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Compare the Cost of Chevy Silverado Insurance by Model Year and Company
MoneyGeek found that the average cost of insuring a Chevy Silverado is $1,237 per year. Compared with the average rates across all other car models, Chevy Silverado insurance costs are relatively inexpensive and cost roughly $190 less on average. Based on the model year and the insurer you choose, rates can vary significantly.
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Advertising & Editorial DisclosureLast Updated: 8/23/2022
Written By |
Mark Fitzpatrick
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.
Key Takeaways
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.
How Much It Costs to Insure a Chevy Silverado and the Cheapest Company
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 auto 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.
The Average Annual Cost of Chevy Silverado Insurance by Company
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.
The Average Cost to Insure a Chevy Silverado by Company
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- CompanyAverage Annual Rates
- 1.$1,070
- 2.$1,079
- 3.$1,141
- 4.$1,239
- 5.$1,371
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Is a Chevy Silverado Expensive to Insure?
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.
The Best Car Insurance Company for a Chevy Silverado
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:
- The best car insurance company for insuring a Chevy Silverado is USAA, which is only available to current and former military members and their families.
- For non-service customers, a good pick is the second-best insurance company for a Chevy Silverado, GEICO.
1
USAA
Score:98
2
GEICO
Score:90
3
Progressive
Score:86
4
State Farm
Score:83
5
Nationwide
Score:76
6
Allstate
Score:72
7
Allied
Score:NaN
How Much It Costs to Insure a Chevy Silverado by Model Year
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.
The Average Cost to Insure a Chevy Silverado by Model Year
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- CompanyAverage Annual Rates (2020 model)Average Annual Rates (2019 model)Average Annual Rates (2018 model)Average Annual Rates (2017 model)Average Annual Rates (2016 model)Average Annual Rates (2010 model)Average Annual Rates (2005 model)
- 1.$1,156$1,159$1,133$1,110$1,095$943$896
- 2.$1,137$1,107$1,265$1,119$1,086$931$910
- 3.$1,233$1,232$1,197$1,189$1,172$1,003$958
- 4.$1,331$1,349$1,337$1,304$1,306$1,041$1,004
- 5.$1,382$1,391$1,409$1,424$1,437$1,298$1,255
How Expensive Is It to Insure a Chevy Silverado Compared to Other Cars?
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.
How Much It Costs to Insure a Chevy Silverado for 16- to 25-Year-Olds
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.
The Average Cost to Insure a Chevy Silverado by Driver Age
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- AgeAverage Annual Rates
- 16$5,177
- 17$4,586
- 18$4,038
- 19$2,892
- 20$2,582
How Does Location Affect the Cost of Chevy Silverado Insurance?
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.
FAQs About Chevy Silverado Insurance
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.
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Methodology
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:
- $100,000 in bodily injury liability insurance per person
- $300,000 in bodily injury liability insurance per accident
- $100,000 in property damage liability insurance per accident
- Comprehensive and collision insurance with a $1,000 deductible
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