It’s easy to assume that car insurance companies don’t want you to look at other companies. Drivers who perform rate comparisons are likely to buy a different policy because they stand a good chance of finding a lower-cost company. A study showed that drivers who faithfully checked for cheaper rates saved approximately $860 a year compared to policyholders who didn’t regularly shop around.
If finding the lowest rates on car insurance in Albuquerque is your objective, then learning a little about the best ways to find and compare insurance coverage can help you be more efficient.
If saving money is your primary concern, then the best way to find lower priced Toyota Highlander insurance is to do an annual price comparison from different companies that sell auto insurance in Albuquerque.
- Step 1: Take a little time to learn about how companies set rates and the measures you can control to keep rates down. Many policy risk factors that are responsible for high rates such as high-risk driving behaviors and poor credit history can be controlled by making minor driving habit or lifestyle changes.
- Step 2: Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from one company like GEICO or Allstate, while independent agents can quote rates from multiple insurance companies.
- Step 3: Compare the new rate quotes to your current policy premium to determine if you can save on Highlander insurance in Albuquerque. If you can save money and switch companies, make sure there is no lapse between the expiration of your current policy and the new one.
A good tip to remember is to try to compare the same level of coverage on every price quote and and to compare as many car insurance companies as possible. This ensures a fair price comparison and the best price quote selection.
To find the best insurance rates, there are several ways of comparing rates from lots of New Mexico insurance companies. The best way to find affordable Toyota Highlander insurance rates is to perform an online rate comparison. When price shopping your coverage, comparing more prices provides better odds of finding the best offered rates.
The providers in the list below are ready to provide comparison quotes in Albuquerque, NM. If your goal is to find cheap auto insurance in Albuquerque, it’s a good idea that you visit several of them in order to find the cheapest rates.
Auto insurance data for a Toyota Highlander
The information below highlights estimates of coverage prices for Toyota Highlander models. Being able to understand how auto insurance premiums are established can be useful when making decisions when shopping around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Highlander 2WD | $278 | $412 | $322 | $20 | $96 | $1,128 | $94 |
| Highlander 4WD | $312 | $500 | $322 | $20 | $96 | $1,250 | $104 |
| Highlander Sport 4WD | $312 | $500 | $322 | $20 | $96 | $1,250 | $104 |
| Highlander SE 2WD | $312 | $500 | $322 | $20 | $96 | $1,250 | $104 |
| Highlander Sport 2WD | $312 | $500 | $322 | $20 | $96 | $1,250 | $104 |
| Highlander Limited 2WD | $348 | $590 | $322 | $20 | $96 | $1,376 | $115 |
| Highlander SE 4WD | $348 | $590 | $322 | $20 | $96 | $1,376 | $115 |
| Highlander Limited 4WD | $348 | $590 | $322 | $20 | $96 | $1,376 | $115 |
| Highlander Hybrid 4WD | $348 | $590 | $322 | $20 | $96 | $1,376 | $115 |
| Highlander Hybrid Limited 4WD | $348 | $590 | $322 | $20 | $96 | $1,376 | $115 |
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Price information does not factor in specific location information which can influence price quotes greatly.
The illustration below demonstrates how deductibles and can raise or lower Toyota Highlander yearly insurance costs for different age groups. The prices are based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
Three good reasons to insure your vehicle
Despite the fact that auto insurance is not cheap in Albuquerque, insuring your vehicle serves several important purposes.
- Just about all states have mandatory insurance requirements which means you are required to buy a specific minimum amount of liability protection in order to get the vehicle licensed. 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 vehicle has a lienholder, more than likely the lender will force you to have comprehensive coverage to protect their interest in the vehicle. If you default on your policy, the lender may have to buy a policy to insure your Toyota for a much higher rate and force you to reimburse them much more than you were paying before.
- Auto insurance protects both your vehicle and your assets. It also can pay for medical bills for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance also pays for attorney fees and expenses if someone files suit against you as the result of an accident. If you have damage to your Toyota as the result of the weather or an accident, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of carrying adequate insurance are without a doubt worth the cost, especially for larger claims. The average driver in New Mexico is currently overpaying as much as $865 each year so it’s very important to do a rate comparison at least once a year to save money.
How to know if you need help
When buying adequate coverage for your personal vehicles, there really is no “best” method to buy coverage. Every insured’s situation is different.
Here are some questions about coverages that might help in determining whether you might need an agent’s assistance.
- How much will a speeding ticket raise my rates?
- What is medical payments coverage?
- Can I insure my car for more than it’s worth?
- Should I have combined single limit or split liability limits?
- Should I bundle my homeowners policy with my auto?
- Do I need replacement cost coverage on my Toyota Highlander?
- Do I need more liability coverage?
If you’re not sure about those questions but a few of them apply, you might consider talking to a licensed agent. To find lower rates from a local agent, simply complete this short form.
Information about specific coverages
Understanding the coverages of insurance aids in choosing which coverages you need at the best deductibles and correct limits. The terms used in a policy can be confusing and even agents have difficulty translating policy wording.
Liability insurance – This protects you from injuries or damage you cause to a person or their property in an accident. It protects YOU against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 25/50/10 which stand for $25,000 bodily injury coverage, $50,000 for the entire accident, and $10,000 of coverage for damaged property. Alternatively, you may have one limit called combined single limit (CSL) which limits claims to one amount rather than limiting it on a per person basis.
Liability can pay for claims like structural damage, repair bills for other people’s vehicles, repair costs for stationary objects, legal defense fees and medical expenses. How much liability should you purchase? That is up to you, but you should buy as high a limit as you can afford. New Mexico state minimum liability requirements are 25/50/10 but drivers should carry more liability than the minimum.
The chart below demonstrates why buying low liability limits may not be high enough to adequately cover claims.
Collision coverage – This will pay to fix damage to your Highlander caused by collision with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.
Collision insurance covers things like colliding with another moving vehicle, scraping a guard rail and damaging your car on a curb. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to bump up the deductible on your Highlander to get cheaper collision coverage.
Comprehensive coverages – This coverage covers damage from a wide range of events other than collision. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive insurance covers claims such as vandalism, falling objects, damage from a tornado or hurricane, hitting a bird and fire damage. The most a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Uninsured and underinsured coverage – Your UM/UIM coverage protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. This coverage pays for injuries to you and your family and also any damage incurred to your Toyota Highlander.
Since many New Mexico drivers only purchase the least amount of liability that is required (which is 25/50/10), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Frequently these coverages are similar to your liability insurance amounts.
Coverage for medical payments – Coverage for medical payments and/or PIP provide coverage for short-term medical expenses like prosthetic devices, ambulance fees and chiropractic care. They are used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay
Quote more and you will save more
Drivers who switch companies do it for any number of reasons including an unsatisfactory settlement offer, poor customer service, delays in responding to claim requests or even lack of trust in their agent. No matter why you want to switch, choosing a new company can be less work than you think.
You just read many tips how you can find cheap Toyota Highlander insurance in Albuquerque. It’s most important to understand that the more price quotes you have, the better chance you’ll have of finding affordable Albuquerque auto insurance quotes. Drivers may even discover the lowest priced insurance comes from a lesser-known regional company.
As you quote Albuquerque auto insurance, it’s not a good idea to reduce coverage to reduce premium. There are too many instances where an insured dropped comprehensive coverage or liability limits and discovered at claim time that they should have had better coverage. The proper strategy is to buy the best coverage you can find at the best price.
More resources
- Senior Drivers (Insurance Information Institute)
- Who Has Affordable Auto Insurance Quotes for a Chevrolet Silverado in Albuquerque? (FAQ)
- How Much is Auto Insurance for High Mileage Drivers in Albuquerque? (FAQ)
- What Car Insurance is Cheapest for Teachers in Albuquerque? (FAQ)
- Who Has Cheap Auto Insurance Rates for Inexperienced Drivers in Albuquerque? (FAQ)
- How Much are Auto Insurance Rates for a Nissan Rogue in Albuquerque? (FAQ)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
- Vehicle Size and Weight FAQ (iihs.org)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Electronic Stability Control FAQ (iihs.org)