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.

U.S. average insurance prices for a Chevrolet Silverado are $1,390 every 12 months for full coverage insurance. Comprehensive costs on average $250, collision insurance costs $450, and liability insurance costs $510. Liability-only insurance costs as little as $568 a year, and high-risk driver insurance costs around $3,010. Teen drivers pay the highest rates at up to $5,390 a year.

Average premium for full coverage: $1,390

Price estimates by individual coverage:

Prices include $500 deductible amounts, 30/60 bodily injury liability limits, and includes both medical and UM/UIM coverage. Estimates are averaged for all 50 states and for all Silverado models.

Price Range from Low to High

Geographic Price Range

Your location has a significant impact on insurance rates. Rural areas have more infrequent physical damage claims than larger metro areas. The example below illustrates the difference location can make on car insurance rates.

The ranges above illustrate why everyone should compare rates based on a specific location and their own driving history, rather than relying on price averages.

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

Rate Comparisons

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 illustrates average Chevrolet Silverado insurance rates for different risk profiles and scenarios.

• The lowest rate with discounts is $811
• Drivers who choose higher $1,000 deductibles will pay around $160 each year
• The average price for the average middle-age driver with $500 deductibles is $1,390
• Choosing pricier low deductibles for comprehensive and collision insurance increases the price to $1,698
• High risk drivers with multiple violations and an at-fault accident could pay upwards of $3,010
• The price to insure a teen driver for full coverage may cost $5,390 a year

View Chart as Image

Car insurance prices for a Chevrolet Silverado are also quite variable based on deductibles and policy limits, your risk profile, and the trim level of your Silverado.

Choosing high deductibles could save up to $470 each year, whereas buying more liability protection will cost you more. Switching from a 50/100 liability limit to a 250/500 limit will increase prices by as much as $407 extra every 12 months. View Rates by Deductible or Liability Limit

A more mature driver with no driving violations and higher deductibles could pay as little as $1,300 per year on average for full coverage. Prices are highest for teenage drivers, since even excellent drivers will be charged upwards of $5,300 a year. View Rates by Age

If you have some driving violations or you were responsible for an accident, you are probably paying at a minimum $1,700 to $2,300 extra each year, depending on your age. Chevrolet Silverado insurance for high-risk drivers can cost anywhere from 43% to 136% more than average. View High Risk Driver Rates

The state you live in makes a big difference in Chevrolet Silverado insurance rates. A 40-year-old driver could pay as low as $910 a year in states like Vermont, Wisconsin, and North Carolina, or as much as $1,870 on average in Michigan, New York, and Florida.

View Chart as Image

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 Shop for the Right Chevrolet Silverado Insurance

Getting lower rates on Chevrolet Silverado insurance not only requires having a good driving record, but also maintaining a good credit score, not filing small claims, and possibly raising deductibles. Make time to compare rates at every other renewal by requesting quotes from direct insurance companies like Progressive, GEICO, and Esurance, and also from several local insurance agents.

The next list is a quick rundown of the concepts that were touched on in this article.

• High-risk drivers with reckless driving or DUI convictions pay on average $1,620 more each year to buy Chevrolet Silverado insurance
• Drivers age 20 and younger are expensive to insure, as much as $449 a month if the policy includes full coverage
• It is possible to save as much as $160 per year just by quoting online well ahead of the renewal date
• Increasing physical damage deductibles could save as much as $475 each year
• It is possible to save as much as $160 per year just 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