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.

U.S. average insurance rates for a Chevrolet Silverado are $1,424 a year for full coverage insurance. Comprehensive insurance costs on average $260, collision costs $484, and liability insurance is estimated at $500. Liability-only insurance costs approximately $560 a year, with high-risk driver insurance costing $3,088 or more. Teens pay the highest rates at $5,494 a year or more.

Average premium for full coverage: $1,424

Price estimates by individual coverage:

Full coverage includes $500 deductibles, 30/60 split liability limits, and includes UM/UIM and medical coverage. Estimates are averaged for all 50 states and for all Silverado models.

Price Range from Low to High

Geographic Price Range

Living in a larger city has a significant impact on insurance rates. Rural areas have a lower frequency of physical damage claims than cities with more traffic congestion.

The example below illustrates the difference location can make on car insurance rates.

The ranges above illustrate why everyone should get quotes based on a specific location and risk profile, rather than relying on averaged prices.

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

• The cheapest rate after discounts is $827
• Choosing higher $1,000 deductibles can save around $168 each year
• The average rate for the average middle-age driver with $500 deductibles is $1,424
• Selecting pricier low deductibles for comp and collision coverage will cost an extra $328 a year
• High-risk insureds with serious driving violations could pay upwards of $3,088 or more
• The price for full coverage for a teen driver for full coverage may cost $5,494 each year

View Chart as Image

Car insurance prices for a Chevrolet Silverado are also quite variable based on your driving record, the model year and trim level, and policy deductibles and limits.

A more mature driver with no driving violations and high deductibles could pay as little as $1,300 annually on average for full coverage. Prices are much higher for teenage drivers, where even good drivers will be charged upwards of $5,400 a year. View Rates by Age

The state you live in plays a big part in determining prices for Chevrolet Silverado insurance rates. A good driver about age 40 could pay as low as $930 a year in states like Vermont, Wisconsin, and North Carolina, or have to pay at least $1,920 on average in Michigan, New York, and Florida.

View Chart as Image

Choosing higher comprehensive and collision insurance deductibles can save as much as $500 each year, whereas buying more liability protection will cost you more. Switching from a 50/100 limit to a 250/500 limit will increase prices by as much as $398 extra every 12 months. View Rates by Deductible or Liability Limit

If you have some driving violations or tend to cause accidents, you are probably paying at a minimum $1,700 to $2,400 extra each year, depending on your age. Chevrolet Silverado insurance for high-risk drivers ranges anywhere from 44% to 133% more than the average policy. View High Risk Driver Rates

Since prices can be so different, the only way to figure out exactly what you will pay is to regularly compare prices from as many companies as possible. Each auto insurer calculates prices differently, so rate quotes may be quite different from one company to the next.

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 More Affordable Chevrolet Silverado Insurance

Getting lower rates on Chevrolet Silverado insurance takes not taking risks behind the wheel, having above-average credit, not filing small claims, and maximizing policy discounts. Make time to compare rates at least every other year by requesting quotes from direct insurance companies like Progressive and GEICO, and also from local independent and exclusive agents.

The following is a summary of the car insurance concepts touched on in this article.

• High-risk drivers who have multiple accidents or major violations pay an average of $1,660 more each year for Silverado insurance
• It is possible to save as much as $170 per year simply by quoting online well ahead of the renewal date
• Increasing physical damage deductibles can save around $500 each year
• Drivers who require higher liability limits will pay approximately $550 annually to raise limits from a low limit 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