Buying economical auto insurance for a Chevy Silverado is fairly simple, but it depends on a lot of rating criteria such as your birth date, where you live, and violations on your driving record. Drivers will pay around $889 a year for Silverado insurance, but that is based on a 50-year-old married female driver with full coverage and $250 deductibles.
But there is a good chance that you’re not a 50-year-old female, you might be single instead of married, or maybe you’re a renter instead of a homeowner. Even a slight change in the rating criteria used to formulate rates can result in a massive change in the policy rate.
This example demonstrates why the only real way to find affordable rates for your Chevrolet is to just compare rates yourself.
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The specific model of Silverado can impact price, so the rate you pay to insure a Silverado LS Regular Cab 2WD trim level will be $188 less than the price to insure the high end Silverado Crew Cab Hybrid 4WD trim level, as shown by the rates below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Silverado LS Regular Cab 2WD | $152 | $262 | $314 | $18 | $94 | $840 | $70 |
| Silverado LS Regular Cab 4WD | $152 | $262 | $278 | $16 | $82 | $790 | $66 |
| Silverado LT Regular Cab 2WD | $176 | $318 | $314 | $18 | $94 | $920 | $77 |
| Silverado LT Regular Cab | $176 | $318 | $314 | $18 | $94 | $920 | $77 |
| Silverado LS Extended Cab 4WD | $176 | $318 | $278 | $16 | $82 | $870 | $73 |
| Silverado LT Extended Cab 4WD | $176 | $318 | $278 | $16 | $82 | $870 | $73 |
| Silverado LT Extended Cab 2WD | $176 | $318 | $314 | $18 | $94 | $920 | $77 |
| Silverado LS Extended Cab 2WD | $176 | $318 | $314 | $18 | $94 | $920 | $77 |
| Silverado LT Crew Cab 4WD | $198 | $376 | $278 | $16 | $82 | $950 | $79 |
| Silverado LS Crew Cab 2WD | $198 | $376 | $314 | $18 | $94 | $1,000 | $83 |
| Silverado LS Crew Cab 4WD | $198 | $376 | $278 | $16 | $82 | $950 | $79 |
| Silverado LT Crew Cab 2WD | $198 | $376 | $314 | $18 | $94 | $1,000 | $83 |
| Silverado LTZ Extended Cab 2WD | $198 | $376 | $314 | $18 | $94 | $1,000 | $83 |
| Silverado LTZ Extended Cab 4WD | $198 | $376 | $278 | $16 | $82 | $950 | $79 |
| Silverado LTZ Crew Cab 2WD | $198 | $376 | $314 | $18 | $94 | $1,000 | $83 |
| Silverado LTZ Crew Cab 4WD | $198 | $376 | $278 | $16 | $82 | $950 | $79 |
| Silverado Crew Cab Hybrid 2WD | $198 | $432 | $278 | $16 | $82 | $1,006 | $84 |
| Silverado Crew Cab Hybrid 4WD | $220 | $432 | $278 | $16 | $82 | $1,028 | $86 |
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Table data represents married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Washington minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Price information does not factor in the specific area where the vehicle is garaged which can modify price quotes considerably.
Determining which companies quote the cheapest insurance rates for a Chevy Silverado will take a tad more effort than just comparing a company or two. Each auto insurance company has their own formula for setting prices, so let’s rank the most competitive insurance companies in Washington.
It’s a good idea to be aware that Washington insurance rates are calculated based on many things which can significantly increase or decrease the cost of having a policy. Getting older, buying a new vehicle, or getting a DUI may prompt premium changes resulting in some companies being more affordable than competitors.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Capital | $784 |
| 2 | Grange | $813 |
| 3 | Nationwide | $952 |
| 4 | PEMCO | $1,004 |
| 5 | Travelers | $1,038 |
| 6 | USAA | $1,050 |
| 7 | Mutual Enumclaw | $1,054 |
| 8 | The Hartford | $1,058 |
| 9 | Chubb | $1,083 |
| 10 | California Casualty | $1,105 |
| 11 | Allied | $1,109 |
| 12 | State Farm | $1,165 |
| 13 | American Family | $1,208 |
| 14 | Amica | $1,219 |
| 15 | Safeco | $1,228 |
| 16 | Liberty Mutual | $1,270 |
| 17 | Farmers | $1,355 |
| 18 | Progressive | $1,525 |
| 19 | National General | $1,540 |
| 20 | MetLife | $1,631 |
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Capital generally has some of the most affordable car insurance rates in Seattle at around $784 each year. Grange, Nationwide, PEMCO, and Travelers also are some of the cheapest Seattle, WA auto insurance companies.
In the above example, if you currently have coverage with Travelers and switched to Grange, you may realize an annual premium reduction of in the vicinity of $225. Policyholders with USAA might save as much as $237 a year, and Mutual Enumclaw insureds might reduce prices by as much as $241 a year.
To get a fast rate comparison, click here or visit any of the companies below.
Remember that these premiums are averaged for all ages of drivers and types of vehicles and are not factoring in a specific location for a Chevy Silverado. So the auto insurance company that is most affordable for your situation may not even be in the top 25 companies in the list above. That affirms the importance of why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.
The diagram below highlights how deductible selection can raise or lower yearly insurance costs when trying to find cheap insurance for a Chevy Silverado. The premium estimates are based on a single female driver, full coverage, and no additional discounts are factored in.
The chart above illustrates that a 40-year-old driver could reduce rates by $324 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $492 by choosing a $1,000 deductible. Even younger insureds, like the 20-year-old, could lower their rates up to $830 or more just by using higher deductibles. When raising deductibles, it is necessary to have plenty of savings on hand to enable you to pay the extra out-of-pocket expense associated with higher deductibles.
Comparison of full coverage and liability-only policies
Buying cheaper insurance is the goal of the majority of vehicle owners, and an effective way to find cheap insurance for a Chevy Silverado is to not insure for full coverage. The example below illustrates the difference between annual premium costs with liability coverage only compared to full coverage. Data assumes no claims, a clean driving record, $500 deductibles, single status, and no discounts are applied to the premium.
Averaged for all age groups, comprehensive and collision coverage on your policy costs an extra $1,755 per year over and above liability coverage. That proposes the question if paying for full coverage is a waste of money. There is no exact rule for phasing out physical damage insurance, but there is a general convention. If the annual cost of having full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s pretend your vehicle’s settlement value is $10,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $9,000 after the policy deductible has been paid. If you are currently paying more than $900 a year for physical damage coverage, then you may need to consider dropping full coverage.
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Seattle insurance rates are based on many factors which can substantially decrease or increase your annual premium. Simply turning a year older, moving to a different location, or getting a driving violation can trigger price changes resulting in some companies being cheaper in comparison to the competition.
Not only may things change on your end, but insurers file new rates as often as every three months to help ensure profitability. Higher than normal claims may result in higher priced premiums, while lower claim expenses may result in more affordable Silverado insurance rates.
For instance, the chart below compares the cheapest car insurance in Seattle, WA for a 40-year-old male driver with no prior claims, no tickets, and excellent credit. If we look at prices based on his current situation, Capital might offer the most affordable car insurance rates in Seattle at $1,055 per year. This is $357 less than the average policy premium paid by Washington drivers of $1,412. Grange, PEMCO, Nationwide, and Travelers are also included in the cheapest Seattle, WA auto insurance companies.
In this next rate comparison, we will give the driver from the above example some claims, less-than-perfect credit, and a couple of points charged on his driving record. Since every insurance provider has their own process to determine rates, comparing insurance quotes may now result in a completely different list of the cheapest Seattle car insurance companies as shown below.
USAA now has the cheapest car insurance in Seattle with The Hartford, California Casualty, Allied, and Chubb now rounding out the top five. This example demonstrates why it is critical to compare many different companies when trying to find the cheapest auto insurance quotes for a Chevy Silverado.
Rates are calculated by many different factors and can change substantially, so the cheapest rate six months ago may now be quite expensive.
How to find cheaper car insurance for a Chevy Silverado
Lowering your rates is not difficult, and here are some of the recommended thrifty solutions that can help drivers get more affordable coverage.
- Maintaining good credit helps earn cheaper rates
- Pay for small claims rather than turning them in to your insurance company
- Buy vehicles with five-star safety ratings
- Save money by bundling your home and auto policies
- Save money by only buying liability coverage for older vehicles
- Raise deductibles
- Check for cheaper rates once a year
The last tip in the list is especially valuable, as was noted in this piece. Coverage prices go up and down frequently, so don’t hesitate to change to a new company if a more affordable price is available.
Having a favorite company is fine, but is isn’t recommended if that devotion results in you overpaying money that could be used for better things. Now is a great time to shop around and find cheaper insurance for a Chevy Silverado in Seattle.