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.

Average insurance rates for a Chevrolet Silverado are $1,424 a year for full coverage insurance. Comprehensive costs on average $260 each year, collision insurance costs $484, and liability costs around $500. A liability-only policy costs as low as $560 a year, and high-risk insurance costs around $3,088. Teen drivers receive the highest rates at up to $5,494 a year.

Average premium for full coverage: $1,424

Rate estimates by individual coverage type:

Prices include $500 deductible amounts, liability coverage up to 30/60, and includes both medical and uninsured motorist insurance. Rates are averaged for all 50 states and Silverado models.

Price Range by Coverage and Risk

Price Range by Location

Where you live can have significant affects on insurance rates. Rural areas tend to have lower incidents of physical damage claims than larger metro areas. The graphic below illustrates how your location can change car insurance rates.

These examples illustrate why all drivers should compare prices based on a specific location, instead of using price averages.

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

Additional 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 illustrates average Chevrolet Silverado insurance rates for different risk profiles and scenarios.

• The lowest rate with discounts is $827
• Using higher $1,000 deductibles will save around $168 each year
• The estimated price for a 40-year-old driver with $500 deductibles is $1,424
• Choosing low deductibles for physical damage coverage bumps up the cost to $1,752
• Drivers with multiple violations and an at-fault accident could pay upwards of $3,088
• The cost that insures a teen driver may cost $5,494 or more

View Chart as Image

Insurance rates for a Chevrolet Silverado can also vary considerably based on the trim level and model year, your age and driving record, and policy deductibles and limits.

If you like to drive fast or you caused an accident, you are probably paying at a minimum $1,700 to $2,400 extra per year, depending on your age. Insurance for high-risk drivers can be as much as 44% to 133% more than average. View High Risk Driver Rates

More mature drivers with a clean driving record and higher comprehensive and collision deductibles may pay as little as $1,300 a year for full coverage. Rates are highest for teen drivers, since even teens with perfect driving records can expect to pay upwards of $5,400 a year. View Rates by Age

Where you live has a huge impact on Chevrolet Silverado insurance prices. A driver around age 40 might see rates as low as $930 a year in states like Vermont, Wisconsin, and North Carolina, or as much as $1,920 on average in Michigan, New York, and Florida.

View Chart as Image

Choosing high deductibles could cut rates by as much as $500 every year, whereas increasing liability limits will cost you more. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $398 more per 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 Right Chevrolet Silverado Insurance

Saving money on car insurance requires having a good driving record, having above-average credit, avoid buying unnecessary coverage, and determing if full coverage is necessary. Shop around every time your policy renews by getting rate quotes from direct insurance companies like Progressive, GEICO, and Esurance, and also from your local independent and exclusive agents.

The next list is a quick rundown of the information illustrated above.

• It is possible to save as much as $170 per year just by quoting online in advance
• Drivers age 20 and younger pay the highest rates, costing up to $458 per month if full coverage is included
• Increasing deductibles can save approximately $500 each year
• Higher risk drivers with reckless driving or DUI convictions may pay on average $1,660 more each year to buy Chevrolet Silverado insurance
• Policyholders who require increased levels of liability coverage will pay about $550 annually to increase from a minimum limit to the 250/500 level

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