1. Vehicles
  2. Chevrolet
  3. Silverado 1500
  4. 2020 Model Year

2020 Chevrolet Silverado Insurance Rates

Enter your zip code below to view companies that have cheap auto insurance rates.

Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing...

Full Bio →

Written by

UPDATED: Apr 9, 2020

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn't influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Average insurance rates for a 2020 Chevrolet Silverado are $1,484 a year for full coverage insurance. Comprehensive insurance costs around $322 each year, collision insurance costs $562, and liability costs $420. Buying a liability-only policy costs as little as $494 a year, and high-risk insurance costs $3,198 or more. Teenage drivers receive the highest rates at up to $5,520 a year.

Annual premium for full coverage: $1,484

Rate estimates for 2020 Chevrolet Silverado Insurance

Comprehensive $322
Collision $562
Liability $420

Rate data is compiled from all 50 U.S. states and averaged for all 2020 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 40-year-old driver, prices range range from as low as $494 for basic liability insurance to a high rate of $3,198 for high-risk insurance.

Liability Only $494
Full Coverage $1,484
High Risk $3,198

View Chart as Image

2020 Chevrolet Silverado insurance rates compared
Column chart showing 2020 Chevrolet Silverado insurance prices range from $863 to $5,520 for full coverage

These differences illustrate why all drivers should compare rates for a specific zip code and risk profile, instead of making a decision based on average rates.

Use the form below to get rates for your location.

Enter your zip code below to view companies based on your location that have cheap auto insurance rates.

Recommended Companies for Cheap 2020 Chevrolet Silverado Insurance

Searching Companies

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.

Find the Cheapest Quotes in Your Area

Get multiple rate quotes instantly and find your cheapest rate

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

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 protection

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:

Find the Cheapest Quotes in Your Area

Get multiple rate quotes instantly and find your cheapest rate

Rates by U.S. City

2020 Chevrolet Silverado Insurance Rates by City
CityPremium
New York City, NY$2,343
Los Angeles, CA$2,538
Philadelphia, PA$1,980
Jacksonville, FL$2,155
Phoenix, AZ$1,728
Chicago, IL$1,991
Houston, TX$2,324
Seattle, WA$1,441
Columbus, OH$1,239
Indianapolis, IN$1,266

Need a specific model?

Choose your model and trim below

Rates by Driver Age

2020 Chevrolet Silverado Insurance Rates by Driver Age
Driver AgePremium
16$5,520
20$3,418
30$1,548
40$1,484
50$1,356
60$1,330

Full coverage, $500 deductibles

Rates by Deductible

2020 Chevrolet Silverado Insurance Rates with Different Deductibles
DeductiblePremium
$100$1,874
$250$1,694
$500$1,484
$1,000$1,284

Full coverage, driver age 40

Rates by Liability Limit

Chevrolet Silverado Insurance Rates with Different Liability Limits
Liability LimitPremium
30/60$1,484
50/100$1,568
100/300$1,673
250/500$1,946
100 CSL$1,610
300 CSL$1,841
500 CSL$2,009

Full coverage, driver age 40

Rates for High Risk Drivers

2020 Chevrolet Silverado Insurance Rates for High Risk Drivers
AgePremium
16$7,868
20$5,426
30$3,268
40$3,198
50$3,050
60$3,024

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.

SR-22 Surcharge $203

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

DiscountSavings
Multi-policy$78
Multi-vehicle$76
Homeowner$21
5-yr Accident Free$108
5-yr Claim Free$95
Paid in Full/EFT$67
Advance Quote$72
Online Quote$104
Total Discounts$621
Rate after discounts $863

Discounts are estimated and may not be available from every company or in every state.

Find companies with the cheapest rates in your area

2020 Chevrolet Silverado Insurance Rates by State
StatePremium
Alabama$1,340
Alaska$1,138
Arizona$1,234
Arkansas$1,484
California$1,692
Colorado$1,418
Connecticut$1,524
Delaware$1,680
Florida$1,858
Georgia$1,372
Hawaii$1,064
Idaho$1,008
Illinois$1,106
Indiana$1,120
Iowa$1,002
Kansas$1,410
Kentucky$2,024
Louisiana$2,198
Maine$918
Maryland$1,226
Massachusetts$1,186
Michigan$2,576
Minnesota$1,244
Mississippi$1,780
Missouri$1,318
Montana$1,594
Nebraska$1,172
Nevada$1,780
New Hampshire$1,072
New Jersey$1,660
New Mexico$1,312
New York$1,562
North Carolina$856
North Dakota$1,216
Ohio$1,024
Oklahoma$1,524
Oregon$1,360
Pennsylvania$1,414
Rhode Island$1,980
South Carolina$1,348
South Dakota$1,254
Tennessee$1,298
Texas$1,788
Utah$1,098
Vermont$1,016
Virginia$888
Washington$1,144
West Virginia$1,360
Wisconsin$1,028
Wyoming$1,322

You May Also Enjoy These Articles