2003 Chevrolet Silverado 2500 Insurance Rates
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UPDATED: Mar 30, 2020
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Searching for better car insurance rates? Consumers have options when looking for the lowest priced Chevy Silverado 2500 insurance. They can either spend hours calling around trying to get quotes or leverage the internet to make rate comparisons.
There are both good and bad ways to compare car insurance rates so you’re going to learn the proper way to get price quotes for a new or used Chevy and get the lowest price either online or from local insurance agents.
It’s a great practice to check car insurance prices quite often because rates go up and down regularly. Even if you think you had the best deal for Silverado insurance a couple years back you will most likely find a better rate today. Forget anything you know (or think you know) about car insurance because we’re going to demonstrate one of the quickest ways to properly buy coverages while reducing your premium.
This information will instruct you on how to get online quotes. If you have car insurance now, you will be able to reduce your rates substantially using this strategy. Consumers only need to know the most effective way to get comparison quotes online.
The fastest way that we advise to compare insurance rates in your area utilizes the fact almost all companies allow for online access to provide you with a free rate quote. The only thing you need to do is give them rating details including if the car is leased, deductibles desired, how you use your vehicles, and daily mileage. Your insurance information is then sent to multiple different insurance companies and you will get price comparisons immediately.
Discounts mean cheaper 2003 Chevy Silverado 2500 insurance rates
The cost of insuring your cars can be expensive, but you may find discounts that can drop the cost substantially. Certain discounts will be applied at the time you complete a quote, but a few need to be specially asked for prior to receiving the credit. If they aren’t giving you every credit possible, you are throwing money away.
- Homeowners Pay Less – Being a homeowner can help you save on insurance coverage due to the fact that maintaining a home is proof that your finances are in order.
- Drivers Ed for Students – Cut your cost by having your teen driver take driver’s ed class if offered at their school.
- Life Insurance – Some companies give a discount if you purchase auto and life insurance together.
- Save with a New Car – Adding a new car to your policy can cost up to 25% less due to better safety requirements for new cars.
- Federal Government Employee – Active or retired federal employment can save as much as 8% for Silverado insurance with select insurance companies.
- Anti-lock Brake System – Vehicles with anti-lock braking systems are safer to drive and therefore earn up to a 10% discount.
- College Student – Youth drivers who are attending college without a vehicle on campus can be insured at a reduced rate.
- Anti-theft System – Anti-theft and alarm systems are stolen less frequently and therefore earn up to a 10% discount.
Consumers should know that some of the credits will not apply to the entire policy premium. Most only apply to specific coverage prices like collision or personal injury protection. Just because you may think having all the discounts means you get insurance for free, companies wouldn’t make money that way. But all discounts will bring down your overall premium however.
To see a list of insurers offering insurance coverage discounts, follow this link.
Tailor your coverage to you
When choosing proper insurance coverage for your vehicles, there is no perfect coverage plan. Everyone’s needs are different.
These are some specific questions can help discover whether your personal situation may require specific advice.
- Is my trailer covered?
- Is other people’s property covered if stolen from my vehicle?
- Do I have coverage for damage caused while driving under the influence?
- Do I need motorclub coverage?
- Do I pay less if my vehicle is kept in my garage?
- How can I force my company to pay a claim?
If you don’t know the answers to these questions, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form. It only takes a few minutes and can help protect your family.
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Chevy Silverado 2500 insurance premiums are calculated by many factors
It’s important that you understand the factors that help determine auto insurance rates. When you know what positively or negatively impacts premium levels empowers consumers to make smart changes that could result in much lower annual insurance costs.
The following are some of the factors used by your company to calculate premiums.
- Save money with special equipment – Purchasing a vehicle with anti-theft technology or alarm system can save you a little every year. Anti-theft devices like GM’s OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping your car from being stolen.
- Do men or women drive better? – Statistics show women tend to be less risk to insure than men. That doesn’t necessarily mean that men are worse drivers. Both sexes cause accidents at about the same rate, but the men cause more damage. Men also statistically get cited for more serious violations such as reckless driving. Young males are several times more likely to be in an accident and therefore have the most expensive auto insurance rates.
- Liability coverage is peace of mind – Your policy’s liability coverage provides coverage if ever a jury decides you are liable for personal injury or accident damage. It provides legal defense up to the limits shown on your policy. This coverage is very inexpensive as compared to coverage for physical damage, so buy as much as you can afford.
- Where do you drive? – The more miles you rack up on your Chevy in a year the more you will pay for auto insurance. Almost all companies rate vehicles determined by how the vehicle is used. Autos used primarily for pleasure use get more affordable rates as compared to vehicles used primarily for driving to work. Improper usage on your Silverado 2500 may be wasting your money. Double check that your auto insurance policy is showing how each vehicle is driven.
Misconceptions in insurance advertisements
Consumers can’t ignore all the ads for the lowest price auto insurance from companies such as State Farm and Allstate. They all make the same claim about savings after switching your policy.
How can each company make almost identical claims?
All the different companies are able to cherry pick for the type of customer that earns them a profit. For instance, a driver they prefer could be between 30 and 50, has no tickets, and has a short commute. Any driver that hits that “sweet spot” gets the lowest rates and most likely will save when they switch companies.
Consumers who don’t measure up to this ideal profile must pay more money and this can result in business not being written. Company advertisements say “customers who switch” but not “drivers who get quotes” save that much money. That is how companies can truthfully state the savings.
This illustrates why drivers should get a wide range of price quotes. It is impossible to predict which insurance company will have the lowest Chevy Silverado 2500 insurance rates.
Auto insurance coverages
Learning about specific coverages of your policy can be of help when determining the right coverages for your vehicles. Policy terminology can be impossible to understand and nobody wants to actually read their policy.
This will cover damage that occurs to people or other property in an accident. It protects you against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.
It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see liability limits of 100/300/100 that translate to a $100,000 limit per person for injuries, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property. Alternatively, you may have one number which is a combined single limit which provides one coverage limit and claims can be made without the split limit restrictions.
Liability insurance covers things like pain and suffering, structural damage, emergency aid, repair costs for stationary objects and medical services. The amount of liability coverage you purchase is up to you, but buy higher limits if possible.
Uninsured/Underinsured Motorist coverage
This provides protection from other drivers when they either have no liability insurance or not enough. This coverage pays for hospital bills for your injuries and also any damage incurred to your Chevy Silverado 2500.
Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea. Frequently these limits do not exceed the liability coverage limits.
Medical payments coverage and PIP
Medical payments and Personal Injury Protection insurance kick in for bills for pain medications, hospital visits and doctor visits. They are often used to cover expenses not covered by your health insurance policy or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. PIP coverage is only offered in select states and gives slightly broader coverage than med pay
This covers damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for claims such as rock chips in glass, vandalism, damage from a tornado or hurricane and hail damage. The maximum amount a insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.
Coverage for collisions
This coverage will pay to fix damage to your Silverado 2500 resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.
Collision coverage protects against things like sideswiping another vehicle, driving through your garage door, colliding with another moving vehicle and sustaining damage from a pot hole. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible to get cheaper collision coverage.
Do the work, save more money
We covered a lot of information how to reduce 2003 Chevy Silverado 2500 insurance prices online. It’s most important to understand that the more times you quote, the better likelihood of reducing your rate. Consumers could even find that the lowest premiums are with a small local company.
As you shop your coverage around, it’s not a good idea to buy lower coverage limits just to save a few bucks. There have been many situations where an insured cut liability limits or collision coverage and learned later they didn’t purchase enough coverage. Your goal should be to purchase a proper amount of coverage for the lowest price while still protecting your assets.
Insureds change insurance companies for any number of reasons including high rates after DUI convictions, high prices, delays in paying claims or lack of trust in their agent. Regardless of your reason, switching companies is pretty easy and you might even save some money in the process.
For more information, link through to the resources below:
- Neck Injury FAQ (iihs.org)
- How Much are Tulsa Car Insurance Quotes for a Chevrolet Silverado? (TulsaCoverage.com)
- What are my Rights when Filing a Claim? (Insurance Information Insitute)
- Senior Drivers (Insurance Information Insitute)
- Comprehensive Coverage (Liberty Mutual)
- Cellphones, Texting and Driving (iihs.org)
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