Buying the best cheap coverage for a Chevy Silverado in New Mexico can be pretty simple, but it relies on a pretty complex algorithm that uses a lot of factors such as your financial responsibility, where your vehicle is garaged, and any prior driving offenses you have. Drivers pay approximately $1,549 a year to insure their Silverado, but that cost is a projection calculated using a 30-year-old single female driver with both comprehensive and collision coverage and $100 deductibles.
When estimating a car insurance rate like we just did, the issue is that you aren’t exactly 30 years old or even a female, possibly married instead of single, or maybe you live in a different area as the quoted rates. Having the smallest difference in rating variables or coverage information could end up with a large change in the price of coverage.
Auto insurance is not the same for everyone, so the best method for finding cheap auto insurance rates for your Chevrolet is to do your own rate comparisons.
View Chevrolet Silverado Insurance Rates
Vehicle trim level will influence the cost of insurance, so the price you will be charged to insure a Silverado LS Regular Cab 2WD trim level will be $368 less expensive the price to insure the higher-priced Silverado Crew Cab Hybrid 4WD trim level, as demonstrated by the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Silverado LS Regular Cab 2WD | $268 | $506 | $492 | $30 | $148 | $1,444 | $120 |
| Silverado LS Regular Cab 4WD | $268 | $506 | $434 | $26 | $130 | $1,364 | $114 |
| Silverado LT Regular Cab 2WD | $308 | $616 | $492 | $30 | $148 | $1,594 | $133 |
| Silverado LT Regular Cab | $308 | $616 | $492 | $30 | $148 | $1,594 | $133 |
| Silverado LS Extended Cab 4WD | $308 | $616 | $434 | $26 | $130 | $1,514 | $126 |
| Silverado LT Extended Cab 4WD | $308 | $616 | $434 | $26 | $130 | $1,514 | $126 |
| Silverado LT Extended Cab 2WD | $308 | $616 | $492 | $30 | $148 | $1,594 | $133 |
| Silverado LS Extended Cab 2WD | $308 | $616 | $492 | $30 | $148 | $1,594 | $133 |
| Silverado LT Crew Cab 4WD | $348 | $726 | $434 | $26 | $130 | $1,664 | $139 |
| Silverado LS Crew Cab 2WD | $348 | $726 | $492 | $30 | $148 | $1,744 | $145 |
| Silverado LS Crew Cab 4WD | $348 | $726 | $434 | $26 | $130 | $1,664 | $139 |
| Silverado LT Crew Cab 2WD | $348 | $726 | $492 | $30 | $148 | $1,744 | $145 |
| Silverado LTZ Extended Cab 2WD | $348 | $726 | $492 | $30 | $148 | $1,744 | $145 |
| Silverado LTZ Extended Cab 4WD | $348 | $726 | $434 | $26 | $130 | $1,664 | $139 |
| Silverado LTZ Crew Cab 2WD | $348 | $726 | $492 | $30 | $148 | $1,744 | $145 |
| Silverado LTZ Crew Cab 4WD | $348 | $726 | $434 | $26 | $130 | $1,664 | $139 |
| Silverado Crew Cab Hybrid 2WD | $348 | $836 | $434 | $26 | $130 | $1,774 | $148 |
| Silverado Crew Cab Hybrid 4WD | $386 | $836 | $434 | $26 | $130 | $1,812 | $151 |
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Table data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Rate quotes do not factor in specific location information which can change prices considerably.
Best auto insurance company in New Mexico
Insuring your vehicle with the top insurance provider is difficult considering how many choices you have in Albuquerque. The information below could help you decide which providers to look at comparing rates from. The rankings below are only made up of the largest companies in America, so companies that may only write in New Mexico are not taken into consideration for these rankings.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
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Data Source: Insure.com Best Car Insurance Companies
Full coverage versus liability only rates
Finding the cheapest auto insurance is important to the majority of people, and one great way to buy cheap insurance for a Chevy Silverado is to only buy liability coverage. The information below illustrates the comparison of annual premium costs with full physical damage coverage compared to only buying liability only. Data assumes no claims or driving violations, $250 deductibles, marital status is single, and no policy discounts are applied.
On average, full coverage costs an additional $2,363 per year more than buying just liability insurance. That proposes the question if buying full coverage is a good investment. There is no specific rule of when to stop paying for comp and collision coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
Impact of careless driving on auto insurance rates
A great way to score cheap auto insurance premiums in New Mexico for a Silverado pickup is to be a good driver and maintain a clean driving record. The chart below shows how speeding tickets and at-fault fender-benders can raise insurance rates for different age groups. The data assumes a married male driver, full physical damage coverage, $250 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of car insurance in Albuquerque per year with a clean driving record and no accidents is $1,714. Factor in two speeding tickets and the average cost hikes up to $2,367, an increase of $653 each year. Next add two accidents along with the two speeding tickets and the annual cost of auto insurance for a Chevy Silverado jumps again to an average of $4,767. That’s an increase of $3,053, or $254 per month, just for not being more responsible behind the wheel!
Low rates today, overpriced tomorrow
Albuquerque, NM auto insurance rates are determined by lots of factors which can substantially decrease or increase the cost of coverage. Improving your credit rating, having a teen driver, or getting into an accident may generate price changes that can make some companies more affordable than others.
Also, car insurance companies change prices every year or even multiple times each year in order to offset underwriting gains or losses. Higher than normal claims may result in more expensive prices, while profitable underwriting can cause lower-cost Silverado insurance rates.
For example, the chart below demonstrates which company has the cheapest car insurance in Albuquerque, NM for a 30-year-old female driver with no prior claims, no tickets, and solid credit. When quoting prices based on her current situation, USAA quotes the cheapest car insurance rates in Albuquerque at $912 per year. This is $656 less than the average premium paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also included in the top five cheapest Albuquerque, NM auto insurance companies.
Now let’s give the driver in the first example a chargeable claim, a lower credit score, and a few traffic violations. Because each insurer has a unique formula to establish rates, comparing rates could now result in a new list of the cheapest Albuquerque car insurance companies as shown below.
USAA now has the cheapest auto insurance in Albuquerque with Allied, Central Mutual, The Hartford, and Safeco now rounding out the top five. This example illustrates why it is critical to perform an extensive rate comparison when trying to find the most economical insurance quotes for a Chevy Silverado.
Insurance prices are determined by many things and can increase or decrease at any time, so the most economical company six months ago may now not even be in the top five.
How to find cheaper car insurance for a Chevy Silverado
It is possible to find better rates, and here are a few thrifty solutions that can help Albuquerque drivers quote cheaper coverage.
- Avoid having at-fault accidents
- Assess whether full coverage is needed
- Buy vehicles with five-star safety ratings
- Bundle home and auto and save
- Pay lower rates with good credit
- Shop around once a year for cheaper rates
The last idea is certainly critical, as we emphasized in the article above. Rates in Albuquerque change constantly, so drivers shouldn’t hesitate to buy from a new company if you can find a cheaper rate. Being loyal to a particular company is commendable, but we do not recommend it if that faithfulness ends up costing you a considerable chunk of change every month. Now is a great time to compare rates to find cheaper insurance for a Chevy Silverado.