To save the most money, the best way to get cheaper auto insurance rates in Albuquerque is to regularly compare prices from companies in New Mexico. You can compare prices by completing these steps.
- First, get an understanding of the different coverages in a policy and the factors you can control to prevent expensive coverage. Many policy risk factors that increase rates like traffic citations and an unacceptable credit history can be rectified by making lifestyle changes or driving safer. Later in this article we will cover additional tips to get cheaper coverage and earn a bigger discount.
- Second, compare rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only provide price estimates from a single company like GEICO or Farmers Insurance, while independent agents can quote prices from multiple companies. Select a company
- Third, compare the price quotes to your existing policy to see if you can save by switching companies. If you find a lower rate, make sure there is no lapse in coverage.
- Fourth, give notification to your agent or company to cancel your current car insurance policy. Submit a completed application and payment to your new insurance company. Immediately upon receiving it, put the new certificate of insurance with your registration paperwork.
One important bit of advice is to use the same coverage limits and deductibles on each quote and and to get price quotes from every company you can. Doing this helps ensure the most accurate price comparison and a thorough price selection.
Unthinkable but true, most car insurance policyholders renewed their policy with the same company for a minimum of four years, and practically 40% of car insurance customers have never compared rates to find lower-cost insurance. Consumers in Albuquerque can save hundreds of dollars each year, but they don’t want to take the time to find lower-cost rates by getting comparison quotes.
If you are already insured, you will be able to cut your premiums using these techniques. Buying the cheapest car insurance in Albuquerque is actually very simple if you learn how to start. But New Mexico car owners must comprehend the way insurance companies calculate your car insurance rates and apply this information to your search.
When comparing car insurance rates, know that having more price comparisons will improve the odds of getting the best rates.
The companies in the list below offer comparison quotes in New Mexico. In order to find the best cheap auto insurance in Albuquerque, it’s highly recommended you click on several of them to get a more complete price comparison.
Discounts mean cheaper rates for Chevy Cobalt insurance in Albuquerque
Car insurance companies don’t necessarily list every policy discount very well, so here is a list both the well known and the harder-to-find discounts that may be available.
- Theft Deterrent – Cars optioned with advanced anti-theft systems are stolen with less frequency and therefore earn up to a 10% discount.
- Discounts for Responsible Drivers – Drivers without accidents may receive a discount up to 45% than less cautious drivers.
- Homeowners Savings – Simply owning a home may trigger a policy discount on car insurance because owning a home is proof of financial responsibility.
- Driver Training Discounts – Completing a safe driver class could cut 5% off your bill if your company offers it.
- Accident Forgiveness – This one is not really a discount per se, but some insurance companies permit an accident without the usual rate increase as long as you don’t have any claims for a specific time period.
- Distant Student Discount – Older children who attend college more than 100 miles from Albuquerque and leave their car at home could get you a discount.
Keep in mind that some credits don’t apply to the whole policy. Some only apply to individual premiums such as collision or personal injury protection. Despite the fact that it seems like you can get free auto insurance, nobody gets a free ride.
The chart below illustrates the difference between Chevy Cobalt insurance costs with and without discounts. The rates are based on a female driver, no claims or driving violations, New Mexico state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, safe-driver, marriage, multi-car, and homeowner discounts applied.
To view insurers that offer the discounts shown above in Albuquerque, click this link.
Detailed insurance information
The premium table displayed next highlights different insurance premium costs for Chevy Cobalt models. Having a good grasp of how insurance quotes are figured can be valuable when making decisions on which coverage to buy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Cobalt LS 4-Dr Sedan||$242||$590||$364||$22||$108||$1,326||$111|
|Cobalt XFE 4-Dr Sedan||$242||$590||$364||$22||$108||$1,326||$111|
|Cobalt LS 2-Dr Coupe||$278||$590||$402||$24||$120||$1,414||$118|
|Cobalt XFE 2-Dr Coupe||$278||$590||$402||$24||$120||$1,414||$118|
|Cobalt LT 4-Dr Sedan||$278||$590||$364||$22||$108||$1,362||$114|
|Cobalt LT 2-Dr Coupe||$312||$590||$402||$24||$120||$1,448||$121|
|Cobalt SS Turbo 2-Dr Coupe||$348||$768||$402||$24||$120||$1,662||$139|
|Get Your Own Custom Quote Go|
Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Prices do not factor in specific location which can increase or decrease price quotes substantially.
Impact of careless driving on Albuquerque auto insurance rates
The chart below illustrates how speeding tickets and at-fault claims can impact Chevy Cobalt premium costs for each age group. The rate quotes are based on a single male driver, full physical damage coverage, $250 deductibles, and no discounts are factored in.
Comparison of auto insurance rates by gender
The example below shows the difference between Chevy Cobalt premium costs for male and female drivers. The premium estimates are based on no claims or driving violations, comprehensive and collision coverage, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
Liability only or full coverage
The diagram below compares Chevy Cobalt auto insurance costs with full coverage compared to only the New Mexico minimum liability coverage. The premium estimates are based on no claims, a clean driving record, $500 deductibles, drivers are single, and no other discounts are factored in.
Should you buy full coverage or liability only?
There isn’t a written rule of when to stop paying for physical damage coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then you may need to consider dropping full coverage.
For example, let’s assume your Chevy Cobalt replacement cost is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $4,000 after paying the physical damage deductible. If you are paying more than $400 a year to have full coverage, then it might be time to buy liability only.
There are some circumstances where dropping full coverage is not advised. If you still owe money on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should keep full coverage in place.
Buying auto insurance from Albuquerque car insurance agents
Some consumers still prefer to get advice from a local agent and that is recommended in a lot of cases One of the best bonuses of comparing auto insurance online is the fact that drivers can get the lowest rates and still have a local agent.
By using this form (opens in new window), your insurance coverage information is submitted to participating agents in Albuquerque who can give free rate quotes for your insurance coverage. It’s much easier because you don’t need to even leave your home as quotes are delivered to you directly. It’s the lowest rates and an insurance agent to talk to. If you want to get a price quote from a specific auto insurance provider, you would need to visit that company’s website and fill out their quote form.
Finding the right insurer is decision based upon more than just the price. Here are some questions you might want to ask.
- What discounts might you be missing?
- Does the quote include credit and driving reports?
- Can they help ensure a fair claim settlement?
- Are all drivers listed on the coverage quote?
- Are aftermarket or OEM parts used to repair vehicles?
If you would like to find a local Albuquerque insurance agency, you should know the different types of agencies that you can choose from. Albuquerque agents may be either independent (non-exclusive) or exclusive.
Exclusive agents can usually just insure with one company like Allstate, State Farm and Farm Bureau. Exclusive agencies are unable to compare rates from other companies so you might not find the best rates. Exclusive agencies are very knowledgeable on their products and sales techniques which helps them sell insurance even at higher premiums.
Listed below is a list of exclusive agencies in Albuquerque that are able to give comparison quotes.
Stephanie Valdez – State Farm Insurance Agent
5921 Lomas Blvd NE a – Albuquerque, NM 87110 – (505) 255-8676 – View Map
Francis Harding – State Farm Insurance Agent
4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231 – View Map
Paul Maestas – State Farm Insurance Agent
111 Coors Blvd NW, Ste C7 – Albuquerque, NM 87121 – (505) 831-3725 – View Map
Independent Auto Insurance Agents
Independent insurance agents are not restricted to one company so they can quote policies amongst many companies and find the cheapest auto insurance rates. To move your coverage to a new company, they can switch companies in-house and the insured can keep the same agent. When shopping rates, it’s a good idea to get insurance quotes from a couple of independent agencies so that you have a good selection of quotes to compare.
Shown below is a list of independent agencies in Albuquerque that are able to give comparison quotes.
Sunset Insurance Corporation
1905 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 247-2578 – View Map
Webster Insurance Agency Inc
1201 Eubank Blvd Suite 3 – Albuquerque, NM 87112 – (505) 294-1497 – View Map
Lorraine Y Chavez Insurance Agency, Inc.
8224 Louisiana Blvd NE – Albuquerque, NM 87113 – (505) 821-7123 – View Map
If you receive positive responses to all your questions and an acceptable price quote, it’s possible that you found an auto insurance agent that is reputable and can service your policy. Just understand that policyholders can terminate coverage whenever you choose to so don’t think that you’re stuck with any specific agency with no way out.
Specifics of your insurance policy
Understanding the coverages of your insurance policy aids in choosing appropriate coverage and the correct deductibles and limits. Insurance terms can be impossible to understand and nobody wants to actually read their policy. Shown next are the usual coverages offered by insurance companies.
Auto collision coverage
This coverage pays to fix your vehicle from damage caused by collision with an object or car. You have to pay a deductible and then insurance will cover the remainder.
Collision can pay for claims like sustaining damage from a pot hole, hitting a mailbox and rolling your car. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible on your Cobalt in order to get cheaper collision rates.
Uninsured or underinsured coverage
This gives you protection from other drivers when they either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.
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. For this reason, having high UM/UIM coverages is important protection for you and your family.
Coverage for liability
This coverage provides protection from injuries or damage you cause to other’s property or people that is your fault. Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 25/50/10 that translate to $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and $10,000 of coverage for damaged property.
Liability can pay for things like structural damage, attorney fees, loss of income, emergency aid and legal defense fees. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase as much as you can afford. New Mexico state minimum liability requirements are 25/50/10 but you should consider buying more coverage.
The next chart shows why buying the state minimum limits may not be high enough to adequately cover claims.
Medical expense coverage
Medical payments and Personal Injury Protection insurance pay for short-term medical expenses such as X-ray expenses, pain medications and hospital visits. They are often used in conjunction with a health insurance program or if you do not have health coverage. Coverage applies to both the driver and occupants and also covers if you are hit as a while walking down the street. PIP coverage is not universally available and gives slightly broader coverage than med pay
Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive can pay for claims like a broken windshield, hitting a deer and damage from flooding. The most a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle is not worth much consider dropping full coverage.
A little work can save a LOT of money
We just showed you many tips how you can get a better price on Chevy Cobalt insurance in Albuquerque. The key concept to understand is the more you quote Albuquerque auto insurance, the more likely it is that you will get a better rate. Drivers may even discover the lowest rates are with a small mutual company. Some small companies may often insure only within specific states and give better rates compared to the large companies like Progressive and GEICO.
The cheapest Chevy Cobalt insurance in Albuquerque is definitely available from both online companies and also from your neighborhood Albuquerque agents, so you need to quote Albuquerque auto insurance with both to have the best selection. Some insurance companies do not offer rate quotes online and these regional insurance providers only sell through independent insurance agencies.
As you go through the steps to switch your coverage, it’s very important that you do not sacrifice coverage to reduce premiums. There are many occasions where drivers have reduced liability limits or collision coverage only to regret at claim time that it was a big mistake. Your goal should be to purchase plenty of coverage at the lowest possible cost while not skimping on critical coverages.
More tips and info about insurance is available by following these links:
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- Who Has the Cheapest Albuquerque Car Insurance Quotes for Handicapped Drivers? (FAQ)
- How Much are Albuquerque Auto Insurance Quotes for a Ford Focus? (FAQ)
- Who Has Cheap Auto Insurance Rates for Inexperienced Drivers in Albuquerque? (FAQ)
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Side Impact Crash Tests (iihs.org)