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.

U.S. average insurance prices for a Chevrolet Silverado are $1,390 every 12 months for full coverage insurance. Comprehensive costs an estimated $250 each year, collision costs $450, and liability insurance costs around $510. Liability-only coverage costs as low as $568 a year, with high-risk coverage costing around $3,010. 16-year-old drivers pay the highest rates at $5,390 a year or more.

Average premium for full coverage: $1,390

Price estimates broken down by individual coverage:

Rates are based on $500 policy deductibles, liability limits of 30/60, and includes both medical and uninsured motorist insurance. Estimates are averaged for all 50 states and Silverado models.

Price Range from Low to High

Geographic Price Range

Where you live has a significant impact on the price of insurance. More rural locations have more infrequent physical damage claims than congested cities.

The graphic below illustrates how location impacts insurance prices.

The ranges above illustrate why all drivers should compare prices for a targeted area and their own driving history, rather than relying on rate averages.

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

Additional Rate Details

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 illustrates estimated Chevrolet Silverado insurance rates for other coverage scenarios.

• The best full coverage rate is $811
• Using higher $1,000 deductibles will save approximately $160 each year
• The average price for the average middle-age driver who has $500 deductibles is $1,390
• Buying low deductibles for physical damage coverage increases the price to $1,698
• Drivers with multiple tickets or accidents could pay up to $3,010 or more
• The price to insure a teen driver can cost as much as $5,390 or more

View Chart as Image

Auto insurance prices for a Chevrolet Silverado are also quite variable based on deductibles and policy limits, your risk profile, and the model year and trim level.

Opting for high physical damage deductibles could cut prices by as much as $470 each year, whereas increasing liability limits will increase premiums. Switching from a 50/100 liability limit to a 250/500 limit will increase prices by as much as $407 extra every year. View Rates by Deductible or Liability Limit

More mature drivers with a good driving record and higher deductibles could pay as little as $1,300 a year for full coverage. Prices are highest for teenage drivers, since even excellent drivers will have to pay at least $5,300 a year. View Rates by Age

If you have some driving violations or you were responsible for an accident, you are probably paying $1,700 to $2,300 in extra premium each year, depending on your age. Insurance for high-risk drivers can be anywhere from 43% to 136% more than the average rate. View High Risk Driver Rates

The state you live in has a huge impact on Chevrolet Silverado insurance rates. A driver around age 40 might see prices as low as $910 a year in states like North Carolina, Wisconsin, and Vermont, or at least $1,870 on average in Florida, New York, and Michigan.

View Chart as Image

Since prices can be so different, the only way to figure out which car insurance is cheapest is to do a rate comparison from as many companies as possible. Each insurance company utilizes a different rate formula, and quoted prices may be quite different.

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 the Best Cheap Chevrolet Silverado Insurance

Getting lower rates on Chevrolet Silverado insurance requires being a good driver, having a good credit score, not filing small claims, and qualifying for all possible discounts. Spend time shopping around once a year by obtaining price quotes from direct insurance companies like Progressive, GEICO, and Esurance, and also from insurance agencies where you live.

The following list is a quick review of the data that was touched on above.

• It is possible to save approximately $160 per year simply by quoting online in advance
• Drivers who want an increased level of liability coverage will pay around $560 annually to increase from a low limit to a 250/500 level
• Drivers age 16 to 20 are the costliest to insure, as much as $449 a month if comprehensive and collision insurance is included
• High-risk drivers with a DUI or reckless driving violation could be forced to pay on average $1,620 more annually than a safer driver

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