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.

The average insurance rates for a Chevrolet Silverado are $1,442 a year with full coverage. Comprehensive costs approximately $274 each year, collision costs $502, and liability insurance costs around $486. Liability-only coverage costs as low as $548 a year, with high-risk coverage costing around $3,122. Teens cost the most to insure at $5,516 a year or more.

Average premium for full coverage: $1,442

Policy rates by type of insurance:

These estimates include $500 comprehensive and collision deductibles, split liability limits of 30/60, and includes uninsured motorist and medical coverage. Prices are averaged for all U.S. states and Silverado models.

Price Range Variability

Urban vs. Rural Price Range

Where you live has a significant impact on the price of insurance. Rural locations are shown to have lower incidents of collision claims than cities with more traffic congestion.

The graphic below illustrates how where you live affects auto insurance prices.

The examples above demonstrate why all drivers should compare prices using their specific location, rather than relying on averaged prices.

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 details estimated Chevrolet Silverado insurance rates for additional coverage and risk scenarios.

• The cheapest rate after discounts is $837
• Using higher $1,000 deductibles will save $176 annually
• The estimated price for a good driver age 40 who chooses $500 deductibles is $1,442
• Selecting low deductibles for physical damage coverage bumps up the cost to $1,784
• Drivers with serious driving violations could pay around $3,122 or more
• Policy cost that insures a teen driver can cost $5,516 or more

View Chart as Image

Insurance rates for a Chevrolet Silverado also range considerably based on the trim level and model year, your age and driving habits, and physical damage deductibles and liability limits.

If you have a few points on your driving record or you caused an accident, you may be forking out anywhere from $1,700 to $2,400 additional every year, depending on your age. Insurance for high-risk drivers can be anywhere from 44% to 131% more than the average policy. View High Risk Driver Rates

More mature drivers with no violations or accidents and higher comprehensive and collision deductibles could pay as little as $1,300 a year, or $108 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records should be prepared to pay in the ballpark of $5,500 a year. View Rates by Age

Your home state has a huge impact on Chevrolet Silverado insurance rates. A driver around age 40 might see rates as low as $1,040 a year in states like Utah, Ohio, and New Hampshire, or have to pay at least $1,940 on average in New York, Michigan, and Florida.

View Chart as Image

Choosing higher comprehensive and collision insurance deductibles could cut rates by as much as $520 each year, whereas increasing liability limits will push rates upward. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $387 more each year. View Rates by Deductible or Liability Limit

Because rates have so much variability, the best way to find out who has the cheapest auto insurance rates is to do a rate comparison from as many companies as possible. Each insurance company calculates rates differently, and rates will be varied.

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 Find Cheap Chevrolet Silverado Insurance

Finding cheaper rates on Chevrolet Silverado insurance requires avoiding accidents and violations, having a good credit score, not filing small claims, and qualifying for all possible discounts. Compare rates at least once a year by obtaining price quotes from direct companies, and also from local insurance agencies.

The list below is a brief summary of the primary concepts that were touched on in the above illustrations.

• You may be able to save around $170 per year simply by quoting online in advance
• High-risk drivers that tend to have accidents or serious violations may have to pay on average $1,680 more per year for car insurance
• Increasing comprehensive and collision deductibles can save approximately $525 each year
• Teenagers are the costliest to insure, as much as $460 each month if comprehensive and collision insurance is included

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