Statistics show that a large majority of drivers kept their policy with the same company for four years or more, and approximately 38% of consumers have never compared rates from other carriers. With the average auto insurance premium being $1,240, New Mexico drivers could save almost $500 a year by just shopping around, but they don’t invest the time required to compare rates.
If saving money is your primary concern, then the best way to get discount car insurance rates is to compare quotes once a year from companies in Albuquerque. Price quotes can be compared by following these guidelines.
- Learn about auto insurance and the measures you can control to lower rates. Many rating criteria that cause rate increases like accidents, traffic tickets, and a less-than-favorable credit score can be rectified by making small lifestyle or driving habit changes.
- Request rate estimates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can give quotes from a single company like GEICO and Allstate, while independent agencies can provide price quotes for a wide range of companies.
- Compare the new rates to your existing policy and determine if cheaper Cherokee coverage is available in Albuquerque. If you find better rates and change companies, make sure coverage is continuous and does not lapse.
- Notify your agent or company to cancel your current policy. Submit the required down payment along with the signed application for your new policy. Make sure you safely store the certificate verifying coverage with the vehicle registration.
An important note is that you’ll want to compare the same coverage limits and deductibles on every quote and and to get rate quotes from as many companies as you can. This guarantees a level playing field and the most accurate and complete price analysis.
Learn How to Get Auto Insurance More Affordably
The best way to find cheaper auto insurance is to take a look at the different types of things that come into play when calculating your premiums. When you understand what determines base rates, this helps enable you to make changes that can earn you cheaper rates.
High performance equals high premiums – The make and model of the car or truck you are insuring makes a big difference in your auto insurance rates. Economy passenger cars generally receive the lowest base rates, but there are many factors that impact the final cost.
What’s your car’s safety rating? – Vehicles with good safety scores tend to have lower insurance rates. Safer cars result in less severe injuries and reduced instances of injuries translates into savings for insurance companies which can mean better rates for you. If your Jeep has at least four stars on Safercar.gov or an “acceptable” rating on iihs.org you may pay a lower rate.
Improve your credit score and save – An insured’s credit score factor in calculating your auto insurance rates. Therefore, if your credit history can be improved, you could potentially save money when insuring your Jeep Cherokee by improving your credit score. Drivers with excellent credit scores tend to be better risks to insure than drivers with lower credit ratings.
Higher rates for high stress jobs – Did you know that where you work can have an impact on rates? Jobs such as real estate brokers, air traffic controllers, and miners tend to have higher average rates due to intense work requirements and long work hours. Other professions such as professors, athletes and performers generally pay rates lower than average.
How’s your driving record? – Drivers who don’t get tickets tend to pay less for car insurance than people who have multiple driving citations. Having just one speeding ticket could increase your next policy renewal forty percent or more. Drivers who have received multiple citations like DWI, reckless driving or hit and run convictions might be required by their state to file a proof of financial responsibility form (SR-22) with their state’s licensing department in order to keep their license.
Never let your auto insurance policy lapse – Having a gap between insurance policy dates will be a sure-fire way to increase your rates. In addition to paying higher premiums, failure to provide proof of insurance will get you fines and jail time. Then you may be required to provide proof of insurance in the form of an SR-22 filing with the New Mexico department of motor vehicles.
Loss probability for a Jeep Cherokee – Car insurance companies analyze claim trends for every vehicle to help determine prices. Vehicles that have a trend towards higher claims will have higher rates. The table below illustrates the historical loss data for Jeep Cherokee vehicles.
For each policy coverage type, the claim amount for all vehicles as a whole is equal to 100. Values below 100 indicate a favorable loss history, while percentage numbers above 100 point to more losses or a tendency for claims to be larger.
|Specific Jeep Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Jeep Cherokee 4dr 2WD||76||105||77||87||90||109|
|Jeep Cherokee 4dr 4WD||78||115||82||75||79||103|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
When comparing insurance rates, know that comparing all the rates in your area provides better odds of finding a lower rate than you’re paying now.
The companies in the list below have been selected to offer price comparisons in Albuquerque, NM. If you wish to find cheaper car insurance in Albuquerque, NM, we recommend you click on several of them to find the cheapest auto insurance rates.
Insurance protects more than just your car
Even though it’s not necessarily cheap to insure a Jeep in Albuquerque, buying insurance is mandatory in New Mexico but it also protects more than you think.
- Most states have mandatory insurance requirements which means you are required to buy specific limits of liability insurance coverage if you want to drive legally. 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 your vehicle has a loan, more than likely the lender will require you to have insurance to guarantee payment of the loan. If you do not keep the policy in force, the bank or lender will purchase a policy for your Jeep at a much higher premium rate and force you to pay for it.
- Insurance protects not only your Jeep but also your financial assets. It will also pay for medical expenses for you, your passengers, and anyone else injured in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to repair the damage.
The benefits of buying insurance greatly outweigh the cost, particularly when you have a large claim. Unknowingly, the average driver is wasting up to $865 each year so you should quote your policy with other companies once a year at a minimum to make sure the price is not too high.
Determine discounts to get cheap Albuquerque insurance quotes
Companies don’t necessarily list all possible discounts in a way that’s easy to find, so the list below details both the well known in addition to some of the lesser obvious discounts that you may qualify for.
- Anti-theft Discount – Cars that have factory anti-theft systems are stolen with less frequency and earn discounts up to 10% off your Albuquerque car insurance quote.
- Active Military Service – Having a family member in the military could mean lower prices.
- Good Student – Being a good student can get you a discount of up to 25%. You can use this discount normally up until you turn 25.
- Senior Citizens – Mature drivers may qualify for reduced rates.
- Online Discount – Some of the larger companies will give you a small discount get Albuquerque car insurance online.
- Multi-policy Discount – If you can combine your homeowners and auto policy and place coverage with the same company you could get a discount of up to 20% off your total Cherokee insurance premium.
- Albuquerque Homeowners Discount – Owning a home in Albuquerque can help you save on insurance because maintaining a house is proof that your finances are in order.
- Discounts for Seat Belt Usage – Requiring all passengers to use their safety belts may be able to save a few bucks on medical payment and PIP coverage.
- Drive Safe and Save – Drivers who don’t get into accidents can save up to 40% or more on their Albuquerque car insurance quote than less cautious drivers.
One thing to note about discounts is that some credits don’t apply to the entire policy premium. Some only reduce the price of certain insurance coverages like physical damage coverage or medical payments. So when it seems like you would end up receiving a 100% discount, companies don’t profit that way. But any discount should definitely cut the premium cost.
Car insurance companies that possibly offer most of the discounts above include:
When quoting, ask all the companies which discounts they offer. Some credits might not apply in your state. If you would like to see a list of insurance companies that offer some of these discounts in Albuquerque, click here to view.
Local Albuquerque car insurance agents and insurance
Some people still prefer to talk to an insurance agent and that is a personal choice. One of the benefits of getting free rate quotes online is that drivers can save money and get cheaper rates and still buy from a local agent. And buying from small agencies is especially important in Albuquerque.
To make it easy to find an agent, after completing this form (opens in new window), the quote information is transmitted to insurance agents in Albuquerque that provide free Albuquerque car insurance quotes for your insurance coverage. You won’t even need to visit any agencies because prices are sent directly to your email. You can find the lowest rates without having to waste a lot of time. If for some reason you want to get a rate quote for a specific company, feel free to visit that company’s website and complete a quote there.
If you are wanting to find local Albuquerque agents, you need to know there are two different types of agencies and how they can write your policy. Insurance policy providers are either exclusive agents or independent agents.
Independent Agents (or Brokers)
Agents that choose to be independent often have affiliation with several companies so they have the ability to put coverage with a variety of different insurance companies and possibly get better coverage at lower prices. If they find a lower price, the business is moved internally and you don’t have to do anything.
When comparing rate quotes, it’s a good idea to include price quotes from at least one independent agent in order to have the best price comparison.
Below is a list of independent insurance agencies in Albuquerque that can give you free insurance rate quotes.
Agents that elect to be exclusive can only provide one company’s prices and some examples include State Farm, Allstate, and Farm Bureau. Exclusive agents cannot provide prices from multiple companies so keep that in mind. Exclusive agencies are usually well trained on their company’s products which helps overcome the inability to quote other rates.
Shown below is a short list of exclusive insurance agencies in Albuquerque who can help you get price quotes.
Choosing the best insurance agency requires more thought than just the quoted price. Here are some questions to ask:
- Do they specialize in personal lines coverage in Albuquerque?
- Will your rates increase after a single accident?
- Does the quote include credit and driving reports?
- How long has their agency been in business in Albuquerque?
- Do they reduce claim amounts on high mileage vehicles?
- Do they see any coverage gaps in your plan?
- Which insurance company do they prefer to write with?
Smart consumers save more
Lower-priced insurance in Albuquerque can be sourced online in addition to local insurance agencies, so you need to shop Albuquerque car insurance with both in order to have the best chance of saving money. Some companies don’t offer price quotes online and many times these regional insurance providers provide coverage only through independent agents.
You just learned many ways to save on Jeep Cherokee insurance in Albuquerque. The key concept to understand is the more price quotes you have, the higher the chance of saving money. You may even find the biggest savings come from a small local company. Some small companies may often insure only within specific states and give better rates than their larger competitors like Allstate or State Farm.
To learn more, feel free to visit the articles below:
- Rental Car Insurance Tips (Insurance Information Institute)
- What Insurance is Cheapest for Hybrid Vehicles in Albuquerque? (FAQ)
- How Much is Albuquerque Car Insurance for Welfare Recipients? (FAQ)
- What Insurance is Cheapest for a Hyundai Elantra in Albuquerque? (FAQ)
- Child Safety FAQ (iihs.org)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Medical Payments Coverage (Liberty Mutual)