Buying the best cheap insurance for a Chevy Silverado can be really easy, but it hinges on many factors such as how old the Silverado is, your credit rating, and blemishes on your driving record. Drivers in Minnesota will pay on average $857 each year to insure their Silverado, but that is using a 30-year-old married female driver with full physical damage coverage and $1,000 deductibles.
But there is a high likelihood that you aren’t exactly 30 years old or even a female, you might be single instead of married, or maybe you don’t qualify for the same discounts. There is no perfect policy for every driver, so the way we recommend to find the cheapest coverage for your Chevrolet is to do a thorough rate comparison. In just a few minutes you will receive prices from the cheapest companies that insure Chevrolet vehicles in Minnesota.
The trim level of your Silverado will be a contributing factor to price, so the price you will be charged to insure a Silverado LS Regular Cab 2WD trim level will be $134 less than the price to insure the more costly Silverado Crew Cab Hybrid 4WD trim level, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$128||$210||$366||$22||$110||$836||$70|
|Silverado LS Regular Cab 4WD||$128||$210||$324||$20||$96||$778||$65|
|Silverado LT Regular Cab 2WD||$146||$254||$366||$22||$110||$898||$75|
|Silverado LT Regular Cab||$146||$254||$366||$22||$110||$898||$75|
|Silverado LS Extended Cab 4WD||$146||$254||$324||$20||$96||$840||$70|
|Silverado LT Extended Cab 4WD||$146||$254||$324||$20||$96||$840||$70|
|Silverado LT Extended Cab 2WD||$146||$254||$366||$22||$110||$898||$75|
|Silverado LS Extended Cab 2WD||$146||$254||$366||$22||$110||$898||$75|
|Silverado LT Crew Cab 4WD||$166||$300||$324||$20||$96||$906||$76|
|Silverado LS Crew Cab 2WD||$166||$300||$366||$22||$110||$964||$80|
|Silverado LS Crew Cab 4WD||$166||$300||$324||$20||$96||$906||$76|
|Silverado LT Crew Cab 2WD||$166||$300||$366||$22||$110||$964||$80|
|Silverado LTZ Extended Cab 2WD||$166||$300||$366||$22||$110||$964||$80|
|Silverado LTZ Extended Cab 4WD||$166||$300||$324||$20||$96||$906||$76|
|Silverado LTZ Crew Cab 2WD||$166||$300||$366||$22||$110||$964||$80|
|Silverado LTZ Crew Cab 4WD||$166||$300||$324||$20||$96||$906||$76|
|Silverado Crew Cab Hybrid 2WD||$166||$346||$324||$20||$96||$952||$79|
|Silverado Crew Cab Hybrid 4WD||$184||$346||$324||$20||$96||$970||$81|
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Cost estimates assume married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Prices do not factor in garaging location in Minneapolis which can lower or raise prices significantly.
Finding out which companies quote the lowest-priced insurance rates for a Chevy Silverado involves more work in order to find the most economical policy.
Each insurer has their own formula for determining rates, so let’s rank the insurance companies with the overall best prices in Minneapolis, MN. It’s important to understand that Minneapolis insurance rates are influenced by many factors that will increase or decrease the cost of having a policy. Simply turning a year older, having a claim, or having a fender bender may prompt premium changes resulting in some rates now being more affordable than others.
Best Car Insurance Prices for Your Silverado Truck
|Rank||Company||Cost Per Year|
|2||Farm Bureau Mutual||$805|
|6||West Bend Mutual||$972|
|15||Auto Club Group||$1,393|
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Travelers may offer some of the lowest car insurance rates in Minneapolis at around $647 per year. This is $774 less than the average premium paid by Minnesota drivers of $1,421. Farm Bureau Mutual, USAA, Western National, and The Hartford would also make the list of some of the more affordable Minneapolis, MN insurance companies.
As illustrated above, if you are a customer of Western National and switched to Travelers, you may realize a yearly price reduction of roughly $254. Drivers with The Hartford might save as much as $289 a year, and West Bend Mutual customers might cut rates by $325 a year.
To find out how your current rates compare, click here to begin a quote or click several companies below for low rates.
Understand that those prices are averaged across all types of drivers and the different vehicles they drive and and are not calculated with an exact vehicle garaging location for a Chevy Silverado. So the auto insurance company that can offer you the lowest price may not even be in the top 24 companies shown above. That’s why you need to get quotes using your own specific driver information and vehicle.
How to get discounts on Minneapolis auto insurance rates
Insurers that provide policies for a Chevy Silverado may additionally offer rate discounts that could reduce prices by 30% or more if you are eligible to receive them. Companies and some of the discounts can be read below.
- Farm Bureau may have discounts that include multi-vehicle, good student, youthful driver, driver training, 55 and retired, and multi-policy.
- State Farm discounts include safe vehicle, driver’s education, good student, anti-theft, and student away at school.
- Progressive has discounts for multi-vehicle, good student, online signing, online quote discount, and homeowner.
- Allstate offers premium reductions for resident student, anti-lock brakes, new car, premier plus, auto/life discount, and 55 and retired.
- Nationwide includes discounts for easy pay, accident-free, business or organization, family plan, and multi-policy.
- MetLife offers discounts including good student, claim-free, good driver, multi-policy, and defensive driver.
The information below shows the difference between yearly insurance costs with and without discounts applied to the premium. The data assumes a female driver, a clean driving record, no claims, Minnesota state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with safe-driver, multiple policy, passive restraint, claim-free, vehicle safety, and anti-theft discounts applied. When these discounts are applied, the average amount saved each year on insurance for a Chevy Silverado is 28% or $617.
Full coverage rates vs. liability-only in Minneapolis
Saving money on insurance is the goal of the majority of vehicle owners, and one of the fastest ways to reduce the cost of insurance for a Chevy Silverado is to not buy full coverage. The information below visualizes the comparison of insurance costs with full coverage compared to only the Minnesota minimum liability coverage. The costs are based on a clean driving record, no at-fault accidents, $250 deductibles, marital status is single, and no discounts are taken into consideration.
If we average all the age groups together, full coverage costs $1,976 per year more than just buying liability only. At some point, about every driver wonders when is the right time to remove full coverage. There isn’t a written rule to stop paying for full coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
Low rates can quickly become overpriced
Minneapolis, MN insurance rates are impacted by many things that can increase the price of your policy. Turning one year older, moving across town, or getting a driving violation can trigger rate changes resulting in some companies being more affordable than the competition. Additionally, companies change rates multiple times each year in order to offset underwriting gains or losses. Heavier than normal losses can cause more expensive premiums, while profitable underwriting may cause cheaper Silverado insurance rates.
To help illustrate this point, the bar chart below shows the companies that have the cheapest car insurance in Minneapolis, MN for a 45-year-old male driver with no accidents, a clean driving record, and a high credit rating. When quoting prices based on his personal profile, Travelers has the cheapest car insurance rates in Minneapolis at $868 annually. This is $553 less than the average policy premium paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, Western National, and The Hartford also make the list of the most affordable Minneapolis, MN auto insurance companies.
In this example, we will give the driver from the above example an at-fault accident, a little lower credit rating, and a stop sign violation. Since each company has a different formula for determining rates, analyzing rate quotes most likely will result in a completely different list of cheap Minneapolis auto insurance companies as shown below.
USAA now has the cheapest auto insurance in Minneapolis, MN with Farm Bureau Mutual, Allied, State Farm, and Travelers now rounding out the top five. This illustrates why consumers need to take the time to compare as many rates as possible to get the most affordable insurance rates for a Chevy Silverado.
Rates are determined by many different factors and can increase or decrease at any time, so the lowest-price company three years ago may now cost much more than other companies.
How to find cheaper car insurance for a Chevy Silverado
It’s not impossible to find cheaper rates, and here are some of the better penny-pinching solutions that can help you quote more affordable auto insurance.
- Buy a vehicle with excellent safety ratings
- Higher deductibles mean lower rates
- If your vehicles are older, consider dropping full coverage
- Drivers with good credit ratings often pay less
- Violations like speeding or DUI increase rates
- Do not get into accidents
- Ensure you have the best deal by shopping around regularly
That last piece of advice is incredibly vital, as we stressed in the prior article. Prices charged by companies can be modified anytime, so don’t be afraid to switch companies if you find a better deal.
Many drivers prefer to stick with one company, but it’s not recommended if that stubbornness costs you hundreds of dollars a year. Take a few minutes and compare rates to find cheaper auto insurance for a Chevy Silverado in Minneapolis.