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 $1,442 a year including full coverage. Comprehensive costs on average $274 each year, collision insurance costs $502, and liability coverage is $486. A liability-only policy costs around $548 a year, and high-risk insurance costs around $3,122. 16-year-old drivers pay the most at up to $5,516 a year.

Average premium for full coverage: $1,442

Premium estimates by type of coverage:

Full coverage includes $500 deductible amounts, liability coverage up to 30/60, and includes additional medical/uninsured motorist coverage. Rates include averaging for all 50 U.S. states and Silverado models.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Choosing to live in a large city has a large influence on car insurance rates. Rural areas are statistically proven to have a lower frequency of comprehensive and collision claims than congested cities. The graphic below illustrates how rural and urban location affects car insurance rates.

These rate differences highlight why all drivers should compare rates quotes based on a specific location and risk profile, rather than using rate averages.

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

Additional Rate Analysis

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 breaks down average Chevrolet Silverado insurance rates for different risk profiles and scenarios.

• The best full coverage rate is $837
• Raising to $1,000 deductibles will save around $176 every year
• The average rate for a 40-year-old good driver with $500 deductibles is $1,442
• Buying low deductibles will increase the cost to $1,784
• Unlucky drivers with multiple tickets or accidents could pay upwards of $3,122
• An auto insurance policy for full coverage for a teenage driver may cost $5,516

View Chart as Image

Auto insurance prices for a Chevrolet Silverado also have a wide range based on your driving characteristics, the model of your Silverado, and policy deductibles and limits.

More mature drivers with a good driving record and high deductibles may only pay around $1,300 every 12 months on average, or $108 per month, for full coverage. Prices are highest for drivers in their teens, where even good drivers will have to pay upwards of $5,500 a year. View Rates by Age

Where you choose to live also has a big influence on Chevrolet Silverado insurance rates. A middle-age driver might find prices as low as $1,110 a year in states like Missouri, New Hampshire, and Vermont, or at least $2,050 on average in Michigan, New York, and Louisiana.

View Chart as Image

Opting for high physical damage deductibles can reduce prices by up to $520 a year, whereas increasing liability limits will cost you more. Changing from a 50/100 limit to a 250/500 limit will cost up to $387 extra every year. View Rates by Deductible or Liability Limit

If you have a few violations or tend to cause accidents, you are likely paying at a minimum $1,700 to $2,400 in extra premium annually, depending on your age. Insurance for high-risk drivers is expensive and can cost around 44% to 131% more than the average rate. 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 More Affordable Chevrolet Silverado Insurance

Finding better rates on auto insurance consists of having a good driving record, having good credit, refrain from filing small claims, and deciding if full coverage is necessary. Set aside time to shop around every time your policy renews by requesting rates from direct car insurance companies like Progressive, GEICO, and Esurance, and also from local exclusive and independent agents.

The next list is a summary of the information raised in the charts and tables above.

• You may be able to save as much as $170 per year just by quoting online in advance
• Drivers age 20 and younger are charged the highest prices, with the cost nearing $460 per month if they have full coverage
• Increasing policy deductibles can save around $525 each year
• Drivers who have multiple accidents or major violations may pay on average $1,680 more each year to buy Chevrolet Silverado insurance
• Consumers who require increased levels of liability coverage will pay around $540 per year to raise 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.

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.

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