Who Has the Cheapest Insurance for a Chevrolet Silverado in Michigan?
Enter your Michigan zip code below to view companies that have cheap auto insurance rates.
UPDATED: Nov 13, 2019
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The chances that you’ll find cheap insurance for a Chevy Silverado in Michigan hinges on a complicated rating formula that uses factors like how far you commute, the likelihood of your vehicle being stolen, and any prior driving citations you have received. Michigan drivers will pay around $3,070 a year for Silverado insurance, but that policy rate is an approximation that rates a 40-year-old single female that purchased comprehensive and collision coverage and $100 deductibles.
Chances are good that you are not 40 and maybe not even a female, married instead of single, or maybe you just want liability only. Just a minor difference in policy rating factors can lead to a big change in the price of a policy.
Auto insurance is unique to every driver, so the only way to find the cheapest rates for your Chevrolet is to shop around at every renewal for lower rates. Rate quotes are easy and you will be able to see rates from top-rated car insurance companies around.
The trim level of your vehicle will be a contributing factor to the insurance rate, so the rate you will pay to insure a Silverado LS Regular Cab 2WD trim level will be $710 less than the cost to insure the higher-end Silverado Crew Cab Hybrid 4WD version, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$498||$996||$1014||$60||$304||$2,872||$239|
|Silverado LS Regular Cab 4WD||$498||$996||$898||$54||$268||$2,714||$226|
|Silverado LT Regular Cab 2WD||$570||$1212||$1014||$60||$304||$3,160||$263|
|Silverado LT Regular Cab||$570||$1212||$1014||$60||$304||$3,160||$263|
|Silverado LS Extended Cab 4WD||$570||$1212||$898||$54||$268||$3,002||$250|
|Silverado LT Extended Cab 4WD||$570||$1212||$898||$54||$268||$3,002||$250|
|Silverado LT Extended Cab 2WD||$570||$1212||$1014||$60||$304||$3,160||$263|
|Silverado LS Extended Cab 2WD||$570||$1212||$1014||$60||$304||$3,160||$263|
|Silverado LT Crew Cab 4WD||$644||$1428||$898||$54||$268||$3,292||$274|
|Silverado LS Crew Cab 2WD||$644||$1428||$1014||$60||$304||$3,450||$288|
|Silverado LS Crew Cab 4WD||$644||$1428||$898||$54||$268||$3,292||$274|
|Silverado LT Crew Cab 2WD||$644||$1428||$1014||$60||$304||$3,450||$288|
|Silverado LTZ Extended Cab 2WD||$644||$1428||$1014||$60||$304||$3,450||$288|
|Silverado LTZ Extended Cab 4WD||$644||$1428||$898||$54||$268||$3,292||$274|
|Silverado LTZ Crew Cab 2WD||$644||$1428||$1014||$60||$304||$3,450||$288|
|Silverado LTZ Crew Cab 4WD||$644||$1428||$898||$54||$268||$3,292||$274|
|Silverado Crew Cab Hybrid 2WD||$644||$1644||$898||$54||$268||$3,508||$292|
|Silverado Crew Cab Hybrid 4WD||$718||$1644||$898||$54||$268||$3,582||$299|
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Table data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Michigan minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Table data does not factor in Michigan location which can modify auto insurance rates noticeably.
What is the best insurance company in Michigan?
Choosing the highest-rated insurance company can be difficult considering how many different companies sell coverage in Michigan. The rank data listed below may help you analyze which coverage providers you want to consider when trying to find cheaper insurance for a Chevy Silverado. These rankings only include major nationwide insurance companies, so companies that may only write in Michigan are not taken into consideration for the list.
Top 10 Large Car Insurance Companies in Michigan Ranked by A.M. Best Rating
- USAA – A++
- GEICO – A++
- State Farm – A++
- The Hartford – A+
- Esurance – A+
- Allstate – A+
- Progressive – A+
- Nationwide – A+
- 21st Century – A
- Liberty Mutual – A
Top 10 Large Car Insurance Companies in Michigan Ranked by Customer Satisfaction
- The Hartford – 93%
- Progressive – 90%
- 21st Century – 89%
- USAA – 87%
- State Farm – 87%
- Safeco Insurance – 86%
- AAA Insurance – 86%
- Farmers Insurance – 85%
- GEICO – 85%
- American Family – 85%
Top Companies for Chevrolet Silverado Insurance in Michigan
Enter your zip code below to view companies that have cheap auto insurance rates.
Full coverage or liability only
Finding the cheapest insurance for a Chevy Silverado in Michigan should be important to most vehicle owners, and one of the quickest ways to lower the cost of insurance is to buy liability only. The example below shows the difference between annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or driving citations, $500 deductibles, drivers are not married, and no discounts are taken into consideration.
If all age groups are averaged, physical damage coverage on your policy costs $3,827 per year more than buying just liability insurance. Many of you may wonder when is the right time to remove full coverage. There is no definitive rule for phasing out physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
Insurance rates are higher with tickets and accidents
The obvious way to earn the best insurance rates in Michigan for a Silverado pickup is to be a safe driver and not have accidents or get tickets. The chart below shows how traffic citations and at-fault claims can increase premium costs for different ages of insureds. The rate quotes are based on a single female driver, full physical damage coverage, $100 deductibles, and no policy discounts are applied.
The data charted above shows the average cost of a car insurance policy in Michigan per year with no accidents and a clean driving record is $4,008. Receive two speeding tickets and the average cost rises to $5,389, an increase of $1,380 each year. Now get two accidents along with the two speeding tickets and the 12-month cost of insurance for a Chevy Silverado increases to an average of $10,503. That’s an increase of $6,494, or $541 per month, just for not driving responsibly!
Why you should be shopping around
Michigan insurance rates are calculated based on many things that may substantially change the policy premium. Improving your credit score, getting married, or getting a speeding ticket may cause policy rate changes that can make some companies affordable when they were higher priced. And not only may your rating factors change, but auto insurance companies modify pricing as often as every three months in order to remain profitable. Significantly higher claims may result in higher prices, while a lower level of claims can result in lower-priced Silverado insurance rates.
As an example, the graph below shows rates for the cheapest car insurance in Michigan for a 40-year-old male driver with a clear driving record, no claims, and good credit. Based on his current risk profile, USAA offers the most affordable car insurance rates in Michigan at $949 per year. This is $1,444 less than the average premium paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb also make the list of the top five cheapest Michigan auto insurance companies.
In this next rate comparison, we will give the driver from the first example a claim surcharge, bad credit, and a traffic citation. Due to the fact that every insurance company uses a different method to determining premium rates, comparing rates most likely will result in a significantly different list of the cheapest car insurance companies in Michigan as shown below.
GEICO now has the lowest price on auto insurance in Michigan with Pioneer State Mutual, Safeco, Hastings Mutual, and Frankenmuth now rounding out the top five. This example illustrates why it is crucial to compare lots of rates to find the most economical car insurance quotes for a Chevy Silverado. Auto insurance prices consist of many different factors and can change substantially, so the best price a year ago may now be quite expensive.
How to find the cheapest insurance for a Chevy Silverado
Here are many penny-pinching solutions that can help Michigan drivers buy lower-cost coverage.
- Maintain a safe distance and avoid accidents
- Buying home and auto insurance together can earn discounts
- Having too many claims will increase rates substantially
- Maintain a clean driving record
- Good credit can save money
- Increase deductibles to save money
- Compare rates once a year for cheaper prices
The last suggestion is extraordinarily significant, as we emphasized in this piece. Insurance prices can change considerably in a year, so don’t be hesitant to buy a policy from a new company if a better rate can be found. Many drivers have brand loyalty and that’s fine, but it’s not a great idea if that dedication is costing big bucks every year. If you have a few minutes, compare prices to find cheaper auto insurance for a Chevy Silverado.
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