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 insurance rates for a Chevrolet Silverado are $1,390 a year for full coverage. Comprehensive insurance costs around $250, collision insurance costs $450, and liability is $510. Liability-only insurance costs around $568 a year, and high-risk driver insurance costs $3,010 or more. Teens cost the most to insure at up to $5,390 a year.

Average premium for full coverage: $1,390

Policy rates for type of insurance:

Includes $500 physical damage deductibles, 30/60 liability coverage, and includes additional medical/uninsured motorist coverage. Prices are averaged for all states and for all Silverado models.

Price Range Variability

Urban vs. Rural Price Range

Choosing to live in a large city can make a big difference on auto insurance rates. Areas with sparse population are shown to have lower incidents of accident claims than cities with more traffic congestion. The example below illustrates how location impacts auto insurance rates.

The examples above show why everyone should compare rates quotes for a specific zip code, instead of making a decision based on averaged prices.

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

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

• The cheapest rate after discounts is $811
• Raising to $1,000 deductibles will save about $160 a year
• The estimated price for a good driver age 40 using $500 deductibles is $1,390
• Selecting pricier low deductibles will cost an additional $308 annually
• Drivers with serious driving violations could pay at least $3,010
• Policy cost that insures a 16-year-old driver for full coverage can be $5,390

View Chart as Image

Auto insurance rates for a Chevrolet Silverado also range considerably based on the model of your Silverado, how you drive, and deductibles and policy limits.

If you have a few points on your driving record or you caused an accident, you could be paying at least $1,700 to $2,300 in extra premium every year, depending on your age. Chevrolet Silverado insurance for high-risk drivers is expensive and can cost from 43% to 136% more than the average policy. View High Risk Driver Rates

A more mature driver with a good driving record and higher comprehensive and collision deductibles may pay as low as $1,300 every 12 months on average, or $108 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records will have to pay as much as $5,300 a year. View Rates by Age

Your home state also has a big influence on Chevrolet Silverado insurance prices. A middle-age driver might find rates as low as $920 a year in states like Idaho, Maine, and Iowa, or have to pay at least $1,980 on average in Michigan, Louisiana, and New York.

View Chart as Image

Choosing higher comprehensive and collision insurance deductibles can reduce rates by up to $470 annually, whereas buying more liability protection will increase rates. Going from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $407 extra every year. 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 the Cheapest Chevrolet Silverado Insurance

Finding cheaper rates on insurance for a Chevrolet Silverado consists of being a safe and courteous driver, maintaining a good credit score, avoid buying unnecessary coverage, and possibly raising deductibles. Compare rates every year by requesting quotes from direct carriers, and also from several local insurance agents.

Below is a recap of the coverage data touched on above.

• Drivers can save up to $160 per year just by quoting online well ahead of the renewal date
• Increasing comprehensive and collision deductibles can save approximately $475 each year
• Teenage drivers are expensive to insure, costing up to $449 each month if the policy includes full coverage
• Drivers considered higher risk that have major violations or accidents pay on average $1,620 more every year for auto insurance

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