Want to learn how to buy lower-priced Mazda 3 insurance in Albuquerque? Feeling guilty for buying an overpriced car insurance policy? Believe me when I say there are many Albuquerque consumers feeling the pinch from expensive car insurance.
Smart shoppers know that car insurance companies don’t want you to look for a cheaper policy. People who get comparison quotes at least once a year will probably switch car insurance companies because there is a high probability of finding more affordable rates. Surprisingly, a recent survey revealed that drivers who shopped around saved about $3,400 over four years as compared to drivers who never compared prices.
If finding budget-friendly Mazda 3 insurance in Albuquerque is the reason you’re reading this, then having an understanding of how to choose a company and compare insurance rates can make it simple to find affordable coverage.
Many auto insurance companies vie for your business, so it’s not easy to compare every insurer to find the absolute cheapest price on Mazda 3 insurance in Albuquerque.
If you are paying for car insurance now, you will definitely be able to reduce the price you pay using the concepts covered in this article. Buying the cheapest auto insurance in Albuquerque is much easier if you know where to start. But New Mexico car owners do need to understand the way insurance companies determine prices because it can help you find the best coverage.
Why Informed Consumers Pay Less for Mazda 3 Insurance
Multiple criteria are part of the equation when pricing auto insurance. A few of the factors are predictable such as your driving record, although others are less apparent such as whether you are married or your commute time. Consumers need to have an understanding of a few of the rating criteria that go into determining the level of your policy premiums. If you have some idea of what influences your rates, this allows you to make educated decisions that may result in better car insurance rates.
The itemized list below are a few of the “ingredients” used by your company to calculate prices.
- How much liability do you need? – Your car insurance policy’s liability coverage will protect you if you are ruled to be at fault for physical damage or personal injury to other. Liability provides legal defense to attempt to prove you were not liable. It is affordable coverage compared to comp and collision, so do not cut corners here.
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Does auto insurance cost more for guys? – Statistics demonstrate that men are more aggressive behind the wheel. However, this does not mean females are better drivers. Men and women get in fender benders in similar percentages, but the men have costlier accidents. Not only are claims higher, but men get cited for more serious violations like DWI (DUI) or reckless driving.
The illustration below shows the comparison of Mazda 3 annual premium costs for male and female drivers. The premium estimates are based on no claims, a clean driving record, comp and collision included, $500 deductibles, drivers are not married, and no discounts are taken into consideration.
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With age comes responsibility – Older, more experienced drivers are more cautious drivers, tend to cause fewer accidents, and get fewer tickets. Youthful drivers have been known to be less responsible when driving with friends so car insurance rates are higher.
The data below uses these variables: single driver, full coverage with $1000 deductibles, and no discounts or violations.
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Tickets are costly – Having a clean driving record can have a huge impact on auto insurance premiums. Careful drivers get better prices compared to drivers with tickets. Even one driving citation can increase the cost of insurance substantially. Drivers who get multiple violations such as reckless driving, hit and run or driving under the influence might be required by their state to file a proof of financial responsibility form (SR-22) with their state DMV in order to prevent their license from being revoked.
The example below illustrates how traffic citations and at-fault collisions can raise Mazda 3 car insurance costs for each age group. The data is based on a single male driver, full coverage, $250 deductibles, and no policy discounts are applied.
- Never let your policy lapse – Having a lapse in insurance coverage will be a fast way to increase your renewal premiums. Not only will rates go up, being ticketed for driving with no insurance can result in fines or a revoked license.
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Mazda 3 insurance loss data – Auto insurance companies include the past claim trends for vehicles to calculate a price that will offset losses. Vehicles that the data shows to have a trend towards higher claim severity or frequency will have a higher premium rate.
The table shown below demonstrates the insurance loss data for Mazda 3 vehicles. For each policy coverage type, the claim probability for all vehicles, regardless of make, model or trim level, is set at 100. Numbers shown that are under 100 suggest a better than average loss history, while values that are 100 or greater indicate higher probability of having a loss or a tendency for claims to be larger.
Auto Insurance Loss Data for Mazda 3 Models Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Mazda 3 99 104 96 106 110 103 Mazda 3 Hatchback 91 80 96 81 73 86 BETTERAVERAGEWORSEData Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Facts and figures for Mazda 3 insurance
The data table shown next outlines estimates of insurance prices for Mazda 3 models. Being able to understand how rate quotes are calculated is important for you to make decisions when shopping your coverage around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 3 I Sport 4-Dr Sedan | $244 | $482 | $390 | $24 | $116 | $1,256 | $105 |
| 3 I SV 4-Dr Sedan | $244 | $482 | $390 | $24 | $116 | $1,256 | $105 |
| 3 I Touring 4-Dr Sedan | $244 | $568 | $390 | $24 | $116 | $1,342 | $112 |
| 3 S Sport 4-Dr Hatchback | $276 | $568 | $390 | $24 | $116 | $1,374 | $115 |
| 3 S Sport 4-Dr Sedan | $276 | $568 | $390 | $24 | $116 | $1,374 | $115 |
| 3 S Grand Touring 4-Dr Hatchback | $276 | $568 | $390 | $24 | $116 | $1,374 | $115 |
| 3 S Grand Touring 4-Dr Sedan | $276 | $568 | $390 | $24 | $116 | $1,374 | $115 |
| Get Your Own Custom Quote Go | |||||||
Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Prices do not factor in specific Albuquerque garaging location which can revise rates noticeably.
The diagram below illustrates how your choice of deductibles and can impact Mazda 3 insurance prices for different categories of driver ages. The premiums assume a married male driver, full coverage, and no policy discounts are applied.
Liability only or full coverage
The example below shows the comparison of Mazda 3 premium costs with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. Data assumes no accidents, no driving violations, $100 deductibles, drivers are single, and no discounts are applied.
Are you wasting money on full coverage?
There isn’t a written rule that works best for making the decision to drop full coverage on your policy, but there is a general convention. If the annual cost of having full coverage is more than around 10% of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
For example, let’s pretend your Mazda 3 replacement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $4,000 after paying your deductible. If it’s costing in excess of $400 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are a few situations where buying only liability insurance is not in your best interest. If you still owe a portion of the original loan, you have to keep full coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should keep full coverage.
Get cheaper Mazda 3 insurance in Albuquerque with discounts
Insuring your vehicles can cost a lot, but you can get discounts that may help make it more affordable. Certain discounts will be applied when you get a quote, but occasionally some discounts must be specially asked for in order for you to get them.
- Discounts for Cautious Drivers – Drivers who avoid accidents could pay up to 40% less than drivers with accident claims.
- Seat Belt Usage – Drivers who require all vehicle occupants to wear their seat belts can save up to 15% on the premium charged for medical payments and/or PIP.
- Lower Rates for Military – Having a deployed family member may lower your insurance rates slightly.
- Distant Student Discount – Children who attend college more than 100 miles from Albuquerque and leave their car at home may qualify for this discount.
- Home Ownership Discount – Just being a homeowner can help you save on insurance due to the fact that maintaining a home means you have a higher level of financial diligence.
- E-sign Discounts – A few insurance companies will provide an incentive for completing your application online.
- Policy Bundle Discount – If you can combine your auto and homeowners policy with one insurance company they may give you a discount of at least 10 to 15 percent or more.
- Drive Less and Save – Driving fewer miles can earn substantially lower insurance rates.
Policy discounts save money, but most discount credits are not given to the entire cost. Some only apply to the cost of specific coverages such as physical damage coverage or medical payments. If you do the math and it seems like it’s possible to get free car insurance, you aren’t that lucky.
The illustration below shows the comparison of Mazda 3 insurance rates with and without policy discounts. The premiums are based on a female driver, no claims or violations, New Mexico state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, safe-driver, multi-policy, homeowner, and multi-car discounts applied.
A few popular companies and some of the discounts can be found below.
- State Farm policyholders can earn discounts including Drive Safe & Save, student away at school, multiple policy, multiple autos, and good student.
- Progressive includes discounts for online quote discount, homeowner, online signing, multi-vehicle, and continuous coverage.
- Travelers may have discounts that include driver training, IntelliDrive, new car, continuous insurance, and student away at school.
- American Family may offer discounts for defensive driver, bundled insurance, mySafetyValet, TimeAway discount, and air bags.
- Liberty Mutual offers discounts including teen driver discount, hybrid vehicle, newly married, multi-policy, and preferred payment discount.
If you need the cheapest Mazda 3 rate quotes, ask every prospective company which credits you are entitled to. Some of the earlier mentioned discounts may not apply in Albuquerque. For a list of insurance companies with discount rates in Albuquerque, click here to view.
New Mexico car insurance companies
Buying coverage from a highly-rated car insurance provider is hard considering how many different companies insure vehicles in Albuquerque. The rank data displayed below may help you select which auto insurance companies you want to consider purchasing from.
Top 10 Albuquerque Car Insurance Companies Ranked by Customer Satisfaction
- Titan Insurance – 95%
- USAA – 94%
- AAA Insurance – 91%
- Nationwide – 90%
- State Farm – 90%
- The Hartford – 89%
- GEICO – 89%
- 21st Century – 88%
- Liberty Mutual – 88%
- Allstate – 88%
Top 10 Albuquerque Car Insurance Companies Ranked by Customer Service
- GEICO
- State Farm
- The Hartford
- Mercury Insurance
- The General
- Progressive
- Allstate
- AAA Insurance
- American Family
- Nationwide
Quote more to save more
Insureds switch companies for any number of reasons including unfair underwriting practices, not issuing a premium refund, lack of trust in their agent or even policy non-renewal. Regardless of your reason, choosing a new insurance company is less work than it seems.
We just presented many ways to compare Mazda 3 insurance premium rates in Albuquerque. The key concept to understand is the more price quotes you have, the higher the chance of saving money. Consumers could even find that the best premium rates are with a small mutual company.
Budget-friendly auto insurance in Albuquerque is attainable both online and from local agencies, and you need to price shop both in order to have the best price selection to choose from. A few companies do not provide online price quotes and many times these regional carriers prefer to sell through local independent agencies.
Steps to finding discount Mazda 3 insurance in Albuquerque
The best way to quote cheaper Mazda 3 insurance is to compare quotes once a year from companies that insure vehicles in Albuquerque. Prices can be compared by following these steps.
- First, take a few minutes and learn about how your policy works and the measures you can control to lower rates. Many rating criteria that result in higher prices like speeding and an unacceptable credit history can be controlled by making minor changes to your lifestyle.
- Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from a single company like Progressive or State Farm, while agents who are independent can quote prices from multiple sources.
- Third, compare the new rate quotes to your current policy and see if you can save money. If you can save money and decide to switch, make sure there is no coverage gap between policies.
- Fourth, notify your agent or company of your intent to cancel your current auto insurance policy. Submit a down payment along with a completed application to the newly selected company. Once the application is submitted, keep your new certificate verifying coverage with the vehicle registration.
A valuable tip to remember is that you’ll want to make sure you compare similar deductibles and liability limits on every quote request and to quote with all possible companies. This ensures an accurate price comparison and many rates to choose from.
More learning opportunities
- Vehicle Insurance in the U.S. (Wikipedia)
- How Much is Auto Insurance for Postal Workers in Albuquerque? (FAQ)
- How Much are Albuquerque Auto Insurance Quotes for Drivers with Bad Credit? (FAQ)
- Who Has the Cheapest Albuquerque Auto Insurance for Low Income Drivers? (FAQ)
- How Much is Auto Insurance for Drivers Over Age 60 in Albuquerque? (FAQ)
- Who Has the Cheapest Auto Insurance for a Jeep Wrangler in Albuquerque? (FAQ)
- How Much is Albuquerque Car Insurance for Welfare Recipients? (FAQ)
- Tread Depth and Tire Safety (State Farm)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Understanding Car Crashes Video (iihs.org)
- Event Data Recorders FAQ (iihs.org)