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.

Estimated insurance prices for a Chevrolet Silverado are $1,358 every 12 months including full coverage. Comprehensive costs approximately $240 each year, collision insurance costs $424, and liability costs around $514. Liability-only insurance costs as low as $572 a year, and high-risk driver insurance costs around $2,942. Teen drivers pay the most at up to $5,296 a year.

Average premium for full coverage: $1,358

Premium estimates by type of coverage:

Price estimates include $500 policy deductibles, liability coverage up to 30/60, and includes uninsured/under-insured motorist coverage. Rates include averaging for all 50 U.S. states and Silverado models.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Where you live can make a big difference on car insurance prices. Rural locations are statistically proven to have more infrequent comprehensive and collision claims than larger metro areas. The graphic below illustrates how location impacts auto insurance prices.

These rate differences highlight why all drivers should compare prices using their specific location and their own driving history, instead of making a decision based on price averages.

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 breaks down average Chevrolet Silverado insurance rates for additional coverage and risk scenarios.

• The lowest rate with discounts is $797
• Using higher $1,000 deductibles will save $152 every year
• The average price for a 40-year-old good driver who chooses $500 deductibles is $1,358
• Choosing low deductibles for physical damage coverage increases the price to $1,648
• High-risk insureds with multiple violations and an at-fault accident could pay around $2,942
• An auto insurance policy to insure a 16-year-old driver can cost $5,296 or more

View Chart as Image

Insurance prices for a Chevrolet Silverado also have a wide range based on physical damage deductibles and liability limits, your driving characteristics, and the model of your Silverado.

Choosing high deductibles could cut prices by as much as $450 annually, whereas increasing liability limits will push prices upward. Changing from a 50/100 liability limit to a 250/500 limit will cost up to $411 more each year. View Rates by Deductible or Liability Limit

More mature drivers with no violations or accidents and higher deductibles may pay as low as $1,300 a year, or $108 per month, for full coverage. Prices are highest for drivers in their teens, since even excellent drivers should be prepared to pay in the ballpark of $5,200 a year. View Rates by Age

If you have a few violations or you were responsible for an accident, you are likely paying anywhere from $1,600 to $2,300 additional annually, depending on your age. Insurance for high-risk drivers can be from 43% to 131% more than average. View High Risk Driver Rates

Where you choose to live has a huge impact on Chevrolet Silverado insurance prices. A driver around age 40 might see prices as low as $1,040 a year in states like Vermont, New Hampshire, and Missouri, or as much as $1,940 on average in Louisiana, New York, and Michigan.

View Chart as Image

Insurance Rates by Trim Level and Model Year

Rates assume 2016 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 Shop for Cheaper Chevrolet Silverado Insurance

Finding better rates on insurance for a Chevrolet Silverado requires avoiding accidents and claims, having above-average credit, refrain from filing small claims, and consideration of higher deductibles. Spend time shopping around every time your policy renews by obtaining price quotes from direct car insurance companies, and also from your local car insurance providers.

The points below are a condensed summary of the information touched on above.

• You may be able to save around $160 per year just by quoting online in advance
• Drivers under the age of 20 are the costliest to insure, with the cost nearing $441 per month if full coverage is included
• Increasing policy deductibles could save as much as $450 each year
• Drivers considered higher risk with multiple at-fault accidents could be charged and average of $1,580 more per year to insure a Chevrolet Silverado
• Insureds who purchase increased liability limits will pay about $570 per year to increase from 30/60 bodily injury limits to a 250/500 level

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.

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.

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