Regrettably, most auto insurance customers have remained with the same auto insurance company for four years or more, and practically 40% of auto insurance customers have never even compared rates from other companies. Albuquerque drivers can cut their rates by about $470 a year by just comparing quotes, but they just assume it takes a lot of time to find lower-cost rates by getting comparison quotes.
It takes a few minutes, but the best way to find low-cost prices for auto insurance rates in Albuquerque is to compare prices annually from providers who sell auto insurance in New Mexico. This can be done by following these guidelines.
- Try to understand how car insurance works and the factors you can control to prevent rate increases. Many rating factors that result in higher rates like high-risk driving behaviors and a bad credit score can be remedied by making lifestyle changes or driving safer. This article gives additional tips to help reduce prices and find discounts that you may qualify for.
- Request price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from one company like GEICO and State Farm, while independent agents can give you price quotes from multiple companies.
- Compare the new rate quotes to your existing policy and see if there is a cheaper rate. If you can save some money and change companies, verify that coverage does not lapse between policies.
- Provide notification to your current company of your intention to cancel your current auto insurance policy. Submit payment and a signed application to your new carrier. Once the paperwork is finalized, place the new certificate verifying proof of insurance above your visor, in the console, or in the glove compartment.
The key aspect of shopping around is that you use identical deductibles and limits on every quote and and to analyze as many companies as possible. Doing this enables a fair price comparison and the best price quote selection.
If you have a policy now or want to find a cheaper company, use these techniques to find the best rates and possibly find even better coverage. Finding and buying the best coverage in Albuquerque is easy to do. Shoppers only need an understanding of the quickest way to compare rate quotes online.
Affordable Albuquerque auto insurance rates with discounts
Some insurers don’t always advertise every policy discount in an easy-to-find place, so the following list contains both well-publicized and the more hidden credits that you can use to lower your rates.
- Discount for New Cars – Buying a new car model can save you some money because new model year vehicles have to meet stringent safety requirements.
- Discount for Good Grades – Performing well in school can save 20 to 25%. The discount lasts up until you turn 25.
- Online Discount – A few larger online companies provide a small discount shop Albuquerque car insurance on their website.
- College Student – Children who live away from home to go to college and do not have access to a covered vehicle can be insured at a reduced rate.
- Active Service Discounts – Being on active duty in the military could qualify you for better premium rates.
- Pay Now and Pay Less – By paying your entire bill at once rather than paying monthly you may reduce your total bill.
- Multi-policy Discount – If you insure your home and vehicles with one insurance company you could earn a discount of approximately 10% to 15%.
- One Accident Forgiven – Not a discount per se, but a handful of insurance companies may permit one accident before raising your premiums if you are claim-free for a set time period.
One last thing about discounts, some credits don’t apply to the whole policy. Some only apply to specific coverage prices like liability and collision coverage. Just because you may think all the discounts add up to a free policy, that’s just not realistic.
The illustration below compares Toyota Camry Hybrid annual premium costs with and without some available policy discounts. The data assumes a male driver, no claims or violations, New Mexico state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, claim-free, multi-car, safe-driver, and homeowner discounts applied.
Auto insurance companies that may include many of the previously listed discounts may include but are not limited to:
If you need low cost Albuquerque car insurance quotes, ask each company which credits you are entitled to. Savings might not apply in Albuquerque. To find insurers with the best Toyota Camry Hybrid insurance discounts in New Mexico, click here to view.
The following companies have been selected to offer comparison quotes in Albuquerque, NM. If you wish to find the best car insurance in NM, we suggest you visit several of them in order to find the most affordable rates.
Toyota Camry Hybrid insurance charts and tables
The premium information displayed below showcases detailed analysis of rate quotes for Toyota Camry Hybrid models. Learning more about how insurance prices are determined can help drivers make informed decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry Hybrid | $158 | $286 | $376 | $22 | $112 | $954 | $80 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Premium costs do not factor in zip code location which can change premiums noticeably.
Physical damage deductible comparison
One of the more difficult decisions when buying auto insurance is where to set your physical damage deductibles. The following insurance rates can help you understand how much more rates are when you choose different physical damage coverage deductibles. The first price estimate table uses a $100 physical damage deductible and the second price table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry Hybrid | $312 | $590 | $364 | $22 | $108 | $1,421 | $118 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry Hybrid | $174 | $310 | $364 | $22 | $108 | $978 | $82 |
| 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 multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Rate quotes do not factor in vehicle garaging location which can impact premium rates considerably.
We can estimate from the data above that using a $100 deductible could cost the average driver approximately $36 more each month or $432 for a full year than requesting the higher $1,000 deductible. Since you would have to pay $900 more to file 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 a higher deductible.
How to decide to raise your deductibles
| Average monthly premium for $100 deductibles: | $118 |
| Average monthly premium for $1,000 deductibles (subtract): | – $82 |
| 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 important issue to know is that raising deductibles to get cheaper rates results in a higher out-of-pocket expense when you have a claim. You must have some extra savings in the event you have to pay the deductible to have repairs made.
Tickets and at-fault accidents raise rates
The information below demonstrates how speeding tickets and fender-benders increase Toyota Camry Hybrid annual premium costs for different age groups. The premiums assume a single male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are taken into consideration.
Full coverage or liability only
The information below illustrates the comparison of Toyota Camry Hybrid insurance costs with liability coverage only compared to full coverage. The premiums are based on no accidents or driving violations, $250 deductibles, single status, and no other discounts are factored in.
When to switch to liability coverage only
There is no exact rule to exclude comprehensive and collision coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s assume your Toyota Camry Hybrid claim settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $7,000 after paying the physical damage deductible. If premiums are more than $700 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where removing full coverage is not in your best interest. If you still owe money on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should keep full coverage.
Insurance agents can help
When quoting and comparing adequate coverage, there really is not a one-size-fits-all type of policy. Your financial needs are unique.
For instance, these questions might help in determining whether your personal situation might need an agent’s assistance.
- Is a new car covered when I drive it off the dealer lot?
- Should I get collision insurance on every vehicle?
- Why do I need rental car insurance?
- Do I need motorclub coverage?
- Is upholstery damage covered by car insurance?
- Is extra glass coverage worth it?
- Does my policy pay for OEM or aftermarket parts?
- How much cheaper are high deductibles?
- Should I bundle my homeowners policy with my auto?
- What is roadside assistance coverage?
If you’re not sure about those questions but you know they apply to you, you may need to chat with an insurance agent. To find lower rates from a local agent, take a second and complete this form. It’s fast, doesn’t cost anything and you can get the answers you need.
Neighborhood Albuquerque auto insurance agents
Many people would prefer to buy from a local agent and that can be a smart move Most agents can help you build your policy and give you someone to call. A good thing about comparing insurance online is the fact that you can find the lowest rates but also keep your business local. Buying from local agencies is important especially in Albuquerque.
To make it easy to find an agent, after completing this form (opens in new window), your insurance data is emailed to local insurance agents that can provide free Albuquerque car insurance quotes for your insurance coverage. You won’t need to contact any agents since price quotes are sent immediately to you. In the event you want to compare prices from one company in particular, you just need to jump over to their website to submit a rate quote request.
Two different types of auto insurance agents
If you want to use local Albuquerque agents, you must know there are a couple different types of agencies that differ in how they can insure your vehicles. Agents in Albuquerque are either exclusive or independent agents depending on their company appointments. Both can provide insurance policies, but it’s important to point out why they differ since it can affect the type of agent you choose.
Independent Insurance Agents
Agents that elect to be independent often have affiliation with several companies and that enables them to quote your coverage with lots of companies enabling the ability to shop coverage around. If you want to switch companies, your agent can switch companies which requires no work on your part. If you are comparing insurance prices, we highly recommend that you get rate quotes from multiple independent agents to get the most accurate price comparison. Most also write with mutual insurance companies who may have lower rates.
Listed below are independent insurance agents in Albuquerque who can help you get comparison quotes.
- Free Market Insurance Agency
6211 San Mateo Blvd NE #120 – Albuquerque, NM 87109 – (505) 881-2645 – View Map - Daniels Insurance Inc
320 Gold Ave SW # 700 – Albuquerque, NM 87102 – (505) 766-9676 – View Map - Menicucci Insurance Llc
2116 Vista Oeste NW Bldg 5 – Albuquerque, NM 87120 – (505) 883-3683 – View Map
Exclusive Insurance Agents
Agents that elect to be exclusive can only provide one company’s prices and some examples include Farmers Insurance, American Family, State Farm and Allstate. Exclusive agencies are unable to provide rate quotes from other companies so they have no alternatives for high prices. Exclusive agencies are highly trained in insurance sales which helps them sell insurance even at higher premiums. Some consumers prefer to buy insurance from these agents primarily because of the brand name rather than low price.
The following are exclusive insurance agents in Albuquerque that can give you price quote information.
- Greg Shamas – State Farm Insurance Agent
9680 Eagle Ranch Rd NW #2 – Albuquerque, NM 87114 – (505) 898-3648 – View Map - Chavez Geissler Agency – Farmers Insurance
3517 Wyoming Blvd NE – Albuquerque, NM 87111 – (505) 271-2222 – View Map - Marty Saiz – State Farm Insurance Agent
1029 Montaño Rd NW – Albuquerque, NM 87107 – (505) 345-3431 – View Map
Deciding on an auto insurance agent should include more criteria than just the premium amount. Some important questions to ask are:
- Is the agency involved in supporting local community causes?
- Do they offer rental car reimbursement?
- Do they offer claims assistance after hours?
- Are claims handled at the agent’s location?
- Which company do they place the most coverage with?
What is the best auto insurance company in New Mexico?
Selecting a good quality insurance company can be difficult considering how many different companies there are to choose from in Albuquerque. The rank data shown below can help you choose which auto insurers you want to consider buying from.
Top 10 Albuquerque Car Insurance Companies Overall
- USAA
- American Family
- State Farm
- The Hartford
- AAA Insurance
- GEICO
- The General
- Titan Insurance
- Progressive
- Mercury Insurance
Top 10 Albuquerque Car Insurance Companies Ranked by Value
- USAA
- American Family
- The Hartford
- Titan Insurance
- The General
- AAA Insurance
- State Farm
- Mercury Insurance
- Nationwide
- Safeco
Don’t give up on cheap rates
When searching for affordable Toyota Camry Hybrid insurance quotes, it’s not a good idea to skimp on critical coverages to save a buck or two. There have been many cases where consumers will sacrifice physical damage coverage only to regret at claim time that the savings was not a smart move. Your goal is to purchase plenty of coverage for the lowest price, but do not skimp to save money.
We covered a lot of information how to lower your Toyota Camry Hybrid insurance premium rates in Albuquerque. The most important thing to understand is the more rate quotes you have, the better your comparison will be. Consumers may even find the lowest premium rates come from an unexpected company.
A few companies don’t offer rates over the internet and usually these smaller companies only sell through independent insurance agents. Affordable Toyota Camry Hybrid insurance in Albuquerque is attainable both online and with local Albuquerque insurance agents, so you need to compare both to have the best chance of lowering rates.
More information is located at the links below
- Rental Car Insurance Tips (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance for Nurses in Albuquerque? (FAQ)
- Safety Belts FAQ (iihs.org)
- What is Covered by GAP Insurance? (Allstate)
- Understanding Car Crashes Video (iihs.org)