Cheap Lincoln MKS Insurance in Albuquerque

It takes a little time, but the best way to find cheaper car insurance rates in Albuquerque is to compare prices annually from insurance carriers that insure vehicles in New Mexico.

Step 1: Spend a few minutes and learn about how insurance companies determine prices and the things you can control to drop your rates. Many things that cause rate increases such as high-risk driving behaviors and poor credit can be controlled by paying attention to minor details.

Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like Progressive or Allstate, while independent agencies can provide price quotes from multiple insurance companies.

Step 3: Compare the new rate quotes to the premium of your current policy and determine if there is any savings. If you find better rates and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.

Step 4: Notify your agent or company to cancel your existing policy and submit payment and a signed application for your new coverage. Once coverage is bound, store the certificate verifying proof of insurance in your glove compartment.

One thing to point out is to try to compare the same coverage limits and deductibles on every quote request and to quote with as many different insurance providers as possible. Doing this ensures an apples-to-apples comparison and a thorough price selection.

Discount Lincoln MKS insuranceIt goes without saying that car insurance companies don’t want you shop around. Drivers who get comparison quotes at least once a year will probably switch companies because of the high probability of finding coverage at a cheaper rate. Surprisingly, a recent survey revealed that people who compared rates once a year saved about $70 a month compared to those who never shopped around for better prices.

If saving money on Lincoln MKS insurance in Albuquerque is your objective, then learning about how to quote prices and compare coverages can save time and make the process easier.

When price shopping your coverage, quoting more helps you find the best offered rates.

The companies shown below have been selected to offer price quotes in Albuquerque, NM. To find the best cheap auto insurance in NM, it’s a good idea that you visit two to three different companies in order to get a fair rate comparison.

Three reasons to not skimp on insurance

Even though it can be expensive, paying for insurance is required in New Mexico but it also protects you in many ways.

The benefits of having insurance outweigh the cost, especially with large liability claims. According to a recent study, the average American driver overpays more than $820 a year so compare rate quotes at every policy renewal to save money.

Auto insurance statistics and figures

The price information shown next covers detailed analysis of insurance prices for Lincoln MKS models. Having a good grasp of how auto insurance policy rates are established can help you make smart choices when selecting a policy.


Lincoln MKS Insurance Rates in Albuquerque, NM
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MKS AWD 4-Dr Sedan $290 $458 $358 $22 $108 $1,236 $103
MKS 4-Dr Sedan $290 $458 $358 $22 $108 $1,236 $103
MKS Ecoboost AWD 4-Dr Sedan $320 $520 $358 $22 $108 $1,328 $111
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Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Price estimates do not factor in the specific area where the vehicle is garaged which can impact coverage rates noticeably.

Policy deductibles

One of the most common auto insurance questions is how high should the physical damage deductibles be. The rates below determine how much more you’ll pay when you buy lower versus higher policy deductibles. The first pricing table uses a $250 deductible for physical damage and the second rate chart uses a $500 deductible.


Lincoln MKS insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MKS AWD 4-Dr Sedan $314 $570 $274 $16 $82 $1,281 $107
MKS 4-Dr Sedan $314 $570 $274 $16 $82 $1,281 $107
MKS Ecoboost AWD 4-Dr Sedan $346 $644 $274 $16 $82 $1,387 $116
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Lincoln MKS insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MKS AWD 4-Dr Sedan $254 $458 $274 $16 $82 $1,084 $90
MKS 4-Dr Sedan $254 $458 $274 $16 $82 $1,084 $90
MKS Ecoboost AWD 4-Dr Sedan $280 $520 $274 $16 $82 $1,172 $98
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Rate information does not factor in specific location which can alter rates significantly.

Using the premium rates above, we can conclude that using a $250 deductible costs an average of $17 more each month or $204 annually than requesting the higher $500 deductible. Due to the fact that you would have to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you average at a minimum 15 months between claims, you would more than likely save some money if you choose a higher deductible.

Calculation for determining deductible levels

Average monthly premium for $250 deductibles: $110
Average monthly premium for $500 deductibles (subtract): – $93
Monthly savings from raising deductible: $17
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $17
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 15 months

One important note is that raising deductibles to get cheaper rates means you will have to pay more when you have a claim. That will force you to have some extra savings in order to pay the deductible.

The illustration below highlights how deductible selection and can raise or lower Lincoln MKS insurance rates for different age groups. The information is based on a married female driver, full coverage, and no discounts are factored in.

How violations and accidents impact rates

The example below illustrates how traffic citations and accident claims drive up Lincoln MKS yearly insurance costs for different age groups. The premiums are based on a single male driver, comp and collision included, $250 deductibles, and no policy discounts are applied.

Cost difference between full coverage and liability

The illustration below illustrates the comparison of Lincoln MKS insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no claims or driving citations, $100 deductibles, drivers are single, and no additional discounts are factored in.

When to stop buying comprehensive and collision coverage

There is no definitive rule to stop buying comp and collision coverage, but there is a general convention. If the annual cost of coverage is more than about 10% of the settlement you would receive from your company, then you might consider buying liability only.

For example, let’s say your Lincoln MKS book value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $5,000 after the policy deductible has been paid. If you are paying over $500 a year for your policy with full coverage, then you might want to consider buying only liability coverage.

There are some scenarios where only buying liability is not a good plan. If you still have a lienholder on your title, you are required to maintain full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not consider dropping full coverage.

These discounts can lower Lincoln MKS insurance rates

Auto insurance companies don’t always publicize every policy discount in an easy-to-find place, so we researched both the well known as well as some of the hidden discounts that you can inquire about if you buy Albuquerque auto insurance online.Auto insurance discounts

As is typical with insurance, most of the big mark downs will not be given to all coverage premiums. The majority will only reduce the price of certain insurance coverages like comp or med pay. So even though they make it sound like it’s possible to get free car insurance, it’s just not the way it works. But all discounts will help lower the premium cost.

The information below shows the difference between Lincoln MKS premium costs with and without policy discounts. The data assumes a male driver, no violations or accidents, New Mexico state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, marriage, multi-policy, claim-free, and multi-car discounts applied.

A few of the larger companies and some of the premium reductions they offer are outlined below.

If you need low cost Albuquerque auto insurance quotes, ask every prospective company how you can save money. Discounts may not apply everywhere.