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 $1,424 a year including full coverage. Comprehensive insurance costs an estimated $260 each year, collision insurance costs $484, and liability is estimated at $500. Liability-only insurance costs approximately $560 a year, and high-risk driver insurance costs $3,088 or more. 16-year-old drivers cost the most to insure at up to $5,494 a year.

Average premium for full coverage: $1,424

Policy rates broken down by type of insurance:

Includes $500 comprehensive and collision deductibles, split liability limits of 30/60, and includes additional medical/uninsured motorist coverage. Prices are averaged for all 50 U.S. states and Silverado models.

Price Range Variability

Urban vs. Rural Price Range

Living in a larger city can make a big difference on the price of auto insurance. More rural locations are shown to have a lower frequency of comprehensive and collision claims than congested cities. The graphic below illustrates how location helps determine insurance prices.

The examples above highlight why all drivers should get quotes for a targeted area and risk profile, instead of making a decision based on rate averages.

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

Additional Rate Analysis

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 breaks down average Chevrolet Silverado insurance rates for other coverage scenarios.

• The best full coverage rate is $827
• Choosing higher $1,000 deductibles can save approximately $168 every year
• The average rate for a good driver age 40 who has $500 deductibles is $1,424
• Buying low deductibles for comp and collision coverage will cost an extra $328 annually
• Higher-risk drivers with multiple tickets or accidents could pay up to $3,088
• Policy cost for full coverage for a 16-year-old driver can cost as much as $5,494 each year

View Chart as Image

Auto insurance rates for a Chevrolet Silverado also range considerably based on your risk profile, the model of your Silverado, and liability limits and deductibles.

More mature drivers with a good driving record and high deductibles may pay as low as $1,300 annually on average, or $108 per month, for full coverage. Rates are highest for teenagers, where even good drivers will have to pay at least $5,400 a year. View Rates by Age

Your home state plays a big part in determining prices for Chevrolet Silverado insurance prices. A good driver about age 40 could pay as low as $1,090 a year in states like Vermont, New Hampshire, and Missouri, or at least $2,030 on average in Louisiana, New York, and Michigan.

View Chart as Image

Opting for high physical damage deductibles can save as much as $500 annually, whereas increasing liability limits will increase premiums. Changing from a 50/100 limit to a 250/500 limit will raise rates by up to $398 extra every year. View Rates by Deductible or Liability Limit

If you have a few points on your driving record or tend to cause accidents, you are likely paying $1,700 to $2,400 in extra premium every year, depending on your age. Insurance for high-risk drivers ranges from 44% to 133% more than the average rate. View High Risk Driver Rates

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

Finding cheaper rates on insurance for a Chevrolet Silverado takes having a decent driving record, having good credit, paying for small claims out-of-pocket, and consideration of higher deductibles. Invest time comparing rates at least once a year by obtaining price quotes from direct car insurance companies like GEICO, Progressive, and Esurance, and also from your local independent and exclusive agents.

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

• You may be able to save approximately $170 per year just by quoting online in advance
• Drivers considered higher risk that have major violations or accidents may pay on average $1,660 more annually than a driver with a clean driving record
• Increasing comprehensive and collision deductibles can save around $500 each year
• 16 to 18-year-old drivers are the costliest to insure, with premiums being up to $458 each month if they have full coverage

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