It’s shocking but the vast majority of drivers have remained with the same auto insurance company for over three years, and virtually 40% of consumers have never shopped around. With the average auto insurance premium being $1,847, U.S. drivers could save almost 47% a year by just shopping around, but they don’t believe the rate savings if they moved their coverage to a different company.
Truthfully, the best way to get discount auto insurance rates is to regularly compare quotes from insurers who sell insurance in Albuquerque.
- Try to learn about the different coverages in a policy and the things you can control to keep rates low. Many risk factors that cause rate increases like accidents, traffic tickets, and a negative credit score can be eliminated by making minor driving habit or lifestyle changes.
- Compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give prices from a single company like Progressive or Allstate, while agents who are independent can quote rates for a wide range of companies. Click to view companies
- Compare the price quotes to your current policy premium to see if a cheaper rate is available. If you find better rates and make a switch, make sure coverage does not lapse between policies.
- Give notification to your current company of your intention to cancel your current policy and submit a signed application and payment to your new insurance company. Once coverage is bound, keep your new proof of insurance certificate in a readily accessible location in your vehicle.
The key thing to remember is to make sure you’re comparing identical coverages on every quote and and to get rates from as many auto insurance providers as possible. This guarantees a level playing field and and a good selection of different prices.
Eight Tips to Get More Affordable Albuquerque Insurance Premiums
Lots of factors are used in the calculation when pricing auto insurance. Some of the criteria are obvious such as your driving record, but other criteria are more transparent like your continuous coverage or how financially stable you are.
The list below includes some of the things used by companies to determine prices.
Older drivers save more – Youthful drivers in New Mexico tend to be less responsible when driving therefore insurance rates are much higher. Having to add a teenage driver onto your insurance can be very expensive. Older, more experienced drivers are more responsible, cause fewer claims and accidents, and get fewer tickets.
Raise your coverage deductibles for better costs – Deductibles for physical damage define how much you are willing to pay if you file a covered claim. Coverage for physical damage, otherwise known as comp (or other than collision) and collision, covers damage that occurs to your car. Some instances where coverage would apply could be collision with another vehicle, vandalism, and having a roll-over accident. The more of the claim the insured is willing to pay, the bigger discount you will receive.
Long commutes cost more – The more you drive your Chevy every year the more you will pay for insurance. Almost all companies charge rates based upon how you use the vehicle. Cars and trucks used primarily for pleasure use cost less to insure than those that get driven frequently. Having an incorrect usage rating on your SS can cost quite a bit. Ask your agent if your insurance policy correctly shows the right rating data.
Do you know you’re credit rating? – A driver’s credit history will be a significant factor in your rate calculation. If your credit can use some improvement, you could potentially save money when insuring your Chevrolet SS by improving your credit score. Drivers who have excellent credit scores tend to file fewer claims and have better driving records than drivers with worse credit.
High performance equals high costs – The type of vehicle you need insurance for makes a huge difference in determining your rates. The best insurance prices will normally be found when insuring lower cost passenger cars, but the final cost of insurance is determined by many other factors.
Companies want multiple policies – The majority of insurance companies give a discount to buyers that have more than one policy. It’s known as a multi-policy discount. This can amount to ten percent or more. Even though this discount sounds good, you may still want to comparison shop to verify if the discount is saving money.There is a good possibility that you can save even more than the discount by insuring with multiple companies.
Gender and car insurance costs – The statistics show that females tend to be a little less risky than males. However, this does not mean males are worse at driving than females. Both sexes are in fender benders in similar numbers, but men get into accidents with more damage. Not only are claims higher, but men have more aggressive citations like DUI and reckless driving.
Safer cars are cheaper to insure – Cars with five star safety ratings tend to have lower insurance rates. Vehicles built for safety protect occupants better and better occupant protection means lower claim amounts which can result in lower premiums.
Insurance losses for a Chevy SS – Car insurance companies use historical loss data to help set a rate to offset losses. Models that historically have high amounts or severity of claims will cost more for specific coverages. The table below demonstrates the insurance loss data for Chevy SS vehicles.
For each policy coverage type, the claim amount for all vehicles, regardless of manufacturer or model, is a value of 100. Percentage values below 100 mean the vehicle has better than average losses, while percentages above 100 indicate higher probability of having a loss or an increased chance of a larger loss.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Chevrolet SS | 142 | 75 | 137 |
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Persistent drivers can save
Lower-priced auto insurance in Albuquerque is available on the web and from local insurance agents, and you should be comparing both to have the best rate selection. Some auto insurance companies may not have online price quotes and usually these smaller companies sell through independent agents.
While you’re price shopping online, make sure you don’t skimp on coverage in order to save money. There have been many cases where someone sacrificed liability coverage limits only to regret at claim time that the savings was not a smart move. Your goal is to find the BEST coverage for the lowest cost while not skimping on critical coverages.
Additional detailed information can be found in the articles below:
- Side Impact Crash Tests (iihs.org)
- Who Has Affordable Auto Insurance for 16 Year Olds in Albuquerque? (FAQ)
- Who Has Affordable Car Insurance Quotes for Retired Military in Albuquerque? (FAQ)
- Who Has Cheap Albuquerque Auto Insurance Quotes After a Speeding Ticket? (FAQ)
- Understanding your Policy (NAIC.org)
- Bodily Injury Coverage (Liberty Mutual)