It’s easy to assume that car insurance companies don’t want you to compare rates. Drivers who shop for lower prices will, in all likelihood, switch to a new company because there is a good probability of finding lower prices. Surprisingly, a recent survey revealed that consumers who compared prices once a year saved an average of $72 a month compared to policyholders who don’t regularly compare prices.
If saving money on BMW 328i insurance is your intention, then learning a little about the best way to shop and compare cheaper coverage can help you succeed in finding affordable rates.
If you want to save the most money, the best way to get discount car insurance rates in Albuquerque is to start comparing rates regularly from providers in New Mexico.
First, try to understand how companies set rates and the measures you can take to prevent expensive coverage. Many factors that are responsible for high rates like traffic tickets, fender benders, and poor credit history can be remedied by improving your driving habits or financial responsibility.
Second, compare prices from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from a single company like Progressive or Farmers Insurance, while agents who are independent can give you price quotes from multiple companies. View companies
Third, compare the price quotes to your current policy premium to see if you can save by switching companies. If you can save some money, make sure there is no lapse in coverage.
The most important part of shopping around is to make sure you’re comparing identical limits and deductibles on each quote request and and to get price quotes from as many different insurance providers as possible. Doing this guarantees a fair rate comparison and the most accurate and complete price analysis.
Lower-cost Albuquerque auto insurance quotes with discounts
Companies offering auto insurance do not list all discounts in an easy-to-find place, so the list below contains a few of the more common in addition to some of the lesser obvious credits available to bring down your rates.
- Drivers Education – Teen drivers should take driver’s ed class if offered at their school.
- Senior Citizen Rates – Seniors can possibly qualify for better auto insurance rates.
- Albuquerque Homeowners Discount – Owning your own home or condo can save a few bucks because of the fact that having a home demonstrates responsibility.
- Government Employees – Active or former government employment can save as much as 8% with select insurance companies.
- One Accident Forgiven – This one isn’t a discount, but companies like Liberty Mutual and GEICO will let one accident slide before they charge you more for coverage so long as you haven’t had any claims for a particular time prior to the accident.
- Discounts for Cautious Drivers – Drivers without accidents may save up to 50% more compared to rates paid by drivers with frequent claims.
- Safety Course Discount – Participating in a defensive driver class could possibly earn you a 5% discount and make you a better driver.
Discounts save money, but please remember that some of the credits will not apply to all coverage premiums. Most only cut the price of certain insurance coverages like physical damage coverage or medical payments. So even though you would think all the discounts add up to a free policy, you’re out of luck. But all discounts will lower the amount you pay for coverage.
The diagram below illustrates the difference between BMW 328i car insurance costs with and without discounts applied to the premium. The information is based on a female driver, no accidents, no driving violations, New Mexico state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, homeowner, marriage, multi-car, and claim-free discounts applied.
Some of the larger companies that may offer policyholders most of the discounts above possibly include:
When getting a coverage quote, ask every prospective company to give you their best rates. Some discounts may not apply in Albuquerque. To choose providers that offer many of these discounts in Albuquerque, follow this link.
The companies in the list below provide comparison quotes in Albuquerque, NM. To locate the cheapest auto insurance in NM, it’s a good idea that you visit as many as you can in order to find the lowest rates.
Data for BMW 328i insurance
The coverage information shown below covers a range of insurance prices for BMW 328i models. Knowing how car insurance premiums are determined helps drivers make smart choices when choosing a car insurance company.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 328I 4-Dr Sedan | $270 | $578 | $338 | $20 | $102 | $1,308 | $109 |
| 328I 4-Dr Sedan | $270 | $578 | $338 | $20 | $102 | $1,308 | $109 |
| 328I Station Wagon | $300 | $666 | $288 | $18 | $86 | $1,358 | $113 |
| 328I 2-Dr Coupe | $300 | $666 | $288 | $18 | $86 | $1,358 | $113 |
| 328I 2-Dr Coupe | $300 | $666 | $288 | $18 | $86 | $1,358 | $113 |
| 328I xDrive 4-Dr Sedan | $300 | $666 | $338 | $20 | $102 | $1,426 | $119 |
| 328I xDrive 4-Dr Sedan | $300 | $666 | $338 | $20 | $102 | $1,426 | $119 |
| 328I 2-Dr Convertible | $300 | $666 | $338 | $20 | $102 | $1,426 | $119 |
| 328I 2-Dr Convertible | $300 | $666 | $338 | $20 | $102 | $1,426 | $119 |
| 328I 2-Dr Coupe | $300 | $666 | $288 | $18 | $86 | $1,358 | $113 |
| 328I xDrive 2-Dr Coupe | $300 | $666 | $288 | $18 | $86 | $1,358 | $113 |
| 328I xDrive Station Wagon | $300 | $666 | $288 | $18 | $86 | $1,358 | $113 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Premium costs do not factor in Albuquerque location which can lower or raise prices considerably.
Should you buy full coverage?
The chart below illustrates the comparison of BMW 328i insurance prices with full coverage compared to only the New Mexico minimum liability coverage. The premiums are based on a clean driving record, no at-fault accidents, $500 deductibles, drivers are single, and no policy discounts are applied.
Guidelines for eliminating full coverage
There is no definitive formula for phasing out comp and collision coverage, but there is a guideline you can consider. If the yearly cost of full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let’s say your BMW 328i book value is $9,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $8,000 after paying your deductible. If you are paying over $800 a year for full coverage, then it may be the right time to buy liability only.
There are a few cases where only buying liability is not recommended. If you haven’t satisfied your loan, you have to maintain full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should maintain full coverage.
Don’t assume everyone needs the same car insurance coverage
Keep in mind that when it comes to choosing adequate coverage, there is no best way to insure your cars. Coverage needs to be tailored to your specific needs and your car insurance should be unique as well.
For instance, these questions might point out whether or not you would benefit from professional advice.
- Where can I find high-risk insurance?
- Am I covered when delivering products for my home-based business?
- Are split liability limits better than a combined single limit?
- What is the premium to book value ratio for dropping full coverage?
- Is motorclub coverage worth it?
- How can I find cheaper teen driver insurance?
- Are rock-chip repairs free?
- Can I cancel at any time?
- Is coverage enough to protect my assets?
If you can’t answer these questions but one or more may 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 or go to this page to view a list of companies. It’s fast, doesn’t cost anything and may give you better protection.
Insurance quotes from local Albuquerque insurance agents
Many people would prefer to get advice from a local agent and that is OK! Most agents will help you protect your assets and help in the event of a claim. A nice benefit of getting online price quotes is you can get the best rates and still buy from a local agent.
To find an agent, once you fill out this form (opens in new window), the quote information is transmitted to companies in Albuquerque that give free quotes and help you find cheaper coverage. You don’t have to contact any agents as quotes are delivered immediately to your email address. If you wish to get a price quote from a specific insurance provider, you would need to visit that company’s website and submit a quote form there.
Deciding on a company should depend on more than just a cheap price. Here are some questions to ask:
- Is there a 24/7 contact number?
- Do they have designations such as AIC, CPCU, or CIC?
- Does the quote include credit and driving reports?
- Are all drivers listed on the coverage quote?
- Where would glass claims be handled in Albuquerque?
- Will your rates increase after a single accident?
- What discounts might you be missing?
- Will their companies depreciate repairs to your car based on the mileage?
When researching a reliable agent, you need to know there are two types of agencies and how they differ in how they can insure your vehicles. Insurance agencies in Albuquerque are considered either exclusive or independent. Both types of agents can provide insurance policies, but it’s worth mentioning the difference in how they write coverage since it could factor into the kind of agent you use.
Exclusive Insurance Agencies
These agents can only write with one company like Farmers Insurance or State Farm. Exclusive agents cannot give you multiple price quotes so they are skilled at selling on more than just price. Exclusive agencies receive a lot of sales training in insurance sales which can be an advantage. Consumers often use the same exclusive agent partially due to the brand and the convenience of having a single billing for all their coverages.
The following are Albuquerque exclusive insurance agencies who can help you get comparison quotes.
- Reggie Gallegos – State Farm Insurance Agent
2308 Eubank Blvd #B – Albuquerque, NM 87112 – (505) 298-8100 – View Map - Mike Volk – State Farm Insurance Agent
3716 Central Ave SE – Albuquerque, NM 87108 – (505) 232-2886 – View Map - Allstate Insurance: Eladio Muniz
1028 Eubank Blvd – Albuquerque, NM 87112 – (505) 291-0624 – View Map
Independent Agents (or Brokers)
Agents of this type are appointed with more than one company and that enables them to quote your coverage through many different insurance companies and get you the best rates possible. If premiums increase, the agent simply finds a different carrier and you can keep the same agent.
When comparing rates, we highly recommend that you compare prices from a couple of independent agencies so that you have a good selection of quotes to compare. A lot of them also have access to less well-known companies which can be an advantage.
Below is a list of independent insurance agents in Albuquerque that are able to give price quote information.
- Associated Insurance Professionals, Inc
1429 Carlisle Blvd NE – Albuquerque, NM 87110 – (505) 265-3704 – View Map - Cress Insurance
6101 Moon St NE #1000 – Albuquerque, NM 87111 – (505) 822-8114 – View Map - Lorraine Y Chavez Insurance Agency, Inc.
8224 Louisiana Blvd NE – Albuquerque, NM 87113 – (505) 821-7123 – View Map
If you get positive feedback to any questions you have as well as offering an affordable quote, chances are good that you have found an insurance agency that is reputable and can properly insure your vehicles.
Persistent drivers can save
You just read a lot of ways to get a better price on BMW 328i insurance in Albuquerque. The most important thing to understand is the more times you quote, the better your chances of lowering your premium rates. Consumers may even find the lowest auto insurance rates are with a small mutual company. These smaller insurers may often insure only within specific states and give better rates as compared to the big name companies such as State Farm, GEICO and Nationwide.
Cheaper BMW 328i insurance in Albuquerque can be found from both online companies in addition to local insurance agencies, so get free Albuquerque car insurance quotes from both of them in order to have the best chance of saving money. There are still a few companies who do not offer price quotes online and usually these smaller companies only sell coverage through local independent agencies.
For more information, feel free to browse the resources below:
- What is Gap Insurance? (Insurance Information Institute)
- What Insurance is Cheapest for College Students in Albuquerque? (FAQ)
- How Much is Auto Insurance for Teenage Females in Albuquerque? (FAQ)
- What is the Cheapest Car Insurance in Albuquerque, New Mexico? (FAQ)
- Who Has the Cheapest Car Insurance for Drivers Over Age 50 in Albuquerque? (FAQ)
- Who Has the Cheapest Albuquerque Car Insurance for a Ford Explorer? (FAQ)
- How Much are Albuquerque Car Insurance Rates for Good Students? (FAQ)
- How Much are Car Insurance Quotes for a Honda Civic in Albuquerque? (FAQ)
- Winter Driving (Insurance Information Institute)
- Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)
- What Does No-Fault Insurance Cover? (Allstate)