Buying the cheapest auto insurance for a Chevy Silverado hinges on a lot of rating criteria such as your age, if you have a tendency to file claims, and any past driving violations you may have had. Drivers in Colorado will pay on average $1,124 per year to insure their Silverado, but that is a projection calculated using a 30-year-old single male driver with full coverage and $1,000 deductibles.
If we were betting, you are not 30 and maybe not even a male, maybe you are married instead of single, or maybe you prefer higher deductibles. Auto insurance is not the same for everyone, so the best method for finding the cheapest rates for your Chevrolet is to compare as many rates as possible.
The specific model of Silverado will influence the coverage cost, so the rate you will pay to insure a Silverado LS Regular Cab 2WD will cost $148 less than the insurance cost for the more costly Silverado Crew Cab Hybrid 4WD version, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$166||$236||$520||$30||$156||$1,108||$92|
|Silverado LS Regular Cab 4WD||$166||$236||$460||$28||$138||$1,028||$86|
|Silverado LT Regular Cab 2WD||$192||$288||$520||$30||$156||$1,186||$99|
|Silverado LT Regular Cab||$192||$288||$520||$30||$156||$1,186||$99|
|Silverado LS Extended Cab 4WD||$192||$288||$460||$28||$138||$1,106||$92|
|Silverado LT Extended Cab 4WD||$192||$288||$460||$28||$138||$1,106||$92|
|Silverado LT Extended Cab 2WD||$192||$288||$520||$30||$156||$1,186||$99|
|Silverado LS Extended Cab 2WD||$192||$288||$520||$30||$156||$1,186||$99|
|Silverado LT Crew Cab 4WD||$216||$340||$460||$28||$138||$1,182||$99|
|Silverado LS Crew Cab 2WD||$216||$340||$520||$30||$156||$1,262||$105|
|Silverado LS Crew Cab 4WD||$216||$340||$460||$28||$138||$1,182||$99|
|Silverado LT Crew Cab 2WD||$216||$340||$520||$30||$156||$1,262||$105|
|Silverado LTZ Extended Cab 2WD||$216||$340||$520||$30||$156||$1,262||$105|
|Silverado LTZ Extended Cab 4WD||$216||$340||$460||$28||$138||$1,182||$99|
|Silverado LTZ Crew Cab 2WD||$216||$340||$520||$30||$156||$1,262||$105|
|Silverado LTZ Crew Cab 4WD||$216||$340||$460||$28||$138||$1,182||$99|
|Silverado Crew Cab Hybrid 2WD||$216||$390||$460||$28||$138||$1,232||$103|
|Silverado Crew Cab Hybrid 4WD||$240||$390||$460||$28||$138||$1,256||$105|
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Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Table data does not factor in vehicle location which can impact price quotes greatly.
Finding reliable, low-cost insurance is challenging, and determining which companies have the cheapest insurance rates for a Chevy Silverado will take a little more work. Every insurance company has a different process to establish rates, so we’ll go over the lowest cost insurance companies in Colorado.
Find the Best Cheap Insurance for Your Silverado Truck
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,640|
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The Hartford may have some of the best car insurance rates in Denver at around $859 each year. This is $719 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO would also make the list of some of the cheaper Denver, CO insurance companies.
As illustrated above, if you buy coverage from Nationwide and switched to The Hartford, you might realize an annual premium reduction of roughly $262. Policyholders with GEICO might save as much as $293 a year, and Auto-Owners policyholders might cut rates by $297 a year.
It’s important to note that these premiums are averages for all drivers and vehicles and are not factoring in an exact zip code location for a Chevy Silverado. So the auto insurance company that has the lowest price for you may not even be in the top 21 companies in the list above. That point stresses why you need to get auto insurance quotes using your own driver data and vehicle information.
The example below highlights how deductible choice can influence insurance premiums when researching cheap insurance for a Chevy Silverado. The information is based on a single male driver, full physical damage coverage, and no additional discounts are factored in.
The data above shows that a 30-year-old driver could save $504 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $756 by selecting a $1,000 deductible. Younger drivers, like the 20-year-old, could roll back prices up to $1,496 or even more just by choosing higher deductibles. If you do decide to increase your deductibles, it’s a good idea to have plenty of savings on hand to allow you to pay the extra out-of-pocket expense that is associated with using high deductibles.
Why you are probably overpaying for Silverado insurance
Denver insurance rates are determined by lots of factors that will increase or decrease the price you have to pay. Simply improving your credit, increasing deductibles, or getting a ticket for running a stop sign may generate price changes that can cause some rates to be cheaper than competitors. And not only may your rating factors change, but insurers change the rates they charge in Colorado as often as every three months to adjust for gains or losses. Higher than normal claim frequency or severity can result in increased policy costs, while a better loss history may result in lower-cost Silverado insurance rates.
To illustrate this point, the bar chart below shows the cheapest car insurance in Denver, CO for a 40-year-old male driver with a good driving record, no prior claims, and a decent credit rating. If we estimate prices based on his current rating profile, The Hartford might offer the most affordable car insurance rates in Denver at $1,136 per year. This is $442 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners are the remainder of the cheapest Denver, CO auto insurance companies.
The chart below compares rates after we give the driver from the first example an accident surcharge, a lower credit rating, and a blemish on his driving record. Since each company uses their own calculation to establish rates, comparing quotes may now present a different set of the cheapest companies as shown below.
Travelers now has the cheapest car insurance in Denver with State Farm, American Family, Grange, and Amica now being in the top five. This example illustrates why it is critical to compare as many rates as possible to get affordable insurance quotes for a Chevy Silverado. Prices are impacted by many factors and can decrease or increase without notice, so the best company the last time you checked may now be one of the higher cost companies.
How to find cheaper car insurance for a Chevy Silverado
The list below summarizes a few money-saving suggestions that can help drivers find low-cost coverage.
- Safer vehicles cost less to insure
- Staying accident-free helps keep rates low
- Do not pay for full coverage if not needed
- Raise your physical damage coverage deductibles
- Avoid getting tickets or violations
- Pay lower rates with good credit
- Compare quotes from other companies often
That last idea is extraordinarily critical, as we discussed in this piece. Prices charged by auto insurers in Denver can change considerably in a year, so don’t be unwilling to buy from a different company if a cheaper rate is available. Brand loyalty is not necessarily bad, but it isn’t a good idea if it’s costing you lots of money. Now is a great time to compare rates to find cheaper car insurance for a Chevy Silverado.