Lower Your 2017 Chevrolet Silverado 1500 Insurance Cost
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UPDATED: Nov 29, 2021
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Having to pay for overpriced Chevrolet Silverado 1500 insurance can take a big chunk out of your bank account and force you to make sacrifices. Shopping your coverage around is a great way to make sure you’re not throwing money away.
Because there are so many online and local companies to choose from, it can be diffult for consumers to find the lowest cost car insurance company.
You need to compare rates periodically since insurance rates change quite often. If you had the lowest price on Silverado insurance a year ago other companies may now be cheaper. Starting right now, block out anything you think you know about insurance coverage because you’re going to learn the quickest way to find lower rates on insurance coverage.
The purpose of this article is to familiarize you with the most effective way to quote insurance and some tips to save money. If you have car insurance now, you should be able to save some money using this information. Nevertheless, vehicle owners need to have an understanding of how big insurance companies determine prices and apply this information to your search.
How to Compare Car Insurance Costs
The are a couple different ways of comparing price quotes from car insurance companies in your area. The easiest way to find the cheapest 2017 Chevy Silverado 1500 insurance rates is to perform an online rate comparison. It is quite easy and can be accomplished in several different ways.
- Probably the best way to find the lowest comparison rates would be an industry-wide quote request form click here to open form in new window. This form saves time by eliminating separate quotes for each company. One form submission will return quotes instantly.
- A harder way to get quotes online requires a visit to the website for every company you want to comare and fill out their own quote form. For examples sake, let’s assume you want to compare rates from Auto-Owners, GEICO and American Family. To get each rate you have to spend time on each company’s site to enter your coverage information, which is why most consumers use the first method. To view a list of companies in your area, click here.
Which method you use is up to you, but make absolute certain that you use identical information on every quote you get. If you have differing limits it will be very difficult to truly determine the lowest rate. Just a small difference in insurance coverages could mean much higher rates. And when quoting car insurance, remember that more quotes will increase your chances of finding lower pricing.
How to save on Chevy Silverado 1500 insurance
The cost of insuring your cars can be expensive, but you may find discounts that you may not know about. Some trigger automatically when you get a quote, but less common discounts must be asked for before you get the savings.
- Accident Free – Drivers with accident-free driving histories can earn big discounts when compared with accident-prone drivers.
- Multiple Vehicles – Buying coverage for multiple vehicles on the same auto insurance policy qualifies for this discount.
- Braking Control Discount – Vehicles equipped with ABS or steering control can reduce accidents and will save you 10% or more.
- Driver Safety – Taking a course in driver safety could possibly earn you a 5% discount depending on where you live.
- Discount for Life Insurance – Some companies give better rates if you take out life insurance.
As a disclaimer on discounts, most of the big mark downs will not be given the whole policy. Most only apply to specific coverage prices like comprehensive or collision. So when the math indicates you could get a free auto insurance policy, companies wouldn’t make money that way. But all discounts will reduce the cost of coverage.
Companies that possibly offer these benefits include:
- Farm Bureau
- American Family
- State Farm
Before buying, ask all companies you are considering which discounts you may be entitled to. All car insurance discounts may not be available everywhere.
Tailor your coverage to you
When buying coverage, there really is not a cookie cutter policy. Your needs are not the same as everyone else’s so this has to be addressed. Here are some questions about coverages that might help in determining whether you will benefit from professional help.
- I have good health insurance, so how much medical payments coverage do I need?
- Is my 2017 Chevy Silverado 1500 covered for smoke damage?
- Is my vehicle covered by my employer’s policy when using it for work?
- Can I get a multi-policy discount for packaging my home and auto coverage?
- Should I buy additional glass protection?
- How high should deductibles be on a 2017 Chevy Silverado 1500?
- Am I getting all the discounts available?
- Do I need roadside assistance coverage?
- Does coverage extend to Mexico or Canada?
- Can I pay claims out-of-pocket if I buy high deductibles?
If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, complete this form or you can go here for a list of companies in your area.
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Parts of the Chevy Silverado 1500 rate equation
Smart consumers have a good feel for some of the elements that come into play when calculating the rates you pay for car insurance. Knowing what controls the rates you pay allows you to make educated decisions that can help you get better car insurance rates.
The list below includes a partial list of the pieces companies use to determine your rates.
- Safer cars are cheaper to insure – Cars with high safety ratings tend to have better insurance rates. The safest vehicles result in less severe injuries and lower injury rates means less money paid by your insurance company passed on to you as lower rates. If your Chevy Silverado 1500 is rated at least four stars on Safercar.gov or an “acceptable” rating on iihs.org it is probably cheaper to insure.
- Younger drivers pay higher rates – Young drivers tend to be more careless when behind the wheel so they pay higher car insurance rates. Older insureds are viewed as being more responsible, tend to file fewer claims and get fewer tickets.
- Do you qualify for a multi-policy discount? – The majority of insurance companies will award you with lower prices to people who carry more than one policy such as combining an auto and homeowners policy. Discounts can add up to 10 percent or more. Even though this discount sounds good, you still need to comparison shop to make sure you are getting the best deal. Consumers may find better rates by buying insurance from more than one company.
- Poor driving leads to higher costs – Careful drivers have lower premiums compared to drivers with tickets. Only having one ticket can boost insurance rates twenty percent or more. Drivers who have flagrant citations such as reckless driving, hit and run or driving under the influence may need to submit a SR-22 or proof of financial responsibility to the state department of motor vehicles in order to keep their license.
- How credit affects car insurance rates – Having a bad credit rating is a huge factor in calculating your car insurance rates. People with excellent credit tend to be more responsible than drivers with poor credit. Therefore, if your credit history can use some improvement, you could be paying less to insure your 2017 Chevrolet Silverado 1500 by improving your credit score.
- Extra coverages can waste money – There are many extra bells and whistles that you can buy on your car insurance policy. Coverages like personal injury protection, towing coverage and motor club memberships may be wasting your money. They may seem good when talking to your agent, but if you don’t need them get rid of them and save.
Specific coverage details
Knowing the specifics of your insurance policy can help you determine appropriate coverage and the correct deductibles and limits. Insurance terms can be impossible to understand and even agents have difficulty translating policy wording. Below you’ll find typical coverages found on the average insurance policy.
Uninsured/Underinsured Motorist (UM/UIM) – Uninsured or Underinsured Motorist coverage provides protection from other motorists when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your Chevy Silverado 1500.
Since a lot of drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is very important. Usually these limits are set the same as your liablity limits.
Collision coverage – Collision insurance pays for damage to your Silverado 1500 resulting from colliding with another car or object. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for things like sideswiping another vehicle, hitting a parking meter, sustaining damage from a pot hole, scraping a guard rail and backing into a parked car. Collision is rather expensive coverage, so consider dropping it from vehicles that are older. Another option is to choose a higher deductible to bring the cost down.
Comprehensive insurance – Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive coverage pays for claims like damage from getting keyed, fire damage and a broken windshield. The maximum amount your insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low consider dropping full coverage.
Med pay and Personal Injury Protection (PIP) – Coverage for medical payments and/or PIP pay for bills like ambulance fees, EMT expenses and chiropractic care. They can be utilized in addition to your health insurance policy or if there is no health insurance coverage. They cover both the driver and occupants as well as getting struck while a pedestrian. Personal Injury Protection is only offered in select states and may carry a deductible
Auto liability insurance – Liability coverage can cover damages or injuries you inflict on other people or property. It protects YOU from claims by other people. It does not cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 50/100/50 that translate to $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property. Some companies may use a combined limit which limits claims to one amount rather than limiting it on a per person basis.
Liability insurance covers things such as structural damage, medical services, pain and suffering, bail bonds and attorney fees. How much liability coverage do you need? That is up to you, but buy as much as you can afford.
A fool and his money are soon parted
As you go through the steps to switch your coverage, make sure you don’t buy poor coverage just to save money. There are a lot of situations where someone sacrificed physical damage coverage and learned later they didn’t have enough coverage. Your aim should be to buy a smart amount of coverage at the best price while still protecting your assets.
We’ve covered a lot of information how to compare 2017 Chevy Silverado 1500 insurance prices online. The key concept to understand is the more companies you get rates for, the better chance you’ll have of finding lower rates. Drivers may discover the most savings is with some of the smallest insurance companies. Regional companies can often insure niche markets at a lower cost than their larger competitors like Allstate and Progressive.
More information can be read at these links:
- Five Mistakes to Avoid (Insurance Information Insitute)
- How Much are Milwaukee Car Insurance Rates for a Chevrolet Silverado? (MilwaukeeInsure.com)
- Event Data Recorders FAQ (iihs.org)
- Determing Auto Insurance Rates (GEICO)
- Auto Insurance Learning Center (State Farm)
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