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 rates for a Chevrolet Silverado are $1,442 a year for full coverage insurance. Comprehensive costs approximately $274 a year, collision insurance costs $502, and liability insurance is $486. Buying just liability costs around $548 a year, and insurance for high-risk drivers costs around $3,122. Teenage drivers pay the highest rates at up to $5,516 a year.

Average premium for full coverage: $1,442

Price estimates by individual coverage:

Includes $500 physical damage deductibles, liability coverage up to 30/60, and includes both medical and uninsured motorist insurance. Estimates are averaged for all 50 states and Silverado trim levels.

Price Range from Low to High

Geographic Price Range

Choosing to live in a large city has a significant impact on the price of auto insurance. Rural locations have lower incidents of physical damage claims than densely populated cities. The diagram below illustrates the effect of geographic area on auto insurance prices.

The ranges above illustrate why it is important to compare rates quotes using their specific location, rather than relying on average rates.

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

Additional Rate Details

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 additional coverage and risk scenarios.

• The best discount rate is $837
• Raising to $1,000 deductibles will save $1,266 each year
• The estimated price for the average middle-age driver who chooses $500 deductibles is $1,442
• Using low $100 deductibles bumps up the cost to $1,784
• Higher-risk drivers who are prone to accidents and violations could pay around $3,122
• The price that insures a teen driver can cost $5,516

View Chart as Image

Insurance prices for a Chevrolet Silverado are also quite variable based on the trim level of your Silverado, your age and driving record, and physical damage deductibles and liability limits.

If you have some driving violations or you caused an accident, you are probably paying anywhere from $1,700 to $2,400 additional each year, depending on your age. A high-risk auto insurance policy is expensive and can cost anywhere from 44% to 131% more than a normal policy. View High Risk Driver Rates

Older drivers with no violations or accidents and higher comprehensive and collision deductibles could pay as little as $1,300 every 12 months on average for full coverage. Prices are much higher for teenage drivers, since even teens with perfect driving records should be prepared to pay in the ballpark of $5,500 a year. View Rates by Age

The state you live in also has a big influence on Chevrolet Silverado insurance rates. A middle-age driver might find prices as low as $940 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $1,940 on average in Florida, New York, and Michigan.

View Chart as Image

Using high physical damage deductibles can reduce prices by up to $520 each year, while buying higher liability limits will push prices upward. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $387 more each year. View Rates by Deductible or Liability Limit

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 the Cheapest Chevrolet Silverado Insurance

Getting lower rates on Chevrolet Silverado insurance consists of being a safe and courteous driver, having a good credit score, not filing small claims, and consideration of higher deductibles. Compare prices every time your policy renews by getting quotes from direct insurance companies, and also from your local car insurance providers.

Below is a recap of the information covered in the above illustrations.

• It is possible to save around $170 per year just by quoting early and online
• Teenage drivers are the costliest to insure, as much as $460 a month if comprehensive and collision insurance is included
• Increasing physical damage deductibles can save approximately $525 each year
• High-risk drivers that have major violations or accidents could be charged and average of $1,680 more per year for auto insurance
• Drivers who purchase higher levels of liability will pay an extra $540 annually to raise from a low limit to the 250/500 level

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