Astonishing but true, the majority of drivers kept their policy with the same company for well over three years, and almost half have never even shopped around for cheap coverage. New Mexico drivers could save $474 every year, but they don’t believe the amount of money they would save if they switched.
If saving the most money is your goal, then the best way to find lower priced car insurance rates in Albuquerque is to start doing an annual price comparison from insurers who sell auto insurance in New Mexico.
- Step 1: Spend some time learning about individual coverages and the things you can control to keep rates in check. Many things that are responsible for high rates such as distracted driving and a not-so-good credit score can be improved by being financially responsible and driving safely. Later in this article we will cover more information to help reduce premium rates and get discounts that may be overlooked.
- Step 2: Compare rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can provide rates from one company like GEICO and State Farm, while agents who are independent can quote rates for a wide range of companies.
- Step 3: Compare the quotes to your existing policy to determine if switching companies saves money. If you find a lower rate quote and decide to switch, make sure there is no coverage gap between policies.
One thing to remember is to try to compare similar deductibles and liability limits on every price quote and to quote with as many companies as you can. This guarantees the most accurate price comparison and and a good selection of different prices.
Locating the most cost-effective auto insurance policy in Albuquerque is easy if you know what you’re doing. If you have a current auto insurance policy, you will most likely be able to shop for the lowest rates using the concepts covered in this article. Although New Mexico car owners must understand how companies sell insurance online and use it to your advantage.
Insurance statistics and figures
The premium table displayed below outlines a range of coverage prices for Mini Cooper models. Having a better understanding of how auto insurance premiums are calculated can help drivers make decisions when choosing a new policy provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cooper 2-Dr Hatchback | $140 | $242 | $282 | $16 | $84 | $764 | $64 |
| Cooper 2-Dr Convertible | $140 | $242 | $220 | $12 | $66 | $680 | $57 |
| Cooper S 2-Dr Hatchback | $140 | $286 | $282 | $16 | $84 | $808 | $67 |
| Cooper S 2-Dr Convertible | $158 | $286 | $220 | $12 | $66 | $742 | $62 |
| Cooper John Cooper Works 2-Dr Hatchback | $158 | $286 | $282 | $16 | $84 | $826 | $69 |
| Cooper John Cooper Works 2-Dr Convertible | $176 | $330 | $220 | $12 | $66 | $804 | $67 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Table data does not factor in specific garaging location which can modify auto insurance rates greatly.
Policy deductible comparison
One of the more difficult decisions when buying insurance is where should you set your physical damage deductibles. The rates shown below illustrate the rate difference between low and high comp and collision deductibles. The first table uses a $100 physical damage coverage deductible and the second rate table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cooper 2-Dr Hatchback | $278 | $500 | $274 | $16 | $82 | $1,175 | $98 |
| Cooper 2-Dr Convertible | $278 | $500 | $212 | $12 | $64 | $1,091 | $91 |
| Cooper S 2-Dr Hatchback | $278 | $590 | $274 | $16 | $82 | $1,265 | $105 |
| Cooper S 2-Dr Convertible | $312 | $590 | $212 | $12 | $64 | $1,215 | $101 |
| Cooper John Cooper Works 2-Dr Hatchback | $312 | $590 | $274 | $16 | $82 | $1,299 | $108 |
| Cooper John Cooper Works 2-Dr Convertible | $348 | $680 | $212 | $12 | $64 | $1,341 | $112 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cooper 2-Dr Hatchback | $154 | $264 | $274 | $16 | $82 | $790 | $66 |
| Cooper 2-Dr Convertible | $154 | $264 | $212 | $12 | $64 | $706 | $59 |
| Cooper S 2-Dr Hatchback | $154 | $310 | $274 | $16 | $82 | $836 | $70 |
| Cooper S 2-Dr Convertible | $174 | $310 | $212 | $12 | $64 | $772 | $64 |
| Cooper John Cooper Works 2-Dr Hatchback | $174 | $310 | $274 | $16 | $82 | $856 | $71 |
| Cooper John Cooper Works 2-Dr Convertible | $194 | $358 | $212 | $12 | $64 | $840 | $70 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Price estimates do not factor in garaging location in Albuquerque which can affect insurance rates considerably.
Based on the above data, using a $100 deductible costs roughly $36 more each month or $432 each year than buying the higher $1,000 deductible. Since you would pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to average at a minimum 25 months between claim filings, you would probably be better off if you choose the higher deductible. The table below illustrates a better example of how you can decide this on your own policy.
| Average monthly premium for $100 deductibles: | $103 |
| Average monthly premium for $1,000 deductibles (subtract): | – $67 |
| Monthly savings from raising deductible: | $36 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $36 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 25 months |
One thing to note is that increasing deductibles to save money results in a higher out-of-pocket expense when you file a claim. You need enough disposable income in order to pay the higher deductible in order to repair your vehicle.
Does it make sense to buy full coverage?
The example below shows the comparison of Mini Cooper yearly insurance costs with full coverage compared to only the New Mexico minimum liability coverage. Data assumes a clean driving record, no at-fault accidents, $100 deductibles, single status, and no discounts are taken into consideration.
When to switch to liability coverage only
There is no exact rule for dropping physical damage coverage, but there is a broad guideline. If the yearly cost of full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s say your Mini Cooper claim settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $8,000 after paying your policy deductible. If it’s costing you more than $800 a year for full coverage, then it could be time to drop full coverage.
There are some cases where buying only liability insurance is not in your best interest. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not opt for liability only.
How to Lower Your Insurance Rates
The best way to find cheaper insurance is to take a look at the rating factors that go into determining your insurance rates. When you know what positively or negatively determines premiums, this helps enable you to make changes that may result in better insurance rates.
- Having a spouse is a good thing – Getting married may cut your premiums on insurance. It demonstrates that you tend to be more financially stable and statistics prove married couples file fewer claims.
- Premiums increase with policy add-ons – Insurance policies have a lot of additional coverages that you can get tricked into buying if you don’t pay attention. Things like rental car coverage, towing, and motor club memberships are some examples. You may think they are a good idea when talking to your agent, but if you don’t need them get rid of them and save.
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How’s your driving record? – Good drivers receive lower rates than bad drivers. Even a single speeding ticket or other violation can boost insurance rates by as much as thirty percent. Drivers unfortunate enough to have severe citations like reckless driving, hit and run or driving under the influence may face state-mandated requirements to submit a SR-22 or proof of financial responsibility with their state’s licensing department in order to continue driving.
The diagram below demonstrates how speeding tickets and fender-benders can affect Mini Cooper auto insurance rates for different age groups of insureds. The premium estimates are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no other discounts are factored in.
- Low coverage deductibles cost more – Comprehensive and collision coverage deductibles define how much you are willing to pay before your insurance pays a claim. Physical damage protection, otherwise known as comp (or other than collision) and collision, protects your car from damage. Some coverage claims are collision with another vehicle, damage caused by hail, or theft of your vehicle. The larger the amount you choose to pay out-of-pocket, the less money you will pay for insurance.
- Cheaper prices using GPS tracking and theft deterrents – Owning a car that has a built-in theft deterrent system can save you some money. Theft deterrent systems like GM’s OnStar, tamper alarm systems and vehicle immobilizers all help prevent car theft.
- Why do you need liability protection? – A critical coverage on your policy, liability insurance will afford coverage in the event that you are found to be at fault for personal injury or accident damage. Your liability coverage provides for a legal defense which can be incredibly expensive. This coverage is very inexpensive compared to physical damage coverage, so buy as much as you can afford.
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Insurance loss probability for a Mini Cooper – Auto insurance companies use past insurance losses to help calculate premium costs. Models that have a higher amount or frequency of claims will cost more to insure.
The next table illustrates the loss history for Mini Cooper vehicles. For each coverage category, the claim probability for all vehicles, regardless of make or model, is considered to be 100. Numbers shown that are under 100 represent a good loss history, while percentage values above 100 point to more frequent losses or tendency to have larger claims.
Mini Cooper Insurance Loss Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Mini Cooper 92 72 114 74 74 85 Mini Cooper Convertible 80 72 100 57 Mini Cooper Coupe 72 60 Mini Cooper Roadster Convertible 57 50 78 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Best car insurance company in New Mexico
Picking the best insurance provider can be difficult considering how many choices you have in New Mexico. The company information shown next could help you pick which car insurance providers you want to consider purchasing from.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Mercury Insurance | 88 | 91 | 90 | 85% | A+ | 89.4 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Travelers | 80 | 87 | 87 | 83% | A++ | 85.2 |
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Data Source: Insure.com Best Car Insurance Companies
Get the best coverage at the lowest price
Lower-priced Mini Cooper insurance in Albuquerque can be sourced online in addition to many Albuquerque insurance agents, and you need to comparison shop both to have the best selection. Some car insurance companies don’t offer rates over the internet and many times these regional carriers work with independent insurance agencies.
In this article, we covered many ways to find affordable Mini Cooper insurance in Albuquerque. It’s most important to understand that the more rate comparisons you have, the better chance you’ll have of finding affordable Mini Cooper insurance quotes. Consumers may even find the lowest premium rates come from an unexpected company. Some small companies may have significantly lower prices on certain market segments than their larger competitors like Allstate and Progressive.
Even more information is located at these sites:
- Where can I buy Insurance? (Insurance Information Institute)
- What Insurance is Cheapest for Electric Cars in Albuquerque? (FAQ)
- How Much is Albuquerque Car Insurance for Welfare Recipients? (FAQ)
- Shopping for a Safe Car (Insurance Information Institute)
- Reducing Your Risks in a Car Crash Video (iihs.org)
- Auto Insurance for Teen Drivers (Insurance Information Institute)
- Understanding Limits and Deductibles (Allstate)