Regrettably, most drivers in New Mexico kept their policy with the same company for four years or more, and just under half have never quoted auto insurance rates at all. American consumers could save as much as $850 each year just by shopping around, but they don’t want to take the time to compare other rate quotes.
If saving the most money is your goal, then the best way to find lower priced car insurance rates in Albuquerque is to begin comparing prices regularly from providers that insure vehicles in New Mexico. This can be done by following these guidelines.
First, get an understanding of how companies set rates and the factors you can control to keep rates down. Many factors that are responsible for high rates such as distracted driving and a substandard credit score can be improved by being financially responsible and driving safely.
Second, get rate quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from a single company like GEICO or State Farm, while agents who are independent can quote rates from multiple companies.
Third, compare the new quotes to the premium of your current policy and see if there is a cheaper rate in Albuquerque. If you find a better price and make a switch, ensure coverage does not lapse between policies.
An essential thing to point out is to use identical coverages on each quote and and to get rates from as many companies as you can. Doing this helps ensure a fair price comparison and a complete price analysis.
If you have auto insurance now, you will definitely be able to lower your rates using these methods. Quoting the lowest cost policy in Albuquerque is easy if you know what you’re doing. Although New Mexico consumers must comprehend how insurance companies calculate your auto insurance rates and use this information to your advantage.
Best companies for affordable Lexus RX 350 insurance in New Mexico
The providers in the list below are our best choices to provide price quotes in Albuquerque, NM. To locate cheap auto insurance in New Mexico, we recommend you visit as many as you can to get the cheapest price.
Lexus RX 350 insurance analysis
The rate table displayed below showcases estimates of coverage prices for Lexus RX 350 models. Having a good understanding how insurance prices are determined is important to be able to make decisions when shopping your coverage around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RX 350 2WD | $196 | $380 | $342 | $20 | $102 | $1,040 | $87 |
| RX 350 4WD | $196 | $380 | $342 | $20 | $102 | $1,040 | $87 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Table data does not factor in specific location information which can raise or lower premium rates greatly.
How high should deductibles be?
The hardest decision when buying coverage is how high should the physical damage deductibles be. The comparisons below show the differences in premium rates between low and high insurance deductibles. The first rate table uses a $100 deductible for comp and collision and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RX 350 2WD | $348 | $680 | $364 | $22 | $108 | $1,547 | $129 |
| RX 350 4WD | $348 | $680 | $364 | $22 | $108 | $1,547 | $129 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RX 350 2WD | $194 | $358 | $364 | $22 | $108 | $1,046 | $87 |
| RX 350 4WD | $194 | $358 | $364 | $22 | $108 | $1,046 | $87 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Prices do not factor in Albuquerque location which can impact price quotes considerably.
We can estimate from the data above that using a $100 deductible will cost in the ballpark of $42 more each month or $504 a year than opting for the higher $1,000 deductible. Because you would pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average at a minimum 21 months between claims, you would save more money by going with a higher deductible.
The example below demonstrates how choosing different deductibles and can raise or lower Lexus RX 350 insurance prices for different insured age categories. The data assumes a married male driver, comp and collision included, and no discounts are applied to the premium.
Insurance rates are higher with tickets and accidents
The information below shows how speeding tickets and at-fault accidents drive up Lexus RX 350 insurance rates for each age group. The data is based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied to the premium.
Insurance premiums based on gender
The diagram below visualizes the comparison of Lexus RX 350 insurance costs for male and female drivers. The price estimates are based on no violations or claims, full coverage, $1,000 deductibles, drivers are single, and no policy discounts are applied.
Price comparison of only insuring for liability
The diagram below visualizes the comparison of Lexus RX 350 premium costs with full coverage compared to only the New Mexico minimum liability coverage. The rate quotes are based on no violations or accidents, $250 deductibles, marital status is single, and no discounts are applied.
When to drop full coverage
There isn’t a written rule of when to stop paying for comp and collision coverage, but there is a general convention. If the yearly cost of full coverage is more than around 10% of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Lexus RX 350 replacement cost is $9,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $8,000 after the deductible is paid. If premium cost is more than $800 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are some cases where dropping physical damage coverage is not in your best interest. If you haven’t paid off your loan, you have to carry full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage in place.
Get cheaper Lexus RX 350 insurance rates in Albuquerque
Some companies don’t necessarily list every available discount in an easy-to-find place, so here is a list some of the best known and the more hidden insurance savings.
- Early Signing – Some insurance companies reward drivers for switching to them before your current RX 350 insurance policy expires. You can save around 10% with this discount.
- Passive Restraints – Vehicles equipped with air bags or automatic seat belts could see savings of 20 to 30 percent.
- Paperwork-free – Many insurance companies will discount your bill up to fifty bucks for buying a policy and signing up digitally online.
- Telematics Data Discounts – Insureds that choose to allow driving data collection to track driving patterns by using a telematics device such as In-Drive from State Farm or Allstate’s Drivewise system could save a few bucks if they are good drivers.
- Low Mileage Discounts – Fewer annual miles on your Lexus can qualify you for cheaper insurance rates.
- Senior Discount – Drivers over the age of 55 may be able to get lower premium rates.
- Albuquerque Homeowners Pay Less – Owning a home in Albuquerque can save a few bucks since home ownership demonstrates responsibility.
- Federal Government Employee – Having worked for a branch of the government can save as much as 8% but check with your company.
- Defensive Driver – Completing a course that instructs on driving safety could possibly earn you a 5% discount and also improve your driving technique.
Drivers should understand that most of the big mark downs will not be given to all coverage premiums. Most cut individual premiums such as comprehensive or collision. Even though the math looks like all the discounts add up to a free policy, you won’t be that lucky.
The illustration below illustrates the difference between Lexus RX 350 insurance rates with and without policy discounts. The premiums are based on a male driver, no claims or driving citations, New Mexico state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, marriage, claim-free, multi-car, safe-driver, and homeowner discounts applied.
Some of the larger companies that may offer some of the discounts shown above may include but are not limited to:
When quoting, ask all the companies what discounts are available to you. Discounts may not apply to policyholders in every state.
Insurance is available from local insurance agents
Many people would prefer to talk to a local agent and often times that is recommended The biggest benefit of getting online price quotes is that you can obtain cheaper prices and also buy local.
By using this simple form, your information is submitted to agents in your area who will give you quotes for your insurance coverage. You won’t need to leave your house since rate quotes are delivered straight to your inbox. You can find better rates without the usual hassles of price shopping. If for some reason you want to get a comparison quote for a specific company, feel free to find their quoting web page and fill out their quote form.
Picking the best provider should depend on more than just a low price. Here are some questions to ask:
- Are there any discounts for paying up front?
- What companies can they write with?
- What are the financial ratings for the companies they represent?
- Are you getting all the discounts the company offers?
- Do you have coverage for a rental car if your vehicle is in the repair shop?
- Do the coverages you’re quoting properly cover your vehicle?
- Does the agency have a positive business rating?
Specific coverage details
Knowing the specifics of insurance aids in choosing the best coverages and proper limits and deductibles. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy.
Medical payments and PIP coverage – Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses for hospital visits, ambulance fees and X-ray expenses. They can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage
Coverage for liability – This can cover damages or injuries you inflict on other’s property or people. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/10 that translate to $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and a total limit of $10,000 for damage to vehicles and property.
Liability insurance covers claims such as structural damage, legal defense fees, pain and suffering, court costs and loss of income. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as large an amount as possible. New Mexico requires drivers to carry at least 25/50/10 but you should think about purchasing better liability coverage.
The next chart demonstrates why buying low liability limits may not be adequate coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage – This coverage provides protection when other motorists are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your Lexus RX 350.
Since a lot of drivers have only the minimum liability required by law (25/50/10 in New Mexico), it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.
Comprehensive auto coverage – Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive insurance covers things such as hitting a deer, falling objects, a broken windshield and damage from getting keyed. 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 consider dropping full coverage.
Collision – This coverage will pay to fix damage to your RX 350 resulting from colliding with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage protects against things such as colliding with a tree, rolling your car, crashing into a ditch and colliding with another moving vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to choose a higher deductible on your RX 350 to bring the cost down.
Shop smart and save
You just learned quite a bit of information on how to shop for Lexus RX 350 insurance online. The key concept to understand is the more price quotes you have, the better chance you’ll have of finding affordable Albuquerque auto insurance quotes. You may even discover the lowest prices are with a company that doesn’t do a lot of advertising.
Drivers who switch companies do it for many reasons like policy cancellation, high prices, delays in responding to claim requests and an unsatisfactory settlement offer. Whatever your reason, choosing a new company is not as hard as you think.
Cheap Lexus RX 350 insurance in Albuquerque is attainable online in addition to many Albuquerque insurance agents, so you need to shop Albuquerque auto insurance with both to have the best selection. Some insurance companies may not offer online price quotes and these regional insurance providers only sell coverage through independent agencies.
To learn more, feel free to visit the resources below:
- 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 Rates for a Toyota Camry in Albuquerque? (FAQ)
- Five Mistakes to Avoid (Insurance Information Institute)
- Auto Insurance Learning Center (State Farm)
- Liability Insurance Coverage (Nationwide)
- Understanding Your Insurance Deductible (Insurance Information Institute)