If saving money is your primary concern, then the best way to get the cheapest Land Rover LR2 insurance in Albuquerque is to regularly compare price quotes from insurance carriers in New Mexico.
First, take a few minutes and learn about how companies price auto insurance and the measures you can take to keep rates in check. Many rating criteria that are responsible for high rates like traffic tickets, fender benders, and poor credit history can be eliminated by being financially responsible and driving safely. Later in this article we will cover more details to help reduce premium rates and find additional discounts.
Second, get rate quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from one company like GEICO and Allstate, while independent agents can provide rate quotes from multiple companies.
Third, compare the new rates to your current policy to see if cheaper LR2 coverage is available in Albuquerque. If you find a better price, make sure coverage does not lapse between policies.
A good piece of advice is to try to use the same amount of coverage on each price quote and and to get price quotes from as many companies as possible. Doing this helps ensure a fair rate comparison and a better comparison of the market.
It’s easy to assume that insurance companies don’t want you shop around. Insureds who shop around for better prices are very likely to switch to a new company because there are good odds of finding a lower-priced policy. A recent car insurance study discovered that drivers who routinely shopped around saved an average of $850 each year compared to drivers who never compared other company’s rates.
If finding the lowest rates on insurance is your objective, learning how to quote and compare coverage rates can help simplify the process.
Locating the cheapest protection in Albuquerque is easy if you know what you’re doing. If you are insured now or just want cheaper coverage, you can use this information to buy cheaper car insurance without reducing coverage. Comparison shoppers just have to know the most efficient way to compare company rates over the internet.
Getting a cheaper price on insurance isn’t really that difficult. The only requirement is to take the time getting comparison quotes to discover which company has affordable Albuquerque car insurance quotes.
The companies shown below have been selected to offer free rate quotes in Albuquerque, NM. If you want to find the best cheap auto insurance in NM, it’s highly recommended you click on several of them to find the most competitive auto insurance rates.
Coverage statistics and figures
The premium table shown next showcases estimates of insurance coverage prices for Land Rover LR2 models. Having a good grasp of how auto insurance premiums are determined can assist in making smart choices when selecting a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LR2 | $284 | $454 | $332 | $20 | $100 | $1,190 | $99 |
| LR2 HSE | $284 | $454 | $332 | $20 | $100 | $1,190 | $99 |
| LR2 HSE Luxury | $284 | $454 | $332 | $20 | $100 | $1,190 | $99 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Premium amounts do not factor in specific zip code location which can raise or lower rates greatly.
Choosing deductibles
When comparing insurance rates, the most common question is how high or low should comp and collision deductibles be. The following insurance rates may help you to understand the costs and benefits between low and high physical damage deductibles. The first set of rates uses a $250 deductible for comp and collision and the second set of prices uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LR2 | $314 | $494 | $322 | $20 | $96 | $1,271 | $106 |
| LR2 HSE | $314 | $494 | $322 | $20 | $96 | $1,271 | $106 |
| LR2 HSE Luxury | $314 | $494 | $322 | $20 | $96 | $1,271 | $106 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LR2 | $194 | $310 | $322 | $20 | $96 | $942 | $79 |
| LR2 HSE | $194 | $310 | $322 | $20 | $96 | $942 | $79 |
| LR2 HSE Luxury | $194 | $310 | $322 | $20 | $96 | $942 | $79 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, claim-free, and homeowner. Table data does not factor in zip code location which can revise coverage rates substantially.
Based on the figures above, using a $250 deductible costs about $27 more each month or $324 a year averaged for all LR2 models than opting for the higher $1,000 deductible. Since you would have to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have at least 28 months between claim filings, you would save money going with the higher deductible. Below is an example of how we made this calculation.
| Average monthly premium for $250 deductibles: | $106 |
| Average monthly premium for $1,000 deductibles (subtract): | – $79 |
| Monthly savings from raising deductible: | $27 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $27 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 28 months |
An important sidenote is that increasing deductibles to save money results in having to pay to pay more out-of-pocket at claim time. You should have a higher level of savings in order to pay the deductible.
Full coverage versus liability only rates
The chart below illustrates the difference between Land Rover LR2 premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on a clean driving record, no claims, $100 deductibles, single status, and no discounts are applied to the premium.
When to stop paying for full coverage
There is no clear-cut formula for eliminating physical damage insurance, but there is a general convention. If the annual cost of having full coverage is more than around 10% of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s say your Land Rover LR2 settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $6,000 after paying your policy deductible. If it’s costing you more than $600 annually for full coverage, then you may need to consider dropping full coverage.
There are some circumstances where dropping full coverage is not a good plan. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should maintain full coverage.
Why you need insurance for your LR2
Despite the high insurance cost for a Land Rover LR2 in Albuquerque, car insurance is required by state law in New Mexico and it also provides benefits you may not be aware of.
First, most states have mandatory liability insurance requirements which means you are required to carry a specific level of liability protection 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.
Second, if you have a loan on your car, it’s most likely the lender will make it a condition of the loan that you have physical damage coverage to guarantee loan repayment. If you do not keep the policy in force, the lender may have to buy a policy to insure your Land Rover at a significantly higher premium and require you to reimburse them for the expensive policy.
Third, car insurance preserves not only your car but also your financial assets. It will also cover medical bills for not only you but also any passengers injured in an accident. Liability coverage will also pay to defend you if anyone sues you for causing an accident. If your car is damaged in a storm or accident, your policy will pay all costs to repair after the deductible has been paid.
The benefits of buying enough insurance more than cancel out the cost, particularly when you have a large claim. But the average American driver is overpaying more than $869 every year so you should quote rates each time the policy renews to be sure current rates are still competitive.
Smart Buyers Know How to Get Car Insurance for Less
Many factors are taken into consideration when premium rates are determined. Some of the criteria are obvious like an MVR report, but other criteria are not as apparent such as your credit history or how safe your car is.
The items below are some of the most common factors used by your company to calculate your prices.
Premiums may be higher where you live – Residing in less populated areas can be a good thing when talking about car insurance. People who live in big cities tend to have more aggressive driving styles and much longer commute distances. Fewer people means a lower chance of having an accident and a lower car theft rate.
Age of drivers – Drivers with little experience have been known to get distracted easily behind the wheel so they pay higher car insurance rates. If you’ve ever had to add a youthful driver to your car insurance policy will cause a huge premium hike. Older insureds are more responsible, file fewer claims, and usually have better credit.
The data below assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.
High physical damage deductibles cost less – Physical damage protection, also called comprehensive and collision insurance, insures against damage to your Land Rover. Examples of some claims that would be covered are running into the backend of another car, damage from fire, or theft. The deductibles define the amount you are willing to pay if you file a covered claim. The larger the amount you’re willing to pay, the lower your rates will be.
Additional coverages that may be costing you – There are a lot of extra add-on coverages that may not really be needed if you aren’t careful. Coverages like roadside assistance, towing, and additional equipment coverage are some examples. The coverages may be enticing when discussing your needs, but your needs may have changed so remove them from your policy.
Lower performance equals lower insurance costs – The performance of the car you need to insure makes a huge difference in your premium level. Small economy passenger cars generally have the cheapest insurance rates, but many other things help determine your insurance rates.
The following data uses these variables: married male driver age 20, full coverage with $500 deductibles, and no discounts or violations. It shows Land Rover LR2 insurance premiums compared to other models that have different performances.
Drive less and save – The more you drive your Land Rover every year the higher your rate. Almost all companies rate vehicles determined by how the vehicle is used. Autos that are left in the garage qualify for better rates than those used for commuting. An improperly rated LR2 is just wasting money. Verify your car insurance policy correctly shows the right rating data.
Land Rover LR2 insurance loss statistics – Insurance companies factor in historical loss data to help determine rates. Models that tend to have a trend towards higher claim severity or frequency will have higher rates.
The table below outlines the compiled insurance loss statistics for Land Rover LR2 vehicles. For each policy coverage type, the statistical loss for all vehicles, as a total average, is equal to 100. Numbers that are below 100 suggest a better than average loss history, while percentages above 100 point to more losses or larger claims.
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Land Rover LR2 4dr 4WD | 115 | 162 | 99 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Verify you’re earning every discount
Some companies don’t list every available discount in an easy-to-find place, so the list below contains some of the best known and the more hidden credits available to lower your premiums when you buy Albuquerque car insurance online.
- Seat Belt Discounts – Drivers who always wear seat belts and also require passengers to use a seat belt can save up to 15% off the medical payments premium.
- Low Mileage – Low annual miles could earn cheaper premium rates.
- Anti-lock Brake System – Cars and trucks equipped with ABS or steering control can reduce accidents and earn discounts up to 10%.
- Renewal Discounts – A few insurance companies offer discounts for renewing your policy before your current expiration date. This discount can save up to 10%.
- Theft Deterrent System – Vehicles that have factory alarm systems and tracking devices are stolen less frequently and therefore earn up to a 10% discount.
- Good Drivers – Safe drivers can pay as much as 50% less than their less cautious counterparts.
- Discount for Passive Restraints – Vehicles equipped with air bags can qualify for discounts up to 30%.
As a footnote on discounts, most discounts do not apply to the entire cost. The majority will only reduce specific coverage prices like liability, collision or medical payments. Even though it appears all the discounts add up to a free policy, it’s just not the way it works.
The example below visualizes the comparison of Land Rover LR2 insurance costs with and without policy discounts. The data is based on a male driver, no violations or accidents, 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 safe-driver, multi-policy, claim-free, homeowner, marriage, and multi-car discounts applied.
A few of the larger companies and a summarized list of policyholder discounts can be read below.
- Progressive has savings for online quote discount, homeowner, online signing, multi-vehicle, and continuous coverage.
- AAA offers premium reductions for AAA membership discount, pay-in-full, anti-theft, good driver, education and occupation, good student, and multi-car.
- Farmers Insurance may have discounts that include pay in full, bundle discounts, multi-car, electronic funds transfer, switch companies, and homeowner.
- GEICO offers discounts for five-year accident-free, military active duty, membership and employees, federal employee, emergency military deployment, and multi-vehicle.
- Esurance may include discounts for multi-policy, Pac-12 alumni, good driver, renters, online shopper, emergency road assistance, and good student.
- SAFECO has discounts for drive less, teen safe driver, homeowner, multi-car, teen safety rewards, and anti-theft.
- State Farm discounts include driver’s education, good driver, multiple autos, accident-free, safe vehicle, and anti-theft.
Before buying, ask all the companies what discounts are available to you. Some discounts might not apply everywhere. To choose insurance companies who offer cheap Land Rover LR2 insurance quotes in Albuquerque, click here to view.
When to get advice from an insurance agency
A small number of people prefer to talk to a local agent. Good insurance agents are trained risk managers and will help you if you have claims. A good thing about getting free rate quotes online is that drivers can save money and get cheap rate quotes but also keep your business local. And buying from small agencies is important particularly in Albuquerque.
For easy comparison, once you complete this simple form, the coverage information is immediately sent to participating agents in Albuquerque that can give you free Albuquerque car insurance quotes for your insurance coverage. There is no reason to contact an agency because quoted prices will be sent to you. If for some reason you want to compare prices from a specific company, don’t hesitate to navigate to their website and complete a quote there.
When researching a reliable insurance agent, you should know the different agency structures from which to choose. Agents in Albuquerque may be either independent agents or exclusive agents. Both types of agents can write policy coverage, but it’s worth learning why they differ since it may influence the kind of agent you use.
Independent Auto Insurance Agencies or Brokers
Independent agents often have many company appointments and that is an advantage because they can write policies with many different companies and get the cheapest rates. If they quote lower rates, an independent agent can move your coverage which is easy for the insured. When comparison shopping, it’s a good idea to contact independent agents so that you can do a thorough price comparison. Most also have access to different regional companies that many times have cheaper rates.
The following is a short list of independent agents in Albuquerque that may be able to give you pricing information.
- Free Market Insurance Agency
6211 San Mateo Blvd NE #120 – Albuquerque, NM 87109 – (505) 881-2645 – View Map - Commercial West Insurance
2616 Mesilla St NE #2 – Albuquerque, NM 87110 – (505) 255-9577 – View Map - Associated Insurance Professionals, Inc
1429 Carlisle Blvd NE – Albuquerque, NM 87110 – (505) 265-3704 – View Map
Exclusive Auto Insurance Agents
Exclusive agents are contracted to one company and examples are AAA, Allstate, and State Farm. They are unable to compare other company’s rates so keep that in mind. They are usually well trained on their company’s products which helps overcome the inability to quote other rates. Consumers often buy insurance from these agents mostly because of the brand name and strong financial ratings.
Below are exclusive agents in Albuquerque willing to provide rate quotes.
- Ronna Todd – State Farm Insurance Agent
4830 Juan Tabo Blvd NE e – Albuquerque, NM 87111 – (505) 293-3303 – View Map - Francis Harding – State Farm Insurance Agent
4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231 – View Map - State Farm: Nancy Berch
2716 San Pedro Dr NE – Albuquerque, NM 87110 – (505) 881-1008 – View Map
Selecting an auto insurance agent needs to be determined by more than just the price. Any agent in Albuquerque should be willing to answer these questions.
- Is assistance available after office hours?
- Are you getting all the discounts the company offers?
- Are there any discounts for paying up front?
- Is there a Errors and Omissions policy in force?
- Are they paid to recommend certain coverages?
- Will a damage claim use OEM or aftermarket replacement parts?
Auto insurance company ratings
Insuring your vehicle with the right insurer is difficult considering how many companies sell insurance in Albuquerque. The company information in the lists below can help you decide which auto insurers you want to consider comparing rate quotes with.
Top 10 Albuquerque Car Insurance Companies Ranked by Customer Service
- GEICO
- State Farm
- The Hartford
- Mercury Insurance
- The General
- Progressive
- Allstate
- AAA Insurance
- American Family
- Nationwide
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+
More comparisons equals cheaper rates
Insureds change insurance companies for any number of reasons including policy cancellation, poor customer service, extreme rates for teen drivers or even an unsatisfactory settlement offer. Whatever your reason, switching insurance companies can be easy and end up saving you some money.
We just presented a lot of techniques to find cheaper Land Rover LR2 insurance in Albuquerque. The key thing to remember is the more price quotes you have, the better your chances of lowering your car insurance rates. Consumers could even find that the best price on insurance is with a small mutual company.
As you restructure your insurance plan, never reduce coverage to reduce premium. There are too many instances where drivers have reduced uninsured motorist or liability limits and learned later that the small savings ended up costing them much more. Your goal is to get the best coverage possible at an affordable rate.
Additional information can be found at these links:
- Vehicle Insurance (Wikipedia)
- Who Has Affordable Car Insurance Quotes for a 20 Year Old Male in Albuquerque? (FAQ)
- What Car Insurance is Cheapest for Single Moms in Albuquerque? (FAQ)
- Who Has Cheap Car Insurance Rates for Teenagers in Albuquerque? (FAQ)
- Choosing a Car for Your Teen (State Farm)
- Airbag FAQ (iihs.org)
- Teen Driver Licensing Information (iihs.org)
- Speed and Speed Limit FAQ (iihs.org)