Who Has the Cheapest Insurance for a Chevrolet Silverado in New Mexico?

Since we’re writing about car insurance, the word “cheap” should not appear anywhere in the article to describe car insurance prices. Forgive the oxymoron, but cheap auto insurance for a Chevy Silverado can be hard, if not impossible, to find. But fear not, because we are going to show you how you can still get coverage that is affordable.

The chances that you’ll find cheap coverage for a Chevy Silverado in New Mexico is dependent upon many different factors like how far you drive to work, if you have a coverage lapse, and if your driving record is clean. Drivers in New Mexico pay on average $850 a year to buy Chevrolet Silverado insurance, but that rate is an estimation based on rate data for a 40-year-old married male that included comprehensive and collision coverage and $1,000 physical damage deductibles.

The issue that arises when projecting rates is that it’s very likely that you are not exactly 40 years old and possibly not even male, you might be single instead of married, and there is a good chance that there are other drivers on your policy. Even a very minor difference in rating factors can result in a massive change in quoted rates.

Different coverage needs are the reason why the only way to find cheap auto insurance rates for your Chevrolet is to start the habit of comparing rates at least once a year. It’s really quite easy you will be able to compare rates from the best companies that offer coverage in New Mexico.

Cheapest Chevrolet Silverado Insurance Rates

Your vehicle’s trim level tends to have a direct effect on the annual cost of coverage, so the price to insure a Silverado LS Regular Cab 2WD will be $126 cheaper than the cost to insure the higher-end Silverado Crew Cab Hybrid 4WD trim level, as shown in the table below.

Data rating is based on married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, multi-vehicle, and safe-driver. Rate information does not factor in specific zip code location which can raise or lower coverage rates considerably.

Insuring your vehicle with the right car insurance company can be challenging considering how many different insurance companies sell coverage in New Mexico. The company rank data shown below may help you select which providers to look at comparing rates from.

The rankings below only include companies that insure vehicles nationwide, so companies without a large exposure will not be included in this list. To view rates from these and other top-rated companies, simply click here.

Top 10 Large Auto Insurers Overall in New Mexico

1. USAA
2. American Family
3. State Farm
4. The Hartford
5. AAA Insurance
6. GEICO
7. The General
8. Titan Insurance
9. Progressive
10. Allstate

Top 10 Large Auto Insurers in New Mexico Ranked by Claims Service

1. State Farm
2. Esurance
3. AAA Insurance
4. Progressive
5. GEICO
6. Liberty Mutual
7. Allstate
8. Titan Insurance
9. The Hartford
10. The General

Top Companies for Chevrolet Silverado Insurance in New Mexico

Drive responsibly or pay higher rates

A great way to snag good insurance rates for a Silverado pickup is to pay attention while driving and not receive tickets or have accidents. The example below shows how traffic citations and at-fault accidents can impact auto insurance rates for different insured age categories. The prices are based on a single male driver, full coverage, $500 deductibles, and no discounts are factored in.

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In the chart above, the average cost of auto insurance in New Mexico per year with no accidents and a clean driving record is $2,054. Receive two speeding tickets and the average cost surges to $2,724, an increase of $669 each year. Now get one accident along with the two speeding tickets and the 12-month cost of insurance for a Chevy Silverado goes up to an average of $3,409. That’s an increase of $1,355, or $113 per month, just for being a little careless behind the wheel!

Does Allstate, State Farm, Geico, or Progressive have the cheapest car insurance?

When comparing insurance for a Silverado pickup in New Mexico, the first places to look would be Allstate, State Farm, Geico, and Progressive. They all offer slightly different coverage options that may affect your buying decision. The table below compares price and claims rank as well as some different options you can buy with each company.

Best cheap Chevrolet Silverado insurance quotes

Thanks to technology, drivers have a lot of ways to find affordable insurance in New Mexico, but the most common are either through a non-exclusive or independent agent, an exlusive agent like State Farm or Auto-Owners, or direct online or over the phone from a company like Progressive or Geico.

You can use whichever you prefer, but buyers should know the differences in how they provide rate quotes.

Independent agents write for multiple companies and can get policy pricing from every one. These types of agencies are not limited to a single company and can provide you with more rate quotes, which can help you get the best idea of how your rates compare. If prices rise, an independent agent can move your coverage and you stay with the same agent.

Exclusive agents are only able to quote rates from just one company, two examples being Allstate or State Farm agents. They usually cannot provide multiple price quotes, so smart shoppers will want to get additional comparison quotes.

The last way is buying direct, which means you forego an agent and instead buy from a direct company like Geico. This option may be a decent choice families who have limited assets and understand the exclusions of a policy.

Which method works best to buy the cheapest insurance for a Chevy Silverado in New Mexico? One answer would be buying direct yields the cheapest rates since no commissions are paid to an agent, but unfortunately, it’s not that simple. A valid argument could also be made that buying insurance from an independent agent is the best way to save because you have more choices, but that assumption is also not necessarily accurate. And occasionally, exclusive agents have coverage prices that cannot be beaten by either independent or direct companies.

Due to the fact that insurance rates vary so much, really the only way to get the cheapest rates is to compare rate quotes from as many companies as possible. Experts recommend getting prices from all three types in order to be able to find the lowest price. We compiled a list of companies with some of the cheapest online rates that you can click here to view.