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.

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

Average premium for full coverage: $1,442

Rate estimates for individual coverage type:

Price estimates include $500 deductibles, split liability limits of 30/60, and includes UM/UIM and medical coverage. Rates are averaged for all states and Silverado trim levels.

Price Range by Coverage and Risk

Price Range by Location

Living in a larger city can make a big difference on auto insurance rates. Areas with sparse population tend to have lower incidents of accident claims than larger metro areas. The diagram below illustrates how location helps determine auto insurance rates.

These examples show why it is important to get quotes for a specific zip code, instead of making a decision based on price averages.

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

Rates by State, City, and Model

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 average Chevrolet Silverado insurance rates for additional coverage choices and driver risks.

• The lowest rate with discounts is $837
• Choosing higher $1,000 deductibles can save about $1,266 a year
• The estimated price for a 40-year-old driver using $500 deductibles is $1,442
• Choosing low $100 deductibles for comp and collision coverage will cost an additional $342 annually
• Higher-risk drivers with multiple violations and an at-fault accident could pay at least $3,122
• The cost that insures a 16-year-old driver can be $5,516 each year

View Chart as Image

Auto insurance rates for a Chevrolet Silverado can also vary considerably based on the trim level of your Silverado, how you drive, and deductibles and policy limits.

If you like to drive fast or you caused an accident, you could be paying at least $1,700 to $2,400 in extra premium per year, depending on your age. A high-risk auto insurance policy ranges from 44% to 131% more than average. View High Risk Driver Rates

Older drivers with a good driving record and higher comprehensive and collision deductibles may pay as low as $1,300 annually on average for full coverage. Rates are highest for teen drivers, since even teens with perfect driving records will have to pay as much as $5,500 a year. View Rates by Age

Where you live plays a big part in determining prices for Chevrolet Silverado insurance prices. A good driver about age 40 could pay as low as $950 a year in states like Idaho, Maine, and Iowa, or as much as $2,050 on average in Michigan, Louisiana, and New York.

View Chart as Image

Choosing high deductibles can save as much as $520 annually, while buying higher liability limits will increase rates. Going from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $387 extra every 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 Cheaper Chevrolet Silverado Insurance

Saving money on insurance for a Chevrolet Silverado takes not taking risks behind the wheel, maintaining a good credit score, eliminating unneeded coverage, and possibly raising deductibles. Shop around at least once a year by requesting rates from direct carriers like Progressive, GEICO, and Esurance, and also from several local insurance agents.

The following is a condensed summary of the primary concepts that were covered in the charts and tables above.

• Drivers can save up to $170 per year just by quoting early and online
• Drivers considered higher risk with multiple at-fault accidents pay on average $1,680 more every year for Silverado insurance
• Increasing deductibles can save approximately $525 each year
• Teens are expensive to insure, costing as high as $460 per month if the policy includes 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