Everyone knows that auto insurance companies want to keep you from comparing rates. Drivers who shop around once a year are very likely to move their business because of the good chance of finding a policy with more affordable rates. A study discovered that people who routinely shopped for cheaper coverage saved as much as $860 a year compared to policyholders who never shopped around for cheaper prices.
If finding the best price on auto insurance in Albuquerque is the reason you’re reading this, then learning about how to compare insurance coverage can save time and money.
The most effective way to get more affordable auto insurance rates is to start doing an annual price comparison from insurance carriers that insure vehicles in Albuquerque. Price quotes can be compared by completing these steps.
- Gain an understanding of what coverages are included in your policy and the modifications you can make to drop your rates. Many risk factors that drive up the price such as at-fault accidents, careless driving, and poor credit rating can be rectified by making minor driving habit or lifestyle changes. Later in this article we will cover additional ideas to find cheap rates and find possible discounts that are available.
- Quote rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from a single company like Progressive or Farmers Insurance, while agents who are independent can provide rate quotes from multiple insurance companies.
- Compare the price quotes to the premium of your current policy to determine if switching companies saves money. If you find a better price, make sure coverage does not lapse between policies.
- Notify your agent or company of your intent to cancel your current auto insurance policy and submit payment and a completed application for the new policy. As soon as coverage is bound, keep the new certificate of insurance along with your vehicle registration.
A good piece of advice is to make sure you’re comparing the same amount of coverage on each quote and and to get prices from as many companies as feasibly possible. Doing this enables a fair price comparison and a complete price analysis.
When price shopping your coverage, having more price comparisons will enable you to find a better price. Not every company does Albuquerque Panamera insurance quotes over the internet, so it’s recommended that you also compare rates from them, too.
The following companies are ready to provide free quotes in Albuquerque, NM. To get cheap car insurance in New Mexico, we suggest you compare several of them in order to get a fair rate comparison.
Do you qualify for discounts?
Properly insuring your vehicles can get expensive, but you may be missing some discounts that can help lower your rates. Most are applied at the time you complete a quote, but occasionally some discounts must be specially asked for in order for you to get them. If you check and find you aren’t receiving every discount you deserve, you could be saving more on your insurance.
- Early Payment Discounts – By paying your policy upfront instead of paying each month you could save 5% or more.
- Air Bags and Passive Restraints – Options like air bags and/or automatic seat belt systems may get savings as much as 30%.
- Paperless Signup – Many insurance companies provide a small discount for buying your policy digitally online.
- Club Memberships – Participating in a professional or civic organization could qualify you for a break on your next insurance statement.
- Data Collection Discounts – Albuquerque drivers who agree to allow companies to scrutinize driving habits by using a small device installed in their vehicle like Allstate’s Drivewise could save a few bucks if they have good driving habits.
- Driver Safety – Participating in a class that teaches defensive driving techniques could cut 5% off your bill and make you a better driver.
- Drive Safe and Save – Insureds without accidents can pay as much as 50% less than less cautious drivers.
- Own a Home – Owning a house in Albuquerque can earn you a little savings because it is proof that your finances are in order.
One last thing about discounts, many deductions do not apply to the whole policy. Most only reduce the price of certain insurance coverages like medical payments or collision. Even though the math looks like you would end up receiving a 100% discount, insurance companies aren’t that generous.
The illustration below shows the comparison of Porsche Panamera insurance costs with and without some available policy discounts. The rates are based on a female driver, no tickets, no at-fault accidents, New Mexico state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, marriage, homeowner, claim-free, safe-driver, and multi-policy discounts applied.
To find providers who offer free Porsche Panamera insurance quotes in Albuquerque, click here to view.
Car insurance statistics for a Porsche Panamera
The premium table shown below outlines different insurance coverage prices for Porsche Panamera models. Having a good understanding how car insurance premiums are calculated can help customers make decisions on the best policy coverages.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $482 | $1090 | $390 | $24 | $116 | $2,102 | $175 |
| Panamera 4S AWD 4-Dr Hatchback | $482 | $1192 | $390 | $24 | $116 | $2,204 | $184 |
| Panamera Turbo AWD 4-Dr Hatchback | $552 | $1396 | $390 | $24 | $116 | $2,478 | $207 |
| Get Your Own Custom Quote Go | |||||||
Table data represents single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, claim-free, and homeowner. Price estimates do not factor in your specific Albuquerque location which can affect prices greatly.
An analysis of deductible level
When buying car insurance, a common question is how high should the deductibles for physical damage be. The figures shown below can help you understand the costs and benefits when you buy lower versus higher deductibles. The first price estimate table uses a $250 comprehensive and collision deductible and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $442 | $794 | $322 | $20 | $96 | $1,699 | $142 |
| Panamera 4S AWD 4-Dr Hatchback | $442 | $868 | $322 | $20 | $96 | $1,773 | $148 |
| Panamera Turbo AWD 4-Dr Hatchback | $506 | $1018 | $322 | $20 | $96 | $1,987 | $166 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $272 | $500 | $322 | $20 | $96 | $1,210 | $101 |
| Panamera 4S AWD 4-Dr Hatchback | $272 | $546 | $322 | $20 | $96 | $1,256 | $105 |
| Panamera Turbo AWD 4-Dr Hatchback | $312 | $640 | $322 | $20 | $96 | $1,390 | $116 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Price estimates do not factor in specific garaging location which can alter coverage prices greatly.
We can estimate from the data above that using a $250 deductible will cost in the ballpark of $45 more each month or $540 a year averaged for all Panamera models than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to average more than 17 months between claims, you would save more money by going with a higher deductible.
How accidents and tickets impact rates in Albuquerque
The example below shows how speeding tickets and fender-benders can affect Porsche Panamera insurance costs for different age groups of insureds. The price estimates are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied to the premium.
Insurance agents near you
Many drivers just want to talk to a local agent and doing so can bring peace of mind One of the benefits of comparing insurance prices online is that you can obtain cheap auto insurance quotes and also buy local.
To find an agent, once you fill out this simple form, your coverage information is transmitted to local insurance agents in Albuquerque who want to provide quotes for your insurance coverage. There is no reason to even leave your home since rate quotes are delivered to the email address you provide. It’s the lowest rates and a licensed agent to talk to. In the event you want to get a rate quote for a specific company, feel free to search and find their rate quote page and submit a quote form there.
Finding the right provider is decision based upon more than just the quoted price. These are some valid questions you should ask.
- What is the agency’s Better Business Bureau rating?
- What company holds the largest book of business for them?
- Where would your vehicle be repaired?
- How long has their agency been open in Albuquerque?
- Is their price quote a firm figure or are their hidden costs?
Choose the right car insurance agent
If you want to buy auto insurance from a local insurance agency, there are two different types of agents and how they can service your needs differently. Agents may be either independent or exclusive depending on the company they work for.
Exclusive Auto Insurance Agents
Agents of this type can usually just insure with one company and examples are AAA, Allstate, and State Farm. These agents are not able to place coverage with different providers so keep that in mind. Exclusive agents receive extensive training on their company’s products which can be an advantage.
Below are exclusive agents in Albuquerque that are able to give price quote information.
Lanell Anderson – State Farm Insurance Agent
5600 Menaul Blvd NE – Albuquerque, NM 87110 – (505) 881-0550 – View Map
Cynthia Bahling – State Farm Insurance Agent
12700 San Rafael Ave NE #2 – Albuquerque, NM 87122 – (505) 292-3934 – View Map
Rick Buckner – State Farm Insurance Agent
9601 Sage Rd SW d – Albuquerque, NM 87121 – (505) 833-9596 – View Map
Independent Auto Insurance Agencies
These type of agents do not write with just one company and that is an advantage because they can write policies through many different auto insurance companies and find you cheaper rates. If your premiums go up, your policy is moved internally and you don’t have to switch agencies.
When shopping rates, it’s a good idea to include several independent insurance agents for maximum quote selection.
Listed below are Albuquerque independent insurance agencies willing to provide price quote information.
Free Market Insurance Agency
6211 San Mateo Blvd NE #120 – Albuquerque, NM 87109 – (505) 881-2645 – View Map
Sunset Insurance Corporation
1905 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 247-2578 – View Map
J. B. Martin Insurance Agency
8500 Menaul Blvd NE #345 – Albuquerque, NM 87112 – (505) 888-8846 – View Map
When to get professional advice
When buying the best insurance coverage, there really is no “best” method to buy coverage. Everyone’s needs are different.
For instance, these questions might help in determining if your situation would benefit from an agent’s advice.
- Why are teen drivers so expensive to add on to my policy?
- Do I need higher collision deductibles?
- Does my insurance cover damage caused when ticketed for reckless driving?
- What is the difference between personal and commercial auto insurance policies?
- Do I need special coverage while pulling a rented trailer?
- Are rock-chip repairs free?
- When should I drop full coverage on my Porsche Panamera?
- What is the rate difference between pleasure use and commuting?
If you don’t know the answers to these questions but one or more may apply to you, you may need to chat with an agent. To find lower rates from a local agent, complete this form.
Seven Things That Influence Your Insurance Premiums
The best way to find cheaper auto insurance is to take a look at some of the elements that play a part in calculating the level of your policy premiums. If you understand what controls the rates you pay, this helps enable you to make changes that may result in much lower annual insurance costs.
The items below are some of the most common factors used by companies to determine your rates.
How much liability – A critical coverage on your policy, liability insurance is the protection if ever you are ruled to be at fault for causing personal injury or damage in an accident. It provides legal defense to attempt to prove you were not liable. Carrying liability coverage is mandatory and cheap compared to comp and collision, so drivers should make sure they buy enough to cover all assets.
Save money by having multiple policies – Most larger insurers give lower prices for people that purchase more than one policy such as combining an auto and homeowners policy. This can amount to 10 percent or more. Even though this discount sounds good, it’s always a smart idea to compare other company rates to help ensure you have the lowest rates.
Use but don’t abuse your insurance – If you’re an insured who likes to file claims you can pretty much guarantee either higher rates or even cancellation. Insurance companies in New Mexico provide cheaper rates to policyholders who are claim-free. Your car insurance is meant to be used in the event of claims that pose a financial burden.
Physical damage deductibles – Comprehensive and collision coverage deductibles are the amount of money you are required to pay if a covered claim is submitted. Coverage for physical damage, aka comp and collision, covers damage that occurs to your car. A few examples of covered claims are collision with another vehicle, animal collisions, and damage caused by road hazards. The more the insured has to pay upfront, the better rate you will receive.
Better premiums for no policy lapses – Driving your car without having proper coverage is against the law and any future policy may cost more because you let your coverage have a gap. In addition to paying higher rates, being ticketed for driving with no insurance could earn you fines and jail time. You may have to prove you have insurance by filing a SR-22 with the New Mexico DMV.
Your car’s features help determine rates – Purchasing a vehicle with advanced anti-theft systems can get you a discount on your auto insurance. Anti-theft devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help stop your car from being stolen.
Do you really need roadside assistance? – Insurance policies have a lot of extra add-on coverages that may not really be needed on your Panamera policy. Things like replacement cost coverage, better glass coverage, and motor club memberships are some examples. They may seem like a good idea when discussing your needs, but if you’ve never needed them in the past remove them and pocket the money.
Porsche Panamera insurance loss probability – Auto insurance companies factor in insurance loss information to help calculate a profitable premium price. Vehicles that the data determines to have higher claim amounts or frequency will have a higher cost to insure. The table below shows the insurance loss data for Porsche Panamera vehicles.
For each policy coverage, the statistical loss for all vehicles compiled together equals 100. Percentages below 100 represent a good loss history, while percentage values above 100 indicate frequent claims or an increased chance of larger losses than average.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Porsche Panamera 4dr | 236 | 94 | 265 | 57 | ||
| Porsche Panamera GTS 4dr 4WD | 246 | 48 | 467 | |||
| Porsche Panamera Turbo 4dr 4WD | 242 |
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Three reasons auto insurance is important
Even though it can be expensive, buying auto insurance serves several important purposes.
- Most states have minimum mandated liability insurance limits which means the state requires a specific level of liability if you drive a vehicle. 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 Porsche Panamera has a lienholder, it’s guaranteed your bank will require that you have insurance to protect their interest in the vehicle. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your Porsche at a significantly higher premium and make you pay for the much more expensive policy.
- Auto insurance protects not only your Porsche but also your assets. It will also provide coverage for many types of medical costs incurred in an accident. One of the most valuable coverages, liability insurance, also covers legal expenses if someone files suit against you as the result of 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 auto insurance are without a doubt worth the cost, particularly for liability claims. According to a survey of 1,000 drivers, the average driver overpays more than $865 each year so compare quotes from several companies once a year at a minimum to help ensure money is not being wasted.
Cheap auto insurance rates are possible
Consumers change insurance companies for many reasons like lack of trust in their agent, denial of a claim, being labeled a high risk driver or even high rates after DUI convictions. It doesn’t matter why you want to switch switching companies can be easier than you think.
Lower-priced Porsche Panamera insurance in Albuquerque can be bought from both online companies and from local insurance agents, and you should be comparing both so you have a total pricing picture. Some insurance companies do not offer the ability to get a quote online and usually these small insurance companies only sell coverage through independent agents.
We just showed you many ideas to save on Porsche Panamera insurance in Albuquerque. The key concept to understand is the more times you quote, the better your comparison will be. You may even find the lowest priced auto insurance comes from an unexpected company.
Additional detailed information can be read in the articles below:
- Tread Depth and Tire Safety (State Farm)
- What Insurance is Cheapest for College Students in Albuquerque? (FAQ)
- How Much are Albuquerque Car Insurance Quotes for a Subaru Outback? (FAQ)
- How Much is Albuquerque Car Insurance for Welfare Recipients? (FAQ)
- Parking Tips to Reduce Door Dings (State Farm)
- Prepare your Teens for Safe Driving (InsureUonline.org)
- What is Full Coverage? (Allstate)