of a total loss. If you do not keep the policy in force, the lender will be forced to insure your Lincoln for a much higher rate and require you to fork over a much higher amount than you were paying before.
Third, insurance protects your Lincoln MKT and your assets. It will also provide coverage for medical bills that are the result of an accident. One of the most valuable coverages, liability insurance, also covers all legal expenses up to the policy limit if you cause an accident and are sued. If your Lincoln gets damaged, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of carrying adequate insurance are definitely more than the cost, particularly if you ever have a claim. As of last year, the average driver in New Mexico overpays as much as $800 each year so compare rate quotes once a year at a minimum to be sure current rates are still competitive.
Auto insurance statistics and figures
The rate information shown below showcases different insurance premium costs for Lincoln MKT models. Having knowledge of how rate quotes are figured can assist in making informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MKT 3.7 2WD||$348||$608||$492||$30||$148||$1,626||$136|
|MKT 3.7 AWD||$384||$700||$492||$30||$148||$1,754||$146|
|Get Your Own Custom Quote Go|
Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Information does not factor in specific zip code location which can increase or decrease premiums substantially.
The diagram below demonstrates how deductible levels and can impact Lincoln MKT insurance costs for each different age group. The costs are based on a single male driver, comp and collision included, and no discounts are applied.
Gender-based auto insurance rates in Albuquerque
The diagram below shows the comparison of Lincoln MKT premium costs for male and female drivers. Data assumes no accidents or driving violations, comp and collision included, $1,000 deductibles, drivers are single, and no additional discounts are factored in.
Full coverage or liability only
The chart below visualizes the comparison of Lincoln MKT car insurance costs with liability coverage only compared to full coverage. The rate quotes are based on a clean driving record, no claims, $1,000 deductibles, drivers are not married, and no other discounts are factored in.
When to eliminate full coverage
There is no set guideline to stop paying for comp and collision coverage, but there is a general school of thought. If the yearly cost of full coverage is about 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let’s assume your Lincoln MKT settlement value is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $4,000 after the deductible is paid. If premium cost is more than $400 a year for physical damage coverage, then it could be time to drop full coverage.
There are some scenarios where eliminating full coverage is not advised. If you haven’t paid off your loan, you have to keep full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not opt for liability only.
Discounts can help save money on Lincoln MKT insurance in Albuquerque
Insurance is easily one of your largest bills, but you might find some hidden discounts that you may not even be aware of. A few discounts will automatically apply when you quote, but some discounts are required to be requested specifically prior to getting the savings.
- Pay Upfront and Save – If paying your policy premium upfront instead of making monthly payments you could save 5% or more.
- Senior Citizen Discount – Drivers that qualify as senior citizens may be able to get a slight reduction on a Albuquerque car insurance quote.
- Discounts for Government Workers – Active or former government employment could qualify for a slight premium decrease with certain companies.
- Good Grades Discount – Performing well in school may save you up to 25%. Most companies allow this discount until age 25.
- Lower Rates for Military – Having a family member in the military could trigger a small discount.
- Multi-car Discount – Buying coverage for all your vehicles with the same insurance company can reduce the rates for all insured vehicles.
- Theft Prevention Discount – Vehicles with anti-theft systems prevent vehicle theft and will qualify for a discount on a Albuquerque car insurance quote.
- Driver’s Ed – It’s a good idea to have your young drivers take driver’s ed class if offered at their school.
- Albuquerque Homeowners Discount – Simply owning a home can save a few bucks because maintaining a house means you have a higher level of financial diligence.
It’s important to note that some of the credits will not apply to all coverage premiums. Some only reduce the price of certain insurance coverages like liability, collision or medical payments. Despite the fact that it seems like it’s possible to get free car insurance, companies don’t profit that way.
The chart below illustrates the difference between Lincoln MKT car insurance costs with and without discounts applied to the premium. The premium estimates are based on a male driver, a clean driving record, no claims, New Mexico state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, homeowner, safe-driver, marriage, claim-free, and multi-policy discounts applied.
A list of companies and some of their more popular discounts are outlined below.
- Farm Bureau offers premium reductions for good student, multi-vehicle, youthful driver, driver training, and safe driver.
- MetLife offers discounts including good driver, good student, claim-free, accident-free, and multi-policy.
- Progressive includes discounts for online signing, multi-vehicle, multi-policy, continuous coverage, and online quote discount.
- AAA discounts include good student, multi-car, pay-in-full, AAA membership discount, and good driver.
- American Family has savings for Steer into Savings, TimeAway discount, early bird, defensive driver, and good driver.
- GEICO offers discounts for membership and employees, five-year accident-free, military active duty, daytime running lights, and anti-lock brakes.
- State Farm policyholders can earn discounts including student away at school, accident-free, multiple policy, anti-theft, driver’s education, good driver, and passive restraint.
When getting a coverage quote, ask each company which discounts you qualify for. All car insurance discounts may not apply to policies in every state. If you would like to view providers with discount rates in Albuquerque, click here.
Exclusive versus independent insurance agencies
Certain consumers prefer to have an agent’s advice and often times that is recommended Good agents are highly skilled in risk management and help in the event of a claim. One of the benefits of comparing rate quotes online is you can get lower rates and still choose a local agent. And buying from local insurance agents is important particularly in Albuquerque.
To find an agent, once you fill out this simple form, the quote information is immediately sent to local insurance agents who will gladly provide quotes for your insurance coverage. You never need to leave your house because prices are sent to you instantly. If you want to get a comparison quote from a specific insurance provider, just navigate to their website and complete a quote there.
If you’re trying to find a reputable agency, there are a couple of different types of agencies that you can choose from. Albuquerque agents are categorized either exclusive or independent agents depending on their company appointments. Both can sell insurance policies, but it’s worth mentioning why they differ because it can influence which agent you choose.
Independent Insurance Agents (or Brokers)
These type of agents can quote rates with many companies so as a result can place your coverage with lots of companies depending on which coverage is best. To transfer your coverage to a different company, your agent can switch companies without you having to go to a different agency.
If you are comparing insurance prices, you will want to get several quotes from several independent insurance agents for the best price selection.
The following is a partial list of independent insurance agencies in Albuquerque that may be able to provide cheap rate quotes.
Webster Insurance Agency Inc
1201 Eubank Blvd Suite 3 – Albuquerque, NM 87112 – (505) 294-1497 – View Map
Exclusive Insurance Agents
Agents that choose to be exclusive write business for a single company like American Family, State Farm, and AAA. Exclusive agents are unable to provide other company’s prices so it’s a take it or leave it situation. These agents are trained well on their products and sales techniques which can be an advantage.
Below are exclusive insurance agencies in Albuquerque who can help you get price quotes.
Choosing an insurance agency needs to be determined by more than just a cheap price quote. These are some valid questions you should ask.
- Is the agent CPCU or CIC certified?
- How much can you save by raising your physical damage deductibles?
- Does the company have a local claim office in Albuquerque?
- How are claims handled?
- Is the quote a firm price?
- How much training do they have in personal risk management?
- What insurance companies do they work with in Albuquerque?
After you get good feedback to all your questions and an affordable coverage quote, chances are good that you have found an insurance agency that is reputable and can insure your vehicles.
You are unique and your auto insurance should be too
Always remember that when buying your policy, there is no “best” method to buy coverage. Everyone’s situation is a little different and your auto insurance should be unique as well.
These are some specific questions can aid in determining if your insurance needs might need professional guidance.
- Does my policy cover me when driving someone else’s vehicle?
- What is motorclub and do I need it?
- I have good health insurance, so how much medical payments coverage do I need?
- Is my state a no-fault state?
- What policy terms are available?
- What is medical payments coverage?
- Are combined or split liability limits better?
- Should I sign the liability waiver when renting a car?
If it’s difficult to answer those questions then you might want to talk to an agent. If you don’t have a local agent, complete this form or click here for a list of auto insurance companies in your area. It’s fast, doesn’t cost anything and may give you better protection.
New Mexico car insurance company ratings
Buying coverage from the right auto insurance company can be challenging considering how many different companies there are to choose from in Albuquerque. The information shown next can help you analyze which providers to look at comparing prices from.
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 by A.M. Best Rank
- USAA – A++
- Travelers – A++
- GEICO – A++
- State Farm – A++
- The Hartford – A+
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Mercury Insurance – A+
- Titan Insurance – A+
Insurance coverage basics
Understanding the coverages of insurance can be of help when determining the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. Listed below are typical coverage types available from insurance companies.
Collision coverage protection
Collision coverage pays for damage to your MKT resulting from colliding with a stationary object or other vehicle. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things such as crashing into a ditch, hitting a mailbox, rolling your car, sustaining damage from a pot hole and hitting a parking meter. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Another option is to increase the deductible on your MKT to save money on collision insurance.
This coverage provides protection from damage that occurs to other people or property in an accident. It protects you from claims by other people. Liability doesn’t cover your own vehicle damage or injuries.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 25/50/10 that means you have a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and a total limit of $10,000 for damage to vehicles and property. Some companies may use a combined single limit or CSL which limits claims to one amount rather than limiting it on a per person basis.
Liability insurance covers claims such as legal defense fees, structural damage and pain and suffering. How much coverage you buy is a decision to put some thought into, but consider buying as large an amount as possible. New Mexico requires drivers to carry at least 25/50/10 but you should think about purchasing higher limits.
The next chart demonstrates why the minimum limit may not be adequate.
Med pay and Personal Injury Protection (PIP)
Med pay and PIP coverage kick in for bills such as chiropractic care, nursing services, hospital visits, funeral costs and X-ray expenses. They are utilized in addition to your health insurance program or if you are not covered by health insurance. Coverage applies to both the driver and occupants and also covers any family member struck as a pedestrian. PIP is not available in all states but can be used in place of medical payments coverage
This will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive coverage protects against claims such as hitting a bird, falling objects, fire damage, vandalism and hail damage. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.
Uninsured/Underinsured Motorist (UM/UIM)
This provides protection from other drivers when they either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants and also any damage incurred to your Lincoln MKT.
Since a lot of drivers have only the minimum liability required by law (which is 25/50/10), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.
Persistence is the key to cheap rates
As you shop your coverage around, it’s not a good idea to sacrifice coverage to reduce premiums. There have been many situations where an insured dropped collision coverage and found out when filing a claim that the savings was not a smart move. Your focus should be to buy the best coverage you can find at an affordable rate and still be able to protect your assets.
In this article, we presented a lot of ways to save on Lincoln MKT insurance in Albuquerque. The key concept to understand is the more quotes you get, the better your comparison will be. Drivers may even discover the lowest prices come from a smaller regional carrier. These smaller insurers often have lower rates on specific markets compared to the large companies like Allstate or State Farm.
Steps to finding affordable quotes for Lincoln MKT insurance in Albuquerque
The preferred way to find low-cost prices for Lincoln MKT insurance in Albuquerque is to compare prices once a year from providers in New Mexico.
Step 1: Learn about how auto insurance works and the things you can control to prevent rate increases. Many rating factors that increase rates such as accidents, traffic violations, and a not-so-good credit rating can be amended by making minor driving habit or lifestyle changes.
Step 2: Get rate quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give rate quotes from one company like GEICO or Allstate, while agents who are independent can quote prices from many different companies.
Step 3: Compare the price quotes to the price on your current policy to see if cheaper MKT coverage is available. If you can save money and decide to switch, verify that coverage does not lapse between policies.
Step 4: Provide notification to your current company to cancel your existing policy and submit a down payment and signed policy application to the new company. Immediately upon receiving it, put the certificate of insurance in your vehicle.
A good piece of advice is to make sure you’re comparing identical limits and deductibles on every quote and and to look at as many carriers as you can. This ensures the most accurate price comparison and a complete price analysis.
Much more information about car insurance in New Mexico is located at the links below
- Teen Driving Statistics (iihs.org)
- Who Has the Cheapest Auto Insurance Quotes for a Nissan Altima in Albuquerque? (FAQ)
- Who Has Affordable Auto Insurance for 16 Year Olds in Albuquerque? (FAQ)
- Who Has Affordable Albuquerque Auto Insurance Quotes for Used Cars? (FAQ)
- Who Has the Cheapest Car Insurance for a Company Car in Albuquerque? (FAQ)
- How Much are Car Insurance Quotes for a Honda Civic in Albuquerque? (FAQ)
- Booster Seat Ratings (iihs.org)
- Event Data Recorders FAQ (iihs.org)