Regrettably, most auto insurance customers kept their coverage with the same auto insurance company for at least four years, and nearly 40% of drivers have never compared rate quotes at all. New Mexico consumers could cut their rates by as much as $470 a year just by shopping around, but they just assume it's a time-consuming process to compare rates online.
Really, the only way to get more affordable Chevy Corvette insurance in Albuquerque is to compare prices once a year from insurers who sell auto insurance in New Mexico.
Step 1: Learn about individual coverages and the factors you can control to lower rates. Many rating factors that result in higher rates such as traffic violations, accidents, and a lousy credit rating can be remedied by being financially responsible and driving safely. Later in this article we will cover the details to get cheaper coverage and find discounts that you may qualify for.
Step 2: Quote rates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can provide rates from one company like Progressive and State Farm, while independent agents can provide price quotes from multiple insurance companies.
Step 3: Compare the price quotes to your existing policy to see if a cheaper price is available in Albuquerque. If you find better rates, make sure coverage does not lapse between policies.
The most important part of shopping around is to use the same coverage limits and deductibles on every quote and and to get price quotes from all possible companies. Doing this guarantees a fair price comparison and the best price quote selection.
If you have coverage now, you will most likely be able to find the best rates using the tips covered below. Comparing rates for affordable policy in Albuquerque is not as hard as you think. Although New Mexico car owners should learn the methods companies use to determine what you pay because it can help you find the best coverage.
Chevy Corvette insurance discounts in Albuquerque
Auto insurance is expensive, but there could be available discounts that you may not even be aware of. Some trigger automatically when you get a quote, but a few must be specially asked for before you get the savings.
- Driver's Ed - Have your child take driver's ed class if it's offered in school.
- Pay Now and Pay Less - By paying your entire bill at once instead of monthly or quarterly installments you can avoid the installment charge.
- Multi-Vehicle Discounts - Buying coverage for several vehicles with one company can get a discount for every vehicle.
- Defensive Driving Course - Passing a course teaching safe driver skills could cut 5% off your bill and easily recoup the cost of the course.
- Driving Data Discount - Albuquerque drivers who agree to allow driving data collection to analyze vehicle usage remotely such as Progressive's Snapshot might see lower rates if they show good driving skills.
- Professional Memberships - Having an affiliation with a professional or civic organization could trigger savings on auto insurance.
You can save money using discounts, but most of the big mark downs will not be given to the entire cost. Most only reduce individual premiums such as comprehensive or collision. Just because you may think you would end up receiving a 100% discount, company stockholders wouldn't be very happy.
The information below shows the comparison of Chevy Corvette insurance rates with and without discounts being applied to the rates. The data is based on a male driver, no claims, a clean driving record, 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 multi-policy, safe-driver, marriage, claim-free, multi-car, and homeowner discounts applied.
Popular auto insurance companies and some of the premium reductions they offer are detailed below.
- Farmers Insurance offers discounts including electronic funds transfer, switch companies, homeowner, good student, early shopping, distant student, and multi-car.
- State Farm policyholders can earn discounts including anti-theft, multiple autos, Steer Clear safe driver discount, safe vehicle, good driver, and good student.
- Liberty Mutual may include discounts for safety features, teen driver discount, multi-car, hybrid vehicle, new move discount, and exclusive group savings.
- MetLife includes discounts for good student, accident-free, multi-policy, defensive driver, claim-free, and good driver.
- Progressive offers discounts for multi-vehicle, continuous coverage, good student, multi-policy, homeowner, and online signing.
When comparing rates, check with every prospective company which discounts they offer. Some of the discounts discussed earlier might not apply in your area. If you would like to view providers who offer free Chevy Corvette insurance quotes in Albuquerque, follow this link.
Most of the larger companies make it easy to get prices directly from their websites. This process is quite easy as you simply enter the amount of coverage you want into the quote form. Once you submit the form, their quoting system automatically retrieves reports for credit and driving violations and returns pricing information based on the information you submitted.
Getting online price quotes for Chevy Corvette insurance in Albuquerque makes it easy to compare insurance prices and it's very important to perform this step in order to find a lower rate.
To find out how much you're overpaying now, compare rates now from the companies shown below. If you have a policy now, it's recommended you duplicate your coverages just like they are on your policy. This ensures you will receive comparison quotes based on similar coverages.
The car insurance companies shown below can provide price comparisons in New Mexico. If multiple companies are listed, we suggest you click on several of them in order to get a fair rate comparison.
Coverage statistics and figures
The table below outlines different prices for Chevy Corvette models. Knowing how policy rates are established can help drivers make informed decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Corvette 2-Dr Coupe||$242||$508||$240||$14||$72||$1,076||$90|
|Corvette GS 2-Dr Coupe||$286||$568||$240||$14||$72||$1,180||$98|
|Corvette 2-Dr Convertible||$286||$568||$310||$18||$92||$1,274||$106|
|Corvette GS 2-Dr Convertible||$308||$628||$310||$18||$92||$1,356||$113|
|Corvette Z06 2-Dr Coupe||$308||$628||$240||$14||$72||$1,262||$105|
|Corvette ZR1 2-Dr Coupe||$398||$864||$240||$14||$72||$1,588||$132|
|Get Your Own Custom Quote Go|
Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Price information does not factor in vehicle location which can influence insurance rates noticeably.
The diagram below highlights how deductible choice and can affect Chevy Corvette insurance costs for each age group. The premiums assume a married female driver, comp and collision included, and no other discounts are factored in.
Drive responsibly or pay higher rates
The illustration below shows how violations and at-fault accidents can increase Chevy Corvette insurance costs for different ages of insureds. The price estimates are based on a single female driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.
Men versus women drivers and insurance cost
The chart below illustrates the difference between Chevy Corvette annual premium costs for male and female drivers. The premiums assume no claims, a clean driving record, comp and collision included, $250 deductibles, single status, and no policy discounts are applied.
Rate comparison of full coverage and liability-only
The example below visualizes the comparison of Chevy Corvette insurance prices with full physical damage coverage compared to only buying liability only. Data assumes no driving violations, no at-fault accidents, $250 deductibles, drivers are single, and no policy discounts are applied.
Should you buy full coverage or liability only?
There isn't a steadfast formula to stop buying comp and collision coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is 10% or more of replacement cost minus your deductible, then you might consider buying liability only.
For example, let's pretend your Chevy Corvette replacement cost is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $4,000 after the policy deductible has been paid. If it's costing in excess of $400 a year to have full coverage, then it may be the right time to buy liability only.
There are some circumstances where eliminating full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
Do I need special coverages?
When it comes to the right insurance coverage for your vehicles, there isn't really a "perfect" insurance plan. Everyone's situation is unique and your car insurance should unique, too. For instance, these questions could help you determine whether your personal situation might need an agent's assistance.
- Does rental coverage apply when I am renting a car?
- Why am I required to buy liability insurance?
- When should I remove comp and collision on my Chevy Corvette?
- Which companies are cheaper for teen drivers?
- What is the premium to book value ratio for dropping full coverage?
- Is business property covered if stolen from my car?
- Why am I be forced to buy a membership to get insurance from some companies?
- Can I afford to pay high deductible claims out of pocket?
If you're not sure about those questions but one or more may apply to you, you may need to chat with an agent. To find an agent in your area, take a second and complete this form or click here for a list of car insurance companies in your area.
Local agents and car insurance
Some people just want to have an agent's advice and that is a personal choice. A good thing about comparing rate quotes online is you can get lower rates but still work with a licensed agent. And buying from neighborhood insurance agencies is especially important in Albuquerque.
To make it easy to find an agent, after completing this form (opens in new window), your insurance coverage information gets sent to agents in your area who will give you bids for your business. You never need to visit any agencies since price quotes are sent instantly to you. You can find lower rates without the usual hassles of price shopping. If you wish to get a comparison quote from a specific company, you just need to go to their quote page and fill out their quote form.
Finding the right provider requires you to look at more than just the quoted price. You should also get answers to these questions.
- Will the quote change when the policy is issued?
- What insurance companies do they recommend if they are an independent agent?
- Is the agent properly licensed in New Mexico?
- How much will you save each year by using a higher deductible?
- What company do they have the most business with?
If you feel you receive satisfactory answers to your questions and an affordable coverage quote, it's possible that you found a company that is reputable and can adequately provide car insurance. Keep in mind it's your coverage and you can cancel your policy at any point so never feel that you're stuck with any specific company with no way to switch.
Three reasons to insure your Chevy vehicle
Even though Albuquerque Corvette insurance rates can get expensive, insurance may be mandatory for several reasons.
- Almost all states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific minimum amounts 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.
- If you took out a loan on your Chevy, more than likely the lender will require you to have comprehensive coverage to guarantee payment of the loan. If coverage lapses or is canceled, the bank may insure your Chevy for a much higher rate and require you to fork over for it.
- Insurance protects not only your Chevy Corvette but also your financial assets. Insurance will also pay for medical transport and hospital expenses for yourself as well as anyone injured by you. Liability insurance, one of your policy coverages, will also pay attorney fees if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive and/or collision insurance will pay to repair the damage.
The benefits of insuring your car are definitely more than the cost, especially if you ever need it. Today the average American driver overpays more than $865 each year so compare rates every year to ensure rates are competitive.
Car insurance coverage information
Understanding the coverages of car insurance can be of help when determining appropriate coverage for your vehicles. Policy terminology can be confusing and nobody wants to actually read their policy. These are the usual coverages available from car insurance companies.
Collision coverage - This coverage covers damage to your Corvette resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.
Collision coverage pays for things such as colliding with another moving vehicle, sideswiping another vehicle and crashing into a building. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to choose a higher deductible on your Corvette in order to get cheaper collision rates.
Uninsured or underinsured coverage - This coverage gives you protection from other drivers when they do not carry enough liability coverage. Covered losses include injuries to you and your family as well as damage to your Chevy Corvette.
Since a lot of drivers only purchase the least amount of liability that is required (25/50/10 in New Mexico), their liability coverage can quickly be exhausted. That's why carrying high Uninsured/Underinsured Motorist coverage is very important. Normally the UM/UIM limits do not exceed the liability coverage limits.
Liability - This can cover injuries or damage you cause to a person or their property. It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You might see limits of 25/50/10 that translate to $25,000 in coverage for each person's injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $10,000 for damage to vehicles and property. Another option is one number which is a combined single limit which combines the three limits into one amount rather than limiting it on a per person basis.
Liability coverage protects against things such as funeral expenses, attorney fees, repair bills for other people's vehicles, medical services and emergency aid. How much liability should you purchase? That is up to you, but you should buy higher limits if possible. New Mexico state minimum liability requirements are 25/50/10 but you should consider buying better liability coverage.
The next chart shows why buying the state minimum limits may not provide you with enough coverage.
Medical expense coverage - Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses for funeral costs, doctor visits and surgery. They can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Coverage applies to all vehicle occupants as well as getting struck while a pedestrian. Personal Injury Protection is not an option in every state but can be used in place of medical payments coverage
Comprehensive protection - Comprehensive insurance coverage covers damage from a wide range of events other than collision. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against claims such as damage from a tornado or hurricane, damage from getting keyed, rock chips in glass, falling objects and vandalism. The maximum payout you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle's value is low consider removing comprehensive coverage.
New Mexico auto insurance companies ranked
Choosing a high-quality car insurance provider is difficult considering how many companies sell insurance in New Mexico. The company ratings below can help you decide which companies you want to consider when shopping your coverage around.
Top 10 Albuquerque Car Insurance Companies Overall
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
- Mercury Insurance
When shopping online for insurance, it's very important that you do not buy lower coverage limits just to save a few bucks. In many cases, drivers have reduced uninsured motorist or liability limits and discovered at claim time that it was a big error on their part. The goal is to get the best coverage possible for the lowest price, but do not sacrifice coverage to save money.
You just learned many tips how you can reduce Chevy Corvette insurance car insurance rates online in Albuquerque. The key concept to understand is the more rate comparisons you have, the better your comparison will be. You may even find the biggest savings come from the smaller companies. Smaller companies often have lower premium rates on specific markets compared to the large companies like Allstate or State Farm.
Helpful learning opportunities
- Determining Auto Insurance Rates (GEICO)
- How Much are Albuquerque Car Insurance Quotes for a Subaru Outback? (FAQ)
- Who Has Cheap Auto Insurance Rates for Business Use in Albuquerque? (FAQ)
- Who Has the Cheapest Albuquerque Auto Insurance for Low Income Drivers? (FAQ)
- How Much is Car Insurance for Low Mileage Drivers in Albuquerque? (FAQ)
- How Much Auto Coverage do I Need? (Insurance Information Institute)
- Rental Car Insurance Tips (Insurance Information Institute)
- Auto Insurance Learning Center (State Farm)
- Protecting Teens from Drunk Driving (Insurance Information Institute)