To save the most money, the best way to save money on auto insurance rates in Albuquerque is to make a habit of regularly comparing prices from companies who sell insurance in New Mexico. You can compare prices by following these steps.
- Learn about how insurance works and the measures you can control to prevent rate increases. Many rating factors that cause rate increases such as accidents, traffic violations, and poor credit can be eliminated by making minor changes in your lifestyle. Continue reading for ideas to get affordable coverage and get additional discounts.
- Compare rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only quote rates from one company like Progressive or Allstate, while independent agents can provide rate quotes from multiple companies.
- Compare the new rates to your existing coverage to see if a cheaper price is available in Albuquerque. If you find better rates and decide to switch, make sure there is no coverage gap between policies.
- Notify your company or agent of your intention to cancel your current auto insurance policy and submit any necessary down payment along with the completed application to the new company. Be sure to store the proof of insurance paperwork with your registration paperwork.
A good piece of advice is that you’ll want to compare the same amount of coverage on every price quote and and to get prices from every company you can. This ensures a fair rate comparison and a complete rate analysis.
It’s a fact that auto insurance companies don’t want you to look at other companies. Drivers who shop around for the cheapest rate will most likely switch insurance companies because of the good chance of finding lower rate quotes. A recent survey revealed that consumers who did price comparisons regularly saved approximately $72 a month as compared to drivers who never compared rates.
If finding the lowest rates on Toyota Avalon insurance in Albuquerque is your objective, then understanding the best way to shop and compare coverage rates can help make the process easier.
Companies offering Toyota Avalon insurance in New Mexico
The auto insurance companies shown below are our best choices to provide comparison quotes in Albuquerque, NM. If multiple companies are listed, it’s highly recommended you visit several of them to get a more complete price comparison.
Toyota Avalon insurance rates and statistics
The coverage information displayed next showcases a range of prices for Toyota Avalon models. Having a better understanding of how insurance policy premiums are figured can help guide drivers when making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Avalon XL | $196 | $348 | $310 | $18 | $92 | $964 | $80 |
| Avalon XLS | $196 | $410 | $310 | $18 | $92 | $1,026 | $86 |
| Avalon Limited | $218 | $410 | $310 | $18 | $92 | $1,048 | $87 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Price estimates do not factor in garaging location in Albuquerque which can raise or lower coverage rates significantly.
Physical damage deductibles
One of the most common auto insurance questions is what deductibles to buy. The following insurance rates can help illustrate the difference in cost when you select higher and lower physical damage coverage deductibles. The first price estimate table uses a $250 deductible for comprehensive and collision coverage and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Avalon XL | $280 | $420 | $274 | $16 | $82 | $1,097 | $91 |
| Avalon XLS | $280 | $494 | $274 | $16 | $82 | $1,171 | $98 |
| Avalon Limited | $314 | $494 | $274 | $16 | $82 | $1,205 | $100 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Avalon XL | $228 | $338 | $274 | $16 | $82 | $938 | $78 |
| Avalon XLS | $228 | $398 | $274 | $16 | $82 | $998 | $83 |
| Avalon Limited | $254 | $398 | $274 | $16 | $82 | $1,024 | $85 |
| Get Your Own Custom Quote Go | |||||||
Data variables include 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. Premium costs do not factor in specific zip code location which can revise rates significantly.
Based on these figures, using a $250 deductible could cost the average driver approximately $14 more each month or $168 every year than quoting the higher $500 deductible. Because you would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you tend to go more than 18 months between claim filings, you would most likely save money if you opt for a higher deductible. Here’s how you can make your own decision.
| Average monthly premium for $250 deductibles: | $96 |
| Average monthly premium for $500 deductibles (subtract): | – $82 |
| Monthly savings from raising deductible: | $14 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $14 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 18 months |
One big caveat is that increasing deductibles to lower your rates results in having to pay to pay more out-of-pocket when you do file a claim. It will be required that you have enough extra savings in the event you have to pay the higher deductible in order to repair your vehicle.
The information below illustrates how choosing a deductible and can influence Toyota Avalon yearly insurance costs for each age group. The costs are based on a married female driver, comp and collision included, and no discounts are applied to the premium.
Auto insurance prices based on gender
The example below illustrates the comparison of Toyota Avalon yearly insurance costs for male and female drivers. The premium estimates are based on no claims, a clean driving record, full physical damage coverage, $500 deductibles, single marital status, and no discounts are applied to the premium.
Toyota Avalon liability-only versus full coverage
The chart below illustrates the comparison of Toyota Avalon insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The rate quotes are based on no violations or claims, $250 deductibles, single status, and no additional discounts are factored in.
When to stop buying physical damage coverage
There isn’t a written rule of when to drop full 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 Toyota Avalon claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $7,000 after the deductible is paid. If you are paying more than $700 annually for comprehensive and collision coverage, then you might want to think about dropping full coverage.
There are a few situations where only buying liability is not financially feasible. 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 you cannot afford to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.
Verify you’re applying every discount
Some insurance providers don’t list every available discount in a way that’s easy to find, so the below list has a few of the more common and the more hidden discounts you could be receiving when you buy Albuquerque car insurance online.
- Seat Belts Save more than Lives – Requiring all passengers to buckle up could save 15% on the medical payments or PIP coverage costs.
- Discount for Life Insurance – Select companies reward you with lower auto insurance rates if you buy auto and life insurance together.
- Renewal Discounts – A few auto insurance companies give discounts for signing up before your current Avalon insurance policy expires. This can save 10% or more.
- Low Mileage – Keeping the miles down on your Toyota can earn lower rates on the low mileage vehicles.
- Smart Student Discounts – This discount can be rewarded with saving of up to 25%. Many companies even apply the discount to college students up until you turn 25.
As a footnote on discounts, many deductions do not apply to your bottom line cost. Most only cut specific coverage prices like liability and collision coverage. So even though you would think adding up those discounts means a free policy, auto insurance companies aren’t that generous.
The information below compares Toyota Avalon yearly insurance costs with and without discounts applied. The premium estimates are based on a female driver, no accidents or driving violations, New Mexico state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, claim-free, marriage, multi-policy, and multi-car discounts applied.
Car insurance companies that may have these discounts include:
Before you buy a policy, ask all the companies to apply every possible discount. Discounts may not be offered in your state. To find insurance companies that offer discounts in Albuquerque, click this link.
Local insurance agents
Some consumers prefer to sit down with an agent and that is not a bad decision Most agents can help you build your policy and will help you if you have claims. An additional benefit of comparing insurance prices online is you can get cheap rate quotes but still work with a licensed agent.
To make it easy to find an agent, after completing this quick form, your information is transmitted to participating agents in Albuquerque that can provide free Albuquerque car insurance quotes for your business. You won’t even need to contact any insurance agencies due to the fact that quote results will go to you. If you want to compare rates from a specific insurance company, you just need to jump over to their website and fill out their quote form.
Selecting an insurance company requires more thought than just the quoted price. The answers to these questions are important, too.
- Is the agency involved in supporting local community causes?
- Is the quote a firm price?
- Are aftermarket or OEM parts used to repair vehicles?
- What insurance companies do they recommend if they are an independent agent?
- How long has their agency been open in Albuquerque?
- Are they giving you every discount you deserve?
If you want a reliable insurance agency, you must know there are a couple types of agencies from which to choose. Insurance agents are classified as either independent agents or exclusive agents. Either one can do a good job, but it is important to understand how they are different since it can affect the selection process.
Exclusive Agencies
These agents have only one company to place business with and some examples include State Farm, AAA, Farmers Insurance or Allstate. They usually cannot place coverage with different providers so if the price isn’t competitive there isn’t much they can do. Exclusive agents are highly trained on their company’s products which helps offset the inability to provide other markets. Some consumers prefer to choose to use a exclusive agent mainly due to the prominent brand name and solid financial strength.
The following are exclusive insurance agencies in Albuquerque willing to provide price quote information.
- Sam Sample – State Farm Insurance Agent
3700 Osuna Rd NE #514 – Albuquerque, NM 87109 – (505) 341-1000 – View Map - GEICO Insurance Agent
5317 Menaul Boulevard Northeast – Albuquerque, NM 87110 – (505) 265-1600 – View Map - Tim Gallegos – State Farm Insurance Agent
1100 Coors Blvd SW, Ste B2 – Albuquerque, NM 87121 – (505) 200-2319 – View Map
Independent Agents (or Brokers)
Agents that choose to be independent are not required to write business for one company so they have the ability to put coverage with multiple insurance companies and find the cheapest rate. If they find a lower price, an independent agent can move your coverage which is easy for the insured. If you need lower rates, you will want to check rates from a couple of independent agencies for the best price selection. They often place coverage with additional companies that you may not be familiar with that may provide cheaper insurance rates.
Listed below is a short list of independent insurance agencies in Albuquerque willing to provide rate quotes.
- Free Market Insurance Agency
6211 San Mateo Blvd NE #120 – Albuquerque, NM 87109 – (505) 881-2645 – View Map - Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444 – View Map - J B Martin Commercial, Homeowners, Auto, Health and Life Insurance Agency
2800 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 299-7444 – View Map
Keep this in mind when shopping around
When shopping online for car insurance, don’t be tempted to skimp on critical coverages to save a buck or two. There are many occasions where an insured dropped liability coverage limits only to find out they didn’t purchase enough coverage. Your objective should be to purchase a proper amount of coverage at the lowest possible cost, but do not sacrifice coverage to save money.
The cheapest Toyota Avalon insurance in Albuquerque can be purchased on the web as well as from independent agents in Albuquerque, and you should compare price quotes from both to have the best selection. Some companies do not offer price quotes online and most of the time these small insurance companies prefer to sell through local independent agencies.
We’ve covered some good ideas how to reduce Toyota Avalon insurance prices online in Albuquerque. The key thing to remember is the more quotes you get, the higher your chance of finding inexpensive Albuquerque car insurance quotes. You may even find the lowest prices come from a small local company.
Additional information
- State Car Insurance Guides (GEICO)
- Who Has the Cheapest Car Insurance Rates for Young Drivers in Albuquerque? (FAQ)
- Who Has Cheap Auto Insurance Rates for Inexperienced Drivers in Albuquerque? (FAQ)
- Auto Insurance Basics (Insurance Information Institute)
- Side Impact Crash Tests (iihs.org)
- Red Light Cameras (State Farm)