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 with full coverage. Comprehensive insurance costs around $260 a year, collision insurance costs $484, and liability insurance is $500. Liability-only insurance costs around $560 a year, and high-risk driver insurance costs $3,088 or more. 16-year-old drivers pay the highest rates at up to $5,494 a year.

Average premium for full coverage: $1,424

Price estimates for individual coverage:

Full coverage includes $500 physical damage insurance deductibles, 30/60 liability limits, and includes medical and uninsured motorist coverage. Estimates are averaged for all U.S. states and Silverado trim levels.

Price Range from Low to High

Geographic Price Range

Choosing to live in a large city has a significant impact on insurance rates. Areas with sparse population have lower incidents of collision claims than congested cities. The diagram below illustrates how location impacts auto insurance rates.

The ranges above demonstrate why it is important to compare rates quotes for a specific zip code, rather than relying on rate averages.

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

Detailed Rate Analysis

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 details average Chevrolet Silverado insurance rates for additional coverage choices and driver risks.

• The best full coverage rate is $827
• Raising to $1,000 deductibles will save about $1,256 annually
• The estimated price for the average middle-age driver using $500 deductibles is $1,424
• Buying low $100 deductibles will cost an additional $328 a year
• Higher-risk drivers with multiple tickets or accidents could pay at least $3,088
• The price that insures a teen driver can be $5,494

View Chart as Image

Car insurance prices for a Chevrolet Silverado are also quite variable based on the trim level of your Silverado, your age and driving habits, and deductibles and policy limits.

If you have some driving violations or you caused an accident, you may be forking out at least $1,700 to $2,400 extra each year, depending on your age. A high-risk auto insurance policy is expensive and can cost anywhere from 44% to 133% more than the average rate. View High Risk Driver Rates

Older drivers with no driving violations and higher comprehensive and collision deductibles could pay as little as $1,300 every 12 months on average for full coverage. Prices are highest for teenage drivers, since even teens with perfect driving records will be charged as much as $5,400 a year. View Rates by Age

The state you live in also has a big influence on Chevrolet Silverado insurance rates. A middle-age driver might find prices as low as $1,020 a year in states like New Hampshire, Ohio, and Utah, or at least $1,920 on average in Florida, Michigan, and New York.

View Chart as Image

Opting for high physical damage deductibles can reduce prices by up to $500 each year, while buying higher liability limits will increase prices. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $398 extra every 12 months. View Rates by Deductible or Liability Limit

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 Chevrolet Silverado insurance consists of being a low-risk driver, having a positive credit history, avoid buying unnecessary coverage, and consideration of higher deductibles. Comparison shop at every policy renewal by getting quotes from direct companies, and also from your local independent and exclusive agents.

The items below are a summary of the data touched on above.

• Drivers who may need more liability coverage will pay around $550 every year to raise from a low limit to the 250/500 level
• You may be able to save up to $170 per year just by quoting early and online
• Increasing physical damage deductibles can save approximately $500 each year
• Teen drivers are the costliest to insure, costing up to $458 a month if full coverage is purchased

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