Buying the cheapest car insurance for a Chevy Silverado depends on a whole bunch of rating criteria such as whether you are single or married, your residence address, and driving violations and tickets. North Carolina drivers pay around $1,089 each year for Silverado insurance, but that amount is an estimation calculated using a 40-year-old single male driver with full physical damage coverage and $100 deductibles.
More likely than not, you are not 40 and maybe not even a male, you might be married instead of single, and you might want liability-only or different deductibles. Even a slight difference in rating criteria or coverage limits could end up with a large change in the cost of insurance for a Chevy Silverado.
Everyone has unique insurance needs, and this illustrates why the way we recommend to find the cheapest insurance price for your Chevrolet is to just compare rates yourself. Quotes only take a few minutes and you will receive price comparisons from some of the best companies that sell coverage in North Carolina.
The trim level of your Silverado will be a contributing factor to price, so the cost to insure a Silverado LS Regular Cab 2WD trim level will be $268 lower than the price to insure the high end Silverado Crew Cab Hybrid 4WD trim level, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$182||$366||$340||$20||$102||$1,010||$84|
|Silverado LS Regular Cab 4WD||$182||$366||$302||$18||$90||$958||$80|
|Silverado LT Regular Cab 2WD||$210||$446||$340||$20||$102||$1,118||$93|
|Silverado LT Regular Cab||$210||$446||$340||$20||$102||$1,118||$93|
|Silverado LS Extended Cab 4WD||$210||$446||$302||$18||$90||$1,066||$89|
|Silverado LT Extended Cab 4WD||$210||$446||$302||$18||$90||$1,066||$89|
|Silverado LT Extended Cab 2WD||$210||$446||$340||$20||$102||$1,118||$93|
|Silverado LS Extended Cab 2WD||$210||$446||$340||$20||$102||$1,118||$93|
|Silverado LT Crew Cab 4WD||$238||$524||$302||$18||$90||$1,172||$98|
|Silverado LS Crew Cab 2WD||$238||$524||$340||$20||$102||$1,224||$102|
|Silverado LS Crew Cab 4WD||$238||$524||$302||$18||$90||$1,172||$98|
|Silverado LT Crew Cab 2WD||$238||$524||$340||$20||$102||$1,224||$102|
|Silverado LTZ Extended Cab 2WD||$238||$524||$340||$20||$102||$1,224||$102|
|Silverado LTZ Extended Cab 4WD||$238||$524||$302||$18||$90||$1,172||$98|
|Silverado LTZ Crew Cab 2WD||$238||$524||$340||$20||$102||$1,224||$102|
|Silverado LTZ Crew Cab 4WD||$238||$524||$302||$18||$90||$1,172||$98|
|Silverado Crew Cab Hybrid 2WD||$238||$604||$302||$18||$90||$1,252||$104|
|Silverado Crew Cab Hybrid 4WD||$264||$604||$302||$18||$90||$1,278||$107|
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Rate information does not factor in specific zip code location which can increase or decrease coverage prices noticeably.
Comparing quotes for budget insurance is difficult, and finding out which company has the cheapest auto insurance rates for a Chevy Silverado will require a bit more work. Every auto insurer uses different criteria to determine rates, so let's rank the most affordable auto insurance companies in Durham, NC.
It's a good idea to know that Durham auto insurance rates are influenced by many factors that can increase the cost of a policy. Turning one year older, filing a claim, or getting a reckless driving citation may generate price changes that may make certain companies cheaper than competitors.
Lowest Insurance Price Quotes for Your Silverado Truck
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$709|
|Find Your Rate Go|
Utica National may have some of the best car insurance rates in Durham at around $643 a year. This is $229 less than the average rate paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National also make the cut as some of the cheapest Durham, NC insurance companies.
As the example above demonstrates, if you currently buy coverage from NC Farm Bureau and switched to Progressive, you could realize a yearly savings of in the neighborhood of $51. North Carolina drivers with Penn National could save as much as $59 a year, and GEICO policyholders might see rate reductions of $62 a year.
To get a fast rate comparison, click here to start your free quote or feel free to get quotes from the companies below.
It's important to note that these prices are averaged for all types of drivers and the different vehicles they drive and do not factor in a specific zip code for a Chevy Silverado. So the car insurance company that is best for you may not even be in the top 20 companies in the list above. That's why you need to get auto insurance quotes using your own specific driver information and vehicle.
Violations and accidents raise rates
The obvious way to get low auto insurance premiums in Durham for a Silverado pickup is to be a careful driver and have a clean driving record. The illustration below demonstrates how speeding tickets and accident claims can increase insurance prices for different categories of driver ages. The prices are based on a single male driver, full physical damage coverage, $100 deductibles, and no discounts are applied.
The data above shows the average cost of car insurance per year with no accidents or violations is $1,952. Get written up for two speeding tickets and the average cost rises to $2,592, an increase of $640 each year. Next add one accident along with the two speeding tickets and the annual cost of auto insurance for a Chevy Silverado increases to an average of $3,240. That's an increase of $1,287, or $107 per month, just for not being more responsible behind the wheel!
Does full coverage make sense?
Lowering the price of auto insurance is probably important to most people, and one way to find cheaper insurance for a Chevy Silverado is to not buy comprehensive and collision coverage. The diagram below visualizes the comparison of insurance costs with full physical damage coverage compared to only buying liability only. The data assumes no claims or driving citations, $500 deductibles, drivers are single, and no discounts are taken into consideration.
If all age groups are averaged, full coverage costs an additional $1,396 per year over having just liability coverage. A very common question is when is it safe to stop buying full coverage. There isn't a steadfast formula of when to phase out full coverage, but there is a general guideline. If the annual cost of having full coverage is more than 10% of the settlement you would receive from your company, then it may be the right time to buy liability only.
There are a few cases where eliminating full coverage is not a good plan. If you haven't satisfied your loan, you have to maintain full coverage to protect the lienholder's interest in the vehicle. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
Why are you paying too much for Silverado insurance?
Durham, NC auto insurance rates are calculated based on many things that will increase or decrease the price of coverage. Simply improving your credit, moving to a different location, or having an at-fault accident may cause policy rate changes that can now make some companies cheaper in comparison to the competition.
Not only may your situation change, but companies change premium rates as often as every three months to adjust for heavy claims or excess profits. Significantly higher losses may cause more expensive premiums, while profitable underwriting can produce lower-priced Silverado insurance rates.
To illustrate this example, the graph below shows rates for the cheapest car insurance in Durham, NC for a 30-year-old female driver with a clear driving record, no claims, and a decent credit rating. If we estimate prices based on her personal profile, Progressive might offer the lowest car insurance rates in Durham at $747 each year. This is $125 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National are also included in the best Durham, NC auto insurance companies.
The next chart shows rates after we give the driver from the above example a claim surcharge, a lower credit rating, and a speeding citation. Since each company uses their own calculation to set policy rates, analyzing rate quotes may now result in a slightly different list of affordable Durham car insurance companies as shown below.
GEICO now has the cheapest insurance rate in Durham with Titan, Auto-Owners, National General, and Travelers also having competitive pricing. This demonstrates why consumers need to spend some time comparing rates when trying to get the most economical insurance rates for a Chevy Silverado. Insurance prices are calculated by many things and can increase or decrease at any time, so the best option when you bought your policy may now be quite expensive.
How to find more affordable auto insurance for a Chevy Silverado
Here are some thrifty suggestions that can help drivers get cheaper coverage.
- Raise deductibles to save money
- Do not get traffic tickets
- Good credit can mean cheaper rates
- Avoid having at-fault accidents
- Claim-free policyholders usually earn a discount
- Multi-policy discounts save money
- Keep rates low by comparing prices once a year
The final tip is particularly significant, as we stressed in this write-up. Insurance prices can change significantly in a year, so don't be hesitant to buy from a new company if a cheaper price is available. Many drivers have brand loyalty and that's fine, but it isn't a good idea if that dedication is costing money that could be used for better things. Take a few minutes and compare rates to find cheaper car insurance for a Chevy Silverado in Durham.