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Automobile Insurance Information

* Myths about Auto Insurance

* Prices for Different Drivers

* Who Needs Insurance

* Place Affects Rates

* What Does Insurance Cover

* Reducing Rates

*Before Buying

With 150 million drivers and 160 million registered vehicles on the road today, auto insurance is the most widely purchased of all insurance policies.   Drivers buy auto insurance for economic protection against theft, vandalism, collision and damages that they would be liable for if they were charged with an accident.

These auto insurance MYTHS may be costing you money.
It’s time you know the FACTS!

MYTH: "All auto insurance rates are about the same."
FACT: Auto insurance rates vary from company to company by hundreds of dollars per year! Each company bases its rates on its own experience. So it pays to shop around. we’ll help you do just that!

MYTH: Auto insurance premiums just keep going up. It’s a fact of life."
FACT: Auto insurance premiums, like everything else, have increased over the years, But that does not mean good deals can’t be found if you know how to search for them.

MYTH: "You get a better deal if you stick with one insurance company."
FACT: Many people who shop and compare save money. If you stay with one company year after year, you could get a good deal. Then again, you could be paying more than you have to.

Who Needs Auto Insurance?
It is a prerequisite to registering your car in New Mexico. So if you want to drive a vehicle, you must be insured.

What Does Auto Insurance Cover?
Auto Insurance is divided into several different types of coverage:

Liability: Covers damage to other people's property and injuries you may cause while operating an automobile.
Collision: Covers damage to you own vehicle in an accident.
Comprehensive: Covers fire damage to your car, break-ins, vandalism and theft, as well as, natural disasters (hail, hurricane, flood...unless the car is overturned, then it would be covered under collision).
Personal Injury Protection
(AKA No Fault):
Covers you and your resident relatives for your medical injuries up to $10,000 regardless of whose fault the accident was. It also pays some lost wages and a $5,000 Death Benefit.
Uninsured & Underinsured
Motorist Coverage:
Protects you and your passengers if injured in an accident with drivers carrying insufficient liability coverage.
Medical Payments: You can purchase additional medical coverage (over and above what is offered with Personal Injury Protection) up to an additional $5,000.
Extra Coverage: Include expenses for towing and labor, rental car reimbursement.

Should I Look Into Auto Insurance BEFORE I Buy A Car?
Yes! Factors such as safety features and frequency of auto theft of specific makes and models can play an important role in determining the rate of your auto insurance. Some cars are safer than others; and, some cars historically are stolen more often than others.
Choosing a car less apt to be stolen, with dual air bags, anti lock brakes, and an anti theft system can help lower your insurance rate.

Your Insurance Agent can help you estimate your premiums based on cars you are looking at.

How are policies priced for different drivers?
For various reasons, drivers are categorized by:
  1. Gender: Men have more accidents than women.
  2. Age: Drivers under age 25 are considered at higher risk of accidents.
  3. Marital Status: Married drivers tend to have fewer accidents.
  4. Driving Record: In Florida the Insurance company is allowed to go back 3 years on your motor vehicle record. You are charged for all violations going back those 3 years.
  5. Type of Car: A family type sedan will get a much better rate than a sports car. More expensive cars are costlier to repair than economy cars. Bottom line.. My experience is the theft potential of sports cars drives up the rates of those cars. The safety features of the newer models...Air Bags, Anti-Lock Brakes and Anti-Theft Devices are bringing the rates down.
  6. Use of Vehicle: Deliver pizza or newspapers? Rate goes up. Pleasure use or drive a few miles to work..good rate. How you use your car plays a factor in determining your ultimate rate.

How Does Where I Live Affect My Premium?
Where you live is a big factor in the rate of your auto insurance. Larger cities tend to have more accidents than smaller more rural areas. And some places may have higher litigation rates (how often lawsuits are filed, how many go to trial, how many are settled out of court, and for how much).

What Steps Can I Take to Reduce My Rates?
Safety Features: Air Bags; Anti-Lock Brakes; Auto Theft Devices are a big factor in driving rates down.
Drivers' Education: Drivers' Education for drivers between the ages of 16 - 19 brings your rates down.
More Suggestions:
  1. Increasing your deductibles (the amount you pay before you make a claim) will bring your rates down.
  2. Remove Collision and Comprehensive on older cars.

Insurance Unlimited of New Mexico
with two offices to serve you.
Northern Office
Richard J.Torres

501 Wyoming NE
Albuquerque, NM 87123
(505) 255-2717
Fax: (505) 255-2217
Southern Office
Dave Roberts

Las Cruces & Silver City
(575) 388-4801
Fax: (575)524-4385

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