Unfortunately, the vast majority of car insurance customers have bought car insurance from the same company for a minimum of four years, and just under half have never compared rates from other carriers. Albuquerque consumers can save up to 40% each year, but most tend to underestimate the actual amount they would save if they bought a different policy.
If your goal is the lowest price, then the best way to find lower priced Kia Rio insurance is to begin comparing prices regularly from companies who can sell car insurance in Albuquerque.
- Try to understand how companies set rates and the factors you can control to drop your rates. Many risk factors that result in higher rates like traffic violations, accidents, and a substandard credit score can be improved by improving your driving habits or financial responsibility.
- Compare rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give rate quotes from one company like Progressive and State Farm, while independent agencies can provide prices from multiple sources.
- Compare the new rate quotes to your existing coverage to see if switching to a new carrier will save money. If you can save money, make sure coverage is continuous and does not lapse.
- Notify your current company to cancel your current coverage. Submit a down payment along with a completed application to your new carrier. Once coverage is bound, keep your new certificate verifying coverage with your vehicle’s registration.
A crucial key to this process is to use the same level of coverage on every quote and and to get prices from as many different companies as possible. This enables a fair rate comparison and a better comparison of the market.
Buying the best auto insurance in Albuquerque is not as difficult as people think. If you already have coverage or just want a better rate, use these cost-cutting techniques to lower your rates without having to cut coverage. Drivers just have to understand the most time-saving way to buy auto insurance online.
Free Albuquerque Kia Rio insurance price quotes
The car insurance companies shown below provide comparison quotes in Albuquerque, NM. If multiple companies are listed, we suggest you click on several of them to get the lowest price.
Kia Rio insurance analysis
The coverage table below outlines detailed analysis of insurance policy prices for Kia Rio models. Understanding how insurance premiums are figured can benefit drivers when making informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Table data represents married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Rates do not factor in the specific area where the vehicle is garaged which can change premium rates significantly.
Full coverage versus liability only rates
The chart below compares Kia Rio insurance costs with liability coverage only compared to full coverage. The prices are based on a clean driving record, no at-fault accidents, $500 deductibles, drivers are single, and no policy discounts are applied.
When to stop buying physical damage coverage
There isn’t a steadfast formula to drop full coverage, but there is a general convention. If the annual cost of having full coverage is more than about 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 assume your Kia Rio replacement cost is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $4,000 after you pay the deductible. If it’s costing you more than $400 a year for full coverage, then you may want to consider only buying liability coverage.
There are some scenarios where only buying liability is not a good plan. If you haven’t paid off your loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not drop full coverage.
Car insurance in New Mexico serves several purposes
Despite the high cost of buying insurance for a Kia Rio in Albuquerque, buying car insurance serves a purpose in several ways.
- Most states have mandatory insurance requirements which means you are required to buy a minimum amount of liability coverage 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 you bought your Kia with a loan, most lenders will require you to buy insurance to guarantee their interest in the vehicle. If coverage lapses or is canceled, the lender may have to buy a policy to insure your Kia at a much higher rate and require you to fork over for the expensive policy.
- Insurance safeguards both your Kia and your personal assets. It will also reimburse you for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense if anyone sues you for causing an accident. If you have damage to your Kia as the result of the weather or an accident, comprehensive and/or collision insurance will cover the repair costs.
The benefits of having car insurance are definitely more than the cost, especially when you need to use it. In a recent study of 1,000 drivers, the average customer is currently overpaying as much as $800 each year so compare rates once a year at a minimum to ensure rates are competitive.
How Your Rio Insurance Prices are Determined
Lots of things are taken into consideration when quoting car insurance. Some of the criteria are obvious like your driving record, although others are not as apparent such as whether you are married or your financial responsibility.
File claims and pay more – If you’re an insured who likes to file claims don’t be surprised to see higher premiums or even policy non-renewal. Auto insurance companies in New Mexico award the best rates to policyholders who do not file claims often. Your insurance policy is designed for major claims that would cause financial hardship.
Males tend to take more risk – Statistics demonstrate that females take fewer risks when driving. However, this does not mean males are worse at driving than females. They both cause auto accidents at a similar rate, but the male of the species have accidents that have higher claims. Men also get higher numbers of serious violations such as reckless driving.
The chart below shows the comparison of Kia Rio car insurance costs for male and female drivers. The prices are based on no violations or claims, full coverage, $250 deductibles, single status, and no discounts are applied to the premium.
Does your vocation raise your premiums? – Did you know your career choice can influence rates? Jobs such as judges, air traffic controllers, and emergency personnel are shown to have the highest rates due to high stress and incredibly demanding work hours. Conversely, jobs such as farmers, athletes and homemakers pay the least.
Fast cars cost more to insure – The make and model of the car you are trying to find cheaper insurance for makes a huge difference in determining your rates. Smaller low performance passenger cars generally have the cheapest insurance rates, but other factors influence the final cost greatly.
The following data is based on a married male driver age 50, full coverage with $100 deductibles, and no discounts or violations. It shows Kia Rio car insurance rates compared to other makes and models that have a range of performance rating factors.
Rate your vehicle for proper use – The more miles you rack up on your Kia each year the higher your rate. Almost all companies charge to insure your cars based upon how you use the vehicle. Cars and trucks that are left in the garage can get a lower rate than vehicles that are driven to work every day. Incorrect rating for your Rio is throwing money out the window. It’s always a good idea to double check that your insurance policy reflects the proper vehicle usage.
Small coverages can add up – There are a lot of add-on coverages that sound like a good idea at the time on your Rio policy. Coverages for personal injury protection, death and dismemberment, and term life insurance are examples of these. They may seem good when deciding what coverages you need, but your money might be better spent on other coverage so remove them and pocket the money.
Safer cars lower rates – Vehicles with high crash test scores get lower rates. These vehicles have better occupant injury protection and better occupant protection means less money paid by your insurance company which can mean better rates for you.
Prevent theft and save – Choosing a vehicle with anti-theft technology or alarm system can help lower your premiums. Anti-theft features such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help prevent auto theft.
Kia Rio insurance loss probability – Companies analyze claim trends for every vehicle when they calculate premium rates for each model. Vehicles that have higher number or severity of losses will cost more for coverage. The information below illustrates the collected loss data for Kia Rio vehicles.
For each coverage category, the claim probability for all vehicles, regardless of make or model, is a value of 100. Numbers under 100 suggest a better than average loss history, while numbers that are greater than 100 point to more frequent losses or an increased likelihood of larger losses.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
These discounts can cut Kia Rio insurance rates
Some companies don’t always publicize their entire list of discounts in an easy-to-find place, so we researched some of the best known and also the lesser-known auto insurance savings.
- Discount for Swiching Early – Some insurance companies provide a discount for switching policies early. You could save around 10% when you buy Albuquerque auto insurance online.
- Student in College – College-age children who are enrolled in a college that is more than 100 miles from Albuquerque and do not take a car to college can be insured at a reduced rate.
- Passive Restraints – Cars that have air bags or motorized seat belts can receive discounts of 25 to 30%.
- Discount for Life Insurance – Not all insurance companies offer life insurance, but some may give you a break if you buy some life insurance in addition to your auto policy.
- Lower Rates for Military – Being deployed in the military may qualify for rate reductions.
- Low Mileage – Low mileage vehicles could qualify for discounted rates on garaged vehicles.
- Albuquerque Homeowners Discount – Being a homeowner can help you save on auto insurance because owning a home requires a higher level of personal finance.
A little disclaimer on discounts, most credits do not apply to all coverage premiums. Most only apply to specific coverage prices like comp or med pay. So when it seems like all the discounts add up to a free policy, companies wouldn’t make money that way.
The illustration below shows the comparison of Kia Rio yearly insurance costs with and without discounts applied to the premium. The information is based on a female driver, no tickets, no at-fault accidents, New Mexico state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, homeowner, multi-car, safe-driver, marriage, and multi-policy discounts applied.
A few of the larger companies and their possible discounts include:
- Progressive discounts include good student, continuous coverage, multi-vehicle, homeowner, multi-policy, and online quote discount.
- AAA offers premium reductions for good driver, education and occupation, multi-policy, pay-in-full, AAA membership discount, and anti-theft.
- Farmers Insurance offers discounts for early shopping, pay in full, switch companies, distant student, electronic funds transfer, and youthful driver.
- GEICO may have discounts that include membership and employees, defensive driver, driver training, seat belt use, and anti-theft.
- Esurance offers discounts including claim free, emergency road assistance, good student, Switch & Save, safety device, and multi-policy.
- SAFECO has savings for teen safety rewards, multi-car, drive less, accident prevention training, bundle discounts, and anti-lock brakes.
- State Farm has discounts for defensive driving training, accident-free, safe vehicle, driver’s education, and Drive Safe & Save.
When getting free Albuquerque auto insurance quotes, it’s a good idea to each company or agent to give you their best rates. Some credits might not be offered in your area. For a list of companies with discount rates in Albuquerque, click here.
Buying auto insurance from Albuquerque auto insurance agents
A small number of people prefer to get professional advice from a licensed agent and doing that can be a smart decision Professional agents can point out coverage gaps and help file insurance claims. A nice benefit of getting free rate quotes online is that you can find cheap rate quotes and still have a local agent. Buying from local insurance agencies is definitely important in Albuquerque.
After completing this short form, your insurance coverage information is sent to participating agents in Albuquerque that give free quotes for your coverage. You don’t have to even leave your home since price quotes are sent to you. If you wish to get a comparison quote from a specific insurance company, don’t hesitate to visit that company’s website and fill out the quote form the provide.
If you prefer to buy auto insurance from a good Albuquerque insurance agent, you should know the types of insurance agents and how they differ in how they quote coverages. Albuquerque agents are considered either independent or exclusive. Both types of agents can write policy coverage, but it’s good to learn how they differ since it may influence which type of agent you select.
Independent agencies are not required to write business for one company and that gives them the ability to insure with lots of companies and possibly get better coverage at lower prices. If prices rise, they simply move the coverage in-house which makes it simple for you. If you need lower rates, you need to compare prices from independent agents so that you can do a thorough price comparison.
Below is a partial list of independent insurance agencies in Albuquerque that may be able to give you price quotes.
Webster Insurance Agency Inc
1201 Eubank Blvd Suite 3 – Albuquerque, NM 87112 – (505) 294-1497 – View Map
Exclusive Auto Insurance Agents
Agents of this type can only write with one company and some examples include Farmers Insurance, Allstate, or State Farm. Exclusive agents cannot place coverage with different providers so it’s a take it or leave it situation. Exclusive agents are trained well on their products and sales techniques which helps offset the inability to provide other markets.
The following are exclusive agents in Albuquerque that are able to give comparison quotes.
Picking the best insurance agency should include more criteria than just the quoted price. These are some questions you should get answers to.
- Do they have any clout with companies to ensure a fair claim settlement?
- Will you work with the agent or an assistant?
- How are they compensated?
- How will an accident affect your rates?
- Does the company have a local claim office in Albuquerque?
Upon receiving positive feedback to all your questions as well as offering an affordable quote, you may have found a car insurance agent that is reputable and can adequately provide auto insurance. Just understand that once you purchase a policy you can cancel your coverage whenever you want so don’t assume that you are obligated to a specific company for the full policy term.
Albuquerque auto insurance companies
Finding the right auto insurance company is hard considering how many different insurance companies sell coverage in Albuquerque. The company rank data displayed below may help you select which coverage providers you want to consider comparing prices from.
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+
Top 10 Albuquerque Car Insurance Companies Ranked by Value
- American Family
- The Hartford
- Titan Insurance
- The General
- AAA Insurance
- State Farm
- Mercury Insurance
Lower rates by being persistent
We’ve covered some good ideas how you can save on Kia Rio insurance in Albuquerque. The key concept to understand is the more rate comparisons you have, the more likely it is that you will get a better rate. Consumers may even find the lowest auto insurance rates are with a small mutual company. Smaller companies can often provide lower premium rates in certain areas than their larger competitors like State Farm and Allstate.
When shopping online for car insurance, you should never buy poor coverage just to save money. There are a lot of situations where someone dropped full coverage and learned later that it was a big mistake. Your aim should be to purchase plenty of coverage at an affordable rate, but do not sacrifice coverage to save money.
Budget-friendly car insurance in Albuquerque can be purchased on the web and also from your neighborhood Albuquerque agents, so you should be comparing quotes from both so you have a total pricing picture. Some insurance companies do not provide internet price quotes and many times these small insurance companies only sell through local independent agencies.
Other learning opportunities
- Avoiding Deer Collisions (Insurance Information Institute)
- How Much are Albuquerque Auto Insurance Rates for Unemployed Drivers? (FAQ)
- Who Has Affordable Auto Insurance for Government Employees in Albuquerque? (FAQ)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Auto Crash Statistics (Insurance Information Institute)