What to Expect When Getting Chevy Silverado Auto Insurance

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Things to Remember...

  • Part of your insurance cost depends on the overall cost of your vehicle. The Chevrolet website notes the 2012 Silverado comes in several models with varying price point
  • In fact, some may actually lower your insurance rates. Examples include anti-theft and safety devices
  • Your driving record is the main factor that determines your auto insurance
  • Obtaining insurance that complies with your state laws is the first place to start when insuring your Silverado

Getting auto insurance for a Chevy Silverado comes with a few notable factors that can help you get a lower rate. These include factors that pertain to your vehicle, your driving habits and even your personal life.

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The insurance company you choose is another factor in the rates you’ll receive. You also want to pay attention to the types of coverage that are available to best determine if what you need and the limits on each.

Chevy Silverado Variations

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Part of your insurance cost depends on the overall cost of your vehicle. The Chevrolet website notes the 2012 Silverado comes in several models with varying price points. Prices vary depending on the model and the options you choose to go with your vehicle. Choices include the:

  • Silverado 1500
  • Silverado Hybrid
  • Silverado 2500HD
  • Silverado 3500 HD
  • Silverado Chassis with a covered truck bed

Other factors that play into the overall value of the vehicle include the specific options you choose for each vehicle. Each truck offers different trim levels ranging from the very basic to the more elaborate.

The more elaborate of the trim levels for the Silverado 1500 include additional interior amenities. These are cloth front seats instead of vinyl, locking storage underneath the seat and a steering wheel wrapped in leather.

Additional options include off-road suspension for an additional cost. The more elaborate and costly your truck, the more expensive your insurance is likely to be.

If you have a used or older existing Silverado you are looking to insure, your price of insurance may also be lower.

In the case of older or used vehicles, you may want to assess the overall value of the vehicle before you spend a lot of money on insurance to cover repairs or replacement.

Features That Can Help Lower Insurance Costs

Not all of the added features on your Chevy Silverado necessarily result in an increase in insurance costs. In fact, some may actually lower your insurance rates. Examples include anti-theft and safety devices, according to the Idaho Department of Insurance.

Silverado options that fall into these categories include anti-lock brakes and side airbags. Other devices that can often lower insurance costs include vehicle alarm systems, tracking systems, and automatic seat belts.

A new model also comes with a limited warranty, which may save you money on insurance. Since you don’t want to duplicate insurance coverage, you can use the coverage under your warranty to substitute for collision or comprehensive coverage while the warranty is in effect. Once it expires, you can then add those types of coverage to your policy.

Chevrolet offers warranties even with the most basic 1500 at the lowest trim level.

These include bumper-to-bumper coverage for three years or 36,000 miles, powertrain/drivetrain coverage for five years or 100,000 miles, and roadside assistance and courtesy transportation for five year or 100,000 miles.

Although your used or existing Silverado may be past the manufacturer’s warranty zone, you can still look into installing anti-theft and safety devices. These devices may lower your premium while offering you an upgraded level of safety and security.

Factors That May Work Against Insurance Costs

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The high price of a brand new elaborate Silverado may work against you for insurance prices, although the latest safety and security devices Chevy offers may help even it out a bit. Chevy full-size trucks are also a hot commodity for thieves, as noted by the National Insurance Crime Bureau.

The 1999 full-size Chevy pickup ranked in at No. 7 on the NICB’s top 10 list of most stolen vehicles for 2011.

This may increase the cost of insurance if you happen to have a Silverado that fits those parameters.

The way you use your truck could also work against you when it comes to insurance costs. This may especially apply if you consistently use it

In general, insuring a vehicle you use only for pleasure is less costly than insuring one you use to drive to work every day. Add work-related hauls and activities and insurance cost may increase even more.

One more factor in your insurance rates is your overall annual mileage. Low annual mileage typically keeps rates on the lower end of the scale, while a high annual mileage leads to higher rates.

Storing or parking your truck in a secured lot or location may net you lower rates that keeping it on the street. A street or open location is more likely to invite theft.

Where you live and drive the truck may also play a part. Rural locations with few chances of accidents or thefts usually mean lower rates than highly populated urban locations.

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Personal Factors That Determine Insurance Rates

Other factors that play a part in your insurance rates have little or nothing to do with your Silverado but everything to do with you. Your driving record is one of the top factors in this category, according to the Texas Department of Insurance.

If your record is rife with accidents, insurance claims, and violations, you are likely to face a higher insurance rate than someone with a squeaky-clean record.

The Texas DOI also takes into account if you’ve ever driven uninsured in the state and other states may follow suit. Any mark on your record may mean a boost in the premium.

Your age, gender, and marital status are also taken into account when determining rates. While marital status does not seem to be a major factor for older drivers, statistics show younger married drivers generally have a safer driving record than younger single drivers do.

The Texas DOI says the highest rates usually go to young male drivers, under age 25, and young female drivers under age 21.

On the flipside of the insurance rate scale, motorists over age 50 are often eligible mature driver discounts.

One more personal factor that can play a part in your car insurance rates is your credit score. A solid history of paying your bills on time and a positive credit report may net you lower rates than a poor credit rating.

Types of Insurance Coverage Available

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Obtaining insurance that complies with your state laws is the first place to start when insuring your Silverado. Most states generally require bodily injury liability and property damage liability.

The Illinois Department of Insurance explains liability coverage takes care of the damage or injury you cause to others in an accident for which you were at fault.

States may also require uninsured or underinsured motorist coverage, again for bodily injuries or property damage. These types of insurance cover damage to your own vehicle or your own injuries if the other person is at fault but has insufficient coverage to meet your needs.

Physical damage coverage, which consists of collision and comprehensive, cover the damage to your Silverado. It usually kicks in regardless of who is at fault for the accident.

Here’s where it may be worth it to opt for a higher limit on a newer Silverado, even if it increases your premium since the value of your truck is still high.

Collision covers damage from a collision while comprehensive covers damage from events other than a collision. Vandalism, storm damage, fire, and theft fall under comprehensive.

Optional Coverage for Your Chevy Silverado

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Car insurance companies may offer a wide variety of optional coverage. These types are generally not required by state law and increase your premium. Choices may include towing, car rental reimbursement, and custom equipment.

If your Silverado is still covered under the roadside warranty, towing coverage would duplicate the coverage that you already have until the warranty expires.

Car rental reimbursement pays you back for the cost of renting a car while your Silverado is inoperable and being repaired.

Custom equipment takes care of additional electronics or other after-market features you may add to your truck. A stereo system, GPS mapping, and tracking devices may fall into the custom equipment category.

Companies may also offer medical payment and accidental death benefit coverage, the Illinois DOI says.

The former reimburses you for medical bills resulting from an accident that cost more than the bodily injury coverage limits. The latter pays a set amount to the family of the insured if the insured dies from accident-related causes.

If you are leasing a Silverado instead of buying one outright, another type of insurance may be useful for you. GAP coverage for leased vehicles takes into account the Silverado’s actual cash value and the amount you still need to pay on the lease. It then pays the difference between the two.

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