Affordable Insurance for a Chevy Traverse in Albuquerque

The most effective way to get the cheapest car insurance rates in Albuquerque is to compare quotes annually from different companies that insure vehicles in New Mexico. Price quotes can be compared by following these steps.

• First, read and learn about policy coverages and the measures you can control to prevent expensive coverage. Many rating factors that cause high rates like tickets, at-fault accidents, and a bad credit rating can be rectified by making minor changes to your lifestyle.
• Second, compare price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only quote rates from one company like GEICO or State Farm, while agents who are independent can provide price quotes from multiple sources.
• Third, compare the new rate quotes to your existing coverage to determine if you can save on Traverse insurance. If you find a lower rate quote, make sure there is no lapse in coverage.

One key aspect when comparing rates is to make sure you enter similar coverage information on every price quote and and to get price estimates from as many companies as you can. This guarantees an accurate price comparison and a complete price analysis.

It’s shocking but most drivers have purchased from the same company for at least the last four years, and almost 40% of drivers have never even shopped around for cheap coverage. Many consumers in Albuquerque could pocket approximately 40% a year, but they mistakenly think it’s difficult to find cheap auto insurance rates.

The companies in the list below provide quotes in New Mexico. To locate cheap auto insurance in New Mexico, it’s a good idea that you compare several of them in order to find the most affordable rates.

Auto insurance is not optional in New Mexico

Even though it can be expensive, paying for auto insurance may not be optional for several reasons.

First, almost all states have mandatory insurance requirements which means it is punishable by state law to not carry a specific 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.

Second, if your vehicle has a lienholder, most lenders will make it mandatory that you have physical damage coverage to guarantee loan repayment. If you do not keep the policy in force, the lender may have to buy a policy to insure your Chevy at a much higher premium rate and require you to fork over much more than you were paying before.

Third, auto insurance preserves your Chevy Traverse and your assets. It also can pay for medical transport and hospital expenses for not only you but also any passengers injured in an accident. Liability coverage, the one required by state law, will also pay attorney fees in the event you are sued. If your Chevy gets damaged, your auto insurance policy will pay to have it repaired.

The benefits of having insurance more than offset the price you pay, particularly if you ever have a claim. Today the average American driver overpays more than $750 every year so it’s very important to do a rate comparison at every renewal to ensure rates are inline.

Insurance coverage details

The coverage information shown next outlines detailed analysis of rate quotes for Chevy Traverse models. Having a better idea how prices are determined can help customers make decisions on which insurance to purchase.

Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Prices do not factor in vehicle garaging location which can influence rates substantially.

Can higher deductibles save money?

When comparing car insurance rates, the most common question is where should you set your physical damage deductibles. The following tables summarize the price difference when you select higher and lower deductibles. The first data table uses a $100 physical damage coverage deductible and the second data table uses a $1,000 deductible.

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Information does not factor in vehicle garaging location which can lower or raise insurance rates noticeably.

Based on these figures, using a $100 deductible costs about $31 more each month or $372 each year than choosing the higher $1,000 deductible. Due to the fact that you would have to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you usually have at least 29 months between claims, you would save more money if you opt for a higher deductible.

One important issue to know is that a higher deductible results in having to pay to pay more out-of-pocket when you have a claim. You must have some funds available in order to pay more to get your vehicle repaired.

Slash rates with these eight discounts on Chevy Traverse insurance in Albuquerque

Insurance can be prohibitively expensive, but you might be missing out on some discounts to reduce the price significantly. Most are applied when you purchase, but less common discounts must be asked about before you get the savings.

• Telematics Data Discounts – Drivers who elect to allow their insurance company to scrutinize driving habits through the use of a telematics system such as Progressive’s Snapshot could save a few bucks as long as they are good drivers.
• Seat Belt Discounts – Using a seat belt and requiring all passengers to fasten their seat belts could save 15% on medical payment and PIP coverage.
• Discount for Low Mileage – Driving fewer miles could be rewarded with better prices on cars that stay parked.
• Accident Forgiveness Coverage – This isn’t a discount exactly, but companies like Liberty Mutual, Allstate and State Farm will forgive one accident before raising your premiums if you are claim-free prior to being involved in the accident.
• 55 and Retired – If you’re over the age of 55, you can get a small discount on rates.
• ABS Braking Discount – Cars with ABS and/or traction control can reduce accidents so you can save 10 percent or more.
• Sign Early and Save – Select companies give a discount for switching policies prior to your current Traverse insurance policy expiring. Ten percent is about the average savings.
• Professional Organizations – Having an affiliation with specific professional or occupational memberships or organizations may earn a discount when getting a Albuquerque car insurance quote.

While discounts sound great, it’s important to understand that most discounts do not apply to the overall cost of the policy. A few only apply to specific coverage prices like comprehensive or collision. Even though the math looks like you can get free auto insurance, that’s just not realistic.

The illustration below compares Chevy Traverse insurance premiums with and without policy discounts. The costs are based on a male driver, a clean driving record, no at-fault accidents, New Mexico state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, homeowner, safe-driver, multi-car, and multi-policy discounts applied.

To see insurance companies with significant discounts in Albuquerque, follow this link.

Compare rate quotes but buy from a local neighborhood Albuquerque car insurance agent

Many people still prefer to buy from a licensed agent and that is not a bad decision Good agents can help you build your policy and give you someone to call. The biggest benefit of comparing insurance prices online is you may find the best rates and still have a local agent.

For easy comparison, once you complete this quick form, your information is immediately sent to local insurance agents who want to provide quotes for your insurance coverage. There is no need to leave your computer because quoted prices will be sent immediately to you. If for some reason you want to get a comparison quote from a particular provider, just jump over to their website and fill out the quote form the provide.

Picking an company requires you to look at more than just the price. Here are some questions to ask:

• Does the agent help file claims?
• How much can you save by raising your physical damage deductibles?
• If independent agents, which companies do they recommend?
• Do they prorate repair cost based on vehicle mileage?
• Do they have a Better Business Bureau rating in Albuquerque?
• Can they give you a list of client referrals?
• When do they do a full risk review?
• Do they carry Errors and Omissions coverage?

If you are wanting to find a reputable insurance agent or broker, you should know the types of agencies that you can choose from. Agents can be classified as either independent or exclusive depending on the company they work for. Both types of agents can sell and service auto insurance coverage, but it is a good idea to know how they differ because it may have an impact on buying decisions.

Exclusive Auto Insurance Agencies

These type of agents generally can only insure with one company and some examples include Allstate, Farmers Insurance, State Farm, and AAA. They usually cannot provide rate quotes from other companies so always compare other rates. Exclusive agents receive a lot of sales training on their products and sales techniques which helps offset the inability to provide other markets.

Listed below are Albuquerque exclusive insurance agents that are able to give rate quotes.

More Albuquerque agents

Independent Insurance Agents

Agents in the independent channel do not write with just one company so they have the ability to put coverage with many different companies and help determine which has the cheapest rates. To move your coverage to a new company, the agent simply finds a different carrier and that require little work on your part. When searching for an agent, you will definitely want to include rate quotes from several independent agencies to ensure the widest selection of prices.

Shown below is a short list of independent agents in Albuquerque willing to provide price quote information.

More Albuquerque agents

Which auto insurance company is best in New Mexico?

Selecting the best company can be rather challenging considering how many companies there are in Albuquerque. The ranking data displayed below could help you choose which car insurance companies to look at purchasing coverage from.

Car insurance coverages 101

Knowing the specifics of your car insurance policy can help you determine which coverages you need and the correct deductibles and limits. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording. Shown next are the usual coverages found on the average car insurance policy.

Comprehensive coverage (or Other than Collision)

Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims like a tree branch falling on your vehicle, hail damage, rock chips in glass, damage from getting keyed and hitting a bird. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Liability car insurance

This can cover injuries or damage you cause to other’s property or people in an accident. This coverage protects you against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see values of 25/50/10 which stand for $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a limit of $10,000 paid for damaged property.

Liability can pay for claims like loss of income, legal defense fees and bail bonds. How much liability should you purchase? That is up to you, but consider buying higher limits if possible. New Mexico requires minimum liability limits of 25/50/10 but drivers should carry better liability coverage.

The next chart shows why low liability limits may not be enough.

Insurance for medical payments

Coverage for medical payments and/or PIP reimburse you for expenses for dental work, doctor visits, nursing services, funeral costs and rehabilitation expenses. They can be used in conjunction with a health insurance policy or if you lack health insurance entirely. They cover you and your occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay

Coverage for collisions

Collision insurance pays to fix your vehicle from damage from colliding with an object or car. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things like hitting a mailbox, backing into a parked car, sideswiping another vehicle and driving through your garage door. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. Another option is to choose a higher deductible on your Traverse to bring the cost down.

Uninsured Motorist or Underinsured Motorist insurance

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. Covered losses include injuries to you and your family and damage to your Chevy Traverse.

Since many New Mexico drivers only purchase the least amount of liability that is required (25/50/10), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Don’t give up on affordable rates

As you go through the steps to switch your coverage, make sure you don’t reduce needed coverages to save money. In many cases, someone dropped collision coverage and learned later that a couple dollars of savings turned into a financial nightmare. Your objective should be to purchase plenty of coverage at an affordable rate, but do not skimp to save money.

You just learned some good ideas how you can save on Chevy Traverse insurance in Albuquerque. The most important thing to understand is the more companies you get rates for, the better your chances of lowering your rates. Consumers could even find that the lowest prices are with the least-expected company. They often have lower rates on specific markets than their larger competitors like Progressive or GEICO.

More resources

• Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
• Who Has Cheap Auto Insurance Rates for Business Use in Albuquerque? (FAQ)
• Who Has the Cheapest Car Insurance for a Company Car in Albuquerque? (FAQ)
• Who Has Cheap Car Insurance Quotes for Ride Shares in Albuquerque? (FAQ)
• How Does Hitting a Deer Impact Insurance Rates? (Allstate)
• Electronic Stability Control FAQ (iihs.org)