Cheap Lincoln MKS Insurance in Albuquerque

It takes a little time, but the best way to find cheaper car insurance rates in Albuquerque is to compare prices annually from insurance carriers that insure vehicles in New Mexico.

Step 1: Spend a few minutes and learn about how insurance companies determine prices and the things you can control to drop your rates. Many things that cause rate increases such as high-risk driving behaviors and poor credit can be controlled by paying attention to minor details.

Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like Progressive or Allstate, while independent agencies can provide price quotes from multiple insurance companies.

Step 3: Compare the new rate quotes to the premium of your current policy and determine if there is any savings. If you find better rates and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.

Step 4: Notify your agent or company to cancel your existing policy and submit payment and a signed application for your new coverage. Once coverage is bound, store the certificate verifying proof of insurance in your glove compartment.

One thing to point out is to try to compare the same coverage limits and deductibles on every quote request and to quote with as many different insurance providers as possible. Doing this ensures an apples-to-apples comparison and a thorough price selection.

It goes without saying that car insurance companies don’t want you shop around. Drivers who get comparison quotes at least once a year will probably switch companies because of the high probability of finding coverage at a cheaper rate. Surprisingly, a recent survey revealed that people who compared rates once a year saved about $70 a month compared to those who never shopped around for better prices.

If saving money on Lincoln MKS insurance in Albuquerque is your objective, then learning about how to quote prices and compare coverages can save time and make the process easier.

When price shopping your coverage, quoting more helps you find the best offered rates.

The companies shown below have been selected to offer price quotes in Albuquerque, NM. To find the best cheap auto insurance in NM, it’s a good idea that you visit two to three different companies in order to get a fair rate comparison.

Three reasons to not skimp on insurance

Even though it can be expensive, paying for insurance is required in New Mexico but it also protects you in many ways.

• The majority of states have mandatory insurance requirements which means the state requires specific minimum amounts of liability in order to license the vehicle. In New Mexico these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
• If you took out a loan on your MKS, most lenders will make it a condition of the loan that you carry insurance to guarantee loan repayment. If you let the policy lapse, the lender may have to buy a policy to insure your Lincoln at a much higher rate and require you to reimburse them for it.
• Insurance safeguards not only your car but also your financial assets. It will also pay for medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of your driving. If damage is caused by hail or an accident, your policy will pay all costs to repair after the deductible has been paid.

The benefits of having insurance outweigh the cost, especially with large liability claims. According to a recent study, the average American driver overpays more than $820 a year so compare rate quotes at every policy renewal to save money.

Auto insurance statistics and figures

The price information shown next covers detailed analysis of insurance prices for Lincoln MKS models. Having a good grasp of how auto insurance policy rates are established can help you make smart choices when selecting a policy.

Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Price estimates do not factor in the specific area where the vehicle is garaged which can impact coverage rates noticeably.

Policy deductibles

One of the most common auto insurance questions is how high should the physical damage deductibles be. The rates below determine how much more you’ll pay when you buy lower versus higher policy deductibles. The first pricing table uses a $250 deductible for physical damage and the second rate chart uses a $500 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Rate information does not factor in specific location which can alter rates significantly.

Using the premium rates above, we can conclude that using a $250 deductible costs an average of $17 more each month or $204 annually than requesting the higher $500 deductible. Due to the fact that you would have to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you average at a minimum 15 months between claims, you would more than likely save some money if you choose a higher deductible.

One important note is that raising deductibles to get cheaper rates means you will have to pay more when you have a claim. That will force you to have some extra savings in order to pay the deductible.

The illustration below highlights how deductible selection and can raise or lower Lincoln MKS insurance rates for different age groups. The information is based on a married female driver, full coverage, and no discounts are factored in.

How violations and accidents impact rates

The example below illustrates how traffic citations and accident claims drive up Lincoln MKS yearly insurance costs for different age groups. The premiums are based on a single male driver, comp and collision included, $250 deductibles, and no policy discounts are applied.

Cost difference between full coverage and liability

The illustration below illustrates the comparison of Lincoln MKS insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no claims or driving citations, $100 deductibles, drivers are single, and no additional discounts are factored in.

When to stop buying comprehensive and collision coverage

There is no definitive rule to stop buying comp and collision coverage, but there is a general convention. If the annual cost of coverage is more than about 10% of the settlement you would receive from your company, then you might consider buying liability only.

For example, let’s say your Lincoln MKS book value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $5,000 after the policy deductible has been paid. If you are paying over $500 a year for your policy with full coverage, then you might want to consider buying only liability coverage.

There are some scenarios where only buying liability is not a good plan. If you still have a lienholder on your title, you are required to maintain full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not consider dropping full coverage.

These discounts can lower Lincoln MKS insurance rates

Auto insurance companies don’t always publicize every policy discount in an easy-to-find place, so we researched both the well known as well as some of the hidden discounts that you can inquire about if you buy Albuquerque auto insurance online.

• Senior Citizen Rates – Drivers that qualify as senior citizens can possibly qualify for better auto insurance rates.
• ABS Brakes – Cars, trucks, and SUVs with ABS and/or traction control can reduce accidents and therefore earn up to a 10% discount.
• Telematics Data Discounts – Drivers that enable data collection to spy on driving patterns by using a telematic data system such as Snapshot from Progressive or Drivewise from Allstate might see lower rates if their driving habits are good.
• Multiple Policy Discount – If you can bundle your auto and homeowners insurance with the same company you may earn at least 10% off all policies.
• Service Members Pay Less – Having an actively deployed family member may qualify for rate reductions.
• Passive Restraints and Air Bags – Factory air bags or automatic seat belts can receive discounts of up to 25% or more.
• Discounts for New Vehicles – Insuring a new MKS is cheaper because newer models have to meet stringent safety requirements.
• Accident Forgiveness Coverage – This isn’t a discount exactly, but a handful of insurance companies may permit one accident without getting socked with a rate hike with the catch being you have to be claim-free for a particular time prior to the accident.
• E-sign Discounts – A few larger online companies may give you up to $50 just for signing your application on their website.

As is typical with insurance, most of the big mark downs will not be given to all coverage premiums. The majority will only reduce the price of certain insurance coverages like comp or med pay. So even though they make it sound like it’s possible to get free car insurance, it’s just not the way it works. But all discounts will help lower the premium cost.

The information below shows the difference between Lincoln MKS premium costs with and without policy discounts. The data assumes a male driver, no violations or accidents, 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, homeowner, marriage, multi-policy, claim-free, and multi-car discounts applied.

A few of the larger companies and some of the premium reductions they offer are outlined below.

• State Farm offers premium reductions for safe vehicle, good student, accident-free, driver’s education, good driver, and Drive Safe & Save.
• GEICO policyholders can earn discounts including multi-vehicle, driver training, federal employee, daytime running lights, and multi-policy.
• Progressive discounts include multi-vehicle, good student, continuous coverage, homeowner, online quote discount, multi-policy, and online signing.
• 21st Century may offer discounts for student driver, anti-lock brakes, 55 and older, early bird, air bags, defensive driver, and driver training.
• American Family offers discounts for early bird, good student, good driver, TimeAway discount, defensive driver, and air bags.
• The Hartford may include discounts for good student, bundle, driver training, anti-theft, air bag, and defensive driver.
• AAA may have discounts that include anti-theft, good student, pay-in-full, education and occupation, and AAA membership discount.

If you need low cost Albuquerque auto insurance quotes, ask every prospective company how you can save money. Discounts may not apply everywhere.