Best Cheap Chevrolet Silverado Car Insurance; Cost to Insure It [Quick Guide]
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Written by
Gianetta Palmer
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Reviewed by
Joel Ohman
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UPDATED: May 1, 2021
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The Chevrolet Silverado is a half-ton, full-size truck that rivals most pickups as best in its class.
The pickup offers American drivers a safe yet enjoyable ride with four-star crash test ratings and trailer assistance options.
Before you look for the best rates and make a comparison, here are key takeaways to look for Chevrolet Silverado rates.
| Chevy Silverado Insurance Quick Hits |
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| Chevrolet Silverado owners can expect to pay an insurance rate of $131 per month with most car insurance companies. |
| USAA is the cheapest insurance company with a rate of $122 per month. The next best insurer is Nationwide at $135 per month. |
| The Silverado costs $33 more per month to insure than other vehicles in its class. |
| The Silverado ranks ahead of most pickup trucks for reliability and safety. |
| J.D. Power recommends the Chevrolet Silverado for its quality, reliability rating and resale value. |
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Table of Contents
Cost to Insure a Chevrolet Silverado
From the bare-bones Work Truck to the high-end High Country, the Chevrolet Silverado comes in different builds to please any pickup enthusiast.
Its safety rating and low-cost replacement parts make it affordable to insure.
Let’s take a look at some of Chevy Silverado drivers’ best insurance options to help decide which insurers are right for you.
Note: Illustrated above is a new model year Silverado and the insurance cost for discounts ($1,003), high deductibles ($1,273), high-risk ($3,117), and young drivers ($4,927). The average rate is $1,572, illustrated in blue.
How Much Are Chevrolet Silverado Insurance Rates?
Since your rates for your Chevrolet Silverado depend on the driver’s age, it’s impossible to say exactly how much you will pay monthly for car insurance.
Below is a price comparison of different companies for a 30 and 45-year-old male driver.
| Company | Premium 30-year old | 45-year old |
|---|---|---|
| USAA | $1,469 | $978 |
| Nationwide | $1,622 | $1,039 |
| State Farm | $1,783 | $1,091 |
| Erie | $1,841 | $1,154 |
| Liberty Mutual | $1,952 | $1,199 |
| Allstate | $2,031 | $1,237 |
| GEICO | $2,065 | $1,276 |
| Texas Farm Bureau | $2,128 | $1,327 |
| Progressive | $2,231 | $1,481 |
| Farmers | $2,267 | $1,528 |
| Travelers | $2,379 | $1,603 |
| Auto-Owners | $2,444 | $1,610 |
| Acuity | $2,592 | $1,715 |
| Elephant | $2,621 | $1,792 |
| Country Financial | $2,833 | $1,827 |
| Hartford | $2,901 | $1,853 |
| Tennessee Farmers | $2,905 | $1,942 |
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The national average Chevrolet Silverado cost for a policy with liability, collision, and comprehensive coverage is $1,572 annually.
If you need state minimum liability limits, you can expect to pay $689 annually.
Premiums Vary
Of course, premiums vary by age, driving record, the number of miles you drive, marital status, and carrier.
For example, a teenage driver can expect to pay as much as $5,000 yearly to insure a Chevrolet Silverado 1500.
High-risk drivers won’t fair much better than a teen driver.
If you have a few speeding tickets or a DUI on your record, you can expect to pay a premium close to $3,150 for the year, regardless of the provider.
However, a male 30 years of age with a clean record will pay less than half at $1,572 annually.
The provider with the cheapest rate for full coverage is USAA at $1,469 per year.
Nationwide’s national average annual premium is $1,622.
Although Nationwide offers the cheapest insurance premium for non-military personnel, the most common insurance provider for Chevrolet Silverado owners is State Farm.
You can expect to pay $1,783 annually with them.
We decided to look closer at a yearly premium for the Chevrolet Silverado 1500 model.
And what a 40-year-old claim-free driver with no military service would pay annually.
The female driver has a clean driving record and is a homeowner.
She expects to drive the car about 12,000 to 15,000 miles each year for personal use and commuting work.
The five most affordable insurance options for this driver are:
| Insurance Company | Monthly Premium | Yearly Premium |
|---|---|---|
| Nationwide | $94 | $1,128 |
| GEICO | $113 | $1,356 |
| State Farm | $119 | $1,428 |
| Progressive | $128 | $1,536 |
| Farmers | $141 | $1,692 |
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Rates by Model
This popular vehicle is available in various models, each with different features and price points.
The amount you pay for Chevrolet Silverado insurance depends on the vehicle’s safety features and repair costs.
If you purchase High Country or Custom Trail Boss, your insurance rates will be higher.
Let’s take a look at some of the different Chevrolet Silverado models.
| Model | Annual Premium | Monthly Premium |
|---|---|---|
| LS Regular Cab | $1,467 | $122 |
| LS Extended Cab | $1,571 | $131 |
| LT Extended Cab | $1,588 | $132 |
| LT Regular Cab | $1,481 | $123 |
| LT Extended Cab | $1,580 | $131 |
| LS Crew Cab | $1,591 | $132 |
| LT Crew Cab | $1,510 | $125 |
| LS Crew Cab | $1,510 | $125 |
| LTZ Extended Cab | $1,632 | $136 |
| LTZ Crew Cab | $1,723 | $143 |
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1500
The full-size Chevrolet Silverado 1500s are the most popular trim levels year-after-year.
Drivers can choose from various customized builds, ranging from the Work Truck to the High Country.
The Work Truck is the most affordable, both to purchase and also to insure.
On average, it costs about $136 per month to insure the Silverado 1500 Work Truck.
The High Country is the more expensive at this trim level.
The higher price makes the High Country slightly more expensive to insure.
| 1500 | Premium | Base price |
|---|---|---|
| Work truck | $1,633 | $28,600 |
| Trail boss | $2,249 | $40,800 |
| High Country | $2,588 | $53,400 |
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2500HD
This heavy-duty trim level comes with a four-wheel drive and a powerful Vortex 6.0-liter V8 engine.
While its safety features are equal to those of the 1500 model, the 2500HD is the more expensive of the two.
Since it costs more, it will cost more to insure with an average premium of $2,181 per year or $181 per month.
| 2500 | Premium | Base price |
|---|---|---|
| Work truck | $2,181 | $40,495 |
| Custom Trail Boss | $2,369 | $42,895 |
| High Country | $2,903 | $73,545 |
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3500HD
The 3500HD trim levels offer the greatest towing capacity of the three models.
With its Duramax 6.6-liter Turbo Diesel Engine, it can tow up to 23,300 pounds.
The sale price for this trim level is just a touch more than the 2500HD.
It should come as no surprise the premium for the two is nearly identical.
The 3500HD costs $2,261 per year to insure, or $188 per month for full coverage.
| 3500 | Premium | MSRP |
|---|---|---|
| Work truck | $2,261 | $44,495 |
| LTZ Single Rear Wheel | $2,639 | $56,495 |
| High Country | $2,783 | $64,995 |
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Comparing Rates
Let’s see how the Chevy Silverado 1500 insurance stacks up against its fiercest competitor.
Ford F-150 – This vehicle is often labeled the All-American pickup truck.
Since the two come in so many different submodels, it is tough to compare the insurance costs outside looking at the base models.
The average rate for insuring the F-150 is nearly $1,400, less than a Silverado 1500.
In both cases, the amount you’ll pay for coverage is lower than expensive trucks.
Higher priced vehicles cost more to insure with insurance companies.
| Vehicle | Average Premium |
|---|---|
| Chevrolet Silverado 1500 | $1,572 |
| Ford Ranger | $1,354 |
| Ford F-150 | $1,329 |
| Nissan Titan | $1,743 |
| GMC Sierra | $1,460 |
| Toyota Tacoma | $1,711 |
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Safety Ratings
The safety ratings, anti-theft devices, and overall appeal make it a top choice for drivers.
It also a popular choice for thieves. In fact, the Chevrolet Silverado 1500 ranks as one of the top ten most stolen vehicles.
Older models of the Chevy Silverado 1500 are more likely to be stolen, as the newer models offer more updated anti-theft security systems and features.
The base model Silverado 1500 comes with a vehicle theft deterrent (VTD) called PassLock.
It works as an anti-theft system by preventing the engine from starting without the manufacturer key.
Where the Chevy Silverado 1500 really shines is safety ratings.
The base model Chevrolet comes with crash-test ratings of 4.0/5.0 from J.D. Power.
The Insurance Institute for Highway Safety gives the pickup strong safety ratings on every side of the vehicle.
Safety Features & Driver Discounts
Safety features & excellent crash test ratings benefit drivers since they open the door for additional discounts and perks.
Standard safety features with the Silverado are:
Anti-lock brakes
This feature detects when the pickup’s tires stop rotating during instances of extreme braking. It helps the tires to continue to rotate and gives the driver better control of the vehicle.
Electronic stability control
Like Anti-lock brakes, stability control helps give the driver better control of the vehicle.
It reduces power to the engine and applies select brakes when the pickup’s handling limits have been exceeded.
Buckle-to-Drive Safety Feature
Includes Buckle-to-Drive, which prevents the driver from shifting from Park for up to 20 seconds if the driver’s seat belt is not fastened.
Additional features for discounts include:
| Features with Technology Package | |
|---|---|
| Forward Collision Alert With Automatic Braking | Rear Cross-Traffic Alert and Rearview Camera |
| Lane Change Alerts With Blind-Spot Monitoring | Towing Safety |
| Lane-Keeping Assistance | Low Speed Automatic Braking |
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And additional features for a base model Silverado for driver discounts.
| Additional Features | ||
|---|---|---|
| Driver Side Air Bag | Front Side Air Bag | Integrated Turn Signal Mirrors |
| Passenger Air Bag | 4-Wheel ABS | Front Tow Hooks |
| Front Head Air Bag | 4-Wheel Disc Brakes | Traction Control |
| Rear Head Air Bag | Cross-Traffic Alert | Daytime Running Lights |
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How to Lower Insurance Costs of the Chevrolet Silverado 1500?
There are a few ways you can lower car insurance costs with a new Silverado.
Low deductibles
Raising your deductibles for comprehensive and collision coverage is a quick win to lower insurance prices.
Low deductibles of $50 or $100 deductibles make collision coverage fairly expensive.
If you have a low deductible, consider raising it to $500 or more to save on insurance rates.
Here are price comparisons of $50, $100, and $500 deductibles for a Chevrolet Silverado.
| Deductible | Comprehensive Premium | Collision Premium |
|---|---|---|
| $50 | $171 | $794 |
| $100 | $128 | $550 |
| $500 | $84 | $375 |
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Shop around
Comparison shopping is the easiest way to pay less and find cheaper rates.
You might be satisfied with your current policy, but there’s a good chance you’re paying more than necessary.
Buying a new Silverado gives you a great excuse to shop around and find the cheapest rates other insurance companies may offer.
Pay your premium in full
While every insurance company doesn’t offer this option, some will offer a small discount if you pay your annual premium upfront in full.
Usually, it is a 10% discount when you pay in full.
Take advantage of driver discounts
Most providers will offer discounts on your annual premium if your vehicle has select safety features.
The most common discounts are:
- Multi-policy discount
- Multi-car discount
- Safe driver discount
- Pay-in-full discount
- Low mileage
In most cases, your local agent will use your vehicle’s VIN to determine if you qualify for safety discounts. It doesn’t hurt to ask while getting quotes.
Insurance providers also offer discounts to customers that are members of select organizations, affinity discounts, employees of select companies, or a good student.
With the huge hike in premiums for teenage drivers, the good student discount can produce substantial savings.
Depending on the auto insurer, policyholders could save as much as 30%.
Maintain Status as a Good Driver
Let’s face it. Outside of teenage drivers, high rates usually belong to high-risk motorists with at-fault accidents and other violations.
Maintaining a safe driver record will save on liability coverage and possibly other Silverado insurance rates.
Not only will you avoid high-risk status, but you may even qualify for a safe driver discount. And ultimately find low-cost insurers for any motor vehicle.
Frequently Asked Questions
Do I Need Additional Insurance Coverage for a Pickup?
Auto insurance policies are designed to provide coverage for a variety of vehicle types. But there are some attributes to pickup trucks that may require owners to take out additional insurance coverage.
Additional coverage for your pickup is usually necessary if you use your truck to tow other vehicles or trailers. That is because some auto insurance policies do not fully cover damage to your trailer.
Most liability coverage options will cover both bodily injury and property damage caused to another person or their property because of your trailer.
However, it typically does not provide enough protection if your trailer becomes damaged.
Most policies have a limit of $500, and if your trailer is more valuable than that, you may want to consider adding on comprehensive and collision insurance to extend your coverage.
What is the Best way to Find Lower Rates for my Chevy Silverado?
To find the best insurance rates for your Chevy Silverado or any other pickup truck, you should compare policies using an insurance rate comparison website like AutoInsureSavings.org.
If you want to find the most affordable rate with coverage options right for you, it is recommended that you compare rates from at least four or five insurance companies.
If you do this, you will be provided with a range of options to consider.
Remember that choosing the most affordable rates may not always be the best choice for coverage and protection.
It’s best to look at all aspects of a policy, including what discounts they offer and extras that make the customer experience much easier, before deciding which insurance policy is right for you.
Is it a Good Idea to get Liability Only for a Chevrolet Silverado?
Liability Only coverage is the minimum required by your state’s driving laws for most drivers, and therefore it is often the only insurance coverage that many people have.
Note: You can only have liability only coverage when you own your Chevrolet Silverado, meaning there is no loan out on the truck?
Generally, if the cost of comprehensive and collision coverage is more than 10% of your Silverado’s value, it makes more sense only to have liability coverage in terms of affordability.
If you have a newer model truck or want to make sure your vehicle will be protected if you are involved in a crash, it would be a good idea to add comprehensive and collision coverage, formerly known as “full coverage.”
This will protect you if you are at fault for an accident that caused collision damage to your vehicle.
It can also protect your Silverado if it becomes damaged even if you are not behind the wheel, such as tree branches falling on your truck while it is parked.
Final Thoughts
If you would like to learn more about the best car insurance decisions for a Chevrolet Silverado, contact our auto insurance experts at AutoInsureSavings.org.
We are happy to answer any questions you may have.
And help direct you to one of our licensed agents to help lower your bill.
Sources
https://www.nhtsa.gov/
Quadrant Information Services