2016 Chevrolet Silverado Insurance Rates
Average insurance rates for a 2016 Chevrolet Silverado are $1,388 a year for full coverage insurance. Comprehensive costs on average $280 each year, collision costs $510, and liability costs around $428. Buying a liability-only policy costs as low as $494 a year, with high-risk insurance costing around $3,000. Teenage drivers receive the highest rates at $5,238 a year or more.
Annual premium for full coverage: $1,388
Rate estimates for 2016 Chevrolet Silverado Insurance
Rate data is compiled from all 50 U.S. states and averaged for all 2016 Chevrolet Silverado models. Rates are based on a 40-year-old male driver, $500 comprehensive and collision deductibles, and a clean driving record. Remaining premium consists of UM/UIM coverage, Medical/PIP, and policy fees.
Price Range by Coverage and Risk
For a driver in their 40's, prices range go from as low as $494 for basic liability insurance to a high rate of $3,000 for a driver who has had serious violations or accidents.
These differences illustrate why all drivers should compare prices based on a specific location and risk profile, instead of making a decision based on average rates.
Use the form below to get rates for your location.
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Recommended Companies for Cheap 2016 Chevrolet Silverado Insurance
Having to pay for overpriced Chevrolet Silverado 1500 insurance can stress out your funds and make it hard to pay other bills. Comparing rates annually is free, only takes a few minutes, and is a good way to make ends meet.
There are many car insurance companies to purchase coverage from, and although it’s nice to have a selection, it can be more difficult to compare rates and cut insurance costs.
Locating cheaper insurance coverage coverage is simple if you know the tricks. Basically, anyone who buys insurance coverage most likely will be able to find lower rates. Nevertheless, car owners can benefit from knowing the way insurance companies market insurance on the web and apply this information to your search.
Recommended Companies for the Best Insurance Rates
Insurance prices are influenced by these factors
It’s important that you understand the different types of things that aid in calculating your auto insurance rates. If you have a feel for what controls the rates you pay, this allows you to make good choices that will entitle you to cheaper rates.
Shown below are some of the most common factors used by insurance companies to determine your premiums.
- Do men or women drive better? – Statistics show that females take fewer risks when driving. However, don’t assume that males are worse at driving than females. Males and females tend to get into auto accidents at a similar rate, but the men cause more damage and cost insurance companies more money. Not only are claims higher, but men get cited for more serious violations like driving under the influence (DUI).
- Youthful driver insurance prices – Older, more experienced drivers are more responsible, file fewer claims , and usually have better credit.Teenage drivers are proven to be easily distracted when behind the wheel therefore auto insurance rates are much higher.
- Does your job cost you more? – Occupational choices like doctorsair traffic controllers and stock brokers usually pay higher rates than average due to high stress levels and lots of time spent at work. Conversely, jobs such as farmers, students and homemakers generally pay rates lower than average on Silverado coverage.
- Being married is a good thing – Your spouse can get you a discount on your auto insurance bill. Having a significant other translates into being less irresponsible and it’s statistically proven that married drivers get in fewer accidents.
- Bundle and save – Most major insurers will award lower prices to clients who consolidate policies with them. It’s known as a multi-policy discount. Even though this discount sounds good, it’s always a smart idea to comparison shop to ensure the best deal.
- Add-on coverages can add up – There are quite a few extra coverages that may not really be needed if you aren’t diligent. Insurance for things like rental car coverage, towing, and term life insurance may be costing you every month. You may think they are a good idea initially, but if you’ve never needed them in the past eliminate them to save money.
Compare insurance quotes online
Performing a rate comparison can be a lot of work if you don’t understand the most efficient way to do it. You could waste time discussing policy coverages with insurance companies in your area, or you can utilize online quoting to quickly compare rates.
Most of the best insurance companies enroll in a system where prospective buyers send in one quote, and at least one company then returns a price quote for coverage. This prevents consumers from doing repetitive form submissions for each company you want a rate for.
To access this free quoting program, click here (opens in new window).
The one disadvantage to pricing coverage this way is you are unable to specify which carriers to get pricing from. So if you want to choose individual companies to compare, we have assembled a list of the cheapest insurance companies in your area. Click here for list of insurance companies.
It’s your choice how you get your quotes, but be sure you’re using nearly identical deductibles and coverage limits for each price quote. If you enter different limits and deductibles on each one it’s not possible to get a fair rate comparison. Having just a slight variation in limits may result in a large different in cost. And when comparing insurance rates, know that comparing more rates from different companies will increase your chances of finding lower pricing. Not every company provides online price quotes, so you also need to get rates from those companies as well.
Can you really save if you switch?
Insurance coverage providers like Allstate and Progressive constantly bombard you with ads on television and other media. They all make the point about how much you will save if you switch your policy. How do they all say the same thing? This is how they do it.
Insurance coverage companies have specific characteristics for the type of driver that will most likely be profitable. An example of a preferred risk may need to be over the age of 35, has never had a policy lapse, and has a short commute. Any customer who fits that profile will get a cheap rate quote and will most likely save money with a new company.
Consumers who do not match the “perfect” profile will have to pay a higher rate with the end result being business not being written. If you listen to the ad wording, they say “people who switch” not “everybody who quotes” save that much. That’s the way companies can truthfully make claims like that.
Because of the profiling, you really need to get auto insurance quotes as often as possible. It is impossible to predict which company will have better prices than you’re paying now.
Are you earning every discount?
Buying insurance is not cheap, but you may be missing some discounts that you may not know about. A few discounts will automatically apply at the time of purchase, but occassionally some discounts must be asked for before you will receive the discount.
- Multiple Policy Discount – When you have multiple policies with the same insurance company you may earn nearly 15% which can help you find cheap auto insurance.
- E-sign – A handful of insurance companies will give you a small discount simply for signing on the web.
- Seat Belts Save – Drivers who always wear seat belts and also require passengers to buckle up could cut 10% or more on the premium charged for medical payments and/or PIP.
- Renewal Discounts – A few insurance companies give discounts for signing up before your current policy expires. It can save you around 10%.
- Employee of Federal Government – Employees or retirees of the government may reduce rates when you quote auto insurance on Silverado coverage with some insurance companies.
- Accident-Free Discounts – Drivers with accident-free driving histories pay much less in comparison with drivers with a long claim history.
- Discounts for Multiple Vehicles – Insuring all your vehicles with one company can reduce rates for all insured vehicles.
- Telematics Discount – Drivers that enable their company to study when and where they use their vehicle by installing a telematics device like Allstate’s Drivewise could save a few bucks if they exhibit good driving behavior.
- Good Grades Discount – Being a good student may save you up to 25%. This discount can apply up until you turn 25.
- Accident Waiver – This one is not really a discount per se, but some companies like Allstate and Progressive allow you one accident without getting socked with a rate hike so long as you are claim-free prior to the accident.
You should keep in mind that most discounts do not apply to the entire cost. Most only reduce specific coverage prices like collision or personal injury protection. Even though the math looks like you would end up receiving a 100% discount, it’s just not the way it works. Any qualifying discounts should definitely cut your policy premium.
If you would like to view insurance companies with significant discounts, follow this link.
When in doubt talk to an agent
When it comes to choosing coverage for your personal vehicles, there isn’t really a cookie cutter policy. Your needs are not the same as everyone else’s so your insurance needs to address that. For example, these questions can aid in determining if your situation would benefit from an agent’s advice.
- Am I covered if I wreck a rental car?
- Should I buy additional glass protection?
- At what point should I drop full coverage?
- Do I need replacement cost coverage on my 2016 Chevy Silverado 1500?
- Is upholstery damage covered by car insurance?
- What discounts do I qualify for?
- How do I file an SR-22 for a DUI in my state?
- Should I bundle my homeowners policy with my auto?
If you don’t know the answers to these questions but a few of them apply then you might want to talk to an agent. If you don’t have a local agent, fill out this quick form or click here for a list of auto insurance companies in your area.
Coverages available on your insurance policy
Learning about specific coverages of your policy can be of help when determining which coverages you need at the best deductibles and correct limits. The terms used in a policy can be confusing and even agents have difficulty translating policy wording. Below you’ll find typical coverage types offered by insurance companies.
Uninsured/Underinsured Motorist (UM/UIM) – This coverage protects you and your vehicle’s occupants when the “other guys” do not carry enough liability coverage. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.
Because many people have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage is important protection for you and your family. Most of the time the UM/UIM limits are similar to your liability insurance amounts.
Comprehensive insurance – Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive coverage pays for things such as hail damage, damage from a tornado or hurricane and hitting a deer. The maximum payout a insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Coverage for liability – This can cover damage that occurs to a person or their property in an accident. This insurance protects YOU from claims by other people, and does not provide coverage for your own vehicle damage or injuries.
It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show liability limits of 50/100/50 that means you have a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and a total limit of $50,000 for damage to vehicles and property. Occasionally you may see a combined limit which provides one coverage limit and claims can be made without the split limit restrictions.
Liability can pay for things like structural damage, bail bonds and attorney fees. How much liability should you purchase? That is a personal decision, but it’s cheap coverage so purchase as much as you can afford.
Med pay and Personal Injury Protection (PIP) – Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses like EMT expenses, surgery, funeral costs and ambulance fees. They are used in conjunction with a health insurance program or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage
Collision coverages – Collision insurance will pay to fix damage to your Silverado 1500 resulting from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for things such as damaging your car on a curb, colliding with another moving vehicle, backing into a parked car and sideswiping another vehicle. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. It’s also possible to increase the deductible to bring the cost down.
Saving money makes a lot of cents
We covered a lot of information how to get a better price on 2016 Chevy Silverado 1500 insurance. The key concept to understand is the more companies you get prices for, the better chance you’ll have of finding cheap auto insurance. You may even discover the lowest premium rates are with a small local company. Some small companies can often provide lower prices in certain areas than their larger competitors like State Farm, GEICO and Nationwide.
Affordable 2016 Chevy Silverado 1500 insurance is available from both online companies in addition to many insurance agents, and you should compare rates from both in order to have the best price selection to choose from. Some insurance providers may not have price quotes online and these regional carriers only sell through independent agents.
Even more information can be read in these articles:
- What is Covered by an Auto Insurance Policy? (Insurance Information Insitute)
- Avoiding Deer Collisions (Insurance Information Insitute)
- How Much Auto Coverage do I Need? (Insurance Information Insitute)
- Teen Driving Statistics (iihs.org)
- Liability Insurance Coverage (Nationwide)
- Safety Belts FAQ (iihs.org)
Find the Cheapest Quotes in Your Area
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Rates by U.S. City
|New York City, NY||$2,709|
|Los Angeles, CA||$2,337|
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Need a specific model?
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Rates by Driver Age
Full coverage, $500 deductibles
Rates by Deductible
Full coverage, driver age 40
Rates by Liability Limit
Full coverage, driver age 40
Rates for High Risk Drivers
Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident
If a financial responsibility filing is required, the additional charge below may also apply.
Potential Rate Discounts
If you qualify for discounts, you may save the amounts shown below.
|5-yr Accident Free||$100|
|5-yr Claim Free||$89|
|Paid in Full/EFT||$62|
Discounts are estimated and may not be available from every company or in every state.