Compare the Cost of Chevy Silverado Insurance by Model Year and Company


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The cost of car insurance varies based on the driver's age. For a 16-year-old driving a 2009 Chevy Silverado, a full coverage policy costs an average $5,401 per year, while a 40-year-old driver can expect to pay about $1,156 per year. For a 2022 model, a 16-year-old pays around $6,692 per year, and a 40-year-old driver only pays $1,156 per year.

MoneyGeek also analyzed the best insurance companies for balancing affordable rates and good service.

Key Takeaways

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When looking for affordable car insurance for a Chevy Silverado, State Farm stands out as the most budget-friendly option for both full and minimum coverage policies, while still offering quality service. Here's a breakdown of the most affordable options:

Full Coverage Insurance
- Cheapest Insurer: State Farm
- **Annual Premium for a 40-year-old driver: $**1,088
- **Annual Premium for a 16-year-old driver (2022 model): $**4,104
- Annual Premium for a 16-year-old driver (Older models): On average $6,025

- Most Expensive Insurer: Farmers
- An**nual Premium for Full Coverage: $**1,561

State Farm provides significant savings for 40-year-old drivers, with premiums substantially below the average cost of $1,340 per year. Additionally, for 16-year-old drivers, State Farm remains the cheaper option compared to Farmers, which offers the highest rates at $9,309 for a 2022 model.

Minimum Coverage Insurance
- Cheapest Insurer: State Farm
- Annual Premium: $512

- Most Expensive Insurer: Farmers
- Annual Premium: $781

Teenage Drivers and Family Plans
Teenagers can have considerably lower rates when included in a family plan rather than purchasing individual policies. State Farm again proves to be the best choice for affordability for young drivers.

Insurer Ratings and Service
State Farm not only scores well on affordability but also ranks high in customer satisfaction, with a MoneyGeek score of 90 out of 100. This balance of cost-effectiveness and strong service makes it an attractive option for insuring a Chevy Silverado.

Conclusion
For those prioritizing affordability without sacrificing customer service, State Farm emerges as the top choice for insuring a Chevy Silverado, whether seeking full or minimum coverage. It's advisable to compare quotes from various insurers, especially if you live in a state with different cost dynamics.

If price is your main concern, State Farm appears to be the most cost-effective insurer, offering substantial savings across different age groups and coverage types.

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Based on the provided information, the best car insurance provider for a Chevy Silverado, considering a balance between affordable rates and service quality, is State Farm. It offers the cheapest full coverage policy at $1,088 per year and has the highest MoneyGeek score of 90 out of 100. State Farm is praised for its affordability and ranks well for customer satisfaction, making it a strong choice for insuring a Chevy Silverado.

For younger drivers, specifically a 16-year-old driving a 2022 Chevy Silverado, State Farm also provides the most affordable individual policy at $4,104 per year. On the other hand, Farmers is noted as the most expensive option for both full coverage and teenage drivers.

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Age and Car Insurance Premiums for a Chevy Silverado

Age significantly impacts car insurance premiums, especially for models like the Chevy Silverado. Older drivers typically benefit from lower insurance rates due to their experience and statistically safer driving habits. Let's delve into the details for two specific age groups: 16-year-old and 40-year-old drivers. The data highlights how rates decrease over time as drivers age.

#Insurance Costs by Age

- 16-Year-Old Driver:
- For a 2009 Chevy Silverado, a 16-year-old will pay around $5,401 annually for full coverage.
- For a 2022 Chevy Silverado model, the rate significantly increases to approximately $6,692 per year.

- 40-Year-Old Driver:
- The cost of insuring a 2009 Chevy Silverado for a 40-year-old is about $1,156 per year.
- Insuring a 2022 model remains the same at $1,156 per year for a 40-year-old driver.

#Rate Comparison and Trends

Younger drivers, particularly teens, face significantly higher premiums. A 16-year-old pays an average of $6,025 annually to insure a Chevy Silverado, which decreases as the driver reaches 20 and older:

- Teen Years: The premiums begin to decrease annually as young drivers accumulate more experience and demonstrate responsible driving behavior. 
- 20s and Beyond: Insurance rates usually stabilize, reflecting the reduced risk perceived by insurance companies.

The stark difference in insurance costs between younger and older drivers underscores the impact of experience and perceived risk on premiums.

#Insurance Provider Options

Choosing the right insurance provider can also affect costs. According to MoneyGeek:

- State Farm: The most affordable for both younger and older drivers. For instance, State Farm offers a rate of $4,104 per year for a 16-year-old in a 2022 model, which is notably lower compared to other providers like Farmers, which charges $9,309 for the same scenario.

- Other Options for 2022 Models:
- GEICO presents another affordable option at $1,231 per year for a 2022 model for the general average.

#Tips for Lower Premiums for Younger Drivers

- Family Plan Inclusion: Teens can significantly reduce premiums by being added to a family insurance plan rather than purchasing individual policies.
- Comparison Shopping: Exploring different quotes in your state may also yield lower rates, particularly in areas with varying insurance costs.

By understanding the influence of age on car insurance premiums, particularly for a Chevy Silverado, drivers can make informed decisions and potentially lower their insurance costs over time. This information stresses the importance of experience and insurer selection in managing car insurance expenses effectively.

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Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

Why do we need ZIP code?

Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to determine the average rates for a Chevy Silverado.

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We updated our data on car insurance rates to reflect the latest cost of car insurance for a Chevy Silverado in 2023.

10Companies Compared
 
41,832 Quotes Analyzed

Average Cost and Cheapest Companies for Insuring a Chevy Silverado

On average, car insurance for a Chevy Silverado costs $1,340 per year, but your rates may differ according to your insurer. You can find the cheapest car insurance from State Farm at $1,088 per year for full coverage policies. Farmers is the most expensive company, with rates of $1,561 per year for a full coverage policy.

If you're looking for minimum coverage, State Farm is also the cheapest option at $512 per year. On the other hand, Farmers is the most expensive company, with rates of $781 per year for a minimum coverage policy.

Data filtered by:Results filtered by:
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Age:40
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Coverage:Full Coverage
State Farm$1,088
GEICO$1,137
Travelers$1,268
Allstate$1,334
Nationwide$1,338
Progressive$1,433
Farmers$1,561

Is a Chevy Silverado Expensive to Insure?

Many factors affect the cost of car insurance, including the value of the car, the model year and the theft rate. In general, Chevy Silverados are cheap to insure compared to other vehicles. Certain models tend to be cheaper to insure due to their lower value, repair costs and theft rates. When looking for car insurance, consider shopping around to find a policy that fits your needs.

Best Companies for Insuring a Chevy Silverado

When looking for car insurance, it’s important to consider an insurer's customer service and claims experience in addition to their rates. These companies offer the best car insurance for a Chevy Silverado:

  • State Farm: MoneyGeek score of 90 out of 100 ($1,088 per year)
  • GEICO: MoneyGeek score of 89 out of 100 ($1,137 per year)

State Farm received the best ratings for affordability and ranked second for customer satisfaction. Not only is it the cheapest company, but it also provides quality service to its clients.

MoneyGeek Top Pick: State Farm

State Farm

pros

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Most affordable option for a Chevy Silverado

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Has a high customer satisfaction rating

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Add-on coverage options are limited

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Has a low claims management score

COMPANY HIGHLIGHTS

State Farm is our top pick for Chevy Silverado insurance, thanks to its high affordability and customer satisfaction scores. While this provider doesn't offer many coverages, it offers a couple of common ones, including roadside assistance and rental car and travel reimbursement coverage.

Emergency road service coverage provides assistance for minor repairs on the road. You can call State Farm’s hotline or send an online request if your car breaks down. This coverage covers the first hour of locksmith services and mechanical labor as well as towing services, gas delivery, tire changes and other services.

In addition, rental reimbursement coverage covers the cost of a rental car if your Chevy Silverado isn’t drivable due to a covered incident. This add-on will also cover expenses such as meals, accommodation or transportation if you’re away from home. These coverages help keep you on the road and maintain the level of comfort you’re used to with your personal car.

Read MoneyGeek's State Farm Auto Insurance Review

MoneyGeek Runner-Up: GEICO

GEICO

pros

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Offers affordable rates for a Chevy Silverado

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Earned a high customer satisfaction score

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Offers mechanical breakdown insurance (MBI), which is not commonly offered by insurers

cons

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No gap insurance and OEM coverage

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Claims management rating is low

COMPANY HIGHLIGHTS

GEICO is another great option for Chevy Silverado drivers, with high-quality service and affordable rates. GEICO offers several useful add-on coverages, including MBI and accident forgiveness. These coverages can help you save money on repairs, replacements and premiums.

You have the option of adding MBI to your policy if your Chevy Silverado is relatively new. MBI provides coverage for repairs and replacement parts for your vehicle, with no limitations on specific parts or repair shops, offering a better deal than most dealer warranties. This coverage is available for cars that are less than 15 months old and have been driven less than 15,000 miles.

Having accident forgiveness on your policy can maintain your affordable car insurance rates by ensuring that your premium doesn't increase after an at-fault accident. You can choose to add it to your policy for an additional fee, or GEICO may add it to your policy as a reward if you haven’t filed a claim for a certain period of time.

Cost of Insuring a Chevy Silverado by Model Year

The average cost of car insurance for a 2009 Chevy Silverado is $1,156 per year, and it costs around $1,476 per year to insure a 2022 Chevy Silverado. Newer car models usually have higher insurance costs due to their higher market values.

Data filtered by:Results filtered by:
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Age:40
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Coverage:Full Coverage
2022$1,476
2021$1,455
2020$1,408
2019$1,415
2018$1,397
2017$1,342
2016$1,342
2015$1,316
2014$1,245
2013$1,230
2012$1,188
2011$1,150
2010$1,166
2009$1,156

The average cost of car insurance for a Chevy Silverado is influenced by your insurance provider. For a 2009 model, State Farm has the lowest average annual cost at $880, and for a 2022 model, GEICO is the cheapest at $1,231 per year.

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
GEICO$1,231
State Farm$1,271
Travelers$1,440
Progressive$1,483
Nationwide$1,492
Allstate$1,589
Farmers$1,821

Cost of Insuring a Chevy Silverado for 16- to 25-Year-Olds

Younger drivers, including teenagers and those in their 20s, generally face higher insurance premiums compared to older drivers. For instance, a 16-year-old driver pays an average of $6,025 per year to insure a Chevy Silverado, whereas a 40-year-old driver pays only $1,306 annually for similar coverage. Car insurance for teens becomes cheaper every year a driver ages in their teens and typically stabilizes as they reach their 20s.

Data filtered by:Results filtered by:
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Coverage:Full Coverage
16$6,025
17$4,891
18$4,292
19$2,981
20$2,696
21$2,070
22$1,913
23$1,778
24$1,687
25$1,522

Teenagers can save on car insurance by being included on a family plan rather than getting individual plans, which have higher premiums. It's also important to keep in mind that in most cases, teens under 18 are legally required to have a parent or guardian co-sign in order to purchase an individual policy.

State Farm offers the most affordable rates for an individual policy for a 16-year-old driver of a 2022 Chevy Silverado at $4,104 per year. Meanwhile, Farmers is the most expensive option at $9,309 per year. It’s important to compare insurance plans from various companies to find the cheapest car insurance for teens, regardless of whether you opt for an individual or family plan.

Data filtered by:Results filtered by:
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Age:16
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Model Year:2022
Select
Coverage:Full Coverage
State Farm$4,104
Travelers$5,752
GEICO$5,781
Nationwide$6,071
Allstate$7,386
Progressive$7,866
Farmers$9,309

How Does Location Affect the Cost of Chevy Silverado Insurance?

Your location is another factor that can significantly impact your insurance rates. The most affordable insurer for a given car differs from state to state. On average, Idaho has the cheapest car insurance rates, and Florida has the most expensive. To find the best rates, it's wise to compare quotes from the cheapest insurers in your state.

Data filtered by:Results filtered by:
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Age Group:30-59
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Coverage:Full Coverage
AlabamaNationwide$709$59
AlaskaState Farm$699$58
ArizonaRoot Insurance Company$682$57
ArkansasState Farm$629$52
CaliforniaAAA California$1,001$83
ColoradoAmerican National P&C$541$45
ConnecticutGEICO$693$58
DelawareState Farm$881$73
District of ColumbiaGEICO$662$55
FloridaState Farm$1,058$88
GeorgiaCountry Financial$665$55
HawaiiGEICO$565$47
IdahoAmerican National P&C$299$25
IllinoisCountry Financial$663$55
IndianaAmerican Family$555$46
IowaState Farm$509$42
KansasNationwide$670$56
KentuckyNationwide$790$66
LouisianaLouisiana Farm Bureau$1,048$87
MaineConcord Group$521$43
MarylandProgressive$938$78
MassachusettsState Farm$483$40
MichiganGEICO$898$75
MinnesotaState Farm$797$66
MississippiDirect General Insurance$723$60
MissouriNationwide$909$76
MontanaProgressive$437$36
NebraskaAmerican National P&C$405$34
NevadaCSAA$940$78
New HampshireState Farm$540$45
New JerseyPlymouth Rock Assurance$895$75
New MexicoState Farm$644$54
New YorkKemper$781$65
North CarolinaErie$630$52
North DakotaAmerican Family$616$51
OhioNationwide$485$40
OklahomaState Farm$662$55
OregonState Farm$706$59
PennsylvaniaNationwide$580$48
Rhode IslandState Farm$700$58
South CarolinaAmerican National P&C$463$39
South DakotaAllstate$746$62
TennesseeState Farm$579$48
TexasState Farm$699$58
UtahNationwide$725$60
VermontState Farm$493$41
VirginiaAmerican Family$601$50
WashingtonPEMCO$534$44
West VirginiaErie$784$65
WisconsinGEICO$556$46
WyomingState Farm$745$62

Frequently Asked Questions About Chevy Silverado Insurance

MoneyGeek answered some frequently asked questions about Chevy Silverado insurance to help you find the best option for you.

What company has the cheapest car insurance for a Chevy Silverado?

What company offers the best car insurance for a Chevy Silverado?

About Mark Fitzpatrick


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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.