Chevy Silverado Insurance

Is Insurance for a Silverado More Affordable Than You Think?

(Here's how you can find the right, affordable coverage)

The 2017 Chevy Silverado 1500 is a full-size pickup that offers three body styles and eight trim levels. It is tough and reliable enough to function as a work truck, or it can be fully loaded to rival any luxury vehicle. 

The Chevy Silverado offers a variety of safety features, including a new Teen Driver System. Despite its size, power and popularity, Silverado insurance may be more affordable than you think—about $813 per year, on average. 

In general, pickups cost less to insure than cars, with safety being the most significant factor influencing insurance rates. 

An independent agent can help you find the best Silverado coverage at an affordable price. Independent agents can obtain quotes from multiple carriers, so you can shop around and make sure you are getting the best policy for your needs and budget. 

How Much Does Chevy Silverado Insurance Cost?

Average Cost of Silverado Insurance

Chevy Silverado insurance averages about $813, which is lower than the national average of $1,474. A quote for Silverado insurance is based on the vehicle make and model, but a variety of other factors will influence your auto insurance rates. 

When looking at a vehicle, insurance companies assess its record of claims and the costs associated with repairs and passenger injuries. Larger and safer vehicles tend to cost less to insure, which is why owners of the Silverado and other full-size pickups enjoy lower-than-average insurance costs. 

Besides the vehicle make and model, car insurance rates are also determined by:

  • Your age and gender
  • Your driving record
  • Your marital status
  • Your credit history
  • Where you live
  • How much you drive 

Finally, auto insurance rates vary by the types of coverage, coverage limits, and the deductibles that you choose. 

Most states require drivers to have a minimum amount of liability coverage, which pays for property damage or bodily injury that you cause in an accident. 

Insurance agents often recommend purchasing more than the state-mandated minimum coverage, as it may be insufficient to cover all of the losses in a serious crash. But choosing higher coverage limits increases your premium. 

Most drivers also need collision and comprehensive coverage, which pay for damage to your vehicle due to accidents, theft, vandalism and other types of incidents. 

Deductibles (the amount you must pay out of pocket for repairs before your insurance coverage kicks in) apply to comprehensive and collision coverage. Choosing higher deductibles can help lower your insurance rates; if you select low deductibles, plan to pay more for your Silverado insurance. 

What Influences Insurance Costs for Pickup Trucks?

The average cost of insurance for pickups is less than for cars, but not every pickup will yield you “cheap” car insurance. Insurance costs for full-size pickups vary widely among models, with prices going up for larger, more powerful models and those that are used for heavy commercial activity. 

Larger pickups generally have larger engines and big, heavy parts that are more expensive to repair than their smaller counterparts—leading to somewhat higher insurance costs. Because of their relative safety compared to cars, however, insurance for pickups like the Chevy Silverado is considered to be affordable. 

Chevy Silverado Auto Theft and Safety Ratings

Vehicle safety ratings are based on the frequency of accidents for a particular car model, and how likely it is for passengers to be injured. 

Insurance companies treat safer vehicles more favorably because they are less likely to have to pay costly claims for passenger injuries and repairs. Cars with lower safety ratings are generally more costly to insure. 

The Insurance Institute for Highway Safety (IIHS) gave the 2017 Chevy Silverado high marks for safety. The Silverado achieved the following safety ratings:

  • Moderate overlap front test (tests driver’s survival space in a moderate overlap frontal crash): Good
  • Small overlap front test (tests driver’s survival space in a small overlap frontal crash): Marginal
  • Side impact test (tests damage to the occupant compartment and potential injures during a side impact): Good
  • Rear crash protection test (tests occupant injury during a rear crash): Good
  • Roof strength test (tests the force that a vehicle’s roof can withstand before it is crushed and invades the occupant compartment): Good

In addition, the 2017 Silverado 1500 received a 5-star overall safety rating from the National Highway Traffic Safety Administration. 

The 2017 Silverado 1500 also features an all-new Teen Driver System that allows parents to program speed and volume limits that all drivers must abide by. 

Theft also plays a role in how much you pay for Silverado insurance. The FBI’s Uniform Crime Report indicates that more than $4.5 billion was lost nationwide to motor vehicle thefts in 2014. These losses are often in the form of auto insurance claims, so they are of great concern to auto insurance companies. 

According to Consumer Reports, pickups are popular with thieves, with some models having a claim frequency of nearly six times the average for all vehicles. 

But as trucks continue to modernize and manufacturers add ignition immobilizers (preventing thieves from hot-wiring the vehicle) to many models, theft of pickups may start to decline.

A report from the Highway Loss Data Institute, a division of the IIHS, listed the 2013 Chevy Silverado 1500 crew cab as one of the most popular trucks with thieves, with an average payment per claim of $5,463. 

Theft statistics increase the premium for the comprehensive part of your auto insurance policy, which pays for losses due to theft, fire, vandalism, weather, birds or animals, glass breakage, and so on. 

Nothing is foolproof, but you can take steps to protect your vehicle from thieves. Consider installing an alarm system and always park in safe, well-lit areas. Never leave your car running while it is unattended, and always lock it, even in your own driveway. 

Costs of Chevy Silverado Repairs

Repair costs also factor into your Silverado insurance rates, as well as how much it costs to own your truck over time. We compared costs for some of the most common body repairs, including repairing or replacing the front bumper, grille, and windshield. 

Insurance companies are concerned with these prices because they reflect what they might have to pay out if you have to file a claim after an accident. 

Repairs costs for a Chevy Silverado are slightly higher than the national average for certain types of body repairs. This may minimally impact your Silverado insurance rates. 

Where to Find Car Insurance for Chevy Silverado

Whether you need a pickup for business or personal use, the Chevy Silverado has can be a great vehicle to own. The Silverado offers numerous safety features and luxury options, and the insurance won’t break your budget. 

Talk to an independent insurance agent to find a Chevrolet Silverado 1500 insurance policy that fits your needs. A local agent can get quotes from multiple highly rated insurance companies, so you can choose the option that works best for you.  

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