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.

Average auto insurance rates for a Chevrolet Silverado are $1,424 annually for full coverage. Comprehensive insurance costs approximately $260, collision costs $484, and liability coverage costs $500. A liability-only policy costs as little as $560 a year, with high-risk insurance costing $3,088 or more. Teens receive the highest rates at $5,494 a year or more.

Average premium for full coverage: $1,424

Rate estimates by individual coverage type:

Price estimates include $500 deductible amounts, 30/60 split liability limits, and includes uninsured/under-insured motorist coverage. Rates are averaged for all states and for different Silverado trim levels.

Price Range by Coverage and Risk

Price Range by Location

Your location has a large influence on car insurance rates. Rural locations tend to have fewer accident claims than cities with more traffic congestion.

The price range example below illustrates how where you live affects auto insurance prices.

These examples show why anyone shopping for car insurance should compare rates using their specific location and their own personal driving habits, rather than using averaged prices.

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

More Rate Information

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 shows estimated Chevrolet Silverado insurance rates for additional coverage and risk scenarios.

• The cheapest rate after discounts is $827
• Drivers who choose higher $1,000 deductibles will pay $168 a year
• The estimated rate for a 40-year-old driver who chooses $500 deductibles is $1,424
• Selecting more expensive low deductibles for comprehensive and collision insurance costs an additional $328 each year
• High-risk insureds with serious driving violations could pay around $3,088 or more
• The cost with full coverage for a teenage driver with full coverage can cost $5,494 a year

View Chart as Image

Insurance rates for a Chevrolet Silverado can also vary considerably based on the trim level of your Silverado, your driver profile, and physical damage deductibles and liability limits.

An older driver with a clean driving record and high physical damage deductibles may only pay around $1,300 per year on average for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they can expect to pay in the ballpark of $5,400 a year. View Rates by Age

If you like to drive fast or you caused a few accidents, you could be paying anywhere from $1,700 to $2,400 extra per year, depending on your age. High-risk driver insurance can cost around 44% to 133% more than the average policy. View High Risk Driver Rates

Choosing higher comprehensive and collision insurance deductibles could save up to $500 a year, while increasing your policy's liability limits will push rates upward. Going from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $398 more per year. View Rates by Deductible or Liability Limit

Where you live makes a big difference in Chevrolet Silverado insurance rates. A 40-year-old driver could pay as low as $940 a year in states like Iowa, Maine, and Idaho, or have to pay at least $2,030 on average in New York, Louisiana, and Michigan.

View Chart as Image

With so much variability in rates, the only way to know who has the cheapest car insurance rates is to compare rates and see how they stack up. Every company calculates rates differently, so the rates can be significantly different between companies.

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 Buy Cheaper Chevrolet Silverado Insurance

Saving money on auto insurance not only requires having a good driving record, but also having a good credit history, eliminating unneeded coverage, and maximizing policy discounts. Take the time to comparison shop at least every other year by obtaining price quotes from direct carriers like Progressive and GEICO, and also from several local insurance agents.

The next list is a condensed summary of the car insurance concepts touched on in the above illustrations.

• Drivers with multiple at-fault accidents pay on average $1,660 more per year to buy Chevrolet Silverado insurance
• Drivers can save around $170 per year simply by shopping early and online
• Increasing deductibles could save up to $500 each year
• Consumers who purchase increased levels of liability coverage will pay approximately $550 each year to go from a minimum limit to higher 250/500 limits

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