A recent study showed that almost 70% of insureds kept their coverage with the same car insurance company for at least four years, and almost half have never compared car insurance rates at all. New Mexico drivers can save hundreds of dollars each year just by comparing rates, but they just assume it takes a lot of time to shop their coverage around.
The recommended way to get the cheapest auto insurance rates in Albuquerque is to compare prices annually from insurers in New Mexico. You can shop around by following these steps.
- First, try to learn a little about what coverages are included in your policy and the changes you can make to keep rates in check. Many rating criteria that result in higher rates such as speeding tickets, careless driving and poor credit history can be controlled by improving your driving habits or financial responsibility.
- Second, compare price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only quote rates from a single company like GEICO or Allstate, while agents who are independent can provide prices for many different companies.
- Third, compare the quotes to the premium of your current policy to see if a cheaper rate is available in Albuquerque. If you find better rates and change companies, make sure there is no coverage gap between policies.
The most important part of shopping around is that you use identical coverages on each price quote and and to get rates from as many car insurance companies as possible. Doing this provides an apples-to-apples comparison and the best rate selection.
If you have a policy now or just want cheaper rates, follow these tips to find the best rates and possibly find even better coverage. Pricing the most affordable policy in Albuquerque is not as hard as you may think. Drivers just have to understand the most time-saving way to compare rate quotes online.
Cheap Albuquerque car insurance rates with discounts
Some companies don’t always publicize every policy discount in an easy-to-find place, so below is a list some of the best known and the harder-to-find discounts that you may qualify for. If you’re not getting every credit you deserve, you may be paying too high a price.
- Safe Driver Discounts – Accident-free drivers can pay as much as 50% less as compared to drivers with claims.
- Anti-theft System – Vehicles that have factory alarm systems and tracking devices can help prevent theft so companies will give you a small discount.
- Discounts for Federal Employees – Having worked for a branch of the government may reduce rates when you quote Albuquerque car insurance with some car insurance companies.
- Driver Safety – Taking part in a course that instructs on driving safety could save 5% or more if you qualify.
- Drivers Education – Have your child successfully complete driver’s ed class in high school.
- New Vehicle Savings – Adding a new car to your policy can be considerably cheaper since newer models have better safety ratings.
As is typical with insurance, most discounts do not apply to the whole policy. Some only apply to the price of certain insurance coverages like liability and collision coverage. So when the math indicates it’s possible to get free car insurance, you’re out of luck.
The example below shows the comparison of Volvo XC90 insurance costs with and without discounts applied to the rates. The costs are based on a male driver, no violations or accidents, New Mexico state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, marriage, safe-driver, claim-free, and multi-car discounts applied.
A few of the larger companies and some of the discounts are:
- GEICO may include discounts for multi-policy, military active duty, daytime running lights, anti-theft, driver training, and air bags.
- Mercury Insurance may have discounts that include ease of repair, multi-policy, professional/association, good student, accident-free, age of vehicle, and type of vehicle.
- Farmers Insurance policyholders can earn discounts including electronic funds transfer, homeowner, switch companies, mature driver, and early shopping.
- Auto-Owners Insurance includes discounts for student away at school, good student, teen driver, safe driver, and paid in full.
- Liberty Mutual offers discounts including newly married, new move discount, new vehicle discount, multi-policy, preferred payment discount, new graduate, and multi-car.
- SAFECO offers discounts for multi-car, anti-theft, accident prevention training, teen safe driver, drive less, bundle discounts, and teen safety rewards.
- Progressive discounts include homeowner, multi-policy, continuous coverage, online signing, online quote discount, and good student.
- USAA offers premium reductions for family discount, defensive driver, military installation, vehicle storage, and driver training.
If you are trying to find affordable Albuquerque car insurance quotes, ask all the companies which discounts you may be entitled to. Some discounts might not be offered on policies in your state.
The companies shown below offer price comparisons in Albuquerque, NM. If multiple companies are listed, it’s highly recommended you get rates from several of them in order to find the most competitive rates.
Statistics and details
The rate information shown below highlights a range of insurance policy prices for Volvo XC90 models. Understanding how insurance prices are calculated can help you make smart choices when buying a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| XC90 3.2 2WD | $174 | $310 | $322 | $20 | $96 | $922 | $77 |
| XC90 3.2 R-Design 2WD | $174 | $310 | $322 | $20 | $96 | $922 | $77 |
| XC90 3.2 AWD | $194 | $358 | $322 | $20 | $96 | $990 | $83 |
| XC90 V8 AWD | $194 | $358 | $322 | $20 | $96 | $990 | $83 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Prices do not factor in specific location which can change premiums significantly.
How high should deductibles be?
One of the most common auto insurance questions is how high should the deductibles for physical damage be. The comparison tables below illustrate the differences in price of buying low and high deductibles. The first data table uses a $250 physical damage deductible and the second set of prices uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| XC90 3.2 2WD | $280 | $494 | $322 | $20 | $96 | $1,237 | $103 |
| XC90 3.2 R-Design 2WD | $280 | $494 | $322 | $20 | $96 | $1,237 | $103 |
| XC90 3.2 AWD | $314 | $570 | $322 | $20 | $96 | $1,347 | $112 |
| XC90 V8 AWD | $314 | $570 | $322 | $20 | $96 | $1,347 | $112 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| XC90 3.2 2WD | $228 | $398 | $322 | $20 | $96 | $1,064 | $89 |
| XC90 3.2 R-Design 2WD | $228 | $398 | $322 | $20 | $96 | $1,064 | $89 |
| XC90 3.2 AWD | $254 | $458 | $322 | $20 | $96 | $1,150 | $96 |
| XC90 V8 AWD | $254 | $458 | $322 | $20 | $96 | $1,150 | $96 |
| 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 safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Price information does not factor in specific zip code location which can revise price quotes considerably.
Based on the figures above, using a $250 deductible will cost you approximately $15 more each month or $180 annually than selecting the higher $500 deductible. Since the policyholder would be required to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you average at a minimum 17 months between claims, you would probably save some money by selecting a higher deductible.
How to determine when to raise deductibles
| Average monthly premium for $250 deductibles: | $108 |
| Average monthly premium for $500 deductibles (subtract): | – $93 |
| Monthly savings from raising deductible: | $15 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $15 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 17 months |
An important sidenote is that a higher deductible means you pay more out-of-pocket if you have a claim. That will force you to have enough savings in the event you need to pay more to get your vehicle repaired.
The illustration below shows how choosing a deductible and can change Volvo XC90 insurance rates for different ages of insureds. The rate quotes are based on a married male driver, comprehensive and collision coverage, and no policy discounts are applied.
Gender-based auto insurance rates by age in Albuquerque
The diagram below compares Volvo XC90 insurance costs for male and female drivers. The price estimates are based on a clean driving record, no at-fault accidents, comprehensive and collision coverage, $100 deductibles, marital status is single, and no discounts are taken into consideration.
How much more does full coverage cost in Albuquerque?
The example below illustrates the comparison of Volvo XC90 insurance rates with and without physical damage coverage. The price estimates are based on no claims or driving violations, $250 deductibles, single status, and no other discounts are factored in.
Should you pay for full coverage?
There is no set guideline to stop paying for full coverage, but there is a general convention. If the yearly cost of full coverage is more than 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
For example, let’s pretend your Volvo XC90 book value is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $3,000 after the deductible is paid. If it’s costing you more than $300 a year to have full coverage, then you may want to consider only buying liability coverage.
There are some circumstances where dropping full coverage is not advised. If you still have a lienholder on your title, you have to carry full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.
Four factors that impact insurance premiums
A large part of saving on car insurance is knowing the rating factors that go into determining the price you pay for car insurance. If you know what positively or negatively impacts your premiums, this enables you to make decisions that may result in cheaper rates. Multiple criteria are used when you get a price on insurance. Some factors are common sense like your driving record, but others are less apparent like your continuous coverage and annual miles driven.
Accidents increase prices – How you drive impacts premiums far more than you think. Good drivers tend to pay less for car insurance than their less careful counterparts. Only having one driving citation can bump up the cost by as much as twenty percent. Drivers who have received serious violations like DUI, reckless driving or excessive speeding might be required by their state to file a proof of financial responsibility form (SR-22) with their state DMV in order to keep their license.
The example below demonstrates how traffic citations and accidents influence Volvo XC90 insurance costs for different categories of driver ages. The prices are based on a married female driver, full physical damage coverage, $100 deductibles, and no policy discounts are applied.
Stressful occupation may mean higher prices – Did you know your occupation can influence how much you pay for car insurance? Careers such as military personnel, social workers, and financial analysts tend to pay the highest average rates in part from intense work requirements and incredibly demanding work hours. Conversely, occupations like actors, engineers and performers have lower than average premiums.
Having a spouse pays dividends – Your spouse may earn you lower rates when shopping for car insurance. Having a significant other generally demonstrates drivers are more responsible and statistics prove drivers who are married file infrequent claims.
Pleasure use or commuting – Driving more miles in a year’s time the higher your rate. Almost all companies charge rates based upon how much you drive. Autos that sit idle most of the time qualify for better rates than those that get driven frequently. Having an incorrect usage rating on your XC90 may be wasting your money. Make sure your car insurance policy is rated on annual mileage, because it can save money.
When should I discuss my situation with an agent?
When it comes to buying coverage online or from an agent, there really is not a cookie cutter policy. Your situation is unique so your insurance needs to address that. These are some specific questions could help you determine whether your personal situation would benefit from an agent’s advice.
- Is motorclub coverage worth it?
- What is an adequate liability insurance limit?
- Is my state a no-fault state?
- If my pet gets injured in an accident are they covered?
- Am I covered when driving on a suspended license?
- Is my Volvo XC90 covered if I use it for business?
- Can my teen drive my company car?
If you don’t know the answers to these questions but you know they apply to you then you might want to talk to an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies. It’s fast, free and you can get the answers you need.
Can’t I compare prices from local Albuquerque insurance agents?
A lot of people still prefer to have an agent’s advice and that can be a great decision Professional insurance agents will help you protect your assets and will help you if you have claims. A nice benefit of comparing rate quotes online is the fact that drivers can get better rates but also keep your business local. And buying from small agencies is still important in Albuquerque.
To make it easy to find an agent, after completing this form (opens in new window), your coverage information is sent to insurance agents in Albuquerque who want to provide quotes for your insurance coverage. It’s much easier because you don’t need to search for an agent as quotes are delivered to your email. In the event you want to compare prices from a particular provider, don’t hesitate to search and find their rate quote page and fill out the quote form the provide.
If you are wanting to purchase car insurance from a reputable agency, you must know there are a couple different agency structures and how they can write your policy. Car insurance agencies are categorized either independent or exclusive. Both properly insure your vehicles, but it’s good to learn the differences since it can impact your selection of an agent.
Independent Agencies or Brokers
Agents that choose to be independent do not sell for just one brand and that enables them to quote your coverage with any number of different companies and find the cheapest car insurance rates. If premiums increase, your policy is moved internally which makes it simple for you.
When comparing car insurance prices, you will definitely want to get insurance quotes from several independent agencies to ensure the widest selection of prices. Most can insure with companies you’ve never heard of which can save you money.
Shown below are Albuquerque independent insurance agents that may be able to give you free car insurance rate quotes.
- Free Market Insurance Agency
6211 San Mateo Blvd NE #120 – Albuquerque, NM 87109 – (505) 881-2645 – View Map - Berger Briggs Real Estate and Insurance Inc
4333 Pan American Fwy – Albuquerque, NM 87107 – (505) 247-0444 – View Map - J B Martin Commercial, Homeowners, Auto, Health and Life Insurance Agency
2800 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 299-7444 – View Map
Exclusive Insurance Agencies
These type of agents can usually just insure with one company and some examples include Farmers Insurance, Allstate, or State Farm. These agents are unable to provide rate quotes from other companies so they are skilled at selling on more than just price. They are usually well trained on their products and sales techniques and that enables them to sell even at higher rates. Consumers often buy from the same agent for years partially due to the prominence of the brand instead of buying on price only.
The following are Albuquerque exclusive agents who can help you get rate quotes.
- Tim Gallegos – State Farm Insurance Agent
1100 Coors Blvd SW, Ste B2 – Albuquerque, NM 87121 – (505) 200-2319 – View Map - Belinda Barreras-Medrano – State Farm Insurance Agent
1201 Rio Grande Blvd NW – Albuquerque, NM 87104 – (505) 764-9111 – View Map - Francis Harding – State Farm Insurance Agent
4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231 – View Map
Picking the best insurance agency needs to be determined by more than just a low price. Any good agent in Albuquerque should know the answers to these questions.
- What company do they have the most business with?
- Do they have 24-hour customer assistance?
- Can they help ensure a fair claim settlement?
- How long have they worked with personal auto insurance coverage?
- How many years have they been established?
- Are all drivers listed on the coverage quote?
- Can they give you a list of client referrals?
Protect more than your vehicle
Even though Albuquerque XC90 insurance rates can get expensive, maintaining insurance serves several important purposes.
First, almost all states have compulsory liability insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability coverage if you drive a 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.
Second, if you have a lien on your XC90, most lenders will require that you carry insurance to guarantee loan repayment. If you do not keep the policy in force, the bank may buy a policy for your Volvo at a much higher premium rate and make you pay for it.
Third, insurance protects both your assets and your Volvo XC90. Insurance will pay for most medical and hospital costs for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay for a defense attorney in the event you are sued. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of carrying enough insurance greatly outweigh the cost, especially with large liability claims. On average, a vehicle owner in Albuquerque overpays as much as $855 a year so you should quote and compare rates at every policy renewal to ensure rates are competitive.
How to find a good Albuquerque auto insurance company
Buying coverage from the right auto insurance provider is difficult considering how many companies are available to choose from in New Mexico. The ranking data in the lists below could help you analyze which auto insurance companies you want to consider purchasing from.
Top 10 Albuquerque Car Insurance Companies by A.M. Best Rank
- USAA – A++
- Travelers – A++
- GEICO – A++
- State Farm – A++
- The Hartford – A+
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Mercury Insurance – A+
- Titan Insurance – A+
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%
Persistence pays off
Throughout this article, we presented some good ideas how you can get a better price on Volvo XC90 insurance in Albuquerque. The key thing to remember is the more providers you compare, the higher your chance of finding affordable Volvo XC90 insurance quotes. Consumers could even find that the best prices are with some of the smallest insurance companies. Regional companies can often insure niche markets at a lower cost compared to the large companies like Allstate or State Farm.
Cheaper car insurance in Albuquerque can be found from both online companies in addition to local insurance agencies, and you should compare price quotes from both to have the best chance of lowering rates. Some insurance providers may not offer online rate quotes and most of the time these regional insurance providers provide coverage only through independent agents.
Additional articles
- Help Your Teen Be a Better Driver (State Farm)
- Who Has Cheap Auto Insurance Rates for a Toyota Camry in Albuquerque? (FAQ)
- Reducing Your Risks in a Car Crash Video (iihs.org)
- Dangers of fake or stolen airbags (Insurance Institute for Highway Safety)