It’s astonishing, but over 70% of consumers have been with the same company for over three years, and approximately 38% of consumers have never compared rate quotes at all. American insurance shoppers could pocket up to $859 a year by just shopping around, but they just assume it’s a time-consuming process to compare rate quotes online.
If saving money is your primary concern, then the best way to find cheaper prices for auto insurance rates in Albuquerque is to do a yearly price comparison from insurance carriers in New Mexico.
- Step 1: Get an understanding of what coverages are included in your policy and the things you can control to drop your rates. Many risk factors that are responsible for high rates like accidents, careless driving, and a bad credit score can be controlled by making small lifestyle or driving habit changes. Keep reading for more ideas to get better rates and get additional discounts.
- Step 2: Quote rates from direct, independent, and exclusive agents. Exclusive and direct companies can give quotes from a single company like Progressive or State Farm, while independent agents can quote rates from multiple sources.
- Step 3: Compare the new rate quotes to your current policy and determine if cheaper Challenger coverage is available in Albuquerque. If you find a better price and decide to switch, ensure there is no coverage lapse between policies.
The critical component of shopping around is to try to compare identical coverage information on each price quote and and to analyze as many different companies as possible. Doing this ensures an apples-to-apples comparison and the best rate selection.
If you have insurance now or just want to save money, you can use this information to save money and still have adequate protection. Buying the cheapest auto insurance in Albuquerque is actually quite simple. Smart shoppers just need to know the most efficient way to get comparison rates from many companies at once.
Do you qualify for discounts on Dodge Challenger insurance in Albuquerque?
Companies that sell car insurance don’t always publicize every discount they offer in a way that’s easy to find, so we took the time to find a few of the more well known as well as some of the hidden ways to save on auto insurance. If you aren’t receiving every discount you deserve, you may be paying too high a price.
- Save with a New Car – Insuring a vehicle that is new is cheaper because newer models are generally safer.
- Driving Data Discount – Insureds who allow their auto insurance company to look at their driving habits by using a small device installed in their vehicle such as Snapshot from Progressive or Drivewise from Allstate may get a rate reduction if they are good drivers.
- Albuquerque Homeowners Pay Less – Just being a homeowner can earn you a little savings due to the fact that maintaining a home is proof of financial responsibility.
- Waiver for an Accident – This one isn’t a discount, but some companies like GEICO and Allstate will allow you to have one accident before raising your premiums so long as you are claim-free prior to the accident.
- Military Rewards – Having a family member in the military may qualify for rate reductions.
- Drive Safe and Save – Drivers without accidents can save as much as half off their rates compared to rates paid by drivers with frequent claims.
- Multiple Vehicles – Insuring more than one vehicle with the same company may reduce the rate for each vehicle.
- Theft Deterrent Discount – Vehicles that have factory alarm systems and tracking devices can help prevent theft and therefore earn up to a 10% discount.
- Defensive Driver Discounts – Taking time to complete a defensive driver course may get you a small discount if your company offers it.
Keep in mind that most discounts do not apply to the entire policy premium. Most only reduce the cost of specific coverages such as physical damage coverage or medical payments. So when it seems like you could get a free auto insurance policy, auto insurance companies aren’t that generous. Any amount of discount will cut the amount you pay for coverage.
The chart below visualizes the comparison of Dodge Challenger insurance rates with and without discounts. The rates are based on a female driver, no driving violations, no at-fault accidents, New Mexico state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, multi-policy, safe-driver, claim-free, and multi-car discounts applied.
If you would like to choose from a list of auto insurance companies who offer auto insurance discounts in Albuquerque, click here.
The quickest method we recommend to compare rates for Dodge Challenger insurance in Albuquerque utilizes the fact car insurance companies participate in online systems to give rate comparisons. All consumers are required to do is take a few minutes to give details including whether you are single or married, types of safety features, distance driven, and if you went to college. Your details is then submitted to multiple companies and you should receive rate quotes quickly.
To get price quotes for your Dodge Challenger now, click here then complete the form.
The companies in the list below provide price quotes in New Mexico. To get cheap auto insurance in Albuquerque, it’s highly recommended you visit two to three different companies to find the cheapest car insurance rates.
Dodge Challenger coverage analysis
The price information shown next outlines different insurance rates for Dodge Challenger models. Understanding how auto insurance policy rates are established can be useful when making informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Challenger SE | $300 | $608 | $412 | $24 | $124 | $1,468 | $122 |
| Challenger R/T | $330 | $700 | $412 | $24 | $124 | $1,590 | $133 |
| Challenger SRT-8 | $362 | $792 | $412 | $24 | $124 | $1,714 | $143 |
| Get Your Own Custom Quote Go | |||||||
Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Premium costs do not factor in vehicle location which can affect premium rates significantly.
Physical damage deductibles: Should you raise them?
One of the hardest decisions when shopping for auto insurance is how high should the physical damage coverage deductibles be. The comparison tables below may help to conceptualize the rate differences of buying low and high policy deductibles. The first set of prices uses a $250 physical damage coverage deductible and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Challenger SE | $314 | $494 | $364 | $22 | $108 | $1,327 | $111 |
| Challenger R/T | $346 | $570 | $364 | $22 | $108 | $1,435 | $120 |
| Challenger SRT-8 | $378 | $644 | $364 | $22 | $108 | $1,541 | $128 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Challenger SE | $194 | $310 | $364 | $22 | $108 | $998 | $83 |
| Challenger R/T | $214 | $358 | $364 | $22 | $108 | $1,066 | $89 |
| Challenger SRT-8 | $232 | $406 | $364 | $22 | $108 | $1,132 | $94 |
| 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 claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Rates do not factor in zip code location which can modify premiums substantially.
Using the premium rates above, we can conclude that using a $250 deductible costs an average of $31 more each month or $372 a year than selecting the higher $1,000 deductible. Since you would pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you usually have at least 24 months between claims, you would probably save some money if you decide on a higher deductible.
How to calculate if higher deductibles make sense
| Average monthly premium for $250 deductibles: | $120 |
| Average monthly premium for $1,000 deductibles (subtract): | – $89 |
| Monthly savings from raising deductible: | $31 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $31 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 24 months |
The diagram below demonstrates how choosing different deductibles and can impact Dodge Challenger insurance costs for different age groups. The data is based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
Irresponsible driving raises your rates
The chart below highlights how traffic violations and at-fault accidents can affect Dodge Challenger yearly insurance costs for different age groups. Data assumes a married female driver, comp and collision included, $500 deductibles, and no discounts are factored in.
Does full coverage make sense?
The information below shows the difference between Dodge Challenger insurance costs with and without full coverage. The premiums assume no driving violations, no at-fault accidents, $250 deductibles, single status, and no discounts are factored in.
Are you wasting money paying for full coverage?
There is no definitive rule for dropping physical damage coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s assume your Dodge Challenger claim settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $3,000 after the deductible is paid. If you are currently paying more than $300 annually for your policy with full coverage, then it could be time to drop full coverage.
There are some cases where removing full coverage is not recommended. If you still owe money on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should maintain full coverage.
Don’t I need to get advice from a local insurance agent?
Some people would rather talk to an insurance agent and that is just fine! Insurance agents will help you protect your assets and help submit paperwork. The best thing about comparing rate quotes online is that you can obtain lower rates but also keep your business local.
After completing this short form, the coverage information is emailed to participating agents in Albuquerque who can give free rate quotes for your coverage. It makes it easy because there is no need to drive around due to the fact that quote results will go directly to your email. If you wish to compare rates from a specific insurance company, you would need to visit that company’s website and submit a quote form there.
Finding the right insurer requires more thought than just the bottom line cost. Here are some questions to ask:
- How are claims handled?
- Is coverage determined by price?
- Will the agent or a CSR service your policy?
- How is replacement cost determined on your vehicle?
- What company do they have the most business with?
- Is the agency covered by Errors and Omissions coverage?
- What is the financial rating for the quoted company?
- Is there any savings for paying the full premium?
If you prefer to buy auto insurance from a reliable insurance agency, you should know the different types of agencies that you can choose from. Agents may be either exclusive or independent. Either can handle auto insurance, but it’s good to learn the difference between them since it may influence which type of agent you select.
Exclusive Agencies
Exclusive agents are contracted to one company such as Farmers Insurance or State Farm. Exclusive agents are unable to provide prices from multiple companies so they have to upsell other benefits. They receive extensive training on what they offer which helps them sell insurance even at higher premiums.
The following are exclusive agents in Albuquerque willing to provide rate quotes.
State Farm: Nancy Berch
2716 San Pedro Dr NE – Albuquerque, NM 87110 – (505) 881-1008 – View Map
Judy Alba – State Farm Insurance Agent
2920 Carlisle NE, Bldg B – Albuquerque, NM 87110 – (505) 884-5121 – View Map
Lanell Anderson – State Farm Insurance Agent
5600 Menaul Blvd NE – Albuquerque, NM 87110 – (505) 881-0550 – View Map
Independent Auto Insurance Agencies
Agents of this type are not employed by any specific company and that gives them the ability to insure with a variety of different insurance companies and find the cheapest auto insurance rates. If they find a cheaper price, the business is moved internally and you won’t have to switch agencies.
When shopping rates, you definitely need to get some free quotes from several independent agencies for the best price selection.
Shown below is a list of independent agents in Albuquerque that can give you price quotes.
Associated Insurance Professionals, Inc
1429 Carlisle Blvd NE – Albuquerque, NM 87110 – (505) 265-3704 – View Map
Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444 – View Map
Menicucci Insurance Llc
2116 Vista Oeste NW Bldg 5 – Albuquerque, NM 87120 – (505) 883-3683 – View Map
Specific coverage details
Learning about specific coverages of your policy helps when choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and coverage can change by endorsement. Below you’ll find typical coverage types found on most insurance policies.
Coverage for liability – This can cover injuries or damage you cause to other people or property in an accident. This coverage protects you from claims by other people, and does not provide coverage for damage sustained by your vehicle in an accident.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 25/50/10 that means you have a limit of $25,000 per injured person, $50,000 for the entire accident, and $10,000 of coverage for damaged property.
Liability insurance covers claims such as structural damage, medical services, emergency aid, medical expenses and bail bonds. The amount of liability coverage you purchase is your choice, but you should buy as large an amount as possible. New Mexico state minimum liability requirements are 25/50/10 but you should think about purchasing more coverage.
The chart below shows why buying the state minimum limits may not provide adequate coverage.
Comprehensive or Other Than Collision – This coverage will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against things such as rock chips in glass, theft, hail damage, damage from getting keyed and falling objects. The highest amount your insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Medical costs insurance – Med pay and PIP coverage pay for expenses such as ambulance fees, X-ray expenses and hospital visits. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover all vehicle occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay
UM/UIM Coverage – This coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and also any damage incurred to your Dodge Challenger.
Since many New Mexico drivers only purchase the least amount of liability that is required (25/50/10), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family.
Collision coverage – This pays to fix your vehicle from damage resulting from a collision with another car or object. You have to pay a deductible then your collision coverage will kick in.
Collision insurance covers claims such as sustaining damage from a pot hole, crashing into a building, crashing into a ditch and damaging your car on a curb. This coverage can be expensive, so consider removing coverage from lower value vehicles. You can also bump up the deductible on your Challenger to save money on collision insurance.
Persistence will pay off
In this article, we covered a lot of ways to get a better price on Dodge Challenger insurance in Albuquerque. The key thing to remember is the more you quote Albuquerque car insurance, the better likelihood of getting affordable Albuquerque car insurance quotes. Consumers may even find the best premium rates are with the least-expected company. Some small companies may only write in your state and offer lower prices than their larger competitors like Allstate and Progressive.
Lower-priced auto insurance in Albuquerque is definitely available from both online companies as well as from independent agents in Albuquerque, and you should compare price quotes from both to get a complete price analysis. Some insurance companies don’t offer the ability to get quotes online and these regional carriers sell through local independent agents.
More detailed auto insurance information can be read by following these links:
- How Much Auto Coverage do I Need? (Insurance Information Institute)
- Who Has Affordable Auto Insurance for a Dodge Grand Caravan in Albuquerque? (FAQ)
- Who Has Cheap Auto Insurance for a Toyota RAV4 in Albuquerque? (FAQ)
- Who Has Cheap Auto Insurance for Drivers Over Age 70 in Albuquerque? (FAQ)
- A Tree Fell on Your Car: Now What? (Allstate)
- Five Tips to Save on Auto Insurance (Insurance Information Institute)
- Auto Crash Statistics (Insurance Information Institute)