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.

The average auto insurance rates for a Chevrolet Silverado are $1,358 annually for full coverage. Comprehensive insurance costs approximately $240 each year, collision insurance costs $424, and liability coverage costs around $514. Liability-only insurance costs as low as $572 a year, and high-risk driver insurance costs $2,942 or more. Teen drivers cost the most to insure at up to $5,296 a year.

Average premium for full coverage: $1,358

Policy rates by type of insurance:

Prices include $500 comprehensive and collision deductibles, split liability limits of 30/60, and includes uninsured motorist and medical coverage. Prices are averaged for all states and Silverado models.

Price Range Variability

Urban vs. Rural Price Range

Where you live has a large influence on car insurance rates. Rural locations are shown to have fewer accident claims than larger metro areas. The graphic below illustrates the difference location can make on auto insurance prices.

The examples above show why all drivers should compare prices using their specific location and their own personal driving habits, rather than using price averages.

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

Additional 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 shows 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 a year
• The estimated rate for a good driver age 40 who chooses $500 deductibles is $1,358
• Choosing low deductibles for physical damage coverage costs an additional $290 each year
• Higher-risk drivers with multiple violations and an at-fault accident could pay around $2,942
• Policy cost with full coverage for a teenage driver can cost $5,296 or more

View Chart as Image

Auto insurance rates for a Chevrolet Silverado also range considerably based on the model year and trim level, your driver profile, and physical damage deductibles and liability limits.

More mature drivers with a good driving record and high physical damage deductibles may only pay around $1,300 a year, or $108 per month, for full coverage. Rates are highest for teenagers, where even without any violations or accidents they will have to pay in the ballpark of $5,200 a year. View Rates by Age

If you have a few points on your driving record or you caused a few accidents, you could be paying anywhere from $1,600 to $2,300 in extra premium every year, depending on your age. Insurance for high-risk drivers can be around 43% to 131% more than average. View High Risk Driver Rates

Choosing high deductibles could cut rates by as much as $450 a year, whereas increasing liability limits will push rates upward. Going from a 50/100 bodily injury limit to a 250/500 limit will raise rates by up to $411 extra every year. View Rates by Deductible or Liability Limit

Your home state has a huge impact on Chevrolet Silverado insurance rates. A driver around age 40 might see rates as low as $900 a year in states like Iowa, Maine, and Idaho, or as much as $1,940 on average in New York, Louisiana, 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 Buy the Right Chevrolet Silverado Insurance

Finding cheaper rates on auto insurance requires avoiding accidents and violations, having above-average credit, avoid buying unnecessary coverage, and possibly higher deductibles. Make time to compare rates at least once a year by requesting quotes from direct carriers like Progressive, GEICO, and Esurance, and also from several local insurance agents.

The list below is a quick rundown of the primary concepts that were touched on in this article.

• Drivers can save around $160 per year just by quoting online in advance
• Drivers with reckless driving or DUI convictions pay on average $1,580 more per year for car insurance
• Increasing comprehensive and collision deductibles could save up to $450 each year
• Teenagers have the highest car insurance rates, costing up to $441 each month if full coverage is included

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