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 prices for a Chevrolet Silverado are $1,424 every 12 months for full coverage. Comprehensive insurance costs an estimated $260 each year, collision insurance costs $484, and liability coverage costs $500. Buying just liability costs as little as $560 a year, and insurance for high-risk drivers 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:

Prices are based on $500 comprehensive and collision deductibles, liability coverage up to 30/60, and includes medical/PIP and uninsured motorist coverage. Prices are averaged for all states and Silverado models.

Price Range Variability

Urban vs. Rural Price Range

Your location has a large influence on insurance rates. More rural locations are shown to have more infrequent accident claims than congested cities. The graphic below illustrates the effect of geographic area on insurance prices.

The examples above show why all drivers should compare rates for a targeted area and their own driving history, rather than using rate averages.

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

Additional Charts and Tables

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 other coverage scenarios.

• The best full coverage rate is $827
• Drivers who choose higher $1,000 deductibles will pay approximately $168 a year
• The average price for a good driver age 40 who has $500 deductibles is $1,424
• Buying low deductibles for comprehensive and collision insurance costs an extra $328 each year
• High-risk insureds with multiple tickets or accidents could pay up to $3,088
• Policy cost to insure a teenage driver can cost as much as $5,494 a year

View Chart as Image

Insurance rates for a Chevrolet Silverado also range considerably based on liability limits and deductibles, your driver profile, and the model year and trim level.

Opting for high physical damage deductibles could save up to $500 a year, whereas increasing liability limits will increase premiums. Going from a 50/100 liability limit to a 250/500 limit will raise rates by up to $398 more per year. View Rates by Deductible or Liability Limit

More mature drivers with a clean driving record and higher deductibles may only pay around $1,300 per year on average, or $108 per month, for full coverage. Rates are highest for teenagers, since even excellent drivers can expect to pay at least $5,400 a year. View Rates by Age

If you have a few points on your driving record or you were responsible for an accident, you could be paying $1,700 to $2,400 extra every year, depending on your age. Insurance for high-risk drivers can cost around 44% to 133% more than the average rate. View High Risk Driver Rates

Your home state makes a big difference in Chevrolet Silverado insurance rates. A 40-year-old driver could pay as low as $940 a year in states like Iowa, Maine, and Idaho, or at least $2,030 on average in New York, Louisiana, and Michigan.

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 Affordable Chevrolet Silverado Insurance

Finding cheaper rates on auto insurance not only requires having a decent driving record, but also having good credit, avoid buying unnecessary coverage, and deciding if full coverage is necessary. Take the time to compare rates every time your policy renews by requesting rates from direct carriers, and also from several local insurance agents.

The following items are a brief review of the information covered in the above illustrations.

• Drivers can save approximately $170 per year just by quoting online in advance
• 16 to 18-year-old drivers are charged the highest rates, costing up to $458 each month if they have full coverage
• Increasing comprehensive and collision deductibles could save as much as $500 each year
• Drivers with DUI or reckless driving convictions pay on average $1,660 more annually than a driver with a clean driving record
• Consumers who want additional liability coverage will pay around $550 each year to go from a 30/60 limit to a 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