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 rates for a Chevrolet Silverado are $1,424 a year for full coverage insurance. Comprehensive costs on average $260, collision costs $484, and liability is $500. A policy with just liability insurance costs around $560 a year, with coverage for high-risk drivers costing around $3,088. Teen drivers pay the highest rates at $5,494 a year or more.

Average premium for full coverage: $1,424

Price estimates by individual coverage:

Full coverage includes $500 physical damage insurance deductibles, liability coverage up to 30/60, and includes medical/PIP and uninsured motorist coverage. Estimates are averaged for all 50 states and for all Silverado models.

Price Range from Low to High

Geographic Price Range

Choosing to live in a large city can have significant affects on insurance rates. Rural areas have a lower frequency of physical damage claims than larger metro areas.

The example below illustrates how where you live affects car insurance rates.

The ranges above illustrate why everyone should compare rates quotes based on a specific location and risk profile, instead of using price averages.

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

Additional Charts and Tables

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 different risk profiles and scenarios.

• The lowest rate with discounts is $827
• Raising to $1,000 deductibles will save around $168 each year
• The average rate for the average middle-age driver with $500 deductibles is $1,424
• Choosing pricier low deductibles will increase the cost to $1,752
• At-risk drivers with multiple violations and an at-fault accident could pay upwards of $3,088 or more
• The price for full coverage for a teen driver for full coverage may cost $5,494

View Chart as Image

Insurance prices for a Chevrolet Silverado are also quite variable based on your driving record, the model year and trim level, and policy deductibles and limits.

A more mature driver with a clean driving record and high deductibles may pay as little as $1,300 every 12 months on average for full coverage. Prices are highest for teenage drivers, where even good drivers can expect to pay upwards of $5,400 a year. View Rates by Age

The state you live in also has a big influence on Chevrolet Silverado insurance prices. A middle-age driver might find prices as low as $930 a year in states like Vermont, Wisconsin, and North Carolina, or as much as $1,920 on average in Michigan, New York, and Florida.

View Chart as Image

Choosing high deductibles can reduce prices by up to $500 every year, whereas buying more liability protection will cost you more. Switching from a 50/100 limit to a 250/500 limit will increase prices by as much as $398 more per year. View Rates by Deductible or Liability Limit

If you have some driving violations or tend to cause accidents, you are probably paying at a minimum $1,700 to $2,400 extra each year, depending on your age. Chevrolet Silverado insurance for high-risk drivers is expensive and can cost as much as 44% to 133% more than average. View High Risk Driver Rates

Since prices can be so different, the only way to figure out exactly what you will pay is to regularly compare prices and see which company has the best price. Every auto insurance company uses a different rate calculation, so the prices may be quite different from one company to the next.

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 Find More Affordable Chevrolet Silverado Insurance

Getting lower rates on car insurance consists of being a low-risk driver, maintaining good credit, not filing small claims, and bundling your home and auto policies. Take the time to comparison shop every time your policy renews by requesting rates from direct insurance companies like Progressive and GEICO, and also from local independent and exclusive agents.

The items below are a summary of the information touched on in the above illustrations.

• It is possible to save as much as $170 per year simply by quoting online well ahead of the renewal date
• Teen drivers pay the highest prices, as much as $458 a month for full coverage
• Increasing physical damage deductibles can save around $500 each year
• Higher risk drivers who have multiple accidents or major violations pay an average of $1,660 more each year to insure their Silverado
• Policyholders who require more liability coverage will pay about $550 annually to raise from a low limit to 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