Chevrolet Silverado Insurance Rates

Chevrolet Silverado car insurance rates amount to $1,484 a year, or around $124 a month on average. With a little research, it’s easy to find cheap auto insurance for the Chevy Silverado with numerous Chevrolet Silverado money-saving safety features.

There are a number of factors that ultimately determine Chevy Silverado insurance rates, such as the model year of your pickup. For example, the insurance cost for a 2017 Silverado or 1998 Chevrolet 1500 insurance cost will be more affordable than the newest available model. 

Use this Chevrolet Silverado insurance overview to serve as your main point of reference as you explore car insurance options. Always compare quotes from multiple insurance companies before you buy Chevrolet Silverado auto insurance.

Want to know if you can qualify for affordable Chevrolet Silverado car insurance rates? Once you’re ready, enter your five-digit ZIP code to start comparing Chevrolet Silverado quotes from multiple companies near you.

Estimated auto insurance rates for a Chevrolet Silverado are $1,424 annually for full coverage. Comprehensive insurance costs on average $260, collision costs $484, and liability is estimated at $500. Liability-only insurance costs approximately $560 a year, with high-risk driver insurance costing $3,088 or more. 16-year-old drivers pay the most at $5,494 a year or more.

Average premium for full coverage: $1,424

Premium estimates by type of coverage:

Includes $500 physical damage insurance deductibles, 30/60 bodily injury liability limits, and includes uninsured motorist and medical coverage. Rates include averaging for all states and for all Silverado models.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Living in a larger city can have significant affects on car insurance rates. Rural areas are statistically proven to have fewer accident claims than congested cities.

The example below illustrates how location helps determine car insurance rates.

These rate differences show why everyone should get quotes based on a specific location and their own personal driving habits, instead of using rate averages.

Use the form below to get customized rates for your location.

Additional Rate Information

There are a ton of questions to consider when shopping for a new vehicle. If you’re looking to switch from a car to your first truck, be prepared for even more change. How much does it cost to insure a new truck? How much should my truck insurance be? There are a handful of factors that matter here.

Even for a specific brand, there can be a ton of variation. How much does it cost to insure my Chevrolet Silverado? This will depend on the driver, the model and year of the truck, and even your state. You can expect to spend nearly three times as much in a big city than in a suburban area.

How much is insurance on a 2020 Silverado? You’ll see below that you’d only need to pay a few more dollars per month on a new Silverado compared to a 2015 model. Let’s look at how the Chevy Silverado insurance rates can change.

 

The chart below shows estimated Chevrolet Silverado insurance rates for different risk profiles and scenarios.

• The best full coverage rate is $827
• Choosing higher $1,000 deductibles can save around $168 a year
• The estimated rate for a 40-year-old good driver with $500 deductibles is $1,424
• Buying pricier low deductibles for comp and collision coverage costs an additional $328 every year
• Unlucky drivers with multiple tickets or accidents could pay upwards of $3,088 or more
• An auto insurance policy with full coverage for a teen driver for full coverage may cost $5,494 each year

View Chart as Image

Insurance prices for a Chevrolet Silverado also have a wide range based on the model of your Silverado, your driver profile, and policy deductibles and limits.

A more mature driver with no violations or accidents and high physical damage deductibles may pay as little as $1,300 annually on average, or $108 per month, for full coverage. Prices are highest for drivers in their teens, where even without any violations or accidents they should be prepared to pay upwards of $5,400 a year. View Rates by Age

If you have a few violations or you caused a few accidents, you could be paying at a minimum $1,700 to $2,400 additional annually, depending on your age. Chevrolet Silverado insurance for high-risk drivers ranges as much as 44% to 133% more than the average rate. View High Risk Driver Rates

Opting for high physical damage deductibles can save as much as $500 every year, whereas buying more liability protection will cost you more. Going from a 50/100 bodily injury limit to a 250/500 limit will cost up to $398 more each year. View Rates by Deductible or Liability Limit

Where you choose to live plays a big part in determining prices for Chevrolet Silverado insurance prices. A good driver about age 40 could pay as low as $940 a year in states like Idaho, Maine, and Iowa, or at least $2,030 on average in Michigan, Louisiana, and New York.

View Chart as Image

With such a large range in prices, the only way to know exactly what you will pay is to regularly compare prices and see which company has the best price. Each auto insurer utilizes a different rate formula, and prices will be substantially different between companies.

Insurance Rates by Trim Level and Model Year

Rates assume 2020 model year, a 40-year-old male driver with no accidents or violations, $500 comprehensive and collision deductibles, minimum liability limits, and uninsured/under-insured motorist coverage included. Rates are for comparison only and are averaged for all 50 U.S. states.

How to Buy the Cheapest Chevrolet Silverado Insurance

Finding better rates on car insurance takes being a low-risk driver, having good credit, not filing small claims, and insuring your home and auto with the same company. Invest time comparing rates at every other renewal by getting quotes from direct carriers, and also from local insurance agents.

The items below are a recap of the concepts that were covered in the charts and tables above.

• Higher risk drivers that have major violations or accidents may be required to pay an average of $1,660 more each year to insure their Silverado
• Teen drivers pay higher prices, as much as $458 per month if they have full coverage
• Drivers can save as much as $170 per year simply by quoting online well ahead of the renewal date
• Increasing policy deductibles could save up to $500 each year
• Drivers can save as much as $170 per year simply by quoting online well ahead of the renewal date

As you can see from the information we’ve gone over to this point, it’s clear that there are differences in costs when it comes to a Chevy Silverado insurance policy. Are pickup trucks more expensive to insure? How much is truck insurance monthly?

Chevy truck quotes will vary just like other cars. For example, 2019 Chevy Silverado insurance costs are higher than 2017 Silverado pickup truck insurance costs.

The best way to find cheap Chevrolet Silverado car insurance quotes is by learning more about the Chevrolet Silverado and comparing rates from multiple insurers.

Don’t forget, there are other truck options to think about too. How does the Chevrolet Silverado compare to other car models? Read on to learn more.

What are the Chevrolet Silverado safety ratings?

How can I save money on Chevrolet Silverado 1500 insurance? It’s important to consider the Chevy Silverado safety ratings to get a proper understanding of where you might qualify for policy discounts. Safer vehicles qualify for cheaper car insurance rates. 

Take a look at the safety ratings of the Chevrolet Silverado below so you can see where you might be eligible for policy discounts.

• Small overlap front (driver-side): Good
• Small overlap front (passenger-side): Marginal
• Moderate overlap front: Good
• Side: Good
• Roof strength: Good
• Head restraints and seats: Good

For a frame of reference, the Insurance Institute for Highway Safety classifies “Good” as the highest rating possible. The Chevy Silverado achieved that mark in every part of the car that was tested with the exception of the small overlap on the passenger’s side of the vehicle.

Chevrolet Silverado Crash Test Ratings

Take a look at the Chevrolet Silverado crash test ratings below.

Chevrolet Silverado Crash Test Ratings 

Better crash test ratings mean cheaper insurance rates. If you’re wondering what truck has the cheapest insurance, it’s usually the one with the best safety ratings.

Chevrolet Silverado Insurance Loss Probability

A good insurance loss probability is a low one. A high insurance loss probability means insurers will charge higher rates.

Chevrolet Silverado Insurance Loss Probability

Most of these insurance loss probabilities are in the negative, which is great. How do safety ratings for the Chevrolet Silverado 1500 compare to similar cars?

When you’re reviewing Chevrolet Silverado 1500 car insurance information, you’ll notice that most of their safety ratings and features are desirable for consumers and insurers.

Chevrolet Silverado Compared Against Other Vehicles in the Same Class

Officially, the Chevrolet Silverado is classified as a large pickup by the Insurance Institute for Highway Safety. Other similar models include the following:

• Ford F-150
• GMC Sierra
• Nissan Titan

When providing you with a quote, insurance companies will consider the loss percentages of the Chevrolet Silverado as it compares to other similar models in this class. 

The good news is that the Chevy Silverado reflects a property damage liability loss percentage of 13 percent and a bodily injury liability loss percentage of 4 percent. Both of these figures are considered standard for this vehicle class.

Now that we have gone into great detail about how Chevy Silverado insurance rates are calculated, is there anything we might have missed? Are you ready to find a Chevrolet car insurance company near you?

Start comparing Chevrolet Silverado quotes from multiple companies through the use of our free online tool.

References: 

1. https://www.iihs.org/ratings/vehicle/Chevrolet/silverado-1500-crew-cab-pickup/2020
2. https://www.nhtsa.gov/ratings