Chevrolet Chevrolet Silverado-1500 Insurance Rates
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UPDATED: Mar 22, 2020
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Are you overwhelmed by the number of car insurance choices? You’re not the only one! You have so many companies to choose from that it can turn into a challenge to find the lowest price.
The purpose of this article is to help educate you on how to get online quotes and some tips to save money. If you have car insurance now, you will most likely be able to reduce your rates substantially using these methods. But consumers do need to know the way companies determine prices and take advantage of how the system works.
Are you getting all your discounts?
Properly insuring your vehicles can get expensive, but you can get discounts that can drop the cost substantially. Certain discounts will be applied when you complete an application, but less common discounts must be manually applied before they will apply.
- Government Employees – Active or retired federal employment can earn a discount up to 10% on Silverado insurance with a few insurance companies.
- New Car Discount – Adding a new car to your policy can save up to 30% compared to insuring an older model.
- 55 and Retired – If you qualify as a senior citizen, you can possibly qualify for a discount up to 10% on Silverado insurance.
- Homeowners Pay Less – Owning a house can help you save on insurance because of the fact that having a home demonstrates responsibility.
- Early Switch Discount – Some insurance companies reward drivers for buying a policy prior to your current policy expiration. It’s a savings of about 10%.
- Use Seat Belts – Buckling up and requiring all passengers to wear their seat belts could cut 10% or more on the medical payments or PIP coverage costs.
- Passive Restraints and Air Bags – Factory air bags and/or automatic seat belt systems may earn rate discounts of up to 25% or more.
It’s important to understand that some credits don’t apply to the overall cost of the policy. Most only reduce individual premiums such as liability, collision or medical payments. Just because it seems like adding up those discounts means a free policy, it just doesn’t work that way. But all discounts will cut the amount you have to pay.
Insurance companies that may have some of the above discounts include:
It’s a good idea to ask all companies you are considering what discounts are available to you. Some discounts may not apply in every state.
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These factors can influence Chevy Silverado 1500 insurance rates
An important part of buying insurance is that you know the rating factors that play a part in calculating the price you pay for auto insurance. Understanding what determines base rates enables informed choices that will entitle you to better auto insurance rates.
Shown below are some of the items auto insurance companies consider when setting prices.
- No coverage gaps is important – Driving with no insurance is against the law and as a result your rates will increase for letting your insurance lapse. Not only will you pay more, but not being able to provide proof of insurance will get you a steep fine or even jail time.
- Do you need those extra coverages? – There are a lot of extra bells and whistles that can waste your money if you aren’t careful. Coverages for roadside assistance, accident forgiveness and motor club memberships are examples of these. They may seem like a good idea when talking to your agent, but if you don’t need them eliminate them to save money.
- Pay less after the wedding – Having a spouse can actually save you money when buying auto insurance. It is viewed as being more mature and statistics show married couples file fewer claims.
- Low deductibles can be expensive – Coverage for physical damage, termed comprehensive and collision coverage on your policy, protects your Chevy from damage. Some examples of claims that would be covered could be collision with another vehicle, collision with an animal, and rolling your vehicle. Your deductibles are the amount of money you are required to spend if you file a covered claim. The more expense the insured has to pay upfront, the less your company will charge you for insurance on Silverado insurance.
- Men are more aggressive – Statistics demonstrate women tend to be less risk to insure than men. However, this does not mean men are WORSE drivers than women. They both cause accidents at a similar rate, but the males have costlier accidents. They also get cited for more serious violations such as DWI and reckless driving. Teenage male drivers tend to get in the most accidents and therefore have the most expensive auto insurance rates.
- Higher safety ratings means cheaper insurance – Safer cars are cheaper to insure. The safest vehicles result in less severe injuries and any reduction in injury severity translates into savings for insurance companies and thus lower rates. If the Chevy Silverado 1500 has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may be receiving lower rates.
Tailor your coverage to you
When buying proper insurance coverage, there really is no “perfect” insurance plan. Everyone’s situation is unique.
For instance, these questions can help discover if your situation might need professional guidance.
- How do I buy GAP insurance?
- Should I have combined single limit or split liability limits?
- Is my camper covered by my car insurance policy?
- Do I need special endorsements for business use of my vehicle?
- Do I pay less for low miles?
- Can my teen drive my company car?
- Is rental equipment covered for theft or damage?
- Why do I only qualify for high-risk insurance?
- Am I covered if I hit my neighbor’s mailbox?
- How does medical payments coverage work?
If you can’t answer these questions, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, simply complete this short form.
How can GEICO, State Farm and Progressive save drivers who switch?
Insurance providers like GEICO, State Farm and Progressive continually stream ads on TV and radio. They all make the same claim that you can save after switching your policy. How do they all make almost identical claims?
All companies have a preferred profile for the right customer they prefer to insure. For example, a profitable customer might be profiled as a mature driver, has no tickets, and drives less than 7,500 miles a year. Any driver who matches those parameters will get the preferred rates and as a result will probably pay quite a bit less when switching companies.
Potential customers who fall outside the “perfect” profile will be quoted higher rates which leads to the driver buying from a lower-cost company. The ads state “customers that switch” not “people who quote” save that much. This is how insurance companies can confidently claim big savings.
This emphasizes why you absolutely need to compare many company’s rates. It’s just too difficult to predict which insurance companies will give you the biggest savings on Chevy Silverado 1500 insurance.
Parts of your car insurance policy
Having a good grasp of your policy aids in choosing appropriate coverage and the correct deductibles and limits. The terms used in a policy can be confusing and even agents have difficulty translating policy wording.
Comprehensive or Other Than Collision – Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers claims such as damage from a tornado or hurricane, theft and a broken windshield. The highest amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.
Auto liability – This coverage will cover damage or injury you incur to other people or property in an accident. It protects you from legal claims by others, and doesn’t cover damage to your own property or vehicle.
It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see values of 25/50/25 that translate to $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged property. Alternatively, you may have one number which is a combined single limit that pays claims from the same limit without having the split limit caps.
Liability coverage pays for claims like medical services, repair bills for other people’s vehicles, medical expenses and attorney fees. The amount of liability coverage you purchase is a decision to put some thought into, but consider buying as high a limit as you can afford.
Collision coverage – Collision insurance pays for damage to your Silverado 1500 resulting from colliding with another car or object. You have to pay a deductible and then insurance will cover the remainder.
Collision coverage pays for claims such as hitting a parking meter, crashing into a ditch and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to raise the deductible in order to get cheaper collision rates.
UM/UIM Coverage – Your UM/UIM coverage provides protection from other drivers when they do not carry enough liability coverage. It can pay for hospital bills for your injuries as well as damage to your Chevy Silverado 1500.
Because many people carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is a good idea. Most of the time these limits are set the same as your liablity limits.
Medical costs insurance – Coverage for medical payments and/or PIP kick in for immediate expenses for dental work, EMT expenses, X-ray expenses, funeral costs and rehabilitation expenses. They can be used to cover expenses not covered by your health insurance program or if there is no health insurance coverage. Coverage applies to all vehicle occupants and also covers getting struck while a pedestrian. PIP coverage is not universally available and may carry a deductible
Shop Smart and Save
In this article, we covered some good ideas how you can reduce 1999 Chevy Silverado 1500 insurance prices online. The most important thing to understand is the more quotes you get, the better likelihood of reducing your rate. Consumers could even find that the biggest savings come from a smaller regional carrier.
As you shop your coverage around, make sure you don’t skimp on critical coverages to save a buck or two. In many instances, someone dropped physical damage coverage only to regret at claim time that a couple dollars of savings turned into a financial nightmare. Your aim should be to get the best coverage possible at a price you can afford while still protecting your assets.
Insureds change insurance companies for a number of reasons such as high prices, being labeled a high risk driver, denial of a claim or extreme rates for teen drivers. Regardless of your reason, finding a great new company is not as hard as you think.
Additional detailed information can be found at these sites:
- Crash Avoidance Technologies FAQ (iihs.org)
- Keeping Children Safe in Crashes Video (iihs.org)
- Auto Insurance 101 (About.com)
- Senior Drivers (Insurance Information Insitute)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
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