Who Has Cheap Insurance for a Honda CR-V in New Mexico?

Our editors keep telling us that when writing about car insurance, the words cheap or affordable should not appear anywhere in the article as a descriptor for car insurance rates. Sad but true, cheap car insurance for a Honda CR-V can be extremely hard to find. Don’t let that get you down, though, because we will teach you how you can quote and buy coverage that is more affordable.

Your ability to find cheap coverage for a Honda CR-V in New Mexico depends upon a complicated rating formula that uses factors like if you are married or single, if you have a lapse in coverage, and blemishes on your driving record. New Mexico drivers pay on average $740 annually to buy Honda CR-V insurance, but that amount is based on rates for a 50-year-old single male who requires full comprehensive and collision coverage and $500 policy deductibles.

Odds are that you may not be 50 years old (or even male), possibly married instead of single, and maybe your credit level is not the same as what was rated. Insurance prices are based on the driver profile your best chance at finding affordable rates for your Honda is to put in the effort and compare rates. Compare rate quotes now and you will receive rate quotes from the best auto insurance companies available.

Compare Honda CR-V Insurance Rates

Vehicle trim level will be a contributing factor to the coverage cost, so the price to insure a CR-V LX 2WD trim level will be $22 cheaper than the cost to insure the more expensive CR-V EX-L 4WD version, as shown in the table below.

Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Price estimates do not factor in garaging location in New Mexico which can lower or raise coverage rates considerably.

Establishing which insurers offer the lowest-priced insurance rates for a Honda CR-V will require a little more effort in order to find the most economical policy. Every auto insurer has their own process for determining rates in each state, so we need to take a look at the most affordable insurance companies in New Mexico.

Cheapest Insurance Rates for Your Honda

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USAA generally has some of the cheapest car insurance rates in New Mexico at around $663 per year. Allied, Safeco, Farm Bureau Mutual, and Farmers also make the cut as some of the most economical New Mexico insurance companies.

As shown above, if you have coverage with Farm Bureau Mutual and switched to USAA, you might achieve an annual savings of approxmiately $515. Insureds with Farmers could save as much as $613 a year, and State Farm policyholders might realize rate reductions of up to $673 a year.

Remember that these premiums are averages for all drivers and vehicles and and are not calculated with a specific rate value for a Honda CR-V. So the auto insurance company that fits your situation best may not even be included in the list of companies shown earlier. That point stresses why you need to quote rates from many companies using your own personal information and vehicle type.

Full coverage rates compared to liability-only

Finding cheap insurance for a Honda CR-V in New Mexico is probably important to most people, and one easy way to pay less for insurance is to only pay for liability coverage. The diagram below visualizes the comparison of yearly insurance costs when comparing full coverage to liability only. The premiums are based on no claims or violations, $1,000 deductibles, marital status is single, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $1,000 Deductibles’, ‘Liability Only’],[‘Age 20’, 2297,977],[‘Age 30’, 1215,539],[‘Age 40’, 1183,501],[‘Age 50’, 1083,469],[‘Age 60’, 1051,461],[‘Age 70’, 1305,613]]);var options = {title: ‘Comparison of Rates for Full Coverage and Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Insurance Cost for a Honda CR-V in New Mexico’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If all age groups are averaged, physical damage coverage on your policy costs an extra $1,356 per year more than just insuring for liability. That is a big expense that brings up the question if physical damage coverage is worth the money. There is no exact rule for dropping physical damage insurance, but there is a general convention. If the annual cost of having full coverage is more than 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.

There are some scenarios where dropping full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should maintain full coverage.

Illustration showing the impact of accidents and violations

The obvious way to score cheap insurance prices in New Mexico for a CR-V is to drive carefully and not have accidents or get tickets. The example below highlights how traffic violations and accident claims can increase auto insurance rates for each different age category. The information is based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘One Speeding Ticket and No Accidents’, ‘One Speeding Ticket and Two Accidents’],[‘Age 20’, 2329,2507,4147],[‘Age 30’, 1245,1423,3063],[‘Age 40’, 1209,1383,3025],[‘Age 50’, 1105,1279,2921],[‘Age 60’, 1071,1249,2887],[‘Age 70’, 1323,1499,3141]]);var options = {title: ‘Effect of Citations and Accidents on New Mexico Honda CR-V Insurance’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Insurance Cost for a Honda CR-V in New Mexico’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

In the chart above, the average cost of auto insurance per year with a clean driving record and no accidents is $1,380. Receive one speeding ticket and the average cost increases to $1,557, an increase of $176 each year. Now add two accidents along with the one speeding ticket and the yearly cost of insurance for a Honda CR-V jumps again to an average of $3,197. That’s an increase of $1,817, or $151 per month, just for not being attentive to the road!

Cheap Honda CR-V insurance quotes

There are many different ways to buy insurance in New Mexico, but the most common methods are through an exclusive agency like Liberty Mutual or Allstate, an independent insurance agent, or buying direct from a company like Progressive or Geico. They all follow the same basic process, but shoppers should understand the differences in how they function.

Independent insurance agencies have contracts with many companies and can get rate quotes from each one. These agents are not restricted to one company and can get prices from more than one company, which may provide you with more bang for your buck. If they find a cheaper price, they simply move the coverage in-house which prevents you from having to switch agents.

An exclusive agent is usually just provide rates from one company, two of the more popular are Allstate or State Farm agents. Exclusive agents cannot provide other companys’ prices, so you need to shop around if the rates are high.

The final way is buying direct, which means you bypass an independent or exclusive agent and instead buy direct online or over the phone from a company like Progressive or Esurance. This option is good for families who do not have a lot of assets and have some degree of understanding of what is covered and what is not.

Which method is best to buy cheap insurance for a Honda CR-V in New Mexico? One answer would be buying from a direct company results in the cheapest price since that prevents the need to pay agent commissions, but in reality, that argument does not hold true. It would also be easy to say going through an independent agent is the best way since there are more companies to choose from, but that’s not always true, either. For some people, the exclusive agents have price quotes that are impossible to beat.

Due to the large number of rating factors, the guaranteed way to ensure you are not overpaying for insurance is to get quotes and compare the rates. The ideal approach is to get price quotes all three ways to have a good selection of rates to choose from. For a list of companies with online discounts, click here to view.

How to find economical car insurance for a Honda CR-V

Here are many penny-pinching ideas that can help drivers quote cheap coverage.

• Pay for smaller claims out-of-pocket
• Buying home and auto together can help save money
• Save money by obeying traffic laws and keeping a clean driving record
• Avoid accidents and claims
• Choose a safer vehicle and pay lower rates
• Shop around and save

The final tip is certainly necessary, as was pointed out in the prior article. Auto insurance prices go up and down frequently, so don’t be afraid to switch carriers if you find a cheaper price.

Brand loyalty is great, but it’s not a great idea if your bullheadedness ends up costing you hundreds of dollars a year. Spend a few minutes and compare prices and find cheaper auto insurance for a Honda CR-V.