Would you like to buy low-cost Mazda 5 insurance in Albuquerque? I can’t think of a single person who anticipates paying for car insurance, particularly when they could find lower prices if they just compared rates.
Everyone knows that insurance companies don’t want their policyholders to compare prices. Drivers who shop around for the cheapest price are inclined to switch car insurance companies because there is a good probability of finding good coverage at a lower price. A recent survey revealed that people who routinely shopped for cheaper coverage saved on average $3,450 over four years compared to other drivers who didn’t regularly shop around.
If finding budget-friendly car insurance in Albuquerque is your ultimate target, knowing the best way to shop and compare coverages can help simplify the process.
People have many insurers to purchase coverage from, and though it is a good thing to have a choice, having more insurers makes it harder to adequately compare rates for Mazda 5 insurance in Albuquerque.
Most of the larger companies make it easy to get price estimates online. Getting Mazda 5 insurance prices online is possible for anyone because you just enter your required coverages into a form. When complete, the system automatically retrieves your driving and credit reports and generates pricing information. Getting online price quotes for Mazda 5 insurance in Albuquerque makes it easy to compare insurance prices and it’s very important to get many rate quotes in order to find cheaper car insurance pricing.
To save time and find out if lower rates are available, consider comparing rates from the companies shown below. If you have coverage now, it’s recommended you enter deductibles and limits identical to your current policy. This guarantees you’re receiving a fair comparison for similar insurance coverage.
The companies shown below are our best choices to provide comparison quotes in Albuquerque, NM. If multiple companies are listed, we suggest you visit several of them to get the best price comparison.
Car insurance discounts are available to cut your rates
Car insurance is neither fun to buy or cheap, but you might be missing out on some discounts that could help you make your next renewal payment. Some discounts will apply when you get a quote, but some discounts are required to be asked about prior to receiving the credit.
- Senior Citizen Discount – Drivers over the age of 55 are able to get better car insurance rates.
- Discounts for Responsible Drivers – Insureds who avoid accidents can save up to 40% or more on their Albuquerque car insurance quote as compared to drivers with claims.
- Switch and Save Discount – Some car insurance companies give discounts for signing up prior to your current 5 insurance policy expiring. You can save around 10% with this discount.
- Claim Free – Drivers who don’t have accidents can save substantially in comparison with policyholders that have many claims.
- Data Collection Discounts – People who choose to allow driving data submission to track their driving habits by using a telematics device in their vehicle like In-Drive from State Farm and Progressive’s Snapshot might see lower rates if they are good drivers.
One thing to note about discounts is that most credits do not apply to the whole policy. Some only reduce specific coverage prices like medical payments or collision. Even though it appears all those discounts means the company will pay you, it doesn’t quite work that way.
The illustration below illustrates the comparison of Mazda 5 insurance rates with and without discounts. The premiums assume a female driver, no claims, a clean driving record, 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-car, homeowner, claim-free, marriage, safe-driver, and multi-policy discounts applied.
A partial list of companies that may have these discounts include:
If you need cheaper Albuquerque car insurance quotes, ask every insurance company the best way to save money. All car insurance discounts may not be offered everywhere. To find insurance companies that have a full spectrum of discounts in Albuquerque, click here to view.
Analysis of Mazda 5 rates
The premium information shown next outlines a range of coverage prices for Mazda 5 models. Having insight into how prices are figured can be of help when making decisions when shopping around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|5 Sport Station Wagon||$176||$278||$274||$16||$82||$826||$69|
|5 Touring Station Wagon||$202||$338||$274||$16||$82||$912||$76|
|5 Grand Touring Station Wagon||$202||$338||$274||$16||$82||$912||$76|
|Get Your Own Custom Quote Go|
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Premium amounts do not factor in specific zip code location which can decrease or increase premium rates substantially.
The diagram below illustrates how your deductible choice and can raise or lower Mazda 5 insurance costs for different age groups. The information is based on a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
Full coverage or liability only
The example below shows the difference between Mazda 5 car insurance costs with full coverage and liability only. The premiums are based on no violations or accidents, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.
Are you wasting money paying for full coverage?
There is no set guideline to stop buying full coverage, but there is a general convention. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s say your Mazda 5 settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled, you would only receive $8,000 after you pay the deductible. If you are paying in excess of $800 annually for physical damage coverage, then you may need to consider dropping full coverage.
There are a few cases where eliminating full coverage is not financially feasible. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should not buy liability only.
Independent and exclusive auto insurance agents
A small number of people just want to talk to a local agent and doing so can bring peace of mind One of the best bonuses of comparing insurance prices online is that drivers can save money and get lower premium rates and still buy from a local agent.
To help locate an agent, after submitting this simple form, your coverage information is immediately sent to companies in Albuquerque who want to provide quotes for your insurance coverage. It’s much easier because you don’t need to contact an agency because prices are sent to your email. You can find better rates and an insurance agent to talk to. In the event you want to get a comparison quote from a particular provider, you just need to navigate to their website to submit a rate quote request.
Selecting an provider should depend on more than just a low price. These are some valid questions you should ask.
- Are they actively involved in the community?
- Do you qualify for any additional discounts?
- Do you need full coverage on every vehicle?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- How is replacement cost determined on your vehicle?
- Is auto insurance their primary focus in Albuquerque?
- What is the agency’s Better Business Bureau rating?
- Is vehicle mileage a factor when determining depreciation for repairs?
Eight factors that impact insurance costs
An important part of buying insurance is that you know some of the elements that come into play when calculating the rates you pay for auto insurance. When you know what positively or negatively determines premiums, this enables informed choices that will entitle you to better auto insurance rates.
Only buy what you need – Insurance companies have many additional extra coverages that can add up but may not be useful. Coverage for things like coverage for rental cars, towing, and Farm Bureau memberships are examples of these. These may sound like a good investment when talking to your agent, but your money might be better spent on other coverage so remove them and pocket the money.
Gender and auto insurance costs – The statistics show that females tend to be a little less risky than males. This data doesn’t prove that women are better drivers. Females and males are in fender benders at a similar rate, but guys get into accidents with more damage. Men also receive more major tickets like DWI (DUI) or reckless driving.
The illustration below compares Mazda 5 insurance costs for male and female drivers. The premium estimates are based on no claims, a clean driving record, full coverage, $500 deductibles, drivers are not married, and no discounts are taken into consideration.
Low coverage deductibles mean high premiums – Coverage for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your Mazda. A few examples of covered claims would be a broken windshield, damage from fire, and having your car stolen. The deductibles you choose are the amount of money you are willing to pay out-of-pocket if you file a covered claim. The more you’re willing to pay, the better rate you will receive.
A coverage lapse is a bad thing – Letting your insurance expire is a guaranteed way to bump up your auto insurance costs. Not only will you pay higher rates, getting caught without coverage will get you a steep fine or even jail time. Then you may be required to prove you have insurance by filing a SR-22 with the New Mexico DMV.
Annual mileage and car insurance prices – Driving a lot of miles annually the more you’ll pay to insure your vehicle. Almost all companies rate vehicles determined by how the vehicle is used. Cars and trucks that sit idle most of the time cost less to insure than vehicles that are driven to work every day. Improper usage on your 5 may be wasting your money. It’s always a good idea to double check that your auto insurance policy is rated on the right rating data.
Get better rates if married – Being married may save some money on your auto insurance bill. Having a significant other usually means you are more mature than a single person and statistics show married drivers tend to have fewer serious accidents.
Experienced drivers pay less – Older insureds are shown to be more cautious, tend to file fewer claims, and are generally more financially stable. Youthful drivers are proven to get distracted easily when driving therefore auto insurance rates are much higher.
The data below uses these variables: single driver, full coverage with $500 deductibles, and no discounts or violations.
Premiums are affected by your credit rating – Having a bad credit rating will be a significant factor in your rate calculation. So if your credit score can be improved, you could be paying less to insure your Mazda 5 by taking the time to improve your credit score. Drivers who have very high credit ratings tend to file fewer claims and have better driving records than drivers with bad credit.
Mazda 5 statistical loss data – Insurance companies include the past claim trends for vehicles to help calculate a profitable premium price. Models that tend to have higher losses will cost more for specific coverages. The table below illustrates the collected loss data for Mazda 5 vehicles.
For each insurance policy coverage type, the claim amount for all vehicles, regardless of make or model, equals 100. Values under 100 imply a favorable loss record, while percentage values above 100 indicate a higher chance of having a claim or an increased chance of larger losses than average.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Why do I need car insurance?
Despite the high cost, paying for auto insurance may not be optional for several reasons.
- Almost all states have mandatory insurance requirements which means you are required to carry a specific minimum amount of liability insurance in order to be legal. 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 Mazda 5, almost all lenders will make it a condition of the loan that you have comprehensive coverage to guarantee loan repayment. If the policy lapses, the lender may insure your Mazda at an extremely high rate and make you pay for the much more expensive policy.
- Auto insurance protects both your assets and your Mazda. It will also provide coverage for medical bills for yourself as well as anyone injured by you. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense if you cause an accident and are sued. If you have damage to your Mazda as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.
The benefits of carrying adequate insurance more than offset the price you pay, especially with large liability claims. The average driver in America is wasting up to $865 each year so we recommend shopping around every year to save money.
Don’t give up on cheaper rates
In this article, we presented a lot of ways to save on Mazda 5 insurance in Albuquerque. The key thing to remember is the more rate quotes you have, the more likely it is that you will get a better rate. Consumers may even find the lowest priced insurance comes from an unexpected company. These companies may cover specific market segments cheaper compared to the large companies like Progressive and GEICO.
Cheaper Mazda 5 insurance in Albuquerque can be bought online and from local agencies, so you need to shop Albuquerque car insurance with both to have the best chance of lowering rates. Some insurance companies do not offer online quoting and most of the time these small insurance companies only sell coverage through independent agencies.
Steps to finding low-cost rates for Mazda 5 insurance in Albuquerque
The best way to get budget Mazda 5 insurance is to regularly compare quotes from insurers who provide auto insurance in Albuquerque. Rate comparisons can be done by following these guidelines.
Step 1: Learn about individual coverages and the modifications you can make to keep rates in check. Many things that cause high rates like getting speeding tickets and a bad credit rating can be controlled by making minor changes to your lifestyle.
Step 2: Compare rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can provide rates from one company like Progressive or Allstate, while agents who are independent can provide rate quotes from multiple sources.
Step 3: Compare the new rate quotes to your existing policy to determine if you can save on 5 insurance. If you find a lower rate quote and buy the policy, make sure there is no lapse between the expiration of your current policy and the new one.
Step 4: Provide notification to your current company of your decision to cancel your existing policy and submit the signed application along with the required initial payment for the new coverage. Be sure to keep the new proof of insurance certificate with the vehicle registration.
An important note is to use the same physical damage deductibles and liability limits on each price quote and and to analyze every company you can. This provides a fair rate comparison and many rates to choose from.
Helpful learning opportunities
- Event Data Recorders FAQ (iihs.org)
- Who Has the Cheapest Auto Insurance Rates for Immigrants in Albuquerque? (FAQ)
- Who Has the Cheapest Car Insurance Rates for Young Drivers in Albuquerque? (FAQ)
- Tread Depth and Tire Safety (State Farm)
- Frontal Crash Tests (iihs.org)
- Prepare your Teens for Safe Driving (InsureUonline.org)