Buying affordable car insurance for a Chevy Silverado depends on many different factors such as whether you are married, the condition of your credit, and if you have a history of accidents. Drivers in Indiana will pay on average $756 a year for Silverado insurance, but that figure is an estimation calculated based on a 40-year-old married female driver with full physical damage coverage and $1,000 deductibles.
When projecting a rate like this, the problem is that you aren’t exactly 40 years old or even a female, possibly single instead of married, or maybe you just want liability only instead of full coverage. Having even a minor difference in the criteria used to calculate rates can result in a massive change in the cost of insuring your Silverado.
Everyone has unique insurance needs, and this illustrates why the only real way to find cheap insurance rates for your Chevrolet is to just take the time to compare rates yourself.
The trim level of your Chevrolet has an effect on price, so the price to insure a Silverado LS Regular Cab 2WD trim level will be $110 cheaper than the price to insure the more well-appointed 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||$100||$186||$334||$20||$100||$740||$62|
|Silverado LS Regular Cab 4WD||$100||$186||$294||$18||$88||$686||$57|
|Silverado LT Regular Cab 2WD||$116||$226||$334||$20||$100||$796||$66|
|Silverado LT Regular Cab||$116||$226||$334||$20||$100||$796||$66|
|Silverado LS Extended Cab 4WD||$116||$226||$294||$18||$88||$742||$62|
|Silverado LT Extended Cab 4WD||$116||$226||$294||$18||$88||$742||$62|
|Silverado LT Extended Cab 2WD||$116||$226||$334||$20||$100||$796||$66|
|Silverado LS Extended Cab 2WD||$116||$226||$334||$20||$100||$796||$66|
|Silverado LT Crew Cab 4WD||$130||$266||$294||$18||$88||$796||$66|
|Silverado LS Crew Cab 2WD||$130||$266||$334||$20||$100||$850||$71|
|Silverado LS Crew Cab 4WD||$130||$266||$294||$18||$88||$796||$66|
|Silverado LT Crew Cab 2WD||$130||$266||$334||$20||$100||$850||$71|
|Silverado LTZ Extended Cab 2WD||$130||$266||$334||$20||$100||$850||$71|
|Silverado LTZ Extended Cab 4WD||$130||$266||$294||$18||$88||$796||$66|
|Silverado LTZ Crew Cab 2WD||$130||$266||$334||$20||$100||$850||$71|
|Silverado LTZ Crew Cab 4WD||$130||$266||$294||$18||$88||$796||$66|
|Silverado Crew Cab Hybrid 2WD||$130||$306||$294||$18||$88||$836||$70|
|Silverado Crew Cab Hybrid 4WD||$144||$306||$294||$18||$88||$850||$71|
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Data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Rate quotes do not factor in specific location which can change coverage prices substantially.
Shopping around for reasonably-priced car insurance is not the easiest thing to do, and figuring out which companies quote the cheapest car insurance rates for a Chevy Silverado will involve a bit more work. Every auto insurer has their own formula for determining rates, so let’s take a look at the lowest cost car insurance companies in Indiana.
Best Auto Insurance Prices for Your Silverado Truck
|Rank||Company||Cost Per Year|
|7||Indiana Farmers Mutual||$875|
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Travelers may offer some of the best car insurance rates in Indianapolis at around $614 a year. USAA, Cincinnati Insurance, Erie, and The Hartford also are some of the most economical Indianapolis, IN car insurance companies.
As the example above demonstrates, if you are currently insured with USAA and switched to Travelers, you might see yearly savings of about $47. Drivers with Cincinnati Insurance might save as much as $50 a year, and Erie insureds might realize rate reductions of up to $112 a year.
To see how much you can save, click here to begin a quote or click through to the companies below.
These estimates are averages for all types of insureds and vehicles and do not factor in an exact location for a Chevy Silverado. So the company that fits you best may not even be in the top 36 companies shown above. That illustrates why you need to compare prices as often as possible using your own personal information and vehicle type.
Full coverage rates compared to liability only
Buying cheaper car insurance is the goal of most people, and one common way to find cheap insurance for a Chevy Silverado is to not insure for full coverage. The information below compares premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no accidents, no driving violations, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
If averaged out across all ages, full coverage on your policy costs an additional $1,798 per year more than insuring for liability only. That proposes the question if it’s a good idea to buy full coverage. There is no clear-cut formula to eliminate full coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let’s assume your vehicle’s claim settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $4,000 after you pay the deductible. If premiums are more than $400 annually to have full coverage, then you might consider buying liability only.
There are some scenarios where only buying liability is not in your best interest. If you still owe money on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
How to get discounts on Indianapolis auto insurance rates
Insurance providers that offer cheap quotes for a Chevy Silverado may provide discounts that may potentially lower prices by 35% or more if you are eligible. Companies and their offered discounts are outlined below.
- Mercury Insurance may offer discounts for type of vehicle, ease of repair, multi-car, annual mileage, and good driver.
- Farmers Insurance policyholders can earn discounts including business and professional, alternative fuel, homeowner, bundle discounts, teen driver, good student, and pay in full.
- Farm Bureau includes discounts for driver training, multi-policy, safe driver, good student, and multi-vehicle.
- State Farm offers premium reductions for multiple autos, anti-theft, safe vehicle, defensive driving training, and Steer Clear safe driver discount.
- Allstate has savings for teenSMART discount, multi-policy, eSmart discount, new car, defensive driver, anti-theft, and utility vehicle.
- GEICO may include discounts for daytime running lights, federal employee, defensive driver, military active duty, and multi-vehicle.
The chart below illustrates the difference between insurance premiums with and without discounts applied. The data assumes a female driver, no violations or claims, Indiana state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with claim-free, defensive driving course, marriage, multiple policy, vehicle safety, and anti-theft discounts applied. When discounts are applied, the average amount saved each year on car insurance for a Chevy Silverado is 28% or $401.
Low rates can quickly become overpriced
Indianapolis car insurance rates are influenced by many factors which can substantially change the price of coverage. Simply improving your credit, buying a different home, or getting a couple of tickets can cause premium changes that may make certain companies cheaper than before.
Also, auto insurance companies modify pricing at least once a year to adjust for gains or losses. Higher than normal claims can result in additional price hikes, while a better loss history may cause lower-cost Silverado insurance rates.
For example, the graph below shows which companies have the cheapest car insurance in Indianapolis, IN for a 35-year-old male driver with no prior accidents, a clean driving record, and a good credit history. If we estimate prices based on his current risk profile, Travelers offers the cheapest car insurance rates in Indianapolis at $709 per year. This is $531 less than the average price paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and The Hartford round out the rest of the cheapest Indianapolis, IN auto insurance companies.
The chart below compares rates after we give the driver from the above example a claim surcharge, a lower credit score, and a few traffic violations. Because every insurance company has their own unique process for setting prices, comparing rates may now result in a completely different list of the cheapest companies as shown below.
Western Reserve now has the best price in Indianapolis with Auto-Owners, Cincinnati Insurance, Utica National, and Nationwide now rounding out the top five. This demonstrates why Indiana drivers need to compare as many rates as possible to find cheap insurance quotes for a Chevy Silverado. Auto insurance prices are influenced by many different factors and can increase or decrease at any time, so the best option six months ago may now be costing you a lot of money.
How to find the cheapest car insurance for a Chevy Silverado
The list below summarizes many penny-pinching suggestions that can help you get lower-cost coverage.
- Staying accident-free helps keep rates low
- Buy safe vehicles
- Good credit can mean cheaper rates
- Do not insure for full coverage
- Buy your auto and home insurance from the same company and save
- Compare prices frequently to find the best deal
That final tip is remarkably necessary, as was discussed in the article above. Insurance prices change constantly, so don’t hesitate to switch to a new company if a cheaper rate is available. Brand loyalty is great, but it isn’t a good idea if that devotion results in you overpaying money that could be going to better use. Now is a great time to compare rates to find cheaper auto insurance for a Chevy Silverado in Indianapolis.
If you have coverage questions and would like to get some professional advice when trying to find lower insurance rates for a Silverado pickup, the agents listed below are willing to provide answers to your questions and help you determine which policy is best.
To locate an Indianapolis car insurance agency in your neighborhood, click the button following the list.
A-1 Insurance Agency
2929 E 96th St Suite A. – Indianapolis, IN 46240 – (317) 844-3049
State Farm: David R Johnson
4770 S Emerson Ave #J, Indianapolis 46203 – 4770 S Emerson Ave #J, IN 46203 – (317) 782-8858
Bill Hill – State Farm Insurance Agent
7423 E 82nd St – Indianapolis, IN 46256 – (317) 849-4119