If saving money is your primary concern, then the best way to get the cheapest Chevy Colorado insurance in Albuquerque is to compare prices regularly from insurers who sell auto insurance in New Mexico.
First, try to learn about how insurance companies determine prices and the steps you can take to keep rates in check. Many rating criteria that cause rate increases like inattentive driving and a not-so-good credit score can be improved by making minor changes in your lifestyle. Later in this article we will cover ideas to get better rates and find possible discounts that are available.
Second, get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only provide price estimates from one company like Progressive or Farmers Insurance, while independent agents can quote rates from multiple companies.
Third, compare the new rate quotes to your current policy and see if there is a cheaper rate in Albuquerque. If you can save money and switch companies, make sure there is no coverage gap between policies.
Fourth, tell your current agent or company of your intent to cancel your existing policy and submit the required down payment along with the signed application for the new policy. As soon as coverage is bound, put the new certificate verifying coverage in your vehicle.
A good piece of advice is to compare the same level of coverage on every quote request and and to get quotes from as many auto insurance providers as possible. This helps ensure a level playing field and a thorough price selection.
It’s easy to assume that insurance companies don’t want their policyholders to compare prices. Drivers who shop around for cheaper rates are inclined to switch companies because the odds are good of finding lower prices. A recent auto insurance study revealed that drivers who compared rate quotes regularly saved an average of $3,500 over four years compared to policyholders who never compared rates.
If finding the cheapest price on Chevy Colorado insurance in Albuquerque is your ultimate goal, then having some knowledge of how to find companies and compare insurance rates can make it easier for you to save money.
All major auto insurance companies allow consumers to get coverage price quotes online. Getting online rates for Chevy Colorado insurance in Albuquerque doesn’t take a lot of time as you simply type in the amount of coverage you want into the quote form. Once entered, their quoting system will order your driving and credit reports and quotes a price based on these and other factors.
Quoting online for Chevy Colorado insurance in Albuquerque makes it easy to compare insurance prices and it’s also necessary to get many rate quotes if you want to find the lowest possible payments on auto insurance.
To quickly get comparison pricing now, compare rates now from the companies shown below. If you have your current policy handy, we recommend you enter the coverage information as close as possible to your current policy. Doing this guarantees you are getting a rate comparison based on the exact same insurance coverage.
The companies in the list below have been selected to offer comparison quotes in Albuquerque, NM. If your goal is to find cheap auto insurance in Albuquerque, NM, it’s highly recommended you click on several of them to get a more complete price comparison.
Get cheap rates by taking advantage of these eight discounts
Companies don’t necessarily list every discount available in a way that’s easy to find, so the list below contains a few of the more well known and also the more inconspicuous auto insurance savings.
- Braking Control Discount – Cars equipped with ABS or steering control are much safer to drive and earn discounts up to 10%.
- Cautious Drivers – Safe drivers may save up to 50% more than less cautious drivers.
- Seat Belts Save more than Lives – Drivers who require all vehicle occupants to fasten their seat belts may be able to save a few bucks on medical payment and PIP coverage.
- Distant College Student Discount – Children who live away from home to go to college and don’t have a car may be insured at a cheaper rate.
- Life Insurance – Select companies reward you with better premium rates if you take out a life insurance policy as well.
- Discount for Good Grades – Excelling in school could provide a savings of up to 20% or more. This discount can apply up until you turn 25.
- Theft Prevention System – Cars optioned with advanced anti-theft systems prevent vehicle theft so companies will give you a small discount.
- 55 and Retired – Mature drivers can possibly qualify for reduced rates.
A little note about advertised discounts, most of the big mark downs will not be given to your bottom line cost. The majority will only reduce specific coverage prices like medical payments or collision. Even though it may seem like all the discounts add up to a free policy, insurance companies wouldn’t stay in business.
The illustration below compares Chevy Colorado premium costs with and without some available policy discounts. Data assumes a male driver, no claims, a clean driving record, 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-car, multi-policy, marriage, claim-free, and homeowner discounts applied.
To see a list of insurers that can offer you the previously mentioned discounts in New Mexico, click here.
Chevy Colorado insurance statistics and information
The information shown below highlights a range of insurance prices for Chevy Colorado models. Understanding more about how policy premiums are established can aid in making smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Colorado LT 2WD | $180 | $338 | $328 | $20 | $98 | $964 | $80 |
| Colorado LT Extended Cab 2WD | $210 | $412 | $328 | $20 | $98 | $1,068 | $89 |
| Colorado LT 4WD | $210 | $338 | $280 | $16 | $84 | $928 | $77 |
| Colorado LT Crew Cab 2WD | $210 | $412 | $328 | $20 | $98 | $1,068 | $89 |
| Colorado LT Extended Cab 4WD | $210 | $338 | $280 | $16 | $84 | $928 | $77 |
| Colorado LT Crew Cab 4WD | $242 | $412 | $280 | $16 | $84 | $1,034 | $86 |
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Table data represents married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Information does not factor in specific Albuquerque garaging location which can increase or decrease premiums greatly.
Safe drivers pay less for auto insurance
The illustration below illustrates how speeding tickets and accidents impact Chevy Colorado insurance prices for each age group. The costs are based on a single male driver, full coverage, $500 deductibles, and no discounts are factored in.
Comparison of full coverage and liability-only policies
The example below illustrates the difference between Chevy Colorado auto insurance costs with full physical damage coverage compared to only buying liability only. The data is based on no violations or claims, $250 deductibles, single marital status, and no discounts are factored in.
When to stop buying physical damage coverage
There is no definitive formula to delete physical damage coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than 10% of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let’s pretend your Chevy Colorado settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $2,000 after paying the physical damage deductible. If you are paying in excess of $200 annually for physical damage coverage, then you might consider buying liability only.
There are some circumstances where dropping full coverage is not a good plan. If you still owe a portion of the original loan, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage.