Compare 2024 Chevrolet Silverado 1500 Insurance Rates

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Apr 29, 2024

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Looking for lower insurance rates for your Chevrolet Silverado 1500? Are you kicking yourself for buying an underperforming, overpriced insurance policy? Don’t sweat it because many drivers feel the same as you.

With so many insurance providers from which to choose, it can be difficult for drivers to choose the cheapest company.

You should make it a habit to compare rates on a regular basis because rates are variable and change quite frequently. Even if you think you had the best deal for Silverado insurance on your last policy you may be paying too much now. Ignore everything you know about insurance because I’m going to let you in on the secrets to the right way to save money, get proper deductibles and limits, all at the lowest rate.

Quote auto insurance online

When shopping for the cheapest insurance quotes, there are a couple of ways to compare quotes from all the different companies. The easiest way by far to find cheaper 2024 Chevy Silverado 1500 rates involves getting comparison quotes online. This is very easy and can be done in a couple minutes as outlined below.

Probably the best way to find low rates is an all-inclusive rate comparison. This quick form prevents you from having to do separate quote forms for each company you want a rate for. One quote request gets coverage cost estimates from many national carriers.

A less efficient way to compare rate quotes consists of going to the website of each company to complete a price quote. For sake of this example, we’ll pretend you want to get rates from Nationwide, Esurance and Liberty Mutual. To get each rate you have to go to each individual site and repeatedly enter your information, which can get old fast.

Which method you use is up to you, but make absolute certain that you use the same coverages and limits for every quote you compare. If you compare different deductibles it will be impossible to determine the lowest rate for your Chevy Silverado 1500. Quoting even small variations in coverage limits could mean much higher rates. Just remember that making a lot of price comparisons helps locate a better price. Some regional insurers cannot provide quotes online, so it’s recommended that you also compare price quotes from them, too.

Take advantage of these discounts

Auto insurance companies do not list every discount available in an easy-to-find place, so we took the time to find a few of the more common and the more hidden discounts you could be receiving when you buy insurance online.

  • Early Switch Discount – A few companies offer discounts for switching companies prior to your current policy expiration. You can save around 10% with this discount.
  • Drivers Education – Make teen driver coverage more affordable by requiring them to complete a driver education course as it will make them better drivers and lower rates.
  • Distant Student Discount – Youth drivers who live away from home at college and do not have access to a covered vehicle can be insured at a reduced rate.
  • No Claim Discounts – Claim-free drivers get the best auto insurance rates when compared to drivers who are more careless.
  • Multiple Cars – Drivers who insure multiple cars or trucks with the same company can reduce the rates for all insured vehicles.
  • Save with a New Car – Insuring a new car can save you some money because newer models have to meet stringent safety requirements.
  • Good Grades Discount – Maintaining excellent grades can be rewarded with saving of up to 25%. Many companies even apply the discount to college students well after school through age 25.
  • Driving Data Discount – Drivers who agree to allow data collection to scrutinize driving manner by using a telematics device such as In-Drive from State Farm or Allstate’s Drivewise system could save a few bucks if their driving habits are good.
  • Good Driver Discounts – Insureds who avoid accidents may save up to 50% more for Silverado insurance than their less cautious counterparts.

Drivers should understand that some of the credits will not apply to the entire cost. Most only reduce individual premiums such as collision or personal injury protection. If you do the math and it seems like you would end up receiving a 100% discount, nobody gets a free ride. But all discounts will definitely lower the amount you pay for coverage.

Large auto insurance companies and some of the discounts are included below.

  • American Family may offer discounts for TimeAway discount, accident-free, early bird, good student, and air bags.
  • State Farm has discounts for multiple autos, student away at school, Steer Clear safe driver discount, good driver, safe vehicle, and defensive driving training.
  • 21st Century may include discounts for student driver, 55 and older, anti-lock brakes, driver training, homeowners, good student, and teen driver.
  • Travelers discounts include continuous insurance, driver training, hybrid/electric vehicle, new car, early quote, and multi-policy.
  • GEICO has savings for emergency military deployment, anti-lock brakes, multi-vehicle, multi-policy, five-year accident-free, and anti-theft.

If you need lower rates, check with every prospective company which discounts you may be entitled to. Depending on the company, some discounts may not be available in every state. For a list of providers who offer free auto insurance quotes, enter your zip code here.

How do car insurance companies determine Chevy Silverado 1500 insurance premiums?

Multiple criteria are used in the calculation when you get your auto insurance bill. Some of the criteria are obvious like a motor vehicle report, although some other factors are more transparent like your continuous coverage and annual miles driven.

Shown below are most of the major factors used by your company to calculate your prices.

  • City dwellers may pay more – Residing in areas with lower population may provide you with better prices when it comes to insurance. Fewer people means reduced accidents and also fewer theft and vandalism claims. Drivers in populated areas have much more traffic and longer commute times. Higher commute times statistically corresponds to a higher accident and claim rate.
  • Accidents mean higher rates – Getting just one citation can increase the cost of insurance by as much as twenty percent. Drivers with clean records tend to pay less for car insurance as compared to careless drivers. Drivers unfortunate enough to have serious violations like DUI or reckless driving are required to prove financial responsibility with their state’s licensing department in order to prevent their license from being revoked.
  • Do you work long hours in a tough occupation? – Careers like military generals, police officers and medical professionals have higher rates than average because of intense work situations and lots of time spent away from family. Conversely, careers such as scientists, historians and the unemployed have lower than average premiums for Silverado insurance.
  • Pleasure use saves money – Driving more miles every year the more it will cost to insure it. The majority of insurers rate vehicles based upon how you use the vehicle. Cars and trucks that sit idle most of the time can get a lower rate compared to those used for work or business. Incorrect rating for your Silverado 1500 may be wasting your money. Make sure your insurance policy shows the correct driver usage, because it can save money.
  • Choose high NHTSA crash test ratings and save – Cars with five star safety ratings cost less to insure. These vehicles result in less severe injuries and lower rates of occupant injuries translates directly to fewer claims which can mean better rates for you. If your Chevy Silverado 1500 has ratings of a minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org you may qualify for a discount.

Special considerations

When buying adequate coverage, there is no cookie cutter policy. Every situation is different and your policy should reflect that. Here are some questions about coverages that might point out whether your personal situation would benefit from an agent’s advice.

  • Can I get a multi-policy discount?
  • What discounts do I qualify for?
  • Do I need PIP coverage since I have good health insurance?
  • Am I covered if I drive in a foreign country?
  • Will my insurance pay for OEM parts?
  • Am I covered when pulling a rental trailer?
  • When should I not file a claim?
  • Does my 2024 Chevy Silverado 1500 qualify for pleasure use?
  • Is my dog or cat covered if injured in an accident?

If you can’t answer these questions but you think they might apply to your situation, then you may want to think about talking to an agent. To find lower rates from a local agent, simply complete your zip code.

Save $432 a year. For real?

Allstate and Progressive continually stream television, radio, and online ads. All the ads try to convey promises that you can save if you change your coverage. How is it possible that every company can sell you cheaper insurance coverage? It’s all in the wording.

Insurance coverage companies have specific guidelines for the driver that earns them the highest profit. For example, a desirable risk might be a married female, has never had a policy lapse, and does not commute to work. A prospective insured who fits those characteristics will get a cheap rate quote and will save a lot if they switch.

Potential insureds who are not a match for the ideal profile will be quoted a higher rate and this can result in the customer not buying. If you pay close attention to the ads, they say “people who switch” but not “all drivers who get quotes” save that kind of money. This is how insurance companies can confidently make claims that they all have the best car insurance rates. That is why you absolutely need to compare quotes as often as possible. It is impossible to predict which company will have the best rates for your profile.

Insurance coverage basics

Learning about specific coverages of a insurance policy can help you determine which coverages you need and proper limits and deductibles. The terms used in a policy can be impossible to understand and coverage can change by endorsement. Below you’ll find typical coverages found on most insurance policies.

Auto liability

This will cover damages or injuries you inflict on people or other property that is your fault. This insurance protects YOU from claims by other people. It does not cover damage to your own property or vehicle.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 100/300/100 that translate to a limit of $100,000 per injured person, $300,000 for the entire accident, and $100,000 of coverage for damaged property.

Liability coverage pays for things such as loss of income, attorney fees and medical expenses. The amount of liability coverage you purchase is up to you, but you should buy as high a limit as you can afford.

Coverage for medical payments

Personal Injury Protection (PIP) and medical payments coverage provide coverage for bills such as surgery, funeral costs, ambulance fees and rehabilitation expenses. The coverages can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. It covers you and your occupants as well as any family member struck as a pedestrian. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay

Coverage for collisions

Collision insurance covers damage to your Silverado 1500 from colliding with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.

Collision insurance covers things such as damaging your car on a curb, rolling your car, hitting a mailbox, colliding with another moving vehicle and backing into a parked car. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. It’s also possible to bump up the deductible in order to get cheaper collision rates.

Comprehensive coverages

This coverage covers damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage protects against claims like hitting a bird, hail damage, falling objects and theft. The maximum amount a insurance company will pay at claim time is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Uninsured and underinsured coverage

This protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. Covered losses include medical payments for you and your occupants and damage to your 2024 Chevy Silverado 1500.

Because many people only purchase the least amount of liability that is required, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

A penny earned…

The cheapest 2024 Chevy Silverado 1500 insurance can be sourced from both online companies as well as from insurance agents, so you should be comparing quotes from both to have the best rate selection. A few companies may not offer price quotes online and most of the time these smaller companies prefer to sell through independent insurance agents.

We just covered some good ideas how you can lower your 2024 Chevy Silverado 1500 insurance premium rates. The most important thing to understand is the more times you quote, the higher the chance of saving money. You may even find the lowest priced insurance coverage comes from some of the lesser-known companies. Regional companies may only write in your state and offer lower prices as compared to the big name companies such as State Farm and Allstate.

When trying to cut insurance costs, it’s not a good idea to reduce needed coverages to save money. There have been many situations where an insured cut liability coverage limits only to regret that the few dollars in savings costed them thousands. Your objective should be to get the best coverage possible at the best price.

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