The cost of car insurance for a Chevy Bolt varies significantly depending on the model year and the driver’s age. For a full coverage policy, a 16-year-old can expect to pay around $6,882 per year on average for a 2017 model and $7,185 for a 2022 model. Meanwhile, a 40-year-old would pay only $1,499 for the 2017 model and $1,571 for the 2022 model. To help consumers make the right decision, MoneyGeek analyzed the best insurance providers for a Chevy Bolt, considering cost, service quality and claims experience.
Compare the Cost of Chevy Bolt Insurance by Model Year and Company
Updated: January 15, 2025
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Key Takeaways
When looking to insure a Chevy Bolt, whether you opt for full or minimum coverage, affordability is a key factor to consider. Based on the data you've provided:
Cheapest Insurers for a Chevy Bolt
#Full Coverage
- State Farm stands out as the most affordable option for full coverage, with an annual premium of:
- $1,196 on average for a Chevy Bolt.
- Specifically, $1,118 per year for a 2017 model.
- $1,237 per year for a 2022 model.
- In contrast, Progressive is the most expensive for full coverage at $1,993 on average.
#Minimum Coverage
- Again, State Farm leads as the cheapest for minimum coverage, with a premium of $493 per year.
- Nationwide offers the highest rate for minimum coverage at $768 annually.
Affordability Emphasis
State Farm emerges as the most budget-friendly and reliable insurer for a Chevy Bolt regardless of the model year, offering consistently low premiums for both full and minimum coverage. Additionally, State Farm is praised for its high customer satisfaction and quality, showcasing a strong balance between cost and service excellence, reflected by a MoneyGeek score of 90 out of 100. For those prioritizing affordability without compromising on service quality, State Farm is a clear choice.
When it comes to insuring a Chevy Bolt, State Farm stands out as the best car insurance provider based on MoneyGeek's analysis. It offers a balanced combination of affordability and customer satisfaction, making it the ideal choice for both budget-conscious drivers and those seeking high-quality service.
Highlights for State Farm:
- MoneyGeek Score: 90 out of 100
- Annual Premium for Full Coverage:
- For a 40-year-old driver: $1,118 (2017 model), $1,237 (2022 model)
- For a 16-year-old driver: $4,000 (average for all models)
State Farm not only provides the most affordable premiums among top insurers but also ranks highly in terms of customer satisfaction and claims experience. Therefore, it is recommended for Chevy Bolt owners looking for comprehensive and cost-effective insurance coverage.
Age is a significant factor in determining car insurance premiums, primarily due to the perceived risk associated with drivers of different ages. Younger drivers, particularly teenagers, are statistically more likely to be involved in accidents, resulting in higher insurance costs. Conversely, middle-aged drivers, who are seen as less risky, typically benefit from lower premiums.
Cost Differences by Age for the Chevy Bolt:
1. 16-year-old Driver:
- For a 2017 Chevy Bolt, the average annual cost is approximately $6,882.
- For a 2022 Chevy Bolt, it rises slightly to around $7,185.
- State Farm offers a more affordable rate for 16-year-olds at $4,000 annually, while Progressive is significantly higher at $12,287.
2. 40-year-old Driver:
- For the same vehicles, a 40-year-old pays significantly less:
- 2017 model: About $1,499 annually.
- 2022 model: Around $1,571 annually.
Insurance Rate Trends by Age:
- Insurance premiums for teen drivers tend to decrease substantially each year as they gain more experience and mature. This trend continues into their 20s, where rates stabilize.
- By the time a driver reaches 30 to 40 years old, the rates typically reflect a stable and considerably lower cost compared to teenage years.
Factors Influencing Insurance Premiums:
- Driver's Age: Younger drivers face higher premiums due to higher accident risk.
- Car's Age and Model Year: Newer cars often lead to higher insurance rates due to their higher value and repair costs. For instance, a 2022 model of the Chevy Bolt generally costs more to insure than a 2017 model.
- Provider Rates: Different insurers offer varying rates. For instance, State Farm provides the cheapest option for full coverage on both 2017 and 2022 models, reflecting the benefit of shopping around to find the most competitive rates.
General Considerations:
Despite the natural decrease in rates with age, the overall average cost for insuring a Chevy Bolt remains moderately high due to the vehicle's status as an electric car, which can entail more expensive repairs. Beyond costs, it's essential to consider insurers' service quality, claims experience, and customer satisfaction. State Farm and Travelers, for example, are highly rated both for affordability and service quality, making them excellent choices for insuring a Chevy Bolt.
In summary, as drivers age and gain experience, their insurance premiums generally decrease, stabilizing in their 30s and 40s. However, other factors such as car model year and insurer choice also significantly impact costs, emphasizing the importance of shopping around for the best quote.
Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze average rates for a Chevy Bolt.
These rates were updated to reflect the average cost of car insurance for a Chevy Bolt as of 2023.
10Companies Compared
17,928 Quotes Analyzed
Average Cost and Cheapest Companies for Insuring a Chevy Bolt
A Chevy Bolt costs $1,584 a year on average to insure. If you're looking for the most affordable car insurance, comparing different providers' rates is essential. For instance, State Farm offers the cheapest annual premium for full coverage at an average of $1,196, while Progressive is the most expensive at $1,993. State Farm is also the cheapest for minimum coverage policies at $493 per year, while Nationwide has the highest rate at $768.
Data filtered by:Results filtered by:
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Age:40
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Coverage:Full Coverage
| State Farm | $1,196 |
| GEICO | $1,256 |
| Travelers | $1,273 |
| Nationwide | $1,682 |
| Farmers | $1,688 |
| Allstate | $1,894 |
| Progressive | $1,993 |
Is a Chevy Bolt Expensive to Insure?
When determining rates for specific car models, car insurance companies will look at various factors, including horsepower, theft rates, repair costs and the car’s overall value.
Generally, the Chevy Bolt has moderately expensive premium costs. Its status as an electric car means it is more costly to repair than standard vehicles, increasing the price of its premiums.
Best Companies for Insuring a Chevy Bolt
Cost is an important factor when purchasing insurance for your Chevy Bolt, but it should not be the only consideration. In addition to price, you should look for a car insurer with excellent customer service, good claims experience and quality coverage. The following are the best car insurance companies for a Chevy Bolt:
- State Farm: MoneyGeek score 90 out of 100 ($1,196 per year)
- Travelers: MoneyGeek score 90 out of 100 ($1,273 per year)
State Farm ranks highly for affordability and customer satisfaction to emerge as the best auto insurance company for a Chevy Bolt.
MoneyGeek Top Pick: State Farm
pros
Ranks first in affordability and second in customer satisfaction
Offers Roadside Assistance Coverage
cons
Scores below average in claims management
Lacks a broad range of coverage options
COMPANY HIGHLIGHTS
Our study finds that you’ll receive quality service for an affordable price when you purchase a policy from State Farm for your Chevy Bolt. Although the company's additional coverage options are limited, its available add-ons can benefit many drivers.
Drivers of the Chevy Bolt may find the Roadside Assistance add-on helpful, as it covers mechanical labor for up to an hour at the place of breakdown and delivery of gas, oil, battery or tires. It also covers towing your car to the nearest repair shop and locksmith labor for up to one hour to unlock your Chevy Bolt if your key is lost, stolen or locked inside the car.
State Farm’s Car Rental and Travel Expenses coverage will reimburse the cost of a rental car if your vehicle requires repairs after a covered loss. If you choose to go with an in-network rental agency, State Farm will pay the provider directly.
MoneyGeek Runner-Up: Travelers
pros
Excellent affordability and customer satisfaction scores
Offers Gap Insurance
Offers New Car Replacement coverage
cons
Doesn't offer Original Equipment Manufacturer (OEM) coverage
Lacks Total Loss Deductible Waiver
COMPANY HIGHLIGHTS
Travelers ranks second in our picks for the best car insurance providers for the Chevy Bolt, as it provides impressive customer service at affordable prices. This insurer offers its policyholders several add-on coverages, including New Car Replacement, Accident Forgiveness and Roadside Assistance.
We recommend that Chevy Bolt owners purchase the Premier New Car Replacement coverage to get extra protection in the event your car is totaled within the first five years of ownership. This add-on allows you to replace your car with a brand-new one of the same make and model.
Travelers’ Responsible Driver Plan plan offers accident forgiveness, which prevents your premiums from increasing due to an accident within a specified period of safe driving. With Travelers’ Roadside Assistance, the company will cover flat tire changes, towing and lockout services, which can give you peace of mind during long road trips.
Cost of Insuring a Chevy Bolt by Model Year
The price of insuring your Chevy Bolt varies depending on the car’s age. The average yearly cost for a full coverage policy for a 2017 model is $1,499 while insuring a 2022 model is slightly more expensive at $1,571. This difference is because newer cars are typically pricier to insure than older models since the value of a vehicle depreciates over time.
Data filtered by:Results filtered by:
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Age:40
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Coverage:Full Coverage
| 2022 | $1,571 |
| 2021 | $1,551 |
| 2020 | $1,569 |
| 2019 | $1,535 |
| 2018 | $1,532 |
| 2017 | $1,499 |
Regardless of the model year of your car, the average cost of car insurance differs between providers. State Farm is the most budget-friendly choice for a Chevy Bolt, whether released in 2017 or 2022. On average, for a full coverage policy, you'll pay $1,118 per year for the 2017 model and $1,237 yearly for the 2022 model from this provider.
Data filtered by:Results filtered by:
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Model Year:2022
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Age:40
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Coverage:Full Coverage
| State Farm | $1,237 |
| Travelers | $1,282 |
| GEICO | $1,308 |
| Nationwide | $1,485 |
| Farmers | $1,782 |
| Allstate | $1,986 |
| Progressive | $2,124 |
Cost of Insuring a Chevy Bolt for 16- to 25-Year-Olds
When calculating the cost of insurance for a Chevy Bolt, providers take into account more than just the car's age. Providers also consider the driver’s age, as car insurance for teens and young adults is usually more expensive than policies for drivers in their 30s and 40s. The average annual rate for a 16-year-old with full coverage is $7,065, while a 40-year-old driver would only pay $1,543 for the same policy. Rates for teen drivers decrease considerably each year they age and then stabilize in their 20s.
By comparing different providers, you can find cheaper premiums. State Farm offers a full coverage policy for 16-year-old drivers of the Chevy Bolt at $4,000 per year on average, whereas Progressive charges $12,287 for the same plan. Note that these are individual rates and that car insurance for teens can be significantly cheaper if teens are added to a family plan instead.
Data filtered by:Results filtered by:
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Age:16
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Model Year:2022
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Coverage:Full Coverage
| State Farm | $4,000 |
| Travelers | $5,293 |
| GEICO | $6,096 |
| Nationwide | $6,250 |
| Farmers | $8,652 |
| Allstate | $8,662 |
| Progressive | $12,287 |
How Does Location Affect the Cost of Chevy Bolt Insurance?
Your age, the car you drive and its model year significantly impact your insurance rates for your Chevy Bolt, but where you live matters just as much. Car insurance premiums can vary widely between states. Our study found that Florida has the highest average annual premiums while Idaho has the most affordable. To ensure you get the best rate possible, MoneyGeek recommends shopping around and comparing quotes from the cheapest car insurance providers in your state.
Data filtered by:Results filtered by:
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Age Group:30-59
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Coverage:Full Coverage
| Alabama | Nationwide | $709 | $59 |
| Alaska | State Farm | $699 | $58 |
| Arizona | Root Insurance Company | $682 | $57 |
| Arkansas | State Farm | $629 | $52 |
| California | AAA California | $1,001 | $83 |
| Colorado | American National P&C | $541 | $45 |
| Connecticut | GEICO | $693 | $58 |
| Delaware | State Farm | $881 | $73 |
| District of Columbia | GEICO | $662 | $55 |
| Florida | State Farm | $1,058 | $88 |
| Georgia | Country Financial | $665 | $55 |
| Hawaii | GEICO | $565 | $47 |
| Idaho | American National P&C | $299 | $25 |
| Illinois | Country Financial | $663 | $55 |
| Indiana | American Family | $555 | $46 |
| Iowa | State Farm | $509 | $42 |
| Kansas | Nationwide | $670 | $56 |
| Kentucky | Nationwide | $790 | $66 |
| Louisiana | Louisiana Farm Bureau | $1,048 | $87 |
| Maine | Concord Group | $521 | $43 |
| Maryland | Progressive | $938 | $78 |
| Massachusetts | State Farm | $483 | $40 |
| Michigan | GEICO | $898 | $75 |
| Minnesota | State Farm | $797 | $66 |
| Mississippi | Direct General Insurance | $723 | $60 |
| Missouri | Nationwide | $909 | $76 |
| Montana | Progressive | $437 | $36 |
| Nebraska | American National P&C | $405 | $34 |
| Nevada | CSAA | $940 | $78 |
| New Hampshire | State Farm | $540 | $45 |
| New Jersey | Plymouth Rock Assurance | $895 | $75 |
| New Mexico | State Farm | $644 | $54 |
| New York | Kemper | $781 | $65 |
| North Carolina | Erie | $630 | $52 |
| North Dakota | American Family | $616 | $51 |
| Ohio | Nationwide | $485 | $40 |
| Oklahoma | State Farm | $662 | $55 |
| Oregon | State Farm | $706 | $59 |
| Pennsylvania | Nationwide | $580 | $48 |
| Rhode Island | State Farm | $700 | $58 |
| South Carolina | American National P&C | $463 | $39 |
| South Dakota | Allstate | $746 | $62 |
| Tennessee | State Farm | $579 | $48 |
| Texas | State Farm | $699 | $58 |
| Utah | Nationwide | $725 | $60 |
| Vermont | State Farm | $493 | $41 |
| Virginia | American Family | $601 | $50 |
| Washington | PEMCO | $534 | $44 |
| West Virginia | Erie | $784 | $65 |
| Wisconsin | GEICO | $556 | $46 |
| Wyoming | State Farm | $745 | $62 |
Frequently Asked Questions About Chevy Bolt Insurance
Shoppers looking to purchase auto insurance for their Chevy Bolt often wonder about the cost and quality of the available coverage. To help you identify the policy that best suits your needs, MoneyGeek has answered your frequently asked questions.
What company has the cheapest car insurance for a Chevy Bolt?
The average annual cost of full coverage insurance for a Chevy Bolt is $1,584, making it a moderately expensive car to insure. MoneyGeek’s analysis found that State Farm offers the most affordable full coverage insurance rate for the Chevy Bolt at an annual average of $1,196. State Farm was also the cheapest provider for teen drivers and minimum coverage policies for those driving a Chevy Bolt.
What company offers the best car insurance for a Chevy Bolt?
State Farm stands out as the top provider of auto insurance for a Chevy Bolt, boasting a MoneyGeek score of 90 out of 100. Travelers also scored 90 out of 100 but lags just behind State Farm in affordability and customer satisfaction. State Farm offers beneficial coverage options in addition to affordable rates and quality customer service.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.