Cheap Albuquerque Chevy Silverado 3500HD Insurance

Trying to find more affordable Chevy Silverado 3500HD insurance in Albuquerque? If you are new to online insurance, there’s a good chance you are overwhelmed by the diversity insurance agents and companies all claiming to have the lowest rates for Chevy Silverado 3500HD insurance in Albuquerque.

It’s hard to fathom, but most insurance policyholders have been with the same company for at least four years, and 38% of customers have never compared rates from other carriers. Many drivers in New Mexico could pocket approximately 40% a year just by comparing rates, but they mistakenly think it’s difficult to shop their coverage around.

You should make it a habit to do price comparisons before your next renewal because insurance prices change frequently. Even if you think you had the best deal on Chevy Silverado 3500HD insurance in Albuquerque last year a different company probably has better rates today. Block out anything you think you know about insurance because I’m going to teach you the tricks you need to know to lower your annual insurance bill.

Auto insurance data for a Chevy Silverado 3500HD

The price information shown below showcases different insurance policy prices for Chevy Silverado 3500HD models. Having insight into how auto insurance policy rates are formulated can help drivers make decisions on the best policy coverages.

Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Premium amounts do not factor in your specific Albuquerque location which can increase or decrease price quotes significantly.

Auto insurance deductibles

One frequently asked question is how high or low should comp and collision deductibles be. The data tables below sum up the premium difference when you select higher and lower insurance deductibles. The first pricing table uses a $250 deductible for comprehensive and collision coverage and the second data table uses a $1,000 deductible.

Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Premium costs do not factor in specific location information which can change coverage prices greatly.

Based on the data above, we can derive that using a $250 deductible would cost the average driver about $30 more each month or $360 a year than selecting the higher $1,000 deductible. Because you would be required to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to average more than 25 months between claims, you would most likely save money if you choose the higher deductible. The table below shows the way this decision is made.

An important thing to remember is that raising deductibles to get cheaper rates results in having to pay to pay more out-of-pocket when you have a physical damage claim. That will force you to have enough disposable savings in order to pay more for the deductible.

How accidents and violations affect rates

The example below demonstrates how speeding tickets and accidents can drive up Chevy Silverado 3500HD insurance premiums for different age groups. The price estimates are based on a married female driver, full coverage, $100 deductibles, and no discounts are applied.

Rate difference between full and liability-only coverage

The diagram below compares Chevy Silverado 3500HD insurance rates with and without full coverage. The rates are based on no tickets, no at-fault accidents, $250 deductibles, single status, and no additional discounts are factored in.

When to switch to liability coverage only

There is no definitive guideline to exclude full coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than about 10% of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let’s say your Chevy Silverado 3500HD replacement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $3,000 after you pay the deductible. If you are currently paying more than $300 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.

There are some scenarios where buying only liability insurance is not a good plan. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.

Auto insurance 101

Learning about specific coverages of your car insurance policy helps when choosing the right coverages for your vehicles. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording. Shown next are typical coverage types available from car insurance companies.

Coverage for medical expenses – Medical payments and Personal Injury Protection insurance reimburse you for immediate expenses such as surgery, dental work, hospital visits and ambulance fees. They are used to cover expenses not covered by your health insurance policy or if you do not have health coverage. It covers all vehicle occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Auto liability – This can cover damages or injuries you inflict on other’s property or people in an accident. Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 25/50/10 that translate to a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $10,000 paid for damaged property. Occasionally you may see one number which is a combined single limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability coverage pays for claims such as repair bills for other people’s vehicles, loss of income, legal defense fees and funeral expenses. The amount of liability coverage you purchase is up to you, but consider buying higher limits if possible. New Mexico state law requires minimum liability limits of 25/50/10 but it’s recommended drivers buy more liability than the minimum.

The chart below demonstrates why the minimum limit may not be adequate.

Collision – This pays for damage to your Silverado 3500HD resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for claims like colliding with a tree, hitting a mailbox, hitting a parking meter, damaging your car on a curb and rolling your car. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from lower value vehicles. It’s also possible to bump up the deductible on your Silverado 3500HD to bring the cost down.

Comprehensive car insurance – Comprehensive insurance pays for damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims like damage from flooding, a broken windshield, damage from getting keyed, falling objects and hitting a bird. The highest amount a car insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Coverage for uninsured or underinsured drivers – Uninsured or Underinsured Motorist coverage gives you protection from other motorists when they either have no liability insurance or not enough. Covered claims include hospital bills for your injuries and also any damage incurred to your Chevy Silverado 3500HD.

Since a lot of drivers only carry the minimum required liability limits (25/50/10), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important. Usually these coverages are similar to your liability insurance amounts.

What is YOUR best insurance company?

The cheapest Chevy Silverado 3500HD insurance in Albuquerque can be bought both online and also from your neighborhood Albuquerque agents, so you should compare both so you have a total pricing picture. Some car insurance companies do not offer the ability to get quotes online and most of the time these smaller providers sell through independent agencies.

Throughout this article, we presented some good ideas how you can shop for Chevy Silverado 3500HD insurance online. The key concept to understand is the more you quote Albuquerque auto insurance, the higher the chance of saving money. You may even find the lowest premium rates come from a lesser-known regional company. They may often insure only within specific states and give better rates than the large multi-state companies such as State Farm or Progressive.

When trying to cut insurance costs, do not reduce coverage to reduce premium. There are too many instances where someone sacrificed liability limits or collision coverage to discover at claim time that saving that couple of dollars actually costed them tens of thousands. The goal is to find the BEST coverage at the best price but still have enough coverage for asset protection.

How to find cheaper Chevy Silverado 3500HD insurance in Albuquerque

To save the most money, the best way to get discount auto insurance rates in Albuquerque is to start doing an annual price comparison from insurance carriers who provide auto insurance in New Mexico.

• Step 1: Spend some time learning about how companies set rates and the things you can change to prevent rate increases. Many things that cause rate increases such as accidents, careless driving, and a lousy credit rating can be remedied by making minor driving habit or lifestyle changes.
• Step 2: Compare prices from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only give rate quotes from one company like GEICO or Allstate, while agents who are independent can provide price quotes for a wide range of companies. Start a quote
• Step 3: Compare the new rates to your existing rates and determine if cheaper Silverado 3500HD coverage is available. If you find a better price and buy the policy, ensure there is no coverage lapse between policies.

A good tip to remember is to try to use identical coverages on every quote and and to get quotes from as many different companies as possible. Doing this enables the most accurate price comparison and a better comparison of the market.

For more information, take a look at these articles:

• Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)
• Who Has the Cheapest Albuquerque Auto Insurance for a Ford F-150? (FAQ)
• How Much are Auto Insurance Rates for a Nissan Rogue in Albuquerque? (FAQ)
• Red Light Cameras (State Farm)
• How to Avoid Common Accidents (State Farm)