It takes a few minutes, but the best way to find more affordable GMC Sierra insurance is to annually compare prices from providers that sell auto insurance in Albuquerque.
First, try to comprehend how insurance works and the modifications you can make to prevent rate increases. Many policy risk factors that result in higher prices like tickets, at-fault accidents, and bad credit can be amended by making lifestyle changes or driving safer. Continue reading for the details to help prevent expensive coverage and find discounts that you may qualify for.
Second, get rate quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can give quotes from one company like Progressive or Allstate, while independent agencies can quote prices for a wide range of companies.
Third, compare the new rates to your existing coverage and determine if there is any savings. If you find a lower rate, make sure there is no lapse in coverage.
The most important part of shopping around is that you’ll want to compare the same liability limits and deductibles on each quote and to quote with as many companies as you can. Doing this enables an apples-to-apples comparison and a complete selection of prices.
It’s easy to assume that insurance companies don’t want you to compare rates. Drivers who shop around for cheaper prices are likely to switch car insurance companies because there are good odds of finding more affordable rates. Remarkably, a study showed that people who faithfully checked for cheaper rates saved $3,500 over four years compared to drivers who didn’t regularly shop around.
If finding budget-friendly auto insurance in Albuquerque is the reason you’re reading this, understanding how to find and compare insurance premiums can save time, money, and frustration.
This article’s intent is to familiarize you with the best way to buy inexpensive auto insurance and also pocket some savings If you have auto insurance now, you will surely be able to lower your rates using the techniques covered below. But New Mexico vehicle owners must understand how insurance companies compete online because rates fluctuate considerably.
It’s important to know that comparing a large number of companies will improve the odds of getting the best offered rates.
The auto insurance companies shown below provide free rate quotes in New Mexico. In order to find the best auto insurance in Albuquerque, we suggest you visit two to three different companies in order to get a fair rate comparison.
Auto insurance is not optional but you don’t have to overpay
Even though it can be expensive, insuring your vehicle is not optional due to several reasons.
- Almost all states have minimum mandated liability insurance limits which means the state requires a specific minimum amount of liability insurance 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 bought your vehicle with a loan, most banks will require that you buy full coverage to guarantee payment of the loan. If you cancel or allow the policy to lapse, the lender will be forced to insure your GMC for a lot more money and make you pay a much higher amount than you were paying before.
- Auto insurance preserves your car and your assets. It will also provide coverage for all forms of medical expenses incurred in an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.
The benefits of carrying enough insurance more than offset the price you pay, particularly if you ever have a claim. As of last year, the average driver in New Mexico is currently overpaying as much as $855 a year so you should quote rates at least once a year to make sure the price is not too high.
Facts and figures for GMC Sierra insurance
The information displayed next covers different insurance premium costs for GMC Sierra models. Having a better understanding of how insurance premiums are determined can be of help when making informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Sierra SLE Regular Cab 2WD||$276||$516||$434||$26||$130||$1,382||$115|
|Sierra SL Extended Cab 2WD||$276||$516||$434||$26||$130||$1,382||$115|
|Sierra SLE Crew Cab 2WD||$276||$516||$434||$26||$130||$1,382||$115|
|Sierra SL Crew Cab 2WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SLE Crew Cab 2WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SLE Regular Cab 4WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SLE Extended Cab 4WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SLE Crew Cab 4WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SLT Extended Cab 2WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SL Crew Cab 4WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SLT Extended Cab 4WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SLT Crew Cab 2WD||$312||$608||$434||$26||$130||$1,510||$126|
|Sierra SLT Crew Cab 4WD||$348||$700||$434||$26||$130||$1,638||$137|
|Sierra Denali Crew Cab 2WD||$348||$700||$434||$26||$130||$1,638||$137|
|Sierra Denali Crew Cab 4WD||$348||$700||$434||$26||$130||$1,638||$137|
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Premium data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Prices do not factor in Albuquerque location which can modify coverage prices considerably.
The chart below demonstrates how deductible levels and can change GMC Sierra insurance rates for different ages of insureds. The premiums assume a married male driver, full coverage, and no discounts are factored in.
Accidents and violations increase rates
The information below demonstrates how speeding tickets and at-fault claims raise GMC Sierra insurance prices for different age groups. The data assumes a married male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are taken into consideration.
Difference between full coverage and liability only rates
The chart below illustrates the difference between GMC Sierra insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The information is based on no claims or violations, $100 deductibles, drivers are not married, and no policy discounts are applied.
When to stop buying comprehensive and collision coverage
There is no exact rule to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s assume your GMC Sierra book value is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $2,000 after you pay the deductible. If it’s costing you more than $200 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are some situations where buying only liability insurance is not in your best interest. If you haven’t satisfied your loan, you must maintain physical damage coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Insurance policy discounts for GMC Sierra insurance in Albuquerque
Insurance can be pricey, but there are discounts available that may help make it more affordable. A few discounts will automatically apply at the time of purchase, but lesser-known reductions have to be specially asked for before you will receive the discount.
- Senior Discount – Drivers that qualify as senior citizens may qualify for a small discount on rates.
- Discounts for Federal Employees – Having worked for a branch of the government could cut as much as 10% off but check with your company.
- Home Ownership Discount – Owning a home in Albuquerque can earn you a little savings because of the fact that having a home is proof of financial responsibility.
- Defensive Driving Course – Passing a course in driver safety could possibly earn you a 5% discount and make you a better driver.
- Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to fasten their seat belts can save up to 15% off PIP or medical payments premium.
- Low Miles Discount – Fewer annual miles on your GMC could earn lower rates on the low mileage vehicles.
- Lower Rates for Military – Being on active deployment in the military could qualify you for better rates.
- Anti-theft System – Cars with anti-theft systems have a lower chance of being stolen so companies will give you a small discount.
- Pay Upfront and Save – If you can afford to pay the entire bill rather than paying in monthly installments you can actually save on your bill.
- Responsible Drivers – Insureds who avoid accidents can save as much as half off their rates compared to rates paid by drivers with frequent claims.
We need to note that most credits do not apply to all coverage premiums. A few only apply to individual premiums such as comprehensive or collision. So when the math indicates you can get free auto insurance, it doesn’t quite work that way.
The chart below compares GMC Sierra insurance prices with and without discounts. The premium estimates are based on a male driver, no tickets, no at-fault accidents, New Mexico state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, multi-car, homeowner, claim-free, and marriage discounts applied.
Some companies that possibly offer most of these discounts include:
When getting a coverage quote, ask each company to give you their best rates. Depending on the company, some discounts may not apply to policies in your state. To see insurance companies that provide some of the discounts listed above in Albuquerque, click here to view.