Cheapest 2020 Chevrolet Silverado 1500 Insurance Rates in 2023
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UPDATED: Aug 23, 2022
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Looking for better auto insurance rates for your Chevrolet Silverado 1500? Scraping up a payment for overpriced Chevrolet Silverado 1500 insurance can stress out your bank account and force you to prioritize other expenses. Comparing rate quotes is an excellent way to reduce premiums and put more money in your pocket.
People have multiple insurance companies to choose from, and although it’s a good thing to have multiple companies, more options can take longer to adequately compare rates.
It’s a great practice to shop coverage around at least once a year because auto insurance prices trend upward over time. If you had the best price on Silverado insurance last year you may be paying too much now. There is a lot of wrong information about auto insurance online but by reading this article, you’re going to learn some of the best ways to save money.
Discounts to earn cheaper car insurance rates
Auto insurance companies don’t list every available discount very well, so we took the time to find both the well known as well as the least known credits available to bring down your rates. If you don’t get every credit possible, you could be getting lower rates.
- Anti-lock Brake System – Cars that have anti-lock braking systems can stop better under adverse conditions so companies give up to a 10% discount.
- Senior Citizens – If you’re over the age of 55, you can get a small decrease in premiums on Silverado insurance.
- Seat Belt Usage – Drivers who always wear seat belts and also require passengers to use their safety belts can save up to 15% on the medical payments or PIP coverage costs.
- College Student Discount – who are enrolled in higher education away from home and do not take a car to college could get you a discount.
- Policy Bundle Discount – If you can combine your auto and home policy and insure them with the same company you could get a discount of 10% to 20% off each policy.
Drivers should understand that some of the credits will not apply to your bottom line cost. The majority will only reduce the price of certain insurance coverages like comprehensive or collision. So even though it sounds like all those discounts means the company will pay you, car insurance companies aren’t that generous.
Companies and some of the premium reductions they offer are shown below.
- GEICO has discounts for driver training, anti-lock brakes, seat belt use, multi-vehicle, federal employee, and military active duty.
- MetLife offers premium reductions for accident-free, good driver, claim-free, good student, defensive driver, and multi-policy.
- Progressive discounts include good student, homeowner, online signing, continuous coverage, multi-policy, and online quote discount.
- Travelers offers discounts including save driver, new car, good student, early quote, multi-policy, and home ownership.
- SAFECO offers discounts for accident prevention training, anti-theft, drive less, bundle discounts, anti-lock brakes, and safe driver.
- AAA includes discounts for AAA membership discount, good student, multi-policy, anti-theft, education and occupation, and multi-car.
Before buying, ask each company the best way to save money. Depending on the company, some discounts may not be available in every state.
Buy insurance coverage online
Most major insurance companies such as State Farm and Allstate provide coverage prices direct online. Doing online quotes doesn’t take a lot of time as you simply enter your required coverages as requested by the quote form. When the form is submitted, the system sends out for reports for credit and driving violations and returns a price based on the data you entered. Quoting online makes it easy to compare insurance prices but the time required to go to different websites and complete many quote forms can be a bit tiresome and repetitive. But it’s very important to perform this step if you want to get the best price on insurance coverage.
Online rates the easy way
The preferred way to compare insurance coverage pricing requires only one form that analyzes rates from multiple companies. This type of form saves time, eliminates repetitive work, and makes online price comparison much simpler. After your information is entered, it gets priced and you are able to buy any of the resulting price quotes.
If the quotes result in lower rates, you simply finish the application and buy the policy. It can be completed in less than 10 minutes and could lower your rates considerably.
To quickly compare pricing, simply enter your zip code here and enter your vehicle and coverage information. If you currently have coverage, we recommend you input the coverage information as shown on your current policy. This helps ensure you will have a fair comparison based on similar coverages.
The Chevy Silverado 1500 insurance price equation
An important part of buying insurance is that you know some of the factors that come into play when calculating the rates you pay for insurance coverage. If you have a feel for what positively or negatively impacts your premiums, this empowers consumers to make smart changes that could result in better insurance coverage rates.
The items below are most of the major factors used by insurance companies to determine your rate level.
- Poor credit score equals high costs – Having a bad credit history can be a huge factor in your rate calculation. Drivers who have very good credit scores tend to be more responsible than drivers with worse credit. So if your credit is lower than you’d like, you may save money insuring your 2020 Chevrolet Silverado 1500 if you clean up your credit.
- Do you work long hours in a high stress vocation? – Occupations like military personnelair traffic controllers and accountants usually pay higher premium rates due to high stress and extremely grueling work hours. Conversely, occupations like actors, historians and the unemployed get better rates on Silverado insurance.
- Accidents can increase rates – Getting just one speeding ticket or other violation can increase rates substantially. Good drivers pay lower auto insurance prices as compared to those with violations. Drivers who have received license-revoking violations like hit and run, DWI or reckless driving convictions may find that they have to to file a proof of financial responsibility form (SR-22) with their state in order to legally drive a vehicle.
- Pleasure use saves money – The more miles you rack up on your Chevy in a year the more you’ll pay to insure your vehicle. Almost all companies charge to insure your cars based on their usage. Autos used primarily for pleasure use receive lower rates as compared to vehicles used primarily for driving to work. Having the wrong rating on your Silverado 1500 can result in significantly higher rates. Ask your agent if your declarations sheet is rated on how each vehicle is driven.
Tailor your insurance coverage to you
When choosing proper insurance coverage, there really is no cookie cutter policy. Every situation is different so this has to be addressed. For instance, these questions may help highlight if your situation will benefit from professional help.
- Are my tools covered if they get stolen from my vehicle?
- Is my cargo covered for damage or theft?
- Am I covered when driving a rental car?
- What is covered by UM/UIM coverage?
- What is PIP insurance?
- Exactly who is provided coverage by my policy?
If it’s difficult to answer those questions but you know they apply to you then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, complete your zip code.
Insurance coverage advertisements
Big name companies like State Farm and Allstate continually stream television and radio advertisements. They all seem to make the same claim about savings just by moving your insurance coverage policy to them. That’s great but how can every company say the same thing? This is how they do it.
Insurance coverage companies quote the lowest rates for a prospective insured that makes them money. For instance, a profitable customer might be a female over age 40, carries full coverage, and has a short commute. A customer getting a price quote that matches those criteria may get the lowest rates as well as save when they switch companies.
Potential insureds who are not a match for the ideal profile will get higher rates which translates to the driver buying from a lower-cost company. If you listen closely, the ads state “customers that switch” not “everybody who quotes” save that much when switching. This is how companies can claim big savings.
This really drives home the point why drivers should get insurance coverage quotes as often as possible. Because without a comparison, you cannot know the company that will have the best premium rates at this point in time.
Specific coverage details
Learning about specific coverages of a insurance policy can help you determine appropriate coverage at the best deductibles and correct limits. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording. These are typical coverage types offered by insurance companies.
Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive coverage pays for things such as rock chips in glass, falling objects, hitting a bird, theft and a tree branch falling on your vehicle. The highest amount a insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.
Med pay and Personal Injury Protection (PIP)
Coverage for medical payments and/or PIP pay for expenses like hospital visits, dental work, rehabilitation expenses and surgery. They are often used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. It covers not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. Personal injury protection coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
Uninsured/Underinsured Motorist (UM/UIM)
This provides protection from other drivers when they do not carry enough liability coverage. Covered losses include medical payments for you and your occupants and also any damage incurred to your Chevy Silverado 1500.
Due to the fact that many drivers have only the minimum liability required by law, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Normally these coverages do not exceed the liability coverage limits.
Collision insurance covers damage to your Silverado 1500 caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims like backing into a parked car, hitting a parking meter and colliding with a tree. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to choose a higher deductible to bring the cost down.
Coverage for liability
Liability coverage provides protection from injuries or damage you cause to people or other property in an accident. It protects YOU from legal claims by others. It does not cover damage to your own property or vehicle.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 50/100/50 that translate to $50,000 bodily injury coverage, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Alternatively, you may have one limit called combined single limit (CSL) that pays claims from the same limit and claims can be made without the split limit restrictions.
Liability coverage pays for claims such as funeral expenses, pain and suffering, repair costs for stationary objects, court costs and structural damage. How much liability should you purchase? That is a personal decision, but you should buy as large an amount as possible.
A penny saved is a penny earned
In this article, we presented many ideas to reduce 2020 Chevy Silverado 1500 insurance premium rates online. It’s most important to understand that the more companies you get prices for, the higher your chance of finding low cost insurance coverage. You may even find the lowest premium rates come from an unexpected company. Regional companies can often provide lower prices in certain areas as compared to the big name companies such as GEICO and State Farm.
There are still a few companies who do not offer online rate quotes and usually these regional carriers only sell coverage through local independent agents. Lower-priced insurance coverage can be sourced both online and also from your neighborhood agents, so you should compare both so you have a total pricing picture.
Additional information is located at these links:
- Air Bags: Potential Dangers to Your Children (Insurance Information Insitute)
- Comprehensive Coverage (Liberty Mutual)
- Understanding your Policy (NAIC.org)
- Top Signs Your Brakes are Giving Out (State Farm)
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