If your goal is the lowest price, then the best way to get affordable Chevy Silverado insurance is to start comparing prices regularly from providers that sell auto insurance in Minneapolis.
- Take a few minutes and learn about how car insurance works and the factors you can control to keep rates low. Many risk factors that are responsible for high rates such as at-fault accidents, careless driving, and a negative credit score can be eliminated by making minor changes to your lifestyle. Later in this article we will cover additional ideas to help prevent high rates and find possible discounts that are available.
- Quote rates from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can give quotes from one company like GEICO and Allstate, while agents who are independent can provide prices from multiple insurance companies.
- Compare the price quotes to your current policy and determine if there is any savings. If you find better rates, ensure there is no coverage lapse between policies.
The key thing to remember is to use the same deductibles and limits on every quote and and to get quotes from as many companies as you can. This provides a fair rate comparison and the best price selection.
Anyone knows that auto insurance companies want to keep your business as long as possible. Insureds who rate shop once a year are very likely to buy a new policy because there is a significant possibility of finding coverage at a more affordable price. Surprisingly, a recent survey revealed that people who made a habit of comparing rates saved approximately $865 a year compared to drivers who never compared rates.
If finding the cheapest price for Chevy Silverado insurance in Minneapolis is your objective, learning the best ways to shop for car insurance can save money and time.
Most larger insurance companies allow you to get coverage price quotes online. Getting Chevy Silverado insurance prices online is fairly straightforward as you just enter your coverage preferences on the page. After you complete the form, the system requests information on your driving record and credit history and returns pricing information based on the data you entered.
This helps simplify price comparisons, and it's very important to do this if you want to get cheap prices.
In order to use this form to compare rates, check out the auto insurance providers below. To compare your current rates, we recommend you type in deductibles and limits exactly as shown on your declarations page. This guarantees you're receiving rate comparison quotes using the exact same coverages.
The car insurance companies shown below are our best choices to provide free quotes in Minnesota. If multiple companies are listed, it's highly recommended you visit several of them to get a more complete price comparison.
Chevy Silverado insurance charts and tables
The table shown next showcases different coverage costs for Chevy Silverado models. Learning as much as possible about how rates are determined is important for drivers to make smart choices when buying a car insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$204||$398||$406||$24||$122||$1,154||$96|
|Silverado LS Regular Cab 4WD||$204||$398||$358||$22||$108||$1,090||$91|
|Silverado LT Regular Cab 2WD||$234||$484||$406||$24||$122||$1,270||$106|
|Silverado LT Regular Cab||$234||$484||$406||$24||$122||$1,270||$106|
|Silverado LS Extended Cab 4WD||$234||$484||$358||$22||$108||$1,206||$101|
|Silverado LT Extended Cab 4WD||$234||$484||$358||$22||$108||$1,206||$101|
|Silverado LT Extended Cab 2WD||$234||$484||$406||$24||$122||$1,270||$106|
|Silverado LS Extended Cab 2WD||$234||$484||$406||$24||$122||$1,270||$106|
|Silverado LT Crew Cab 4WD||$264||$570||$358||$22||$108||$1,322||$110|
|Silverado LS Crew Cab 2WD||$264||$570||$406||$24||$122||$1,386||$116|
|Silverado LS Crew Cab 4WD||$264||$570||$358||$22||$108||$1,322||$110|
|Silverado LT Crew Cab 2WD||$264||$570||$406||$24||$122||$1,386||$116|
|Silverado LTZ Extended Cab 2WD||$264||$570||$406||$24||$122||$1,386||$116|
|Silverado LTZ Extended Cab 4WD||$264||$570||$358||$22||$108||$1,322||$110|
|Silverado LTZ Crew Cab 2WD||$264||$570||$406||$24||$122||$1,386||$116|
|Silverado LTZ Crew Cab 4WD||$264||$570||$358||$22||$108||$1,322||$110|
|Silverado Crew Cab Hybrid 2WD||$264||$656||$358||$22||$108||$1,408||$117|
|Silverado Crew Cab Hybrid 4WD||$296||$656||$358||$22||$108||$1,440||$120|
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Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Price estimates do not factor in specific Minneapolis garaging location which can increase or decrease prices significantly.
The diagram below highlights how deductible choice and can change Chevy Silverado insurance rates for different age groups. The prices are based on a single female driver, comp and collision included, and no additional discounts are factored in.
Impact of speeding/accidents on insurance rates
The chart below demonstrates how citations and accidents can raise Chevy Silverado insurance rates for different insured age categories. The price estimates are based on a single female driver, comp and collision included, $500 deductibles, and no discounts are applied to the premium.
Chevrolet Silverado liability rates compared to full coverage
The information below compares Chevy Silverado premium costs when comparing full coverage to liability only. The price estimates are based on a clean driving record, no at-fault accidents, $100 deductibles, drivers are single, and no other discounts are factored in.
Should you pay for full coverage?
There isn't a steadfast formula to stop buying comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of full coverage is 10% or more of the vehicle's replacement cost less your deductible, then it might be time to buy liability only.
For example, let's pretend your Chevy Silverado claim settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $3,000 after you pay the deductible. If premium cost is more than $300 annually for your policy with full coverage, then you may need to consider dropping full coverage.
There are some conditions where dropping full coverage is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage in order to keep the loan. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.
What Determines Chevy Silverado Insurance Premiums?
Lots of things are taken into consideration when quoting car insurance. Some factors are common sense such as your driving record, although others are less apparent like your continuous coverage or how financially stable you are. One of the most helpful ways to save on insurance is to to have a grasp of some of the factors that are used to determine your premiums. If you have a feel for what determines base rates, this helps enable you to make changes that can earn you lower insurance prices.
- Poor credit score equals high costs - Having a good credit score will be a significant factor in calculating your insurance rates. Insureds with excellent credit scores tend to be more responsible than drivers who have lower ratings. If your credit is low, you could save money insuring your Chevrolet Silverado by taking the time to improve your credit score.
- Discounts for multiple policies - Some companies provide better rates to clients who have multiple policies with them, otherwise known as a multi-policy discount. The discount can add up to as much as ten percent or more Even though this discount sounds good, you may still want to check prices from other companies to confirm you are receiving the best rates possible. Consumers may save even more by insuring with multiple companies.
- Lower insurance rates with GPS tracking and theft deterrents - Owning a car with anti-theft technology or alarm system can help lower your rates. Theft prevention features like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help stop auto theft and help lower rates.
- The more you drive the more you pay - The more miles you rack up on your Chevy in a year the more you'll pay to insure it. A lot of insurance companies apply a rate based on their usage. Vehicles used primarily for pleasure use receive better premium rates than those used for commuting. Improper usage on your Silverado may be costing you. It's always a good idea to double check that your policy states how each vehicle is driven, because improper ratings can cost you money.
- Frequent insurance claims will cost you more - Insurance companies in Minnesota give the best rates to drivers who do not file claims often. If you are a frequent claim filer, you can look forward to either policy cancellation or increased premiums. Auto insurance is intended to be relied upon for claims that you cannot pay yourself.
- A insurance policy lapse can increase premiums - Driving your car without having proper coverage is not a good idea and insurance companies will penalize you for letting your coverage cancel without a new policy in place. And not only will insurance be more expensive, getting caught without coverage might get you a revoked license or a big fine. Then you may be required to provide proof of insurance in the form of an SR-22 filing with the Minnesota DMV.
Chevy Silverado claim statistics - Insurance companies factor in insurance loss information when they file their rates in each state. Models that have high amounts or severity of claims will have higher premium rates. The table below demonstrates the historical insurance loss data for Chevy Silverado vehicles.
For each policy coverage, the claim amount for all vehicles, regardless of make, model or trim level, equals 100. Percentage values below 100 represent a good loss history, while percentage values above 100 indicate higher probability of having a loss or a tendency for claims to be larger.
Insurance Loss Ratings for Chevrolet Silverado Vehicles Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Silverado 1500 2WD 76 118 85 78 69 125 Chevrolet Silverado 1500 4WD 60 76 72 54 Chevrolet Silverado 1500 Crew Cab 2WD 89 103 131 77 70 94 Chevrolet Silverado 1500 Crew Cab 4WD 96 105 116 57 57 87 Chevrolet Silverado 1500 Ext Cab 2WD 90 126 100 88 85 117 Chevrolet Silverado 1500 Ext Cab 4WD 84 98 89 60 60 88 Chevrolet Silverado 2500 2WD 60 65 Chevrolet Silverado 2500 4WD 66 97 66 Chevrolet Silverado 2500 Crew Cab 2WD 76 127 65 Chevrolet Silverado 2500 Crew Cab 4WD 88 114 97 45 42 82 Chevrolet Silverado 2500 Ext Cab 2WD 80 54 Chevrolet Silverado 2500 Ext Cab 4WD 79 105 83 37 43 75 Chevrolet Silverado 3500 4WD 65 Chevrolet Silverado 3500 Crew Cab 4WD 98 127 108 54 39 76 Chevrolet Silverado 3500 Ext Cab 4WD 129 127BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Why you need quality insurance for your Chevy Silverado
Despite the high insurance cost for a Chevy Silverado in Minneapolis, paying for insurance is most likely required but also gives you several important benefits.
- Almost all states have minimum mandated liability insurance limits which means the state requires specific limits of liability insurance coverage in order to be legal. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a loan on your Silverado, it's guaranteed your bank will force you to have comprehensive coverage to ensure the loan is repaid in case of a total loss. If you let the policy lapse, the bank may insure your Chevy for a much higher rate and make you pay for the much more expensive policy.
- Insurance preserves not only your car but also your financial assets. It will also pay for medical transport and hospital expenses for you, your passengers, and anyone else injured in an accident. Liability coverage, the one required by state law, also covers legal expenses if anyone sues you for causing an accident. If you have damage to your Chevy as the result of the weather or an accident, your insurance policy will cover the damage repairs after a deductible is paid.
The benefits of buying enough insurance are definitely more than the cost, particularly when you have a large claim. According to a survey of 1,000 drivers, the average driver is wasting up to $700 annually so compare quotes from several companies at least once a year to save money.