If you want to buy insurance for a Chevy Silverado, shopping around is a good idea since insurers have different rates when insuring the same car. The cheapest insurer could change depending on your driver profile and model year, so comparing rates from different providers is likely to score you a better deal.
It costs an average of $1,237 to insure a Chevy Silverado. This is $190 less than the average across all car models.
Chevy Silverado insurance rates can change by as much as $452 per year depending on the provider. Comparing rates can help you save money.
The cost of insurance for a Chevy Silverado can change by as much as $280 depending on the model year. Older models tend to have lower rates.
The insurance provider you choose can have a large impact on your Chevy Silverado insurance rates. The average cost to insure a Chevy Silverado is $1,237, but costs can vary depending on the insurance company. For example, the cheapest insurance provider is GEICO, at an average of $1,070 per year — that's a difference of up to $452 annually when compared to the most expensive provider.
Using a sample driver profile, MoneyGeek collected rates from multiple insurance providers. In this case, the sample driver has a 100/300/100 liability insurance with comprehensive and collision coverage.
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Insurers use a variety of factors to determine the cost of car insurance. Generally, higher insurance rates are associated with expensive cars, more likely to be stolen or more prone to be involved in a crash or accident.
Chevy Silverados are generally inexpensive to insure, according to the data analyzed by MoneyGeek. The Chevy Silverado is a low-value, low-horsepower vehicle. Low-value cars are cheaper to fix, while low-horsepower cars are less likely to get into serious car accidents.
Combining these factors is likely to lessen the risk faced by insurers and keep the insurance costs down.
Cost should not be the only factor to consider when you are looking to purchase insurance for a Chevy Silverado.
MoneyGeek developed a rating system based on affordability, financial stability, customer satisfaction and customer complaints. The results showed that that:
Older cars can be cheaper to insure. Their value depreciates over time, making comprehensive and collision coverage less expensive.
The average cost of insurance is $1,053 for a 2005 Chevy Silverado, while a 2018 Chevy Silverado costs $1,332 per year on average. That is a difference of $280.
Depending on the model year, different companies might offer cheaper rates. For example, the cheapest insurance company for a 2020 Chevy Silverado is GEICO, with an average annual cost of $1,070.
Scroll to your model year to compare rates from different companies as the cheapest option can change based on the year.
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When it comes to insurance rates, driving a Chevy Silverado is relatively inexpensive. It costs an average of $1,237 per year to insure a Chevy Silverado, which is $190 less than the average cost across all other models.
Younger drivers usually pay significantly more for car insurance no matter what car they drive due to their inexperience on the road. Their inexperience means they are riskier to insure.
The average cost of insuring a Chevy Silverado for an 18-year-old driver is a whopping $4,038 per year. The average cost for a 40-year-old driver is $1,237.
It is a good idea for young drivers to stay on their parents’ policy as this generally costs less than getting their own car insurance.
You can find the cost of car insurance for young drivers ages 16 to 25 below.
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Although the costs discussed here are based on a national average, where you live can significantly impact your car insurance rates. To learn more about the cost of car insurance in individual states, take a look at our state page analysis.
Your car model can have an impact on the cost of car insurance, but it is only one of several factors insurers consider when calculating rates. Here are some commonly asked questions about insuring a Chevy Silverado.
Using a sample driver profile, MoneyGeek collected thousands of insurance rates from providers for a Chevrolet Silverado 1500 WT. The sample driver here is a 40-year-old male with a full coverage policy including the following:
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