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 rates for a Chevrolet Silverado are $1,310 a year for full coverage. Comprehensive insurance costs approximately $230, collision costs $380, and liability insurance costs $520. A liability-only policy costs as little as $576 a year, with high-risk insurance costing $2,830 or more. Teen drivers pay the most at $5,132 a year or more.

Average premium for full coverage: $1,310

Premium estimates by type of coverage:

Estimates include $500 policy deductibles, bodily injury liability limits of 30/60, and includes UM/UIM and medical coverage. Rates include averaging for all states and for different Silverado trim levels.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Your location has a significant impact on car insurance rates. Rural locations are statistically proven to have lower incidents of accident claims than larger metro areas.

The price range example below illustrates the effect of geographic area on auto insurance prices.

These rate differences show why anyone shopping for car insurance should compare rates using their specific location, rather than relying on price averages.

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

Rates by State, City, and Model

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 estimated Chevrolet Silverado insurance rates for additional coverage and risk scenarios.

• The lowest rate with discounts is $773
• Drivers who choose higher $1,000 deductibles will pay $140 a year
• The estimated price for a 40-year-old good driver who chooses $500 deductibles is $1,310
• Choosing more expensive low deductibles for comprehensive and collision insurance will cost an additional $266 a year
• High risk drivers with multiple violations and an at-fault accident could pay around $2,830 or more
• An auto insurance policy that insures a teen driver with full coverage can cost $5,132 a year

View Chart as Image

Auto insurance prices for a Chevrolet Silverado also have a wide range based on the model year and trim level, how you drive, and physical damage deductibles and liability limits.

If you have a few violations or you caused an accident, you could be paying anywhere from $1,600 to $2,200 in extra premium annually, depending on your age. High-risk driver insurance can cost anywhere from 43% to 136% more than average. View High Risk Driver Rates

An older driver with a good driving record and higher comprehensive and collision deductibles could pay as little as $1,200 per year on average, or $100 per month, for full coverage. Prices are highest for drivers in their teens, since even teens with perfect driving records will have to pay in the ballpark of $5,100 a year. View Rates by Age

Where you choose to live makes a big difference in Chevrolet Silverado insurance rates. A 40-year-old driver could pay as low as $860 a year in states like Iowa, Maine, and Idaho, or as much as $1,870 on average in New York, Louisiana, and Michigan.

View Chart as Image

Choosing high deductibles could save up to $410 each year, while increasing your policy's liability limits will push prices upward. Going from a 50/100 bodily injury protection limit to a 250/500 limit will cost up to $414 extra every year. View Rates by Deductible or Liability Limit

With such a large range in prices, the only way to know who has the cheapest car insurance prices is to compare prices from as many companies as possible. Every company uses a different rate calculation, and quoted prices will be substantially different.

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 Find Low Cost Chevrolet Silverado Insurance

Finding better rates on Chevrolet Silverado insurance not only requires avoiding accidents and claims, but also maintaining a good credit score, not filing small claims, and not having any coverage lapses. Shop around every other policy renewal by getting rate quotes from direct carriers, and also from insurance agencies where you live.

The points below are a review of the ideas that were covered in the above illustrations.

• Drivers under the age of 20 have the highest car insurance prices, as much as $428 per month if the policy includes full coverage
• High-risk drivers who have several accidents or serious violations could be forced to pay on average $1,520 more per year to insure a Chevrolet Silverado
• Increasing policy deductibles can save approximately $400 each year
• Drivers can save around $150 per year simply by shopping early and online

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