Finding economical auto insurance for a Chevy Silverado is fairly simple, but it depends on many rating criteria such as the safety rating for your Silverado, whether or not you garage your vehicle, and your policy deductibles. Drivers in Colorado pay around $1,245 each year for Silverado insurance, but that cost is an estimation using a 50-year-old single female driver with full comprehensive and collision coverage and $250 deductibles.
If we were betting, you may not be 50 years old (or even female), you might be married instead of single, and maybe you want different deductibles. Each driver's needs are different, and that demonstrates why the only way to find the cheapest insurance price for your Chevrolet is to compare as many rates as you can. It only takes a couple of minutes and you will receive prices from some of the most affordable companies available.
Vehicle trim level will have an impact the coverage cost, so the price you will be charged to insure a Silverado LS Regular Cab 2WD will be $260 less than the price to insure the higher-end Silverado Crew Cab Hybrid 4WD model, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$204||$368||$448||$26||$134||$1,180||$98|
|Silverado LS Regular Cab 4WD||$204||$368||$396||$24||$118||$1,110||$93|
|Silverado LT Regular Cab 2WD||$234||$448||$448||$26||$134||$1,290||$108|
|Silverado LT Regular Cab||$234||$448||$448||$26||$134||$1,290||$108|
|Silverado LS Extended Cab 4WD||$234||$448||$396||$24||$118||$1,220||$102|
|Silverado LT Extended Cab 4WD||$234||$448||$396||$24||$118||$1,220||$102|
|Silverado LT Extended Cab 2WD||$234||$448||$448||$26||$134||$1,290||$108|
|Silverado LS Extended Cab 2WD||$234||$448||$448||$26||$134||$1,290||$108|
|Silverado LT Crew Cab 4WD||$264||$528||$396||$24||$118||$1,330||$111|
|Silverado LS Crew Cab 2WD||$264||$528||$448||$26||$134||$1,400||$117|
|Silverado LS Crew Cab 4WD||$264||$528||$396||$24||$118||$1,330||$111|
|Silverado LT Crew Cab 2WD||$264||$528||$448||$26||$134||$1,400||$117|
|Silverado LTZ Extended Cab 2WD||$264||$528||$448||$26||$134||$1,400||$117|
|Silverado LTZ Extended Cab 4WD||$264||$528||$396||$24||$118||$1,330||$111|
|Silverado LTZ Crew Cab 2WD||$264||$528||$448||$26||$134||$1,400||$117|
|Silverado LTZ Crew Cab 4WD||$264||$528||$396||$24||$118||$1,330||$111|
|Silverado Crew Cab Hybrid 2WD||$264||$608||$396||$24||$118||$1,410||$118|
|Silverado Crew Cab Hybrid 4WD||$294||$608||$396||$24||$118||$1,440||$120|
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Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Estimates do not factor in the specific area where the vehicle is garaged which can modify coverage prices greatly.
What is the best car insurance company in Colorado Springs?
Choosing a good quality company can be a challenge considering how many choices you have in Colorado. The company information displayed below can help you select which companies to look at when trying to find the cheapest insurance for a Chevy Silverado. The ratings below are only made up of companies with a national presence, so companies with more of a regional focus are not factored into these rankings.
Top 10 Large Car Insurance Companies Overall in Colorado Springs
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
Full coverage rates compared to liability only
Lowering the price of car insurance should be important to most drivers, and one of the fastest ways to buy cheap insurance for a Chevy Silverado is to not insure for full coverage. The example below compares premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The rates are based on no claims or violations, $500 deductibles, single marital status, and no discounts are applied.
If we average the cost for ages 20 through 70, physical damage coverage on your policy costs an extra $2,117 per year more than carrying just liability coverage. That may make you wonder if paying for full coverage is worth it. There is no written rule to stop paying for physical damage insurance, but there is a general school of thought. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, then you might consider buying liability only.
There are some conditions where eliminating full coverage is not in your best interest. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage.
Driving violations and accidents
The obvious way to receive the cheapest car insurance prices for a Silverado pickup is to be a safe driver and avoid accidents and traffic violations. The example below highlights how speeding tickets and at-fault accidents raise yearly insurance costs for different age groups of insureds. The rates are based on a single female driver, comp and collision included, $100 deductibles, and no policy discounts are applied.
The data above shows the average cost of auto insurance in Colorado Springs per year with no accidents or violations is $2,600. Get written up for two speeding tickets and the average cost increases to $3,501, an increase of $902 each year. Then throw in one accident along with the two speeding tickets and the yearly cost of car insurance for a Chevy Silverado goes up to an average of $4,413. That's an increase of $1,814, or $151 per month, just for not maintaining a clean driving record!
The information below illustrates how your deductible choice can raise or lower insurance costs when getting quotes for cheap insurance for a Chevy Silverado. The data is based on a married male driver, comp and collision included, and no discounts are taken into consideration.
In the chart above, a 30-year-old driver could cut expenses by $378 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $570 by changing to a $1,000 deductible. Youthful drivers, like the 20-year-old, could save $1,138 or more by using higher deductibles when buying full coverage. When choosing a higher deductible, it is a good idea to have additional funds squirreled away to satisfy the extra out-of-pocket expense, which deters some people from using high deductibles.