A recent survey discovered that over 70% of consumers kept their policy with the same company for a minimum of four years, and approximately 40% of consumers have never compared auto insurance rates at all. With the average auto insurance premium being $1,240, New Mexico drivers could save themselves approximately $474 a year just by comparing rates, but they don’t know how much money they would save if they switched to a cheaper policy.
If saving the most money is your goal, then the best way to find more affordable Toyota Sienna insurance in Albuquerque is to start doing a yearly price comparison from companies who provide auto insurance in New Mexico.
- Step 1: Learn about how companies price auto insurance and the measures you can take to keep rates low. Many risk factors that drive up the price like multiple speeding tickets and a bad credit score can be remedied by paying attention to minor details. Read the full article for instructions to help keep rates affordable and get additional discounts that may be available.
- Step 2: Compare prices from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from a single company like GEICO and Allstate, while agents who are independent can provide prices from multiple companies. View rates
- Step 3: Compare the new quotes to your current policy to see if a cheaper rate is available. If you can save money, make sure coverage is continuous and does not lapse.
The most important part of shopping around is to make sure you enter identical limits and deductibles on each quote request and and to analyze as many different companies as possible. This helps ensure an accurate price comparison and a complete price analysis.
Smart Buyers Save More
Consumers need to have an understanding of the factors that help determine the level of your policy premiums. If you have some idea of what determines base rates, this enables you to make decisions that will entitle you to lower premium levels.
The itemized list below are some of the most common factors companies use to determine your rates.
- Adjust comp and collision deductibles and save – The deductibles you choose define how much you are willing to pay out-of-pocket before your insurance pays a claim. Physical damage insurance, aka comp and collision, insures against damage to your car. Some examples of claims that would be covered are colliding with a stationary object, damage from fire, and having a roll-over accident. The more expense you choose to pay out-of-pocket, the less your company will charge you for insurance.
- If you don’t need it don’t buy it – Insurance policies have a lot of extra add-on coverages that can waste your money when buying insurance. Things like rental car coverage, better glass coverage, and term life insurance could be just wasting money. They may seem like a good idea when discussing your needs, but now you might not need them so remove them from your policy.
- Why do you need liability protection? – The liability section of your policy will provide protection when a jury decides you are liable for personal injury or accident damage. Liability insurance provides you with a defense in court to defend your case. Liability is cheap compared to insuring for physical damage coverage, so do not cut corners here.
- Low credit rating equals high costs – Having a bad credit rating factor in determining what you pay. If your credit score can use some improvement, you could be paying less to insure your Toyota Sienna if you clean up your credit. Drivers who have excellent credit tend to be better drivers and file fewer claims than drivers who have lower credit ratings.
- Frequent insurance claims will cost more – If you’re an insured who likes to file claims don’t be surprised to see either a policy non-renewal or much higher rates. Auto insurance companies in New Mexico award the best rates to drivers who are not frequent claim filers. Auto insurance is intended for major claims that would cause financial hardship.
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Insurance loss probability for a Toyota Sienna – Auto insurance companies factor in historical loss data as a tool for profitable underwriting. Vehicles that historically have increased claim numbers or amounts will cost more to insure.
The next table shows the compiled insurance loss statistics for Toyota Sienna vehicles. For each coverage type, the claim probability for all vehicles compiled together equals 100. Values that are under 100 mean the vehicle has better than average losses, while percentage values above 100 show a trend for more claims or larger claims.
Toyota Sienna Insurance Loss Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Sienna 2WD 99 88 99 94 98 85 Toyota Sienna 4WD 106 94 102 75 65 73 BETTERAVERAGEWORSEStatistics from IIHS.org for 2013-2015 Model Years
The best way to get rate comparisons for Toyota Sienna insurance in Albuquerque is to know the fact all the major auto insurance companies will pay a fee to quote your coverage. All consumers are required to do is provide a small amount of information like how many miles driven, if a SR-22 is needed, how old drivers are, and if you have an active license. Those rating factors is submitted instantly to insurance companies and they return rate quotes quickly.
If you would like to start a quote now, click here and complete the quick form.
The following companies provide free quotes in New Mexico. In order to find the cheapest car insurance in Albuquerque, we recommend you compare several of them in order to get a fair rate comparison.
Car insurance statistics for a Toyota Sienna
The premium table displayed next outlines different prices for Toyota Sienna models. Learning how prices are calculated is important for making informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Sienna CE | $208 | $490 | $364 | $22 | $108 | $1,192 | $99 |
| Sienna LE | $238 | $490 | $364 | $22 | $108 | $1,222 | $102 |
| Sienna LE AWD | $238 | $490 | $364 | $22 | $108 | $1,222 | $102 |
| Sienna XLE | $238 | $490 | $364 | $22 | $108 | $1,222 | $102 |
| Sienna XLE AWD | $238 | $578 | $364 | $22 | $108 | $1,310 | $109 |
| Sienna Limited | $270 | $578 | $364 | $22 | $108 | $1,342 | $112 |
| Sienna Limited AWD | $270 | $578 | $364 | $22 | $108 | $1,342 | $112 |
| Get Your Own Custom Quote Go | |||||||
Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Rate quotes do not factor in vehicle garaging location which can raise or lower insurance rates greatly.
Should you raise deductibles?
When shopping for car insurance, a common question is how high or low should comp and collision deductibles be. The following tables help summarize the differences in premium rates when you choose different deductibles. The first table uses a $250 deductible for comprehensive and collision coverage and the second set of prices uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Sienna CE | $216 | $420 | $322 | $20 | $96 | $1,099 | $92 |
| Sienna LE | $248 | $420 | $322 | $20 | $96 | $1,131 | $94 |
| Sienna LE AWD | $248 | $420 | $322 | $20 | $96 | $1,131 | $94 |
| Sienna XLE | $248 | $420 | $322 | $20 | $96 | $1,131 | $94 |
| Sienna XLE AWD | $248 | $494 | $322 | $20 | $96 | $1,205 | $100 |
| Sienna Limited | $280 | $494 | $322 | $20 | $96 | $1,237 | $103 |
| Sienna Limited AWD | $280 | $494 | $322 | $20 | $96 | $1,237 | $103 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Sienna CE | $134 | $264 | $322 | $20 | $96 | $836 | $70 |
| Sienna LE | $154 | $264 | $322 | $20 | $96 | $856 | $71 |
| Sienna LE AWD | $154 | $264 | $322 | $20 | $96 | $856 | $71 |
| Sienna XLE | $154 | $264 | $322 | $20 | $96 | $856 | $71 |
| Sienna XLE AWD | $154 | $310 | $322 | $20 | $96 | $902 | $75 |
| Sienna Limited | $174 | $310 | $322 | $20 | $96 | $922 | $77 |
| Sienna Limited AWD | $174 | $310 | $322 | $20 | $96 | $922 | $77 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Premium costs do not factor in specific location which can lower or raise premium rates significantly.
Based on these figures, using a $250 deductible could cost the average driver approximately $24 more each month or $288 a year averaged for all Sienna models than buying the higher $1,000 deductible. Because you would be required to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you have at least 31 months between claims, you would more than likely save some money if you choose the higher deductible.
Drive safe and save
The information below illustrates how traffic citations and accident claims can influence Toyota Sienna insurance premiums for different age groups. The data is based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.
Toyota Sienna insurance rates by gender in Albuquerque
The diagram below compares Toyota Sienna premium costs for male and female drivers. The premiums are based on no claims or driving violations, full coverage, $500 deductibles, drivers are single, and no other discounts are factored in.
Rate difference between full and liability-only coverage
The information below illustrates the comparison of Toyota Sienna insurance rates with full coverage and liability only. The prices are based on no claims, a clean driving record, $1,000 deductibles, single status, and no other discounts are factored in.
Guidelines for dropping full coverage
There isn’t a written rule of when to phase out physical damage insurance, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
For example, let’s assume your Toyota Sienna book value is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $3,000 after the deductible is paid. If premium cost is more than $300 a year for your policy with full coverage, then it may be the right time to buy liability only.
There are some conditions where dropping physical damage coverage is not financially feasible. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should keep full coverage in place.
Why you need insurance
Even though it’s not necessarily cheap to insure a Toyota in Albuquerque, insurance is mandatory in New Mexico but it also protects more than you think.
First, most states have minimum mandated liability insurance limits which means you are required to carry a specific minimum amount of liability coverage if you want to drive legally. 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.
Second, if you took out a loan on your Toyota Sienna, it’s most likely the lender will require that you have full coverage to ensure the loan is repaid in case of a total loss. If you do not keep the policy in force, the lender will be forced to insure your Toyota at a much higher premium rate and require you to reimburse them for the expensive policy.
Third, insurance protects both your vehicle and your personal assets. It will also provide coverage for all forms of medical expenses for yourself as well as anyone injured by you. Liability coverage will also pay for a defense attorney in the event you are sued. If your car is damaged in a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage minus the deductible amount.
The benefits of carrying adequate insurance greatly outweigh the cost, especially for larger claims. The average driver in New Mexico overpays more than $855 a year so compare rates at every renewal to make sure the price is not too high.
Cheap Albuquerque auto insurance quotes with discounts
Companies that sell car insurance don’t necessarily list every discount available in a way that’s easy to find, so we took the time to find a few of the more well known and also the lesser-known discounts you could be receiving when you buy Albuquerque auto insurance online.
- Use Seat Belts – Forcing all vehicle occupants to fasten their seat belts may be able to save a few bucks off the PIP or medical payment premium.
- Early Payment Discounts – If you pay your bill all at once instead of monthly or quarterly installments you may have a lower total premium amount.
- Low Mileage – Low annual miles may enable drivers to earn substantially lower prices.
- College Student Discount – Any of your kids who live away from home to go to college and do not have a car can receive lower rates.
- Multi-car Discount – Having all your vehicles on a single policy can get a discount on all vehicles.
- No Accidents – Insureds who avoid accidents and claims get the best auto insurance rates in comparison to frequent claim filers.
- 55 and Retired – Seniors may receive better auto insurance rates.
- Policy Bundle Discount – If you combine your home and auto policies with the same company you could save at least 10 to 15 percent or more.
- Service Members Pay Less – Being on active deployment in the military may lower your auto insurance rates slightly.
- Air Bag Discount – Factory air bags or motorized seat belts could see savings up to 30%.
You should keep in mind that most credits do not apply to your bottom line cost. A few only apply to the cost of specific coverages such as liability, collision or medical payments. So when it seems like adding up those discounts means a free policy, that’s just not realistic.
The chart below shows the difference between Toyota Sienna premium costs with and without discounts applied to the policy rates. The price estimates are based on a female driver, no claims or violations, 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 multi-car, homeowner, safe-driver, claim-free, marriage, and multi-policy discounts applied.
Some of the larger companies who might offer some of the above discounts are:
Check with each insurance company what discounts are available to you. A few discounts might not be offered in every state. To choose insurers that provide some of the discounts listed above in Albuquerque, click here to view.
Shop online but buy locally
Many drivers would prefer to talk to a local agent and that can be a great decision One of the benefits of comparing insurance prices online is that drivers can save money and get lower rates but also keep your business local.
To help locate an agent, after submitting this simple form, the coverage information is transmitted to agents in your area that give free quotes for your auto insurance coverage. It’s much easier because you don’t need to search for an agent since rate quotes are delivered straight to your inbox. You can get cheaper auto insurance rates and a licensed agent to talk to. If you have a need to get a comparison quote from a specific insurance company, you just need to jump over to their website and fill out their quote form.
Finding the right insurance company should depend on more than just a cheap price quote. A good agent in Albuquerque will have answers to these questions.
- Can you contact them at any time?
- Will the quote change when the policy is issued?
- Which insurance company do they prefer to write with?
- Does the agent recommend any additional coverage?
- Will their companies depreciate repairs to your car based on the mileage?
- Is the agent CPCU or CIC certified?
- How is replacement cost determined on your vehicle?
- Do they review policy coverages at every renewal?
Listed below is a short list of auto insurance companies in Albuquerque willing to provide comparison quotes for Toyota Sienna insurance in Albuquerque.
J B Martin Commercial, Homeowners, Auto, Health and Life Insurance Agency
2800 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 299-7444 – View Map
State Farm: Nancy Berch
2716 San Pedro Dr NE – Albuquerque, NM 87110 – (505) 881-1008 – View Map
Erin Carnett – State Farm Insurance Agent
10200 Golf Course Rd NW a – Albuquerque, NM 87114 – (505) 898-4273 – View Map
Rosendo Aragon – State Farm Insurance Agent
1808 Lomas Blvd NW b – Albuquerque, NM 87104 – (505) 247-2921 – View Map
Quote often and quote early
We covered some good ideas how you can save on Toyota Sienna insurance in Albuquerque. The key concept to understand is the more price quotes you have, the better likelihood of getting the cheapest Toyota Sienna rate quotes. Consumers could even find that the lowest rates are with the least-expected company. Some small companies may cover specific market segments cheaper than the large multi-state companies such as State Farm or Progressive.
When buying insurance coverage, never buy lower coverage limits just to save a few bucks. In many cases, someone dropped liability coverage limits and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. Your goal should be to purchase a proper amount of coverage at an affordable rate, but do not skimp to save money.
More tips and info about insurance is available in these articles:
- Smart Auto Insurance Tips (Insurance Information Institute)
- Who Has Cheap Auto Insurance Quotes for First-time Drivers in Albuquerque? (FAQ)
- How Much are Albuquerque Auto Insurance Quotes for a Toyota Tacoma? (FAQ)
- How Much is Albuquerque Car Insurance for Welfare Recipients? (FAQ)
- Eight Auto Insurance Myths (Insurance Information Institute)
- Uninsured Motorist Statistics (Insurance Information Institute)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)