Compare Chevy Malibu Insurance Quotes in Albuquerque

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Chevy Malibu insurance rates
Chevy Malibu insurance rates image courtesy of QuoteInspector.com

Amazingly, a recent NerdWallet.com study showed that most consumers have bought car insurance from the same company for well over three years, and just under half have never compared rates from other carriers. Drivers in New Mexico could save an average of as much as 40% each year, but they don't know how much savings they would realize if they switched to a cheaper policy.

Discount Chevy Malibu insuranceThe easiest way to find cheaper Chevy Malibu insurance is to do an annual price comparison from companies that insure vehicles in Albuquerque.

  • Step 1: Get a basic knowledge of policy coverages and the things you can control to lower rates. Many rating factors that result in higher prices such as high-risk driving behaviors and poor credit history can be rectified by making minor changes to your lifestyle. Continue reading for additional ideas to help keep rates affordable and find possible discounts that are available.
  • Step 2: Compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can provide rates from one company like GEICO or Farmers Insurance, while independent agencies can provide prices for a wide range of companies. Find an Albuquerque insurance agent
  • Step 3: Compare the new rate quotes to your current policy premium to determine if you can save on Malibu insurance in Albuquerque. If you can save money and decide to switch, make sure coverage does not lapse between policies.
  • Step 4: Notify your agent or company of your intention to cancel your current policy and submit a completed application and payment to your new agent or company. Once coverage is bound, place your new certificate verifying proof of insurance in your glove compartment.

One important bit of advice is to make sure you're comparing similar deductibles and liability limits on every quote and and to compare as many auto insurance providers as possible. Doing this provides an accurate price comparison and a complete price analysis.

The purpose of this post is to teach you a little about the best methods to compare rates. If you have insurance now, you will surely be able to lower your rates using this information. But New Mexico consumers benefit from understanding how companies compete online because rates are impacted by many factors.

The best way to compare rate quotes for Chevy Malibu insurance in Albuquerque takes advantage of the fact car insurance companies provide online access to give rate comparisons. All consumers are required to do is provide the companies a bit of rating information including if the vehicle is leased, how much school you completed, how you use your vehicles, and whether or not you need a SR-22. Those rating factors gets sent immediately to multiple top-rated companies and they respond with quotes very quickly.

To start a quote now, click here and see if a lower rate is available in Albuquerque.

The following companies provide price comparisons in New Mexico. To get cheap car insurance in Albuquerque, it's highly recommended you visit several of them to get the best price comparison.

Rates and information analytics

The information below outlines detailed analysis of insurance prices for Chevy Malibu models. Knowing how insurance prices are calculated helps drivers make smart choices when selecting a policy.

Chevrolet Malibu Insurance Rates in Albuquerque, NM
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Malibu LS $216 $426 $310 $18 $92 $1,062 $89
Malibu Hybrid $216 $426 $310 $18 $92 $1,062 $89
Malibu LT $244 $426 $310 $18 $92 $1,090 $91
Malibu LTZ $244 $502 $310 $18 $92 $1,166 $97
Get Your Own Custom Quote Go

Data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Rate information does not factor in specific location information which can impact price quotes considerably.

Policy deductible comparison

The hardest decision when buying coverage is how high should the physical damage coverage deductibles be. The comparisons below determine the rate difference when you choose different deductibles. The first set of rates uses a $250 physical damage deductible and the second price table uses a $1,000 deductible.

Chevrolet Malibu insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Malibu LS $248 $420 $322 $20 $96 $1,131 $94
Malibu Hybrid $248 $420 $322 $20 $96 $1,131 $94
Malibu LT $280 $420 $322 $20 $96 $1,163 $97
Malibu LTZ $280 $494 $322 $20 $96 $1,237 $103
Get Your Own Custom Quote Go
Chevrolet Malibu insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Malibu LS $154 $264 $322 $20 $96 $856 $71
Malibu Hybrid $154 $264 $322 $20 $96 $856 $71
Malibu LT $174 $264 $322 $20 $96 $876 $73
Malibu LTZ $174 $310 $322 $20 $96 $922 $77
Get Your Own Custom Quote Go

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Information does not factor in specific location which can alter rates considerably.

Using the premium rates above, we can conclude that using a $250 deductible costs about $24 more each month or $288 a year across all Chevrolet Malibu models than selecting the higher $1,000 deductible. Since you would have to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to average more than 31 months between claim filings, you would probably be better off by going with a higher deductible. Below is how this calculation is made.

Average monthly premium for $250 deductibles: $97
Average monthly premium for $1,000 deductibles (subtract): - $73
Monthly savings from raising deductible: $24
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $24
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 31 months

An important sidenote is that raising deductibles results in more money out-of-pocket when you file a claim. You need enough extra savings in the event you have to pay the deductible.

Insuring your Chevy vehicle just makes sense

Even though it can be expensive, insuring your vehicle serves an important purpose.

  • The majority of states have mandatory liability insurance requirements which means you are required to buy specific limits of liability protection 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 bought your Chevy with a loan, it's most likely the lender will stipulate that you carry insurance to ensure they get paid if you total the vehicle. If you let the policy lapse, the lender may have to buy a policy to insure your Chevy at an extremely high rate and force you to pay for the much more expensive policy.
  • Car insurance protects your Chevy Malibu and your assets. It will also cover medical expenses for not only you but also any passengers injured in an accident. Liability coverage will also pay to defend you if you are sued as the result of an accident. If damage is caused by hail or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.

The benefits of buying car insurance definitely exceed the cost, specifically if you ever have a liability claim. According to a 2015 survey, the average American driver is overpaying more than $855 a year so smart consumers compare quotes once a year at a minimum to save money.

Insurance Price Influencing Factors

The best way to find cheaper insurance is to take a look at some of the things that help calculate your insurance rates. When you understand what determines base rates, this empowers consumers to make smart changes that may reward you with lower insurance prices. Many factors are considered when you get a price on insurance. Some factors are common sense such as your driving record, but other criteria are less obvious such as your marital status or how safe your car is.

The items below are some of the most rate-impacting factors that factor into your rates.

  • Driving citations mean higher rates - Whether or not you get tickets can have a huge impact on auto insurance premiums. Only having one ticket could increase your next policy renewal by twenty percent. Drivers who don't get tickets pay less for auto insurance than people who have multiple driving citations. Drivers who have received severe violations such as reckless driving or DUI are required to maintain a SR-22 with their state's department of motor vehicles in order to drive a vehicle legally.

    The information below highlights how speeding tickets and at-fault claims can impact Chevy Malibu auto insurance costs for different ages of insureds. The prices are based on a married female driver, comp and collision included, $500 deductibles, and no discounts are taken into consideration.

  • Insurance rates and your employer - Do you work in a high-stress field? Occupations such as doctors, architects, and stock brokers generally pay higher premiums than the average policyholder because of high stress levels and lots of time spent away from family. On the other hand, careers like scientists, historians and performers receive lower rates.
  • Companies want multiple policies - Lots of insurers give a discount to customers that purchase more than one policy in the form of a multi-policy discount. If you currently are using one company, it's in your best interest to check prices from other companies to confirm you are receiving the best rates possible. You may still be able to save money by buying insurance from more than one company.
  • Insurance costs and vehicle performance - The type of car you need to insure makes a significant difference in your premium level. Lower performance four cylinder passenger models receive the most favorable rates, but your final cost has many other factors.

    The chart below uses these variables: married female driver age 20, full coverage with $500 deductibles, and no discounts or violations. The chart compares Chevrolet Malibu insurance premiums compared to other makes and models that have a range of performance risks.

  • Chevy Malibu insurance loss statistics - Companies use past loss statistics for each vehicle to help determine the price you pay. Vehicles that the data determines to have a trend towards higher claim severity or frequency will cost more for coverage.

    The table below outlines the insurance loss data used by companies for Chevy Malibu vehicles. For each type of coverage, the loss probability for all vehicles as a whole is equal to 100. Percentages below 100 suggest a better than average loss history, while values over 100 indicate higher probability of having a loss or tendency to have higher losses.

    Chevrolet Malibu Insurance Loss Statistics
    Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Chevrolet Malibu 94 100 109 139 145 120
    BETTER
    AVERAGE
    WORSE

    Statistics from IIHS.org for 2013-2015 Model Years

Discount Albuquerque insurance rates

Some insurance providers do not list every available discount in a way that's easy to find, so the list below details a few of the more well known and the more hidden ways to save on insurance.Insurance discounts

  • Senior Discount - Seniors can possibly qualify for a small decrease in premiums.
  • Passive Restraints and Air Bags - Cars that have air bags or automatic seat belts can get savings up to 30%.
  • ABS and Traction Control Discounts - Vehicles with anti-lock braking systems are much safer to drive so you can save 10 percent or more.
  • Defensive Driving Course - Participating in a course in defensive driving is a good idea and can lower rates and easily pay for the cost of the class.
  • No Accidents - Insureds who avoid accidents and claims have much lower rates compared to drivers with a long claim history.
  • Multiple Vehicles - Having multiple vehicles on one policy qualifies for this discount.

It's important to understand that most discounts do not apply to the whole policy. A few only apply to the price of certain insurance coverages like medical payments or collision. So even though they make it sound like having all the discounts means you get insurance for free, company stockholders wouldn't be very happy.

The diagram below illustrates the difference between Chevy Malibu insurance costs with and without policy discounts. The data is based on a male driver, no tickets, no at-fault accidents, New Mexico state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, homeowner, multi-policy, claim-free, and marriage discounts applied.

To see a list of insurers who offer free Chevy Malibu insurance quotes in Albuquerque, click here to view.

Local Albuquerque insurance agencies and car insurance

Some consumers still prefer to buy from a licensed agent and that can be a smart move The best thing about comparing car insurance online is that you can obtain cheap rate quotes and still choose a local agent. Putting coverage with local insurance agencies is still important in Albuquerque.

Albuquerque insurance agentsFor easy comparison, once you complete this quick form, the coverage information is submitted to local insurance agents in Albuquerque that give free quotes and help you find cheaper coverage. You don't have to leave your house due to the fact that quote results will go directly to your email. You'll get the best rates and an insurance agent to talk to. If you wish to quote rates from a specific company, feel free to search and find their rate quote page and submit a quote form there.

Picking the best insurance company needs to be determined by more than just a low price. The following questions are important to ask.

  • Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
  • How is replacement cost determined on your vehicle?
  • Do they assist clients in filing claims?
  • Does their agency support local causes in Albuquerque?
  • Can glass claims be handled at your home?

Affordable coverage is out there

Discount Chevy Malibu insurance in Albuquerque can be bought on the web as well as from insurance agents, so get free Albuquerque auto insurance quotes from both of them to get a complete price analysis. Some insurance providers do not offer price quotes online and usually these small, regional companies work with independent insurance agents.

Throughout this article, we presented a lot of ways to shop for Chevy Malibu insurance online. The key concept to understand is the more rate comparisons you have, the better your chances of lowering your prices. Consumers may even find the biggest savings come from an unexpected company.

As you prepare to switch companies, it's very important that you do not skimp on coverage in order to save money. There are a lot of situations where an insured dropped physical damage coverage only to regret at claim time that it was a big error on their part. Your goal is to find the BEST coverage for the lowest cost, not the least amount of coverage.

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