Pretty sure you bought an under-performing, overpriced auto insurance policy? You’re in good company because many consumers are feeling buyer’s remorse and feel like there’s no way out.
Unimaginable but true, nearly 70% of customers have remained with the same auto insurance company for over three years, and nearly half have never compared auto insurance rates at all. Many drivers in Albuquerque can save nearly $500 each year, but they mistakenly think it’s difficult to shop around.
Popular companies such as State Farm, Farmers Insurance, GEICO and Allstate all claim big savings with advertising and it is challenging if not impossible to not get sucked in by the cute commercials and do the work needed to find the best deal.
All major insurance companies make it easy to get price estimates online. Doing online quotes for Chevy Silverado insurance in Albuquerque is pretty easy because it’s just a matter of typing in your coverage information into the form. Once you submit the form, the quote system automatically retrieves your credit score and driving record and generates a price determined by many factors. Quoting online for Chevy Silverado insurance in Albuquerque makes it simple to compare prices and it is imperative to do this if you want to find a better rate.
To find out what other companies charge, compare rates from the companies below. If you have your current policy handy, we recommend you enter the limits and deductibles identical to your current policy. This ensures you will get comparison quotes for the exact same coverage.
The companies shown below are our best choices to provide free quotes in Albuquerque, NM. To locate cheaper auto insurance in Albuquerque, we recommend you visit several of them to get the most competitive price.
Do you qualify for discounts on Chevy Silverado insurance in Albuquerque?
Car insurance is not cheap, but you can get discounts to cut the cost considerably. Some discounts will apply when you get a quote, but once in a while a discount must be manually applied before you will receive the discount.
- Auto/Home Discount – If you combine your home and auto policies with one insurance company you will save at least 10% off all policies.
- Drive Less and Save – Driving less may allow you to get lower insurance rates on the low mileage vehicles.
- Savings for New Vehicles – Putting insurance coverage on a new Silverado can get you a discount since new vehicles are generally safer.
- Discounts for Multiple Vehicles – Buying coverage for multiple cars on one policy may reduce the rate for each vehicle.
- Professional Organizations – Participating in a civic or occupational organization in Albuquerque could qualify you for a break on your next insurance statement.
- Claim-Free Discount – Albuquerque drivers who stay claim-free have much lower rates as compared to frequent claim filers.
- ABS and Traction Control Discounts – Anti-lock brake equipped vehicles have fewer accidents and earn discounts up to 10%.
- Early Renewal Discounts – Some larger companies reward drivers for switching to them prior to your current Silverado insurance policy expiring. It could save around 10% when you buy Albuquerque car insurance online.
Discounts lower rates, but most discount credits are not given to the entire cost. Most only cut individual premiums such as medical payments or collision. Despite the fact that it seems like you can get free auto insurance, nobody gets a free ride.
The example below illustrates the difference between Chevy Silverado annual premium costs with and without discounts applied. The information is based on a male driver, no accidents, no driving 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-policy, marriage, claim-free, multi-car, homeowner, and safe-driver discounts applied.
Insurance companies that possibly offer some of the above discounts include:
Before purchasing a policy, check with every insurance company which discounts can lower your rates. A few discounts might not be offered on policies in Albuquerque. To find providers with discount insurance rates in Albuquerque, click here to view.
Auto insurance data for a Chevy Silverado
The coverage information shown next covers a range of insurance rates for Chevy Silverado models. Being able to understand how insurance premiums are figured can assist in making informed decisions when comparing rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$208||$404||$382||$22||$114||$1,130||$94|
|Silverado LS Regular Cab 4WD||$208||$404||$338||$20||$102||$1,072||$89|
|Silverado LT Regular Cab 2WD||$238||$490||$382||$22||$114||$1,246||$104|
|Silverado LT Regular Cab||$238||$490||$382||$22||$114||$1,246||$104|
|Silverado LS Extended Cab 4WD||$238||$490||$338||$20||$102||$1,188||$99|
|Silverado LT Extended Cab 4WD||$238||$490||$338||$20||$102||$1,188||$99|
|Silverado LT Extended Cab 2WD||$238||$490||$382||$22||$114||$1,246||$104|
|Silverado LS Extended Cab 2WD||$238||$490||$382||$22||$114||$1,246||$104|
|Silverado LT Crew Cab 4WD||$270||$578||$338||$20||$102||$1,308||$109|
|Silverado LS Crew Cab 2WD||$270||$578||$382||$22||$114||$1,366||$114|
|Silverado LS Crew Cab 4WD||$270||$578||$338||$20||$102||$1,308||$109|
|Silverado LT Crew Cab 2WD||$270||$578||$382||$22||$114||$1,366||$114|
|Silverado LTZ Extended Cab 2WD||$270||$578||$382||$22||$114||$1,366||$114|
|Silverado LTZ Extended Cab 4WD||$270||$578||$338||$20||$102||$1,308||$109|
|Silverado LTZ Crew Cab 2WD||$270||$578||$382||$22||$114||$1,366||$114|
|Silverado LTZ Crew Cab 4WD||$270||$578||$338||$20||$102||$1,308||$109|
|Silverado Crew Cab Hybrid 2WD||$270||$666||$338||$20||$102||$1,396||$116|
|Silverado Crew Cab Hybrid 4WD||$300||$666||$338||$20||$102||$1,426||$119|
|Get Your Own Custom Quote Go|
Data rating is based on married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Rates do not factor in specific location information which can lower or raise insurance rates substantially.
The example below demonstrates how deductible levels and can influence Chevy Silverado insurance premiums for different age groups of insureds. The premiums are based on a married female driver, comprehensive and collision coverage, and no discounts are factored in.
Poor driving habits will raise your auto insurance rates
The diagram below shows how traffic citations and at-fault fender-benders can increase Chevy Silverado insurance costs for different categories of driver ages. The data assumes a married male driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
Gender-based auto insurance rates
The information below visualizes the comparison of Chevy Silverado insurance rates for male and female drivers. The rates are based on no accidents, no driving violations, full physical damage coverage, $500 deductibles, single status, and no additional discounts are factored in.
Liability only or full coverage
The diagram below shows the difference between Chevy Silverado annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rates are based on no driving violations, no at-fault accidents, $500 deductibles, single marital status, and no discounts are taken into consideration.
Guidelines for dropping full coverage
There is no definitive guideline of when to phase out full coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than around 10% of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Chevy Silverado book value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $3,000 after paying your deductible. If you are currently paying more than $300 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are a few situations where buying only liability insurance is not a good plan. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should not drop full coverage.
Local neighborhood Albuquerque car insurance agents
Some consumers still like to visit with an insurance agent. The best thing about comparing rate quotes online is that you can find cheap insurance quotes and also buy local.
After filling out this simple form, your insurance data is transmitted to agents in your area who will give you quotes for your coverage. It makes it easy because there is no need to find an agent on your own as quotes are delivered to you. You can find lower rates and an insurance agent to talk to. If you wish to get a comparison quote from a specific insurance company, you just need to jump over to their website and submit a quote form there.
Choosing a insurer requires you to look at more than just the bottom line cost. You should also get answers to these questions.
- Are they able to provide referrals?
- Are they primarily personal or commercial lines agents in Albuquerque?
- Do the agents have professional certifications like CPCU or CIC?
- If you are a high risk driver, do they have special markets for your coverage?
- Where would your vehicle be repaired?
- Will high miles depreciate repair valuations?
If you want to use a good Albuquerque insurance agent, you should know the different types of agencies and how they differ in how they can insure your vehicles. Albuquerque agents can be categorized as either exclusive or independent agents depending on their company appointments.
Agents that elect to be exclusive can only quote rates from one company and examples are American Family, State Farm, and Allstate. Exclusive agencies are unable to provide rate quotes from other companies so always compare other rates. Exclusive insurance agents receive a lot of sales training on the products they sell which helps them sell on service rather than price.
Below are Albuquerque exclusive agents willing to provide price quote information.
Independent Insurance Agents
Agents in the independent channel are not employed by any specific company so they have the ability to put coverage through many different insurance companies and get you the best rates possible. If your agent finds better pricing, they can switch companies in-house and that require little work on your part.
If you are trying to find cheaper rates, we recommend you compare quotes from at a minimum one independent agency for maximum quote selection.
Shown below is a list of independent agents in Albuquerque that are able to give comparison quotes.
Once you have received positive responses for all questions you ask and an acceptable price quote, chances are good that you have found a car insurance agent that is reliable enough to properly service your insurance policy.
Insurance agents can help
When buying your policy for your personal vehicles, there is no “perfect” insurance plan. You are unique.
For instance, these questions could help you determine if your insurance needs might need an agent’s assistance.
- Where can I find high-risk insurance?
- How high should my uninsured/underinsured coverage be in New Mexico?
- What can I do if my company denied a claim?
- Why do I only qualify for high-risk insurance?
- What companies insure drivers after a DUI or DWI?
- Should I have a commercial auto policy?
- If my Chevy Silverado is totaled, can I afford another vehicle?
- How do I buy GAP insurance?
If you can’t answer these questions but a few of them apply, you may need to chat with a licensed agent. To find lower rates from a local agent, fill out this quick form.
How You Can Control Chevy Silverado Insurance Rates
When buying insurance it’s important to understand a few of the rating criteria that go into determining your insurance rates. If you have a feel for what influences your rates, this enables informed choices that can help you get lower premium levels.
- Only buy extra coverages you need – There are many additional coverages that may not really be needed on your insurance policy. Add-on coverages like replacement cost coverage, high-cost glass coverage, and motor club memberships may not be needed and are just wasting money. They may seem like a good idea when talking to your agent, but if they’re wasting money eliminate them to save money.
- Drive lots and pay more – The more you drive each year the more you will pay for insurance. Almost all companies charge rates based upon how the vehicle is primarily used. Cars used primarily for pleasure use can get a lower rate than those that get driven frequently. It’s a good idea to make sure your insurance coverage properly reflects the right rating data. Improper usage on your Silverado may be wasting your money.
- Urban residents pay more – Being located in a rural area can save you money when talking about insurance. Fewer drivers means fewer accidents in addition to lower liability claims. Drivers in populated New Mexico areas have more road rage incidents and longer commutes to work. Higher commute times means higher likelihood of an accident.
- Liability coverage is peace of mind – A critical coverage on your policy, liability insurance is the coverage that protects you if ever a court rules you are at fault for causing damage or personal injury in an accident. Your liability coverage provides you with a defense in court which can cost a lot. Liability insurance is pretty cheap compared to comp and collision, so buy as much as you can afford.
- Bundle and save – Lots of companies allow a discount to insureds who carry more than one policy. It’s known as a multi-policy discount. Even though this discount sounds good, you still need to check prices from other companies to confirm you are receiving the best rates possible.There is a good possibility that you can find lower rates by splitting coverages up.
- Vehicles with better crash test results means better premiums – Cars with high safety ratings are cheaper to insure. Safer cars reduce the chance of injuries and better occupant protection translates directly to fewer claims which can mean better rates for you.
- High coverage deductibles save money – Physical damage coverage, also called ‘full coverage’, insures against damage to your Chevy. Some examples of claims that would be covered could be a broken side mirror, flood damage, or theft. Your deductibles are how much you are willing to pay out-of-pocket if a claim is determined to be covered. The more damage repair cost you pay before a claim is paid (deductible), the less your company will charge you for insurance.
Chevy Silverado insurance loss data – Insurers factor in insurance loss information as a way to help calculate a profitable premium rate. Models that the statistics show to have a higher amount or frequency of claims will cost more for specific coverages.
The table below illustrates the historical insurance loss data for Chevy Silverado vehicles. For each insurance policy coverage type, the statistical loss for all vehicles as a whole is equal to 100. Numbers that are below 100 suggest losses that are better than average, while values that are above 100 indicate frequent claims or statistically larger losses.
Chevrolet Silverado Insurance Claim Statistics Specific Chevrolet Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Silverado 1500 2WD 76 118 85 78 69 125 Chevrolet Silverado 1500 4WD 60 76 72 54 Chevrolet Silverado 1500 Crew Cab 2WD 89 103 131 77 70 94 Chevrolet Silverado 1500 Crew Cab 4WD 96 105 116 57 57 87 Chevrolet Silverado 1500 Ext Cab 2WD 90 126 100 88 85 117 Chevrolet Silverado 1500 Ext Cab 4WD 84 98 89 60 60 88 Chevrolet Silverado 2500 2WD 60 65 Chevrolet Silverado 2500 4WD 66 97 66 Chevrolet Silverado 2500 Crew Cab 2WD 76 127 65 Chevrolet Silverado 2500 Crew Cab 4WD 88 114 97 45 42 82 Chevrolet Silverado 2500 Ext Cab 2WD 80 54 Chevrolet Silverado 2500 Ext Cab 4WD 79 105 83 37 43 75 Chevrolet Silverado 3500 4WD 65 Chevrolet Silverado 3500 Crew Cab 4WD 98 127 108 54 39 76 Chevrolet Silverado 3500 Ext Cab 4WD 129 127BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Insurance is not optional in New Mexico
Despite the fact that insurance is not cheap in Albuquerque, insuring your vehicle serves a purpose in several ways.
- The majority of states have mandatory liability insurance requirements which means it is punishable by state law to not carry a minimum amount of liability coverage in order to license the 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.
- If your Chevy Silverado has a lienholder, most banks will make it mandatory that you buy insurance to guarantee their interest in the vehicle. If you let the policy lapse, the bank or lender will purchase a policy for your Chevy at a much higher premium rate and require you to fork over for the much more expensive policy.
- Insurance protects both your assets and your Chevy. Insurance will pay for most medical and hospital costs for not only you but also any passengers injured in an accident. Liability coverage also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, collision and comprehensive coverages will pay to repair the damage minus the deductible amount.
The benefits of buying insurance outweigh the cost, especially with large liability claims. In a recent study of 1,000 drivers, the average customer is overpaying over $820 a year so smart consumers compare quotes every year to help ensure money is not being wasted.
Albuquerque auto insurance companies
Picking the right insurance provider is difficult considering how many choices drivers have in New Mexico. The information in the next section may help you pick which coverage providers to look at comparing prices from.
Top 10 Albuquerque Car Insurance Companies Overall
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
- Mercury Insurance
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%
Cheaper coverage is out there
Insureds switch companies for a number of reasons such as high prices, policy cancellation, questionable increases in premium and even being labeled a high risk driver. No matter why you want to switch, switching car insurance companies can be pretty painless.
In this article, we covered a lot of ways to get a better price on Chevy Silverado insurance in Albuquerque. The key concept to understand is the more price quotes you have, the higher your chance of finding affordable Chevrolet Silverado insurance quotes. Consumers could even find that the most savings is with an unexpected company.
More affordable car insurance in Albuquerque can be sourced both online as well as from insurance agents, and you need to comparison shop both to have the best rate selection. A few companies do not provide price quotes online and most of the time these regional insurance providers only sell through independent agents.
How to buy low-cost Chevy Silverado insurance in Albuquerque
The best way we recommend to find affordable Chevy Silverado insurance is to begin comparing prices regularly from providers that sell auto insurance in Albuquerque.
- Read and learn about what coverages are included in your policy and the measures you can take to prevent expensive coverage. Many things that drive up the price like traffic tickets, fender benders, and a lousy credit rating can be improved by making minor changes to your lifestyle.
- Compare rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can give quotes from a single company like GEICO or State Farm, while agents who are independent can quote prices from multiple companies.
- Compare the price quotes to the price on your current policy to see if switching to a new carrier will save money. If you find a lower rate and change companies, make sure coverage does not lapse between policies.
- Give notification to your current company of your intent to cancel your current car insurance policy and submit payment and a signed application for your new coverage. Once received, place your new certificate verifying coverage in your vehicle’s glove compartment or console.
The most important part of shopping around is that you’ll want to make sure you compare the same physical damage deductibles and liability limits on each price quote and and to compare as many car insurance companies as possible. Doing this guarantees the most accurate price comparison and the best price selection.
Helpful learning opportunities
- What is Full Coverage? (Allstate)
- How Much is Car Insurance for a Toyota Highlander in Albuquerque? (FAQ)
- Who Has the Cheapest Albuquerque Car Insurance for a Jeep Grand Cherokee? (FAQ)
- Understanding Car Crashes Video (iihs.org)
- Rental Car Insurance Tips (Insurance Information Institute)