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 $1,390 a year with full coverage. Comprehensive costs an estimated $250 a year, collision insurance costs $450, and liability is estimated at $510. Liability-only insurance costs approximately $568 a year, and high-risk driver insurance costs around $3,010. Teens pay the most at up to $5,390 a year.

Average premium for full coverage: $1,390

Premium estimates broken down by type of coverage:

Prices are based on $500 policy deductibles, liability coverage up to 30/60, and includes medical and UM/UIM coverage. Rates include averaging for all U.S. states and Silverado trim levels.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Living in a larger city can make a big difference on car insurance rates. More rural locations are statistically proven to have a lower frequency of collision claims than cities with more traffic congestion. The diagram below illustrates how location impacts insurance prices.

These rate differences demonstrate why it is important to get quotes for a targeted area and risk profile, instead of making a decision based on averaged prices.

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

More Rate Details

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 other coverage scenarios.

• The cheapest rate after discounts is $811
• Choosing higher $1,000 deductibles can save approximately $1,230 annually
• The average rate for a 40-year-old good driver who has $500 deductibles is $1,390
• Selecting low $100 deductibles for comp and collision coverage will increase the cost to $1,698
• Higher-risk drivers with serious driving violations could pay up to $3,010
• An auto insurance policy for full coverage for a 16-year-old driver can cost as much as $5,390 each year

View Chart as Image

Insurance prices for a Chevrolet Silverado also have a wide range based on your driving characteristics, the trim level and model year, and liability limits and deductibles.

Older drivers with no violations or accidents and high deductibles may pay as low as $1,300 annually on average, or $108 per month, for full coverage. Prices are much higher for drivers in their teens, where even good drivers should be prepared to pay at least $5,300 a year. View Rates by Age

Where you choose to live plays a big part in determining prices for Chevrolet Silverado insurance prices. A good driver about age 40 could pay as low as $1,000 a year in states like Utah, Ohio, and New Hampshire, or have to pay at least $1,870 on average in New York, Michigan, and Florida.

View Chart as Image

Choosing higher comprehensive and collision insurance deductibles can save as much as $470 annually, while buying higher liability limits will increase premiums. Moving from a 50/100 limit to a 250/500 limit will cost up to $407 more each year. View Rates by Deductible or Liability Limit

If you have a few violations or tend to cause accidents, you may be forking out $1,700 to $2,300 additional annually, depending on your age. A high-risk auto insurance policy ranges from 43% to 136% more than the average policy. View High Risk Driver Rates

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 Affordable Chevrolet Silverado Insurance

Finding better rates on insurance for a Chevrolet Silverado takes being safe and accident-free, having a good credit history, being claim-free, and possibly raising deductibles. Spend time shopping around every time your policy renews by requesting rates from direct companies like Progressive, GEICO, and Esurance, and also from local exclusive and independent agents.

Below you'll find a brief review of the information touched on above.

• You may be able to save approximately $160 per year just by quoting early and online
• Youthful drivers are expensive to insure, possibly costing $449 per month including comprehensive and collision insurance
• Increasing policy deductibles can save around $475 each year
• Drivers considered higher risk with DUI or reckless driving convictions may pay on average $1,620 more annually than a low-risk driver
• Insureds who want more liability protection will pay approximately $560 every year to raise limits from 30/60 bodily injury limits to 250/500 limits

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