The recommended way to save on auto insurance rates is to compare quotes once a year from insurance carriers in Durham. Price quotes can be compared by following these steps.
First, try to learn about what coverages are included in your policy and the modifications you can make to keep rates low. Many rating factors that cause high rates like at-fault accidents, careless driving, and poor credit rating can be remedied by paying attention to minor details. Keep reading for more information to prevent rate hikes and earn larger discounts.
Second, quote rates from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from one company like Progressive or Farmers Insurance, while independent agencies can provide rate quotes from multiple sources.
Third, compare the new rate quotes to your current policy to see if cheaper Silverado coverage is available. If you find a lower rate quote and change companies, make sure there is no coverage gap between policies.
Fourth, give proper notification to your current agent or company to cancel your current policy. Submit a completed policy application and payment for your new coverage. As soon as you can, safely store the proof of insurance certificate in an easily accessible location.
One thing to remember is that you’ll want to compare similar deductibles and liability limits on every price quote and and to get price estimates from as many car insurance companies as possible. This guarantees a fair price comparison and a better comparison of the market.
Anyone knows that auto insurance companies don’t want customers comparing rates. People who shop around are inclined to move their business because of the high probability of finding a more affordable policy premium. Remarkably, a study showed that people who shopped around annually saved on average $3,450 over four years compared to drivers who don’t regularly compare prices.
If finding the best rates on car insurance in Durham is the reason you’re here, then having some insight into how to quote and compare insurance can help you succeed in finding affordable rates.
If you already have coverage, you should be able to reduce the price you pay using the ideas covered in this article. Finding the cheapest insurance coverage in Durham is actually quite simple. But North Carolina consumers do need to know how the larger insurance companies calculate your policy premium.
To get the cheapest Chevrolet Silverado rate quotes, there a variety of ways to compare rate quotes from many car insurance companies in North Carolina. The easiest way by far to find affordable Chevy Silverado insurance rates consists of shopping online.
Getting free rates online is quite simple, and it makes it obsolete to drive to and from local Durham insurance agencies. Buying insurance online eliminates the need for an insurance agent unless you’re the type of person who wants the guidance that can only be provided by a licensed insurance agent. However, consumers can get prices online and get advice from an agent in your area. Just remember that making a lot of price comparisons will enable you to find lower pricing. Some regional insurers cannot provide online price quotes, so you also need to get price quotes from the smaller companies as well.
The providers in the list below provide comparison quotes in Durham, NC. In order to find cheap car insurance in NC, we recommend you click on several of them in order to get a fair rate comparison.
Rates and information analytics
The table shown below outlines detailed analysis of rate quotes for Chevy Silverado models. Being more informed about how insurance quotes are formulated can help drivers make smart choices when choosing a car insurance company.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$132||$210||$286||$16||$86||$730||$61|
|Silverado LS Regular Cab 4WD||$132||$210||$254||$16||$76||$688||$57|
|Silverado LT Regular Cab 2WD||$152||$256||$286||$16||$86||$796||$66|
|Silverado LT Regular Cab||$152||$256||$286||$16||$86||$796||$66|
|Silverado LS Extended Cab 4WD||$152||$256||$254||$16||$76||$754||$63|
|Silverado LT Extended Cab 4WD||$152||$256||$254||$16||$76||$754||$63|
|Silverado LT Extended Cab 2WD||$152||$256||$286||$16||$86||$796||$66|
|Silverado LS Extended Cab 2WD||$152||$256||$286||$16||$86||$796||$66|
|Silverado LT Crew Cab 4WD||$172||$302||$254||$16||$76||$820||$68|
|Silverado LS Crew Cab 2WD||$172||$302||$286||$16||$86||$862||$72|
|Silverado LS Crew Cab 4WD||$172||$302||$254||$16||$76||$820||$68|
|Silverado LT Crew Cab 2WD||$172||$302||$286||$16||$86||$862||$72|
|Silverado LTZ Extended Cab 2WD||$172||$302||$286||$16||$86||$862||$72|
|Silverado LTZ Extended Cab 4WD||$172||$302||$254||$16||$76||$820||$68|
|Silverado LTZ Crew Cab 2WD||$172||$302||$286||$16||$86||$862||$72|
|Silverado LTZ Crew Cab 4WD||$172||$302||$254||$16||$76||$820||$68|
|Silverado Crew Cab Hybrid 2WD||$172||$348||$254||$16||$76||$866||$72|
|Silverado Crew Cab Hybrid 4WD||$190||$348||$254||$16||$76||$884||$74|
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Prices above based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Rate information does not factor in vehicle location which can influence auto insurance rates greatly.
Do you need full coverage?
The information below shows the difference between Chevy Silverado insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no violations or accidents, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
When to buy liability coverage only
There isn’t a steadfast formula for excluding physical damage insurance, but there is a general guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
For example, let’s say your Chevy Silverado book value is $9,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $8,000 after paying your policy deductible. If it’s costing in excess of $800 a year for comprehensive and collision coverage, then you might want to think about dropping full coverage.
There are a few situations where buying only liability insurance is not in your best interest. If you haven’t satisfied your loan, you have to maintain full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not remove full coverage.
How Your Silverado Insurance Costs are Determined
One of the most helpful ways to save on car insurance is to to have a grasp of a few of the rating criteria that are used to determine the level of your policy premiums. When you understand what impacts premium levels, this allows you to make educated decisions that could help you find better car insurance rates. Many things are used when you get your auto insurance bill. Most are fairly basic such as your driving record, but other criteria are less obvious such as whether you are married and annual miles driven.
Listed below are some of the things used by companies to determine premiums.
- How credit history affects car insurance rates – Having a bad credit score can be a huge factor in calculating your car insurance rates. Insureds that have good credit tend to be less risk to insure than drivers who have poor credit. Therefore, if your credit rating is not that good, you could be paying less to insure your Chevrolet Silverado by repairing your credit.
Does insurance cost less for gals? – Over the last 30 years, statistics show females are less aggressive when driving. However, this does not mean men are WORSE drivers than women. They both cause auto accidents in similar numbers, but males have accidents that have higher claims. Men also statistically receive more major tickets such as DWI and reckless driving.
The information below illustrates the comparison of Chevy Silverado premium costs for male and female drivers. The prices are based on no claims or driving violations, comp and collision included, $250 deductibles, single marital status, and no discounts are taken into consideration.
- Car insurance rates and your job – Careers like military personnel, business owners, and financial analysts generally have higher average rates attributed to intense work requirements and lots of time spent away from family. On the other hand, careers such as actors, students and the unemployed generally pay rates lower than average.
- Prices may be higher where you live – Living in small towns and rural areas may provide you with better prices if you are looking for the lowest rates. City drivers regularly have more traffic problems and more severe claims. Lower population means a lower chance of having an accident in addition to fewer liability claims.
- You might want pay the minor car insurance claims yourself – Car insurance companies in North Carolina give most affordable rates to insureds who do not rely on their insurance for small claims. If you tend to file frequent claims, you can expect much higher rates or policy non-renewal. Insurance coverage is meant to be used in the event of larger claims.
Pay more for higher performance vehicles – The performance of the vehicle you are insuring makes a significant difference in your premium level. The most favorable rates are generally reserved for small economy passenger models, but other factors influence the final cost greatly.
The next chart uses these assumptions: single male driver age 40, full coverage with $500 deductibles, and no discounts or violations. The chart compares Chevrolet Silverado insurance rates compared to other models that have a range of performance rating factors.
- Cars with good safety ratings means lower premiums – Vehicles that have high safety ratings can get you lower premiums. The safest vehicles protect occupants better and better occupant protection means less claims paid and more competitive rates for policyholders.
Chevy Silverado claim data – Auto insurance companies use statistical claims data to calculate a price that will offset any claims. Models that tend to have increased losses will have higher premium rates. The next table shows the loss history for Chevy Silverado vehicles.
For each insurance policy coverage type, the claim amount for all vehicles, as a total average, is a value of 100. Numbers below 100 mean the vehicle has better than average losses, while percentage values above 100 point to more losses or an increased chance of larger losses than average.
Chevrolet Silverado Insurance Claim Statistics Specific Chevrolet Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Silverado 1500 2WD 76 118 85 78 69 125 Chevrolet Silverado 1500 4WD 60 76 72 54 Chevrolet Silverado 1500 Crew Cab 2WD 89 103 131 77 70 94 Chevrolet Silverado 1500 Crew Cab 4WD 96 105 116 57 57 87 Chevrolet Silverado 1500 Ext Cab 2WD 90 126 100 88 85 117 Chevrolet Silverado 1500 Ext Cab 4WD 84 98 89 60 60 88 Chevrolet Silverado 2500 2WD 60 65 Chevrolet Silverado 2500 4WD 66 97 66 Chevrolet Silverado 2500 Crew Cab 2WD 76 127 65 Chevrolet Silverado 2500 Crew Cab 4WD 88 114 97 45 42 82 Chevrolet Silverado 2500 Ext Cab 2WD 80 54 Chevrolet Silverado 2500 Ext Cab 4WD 79 105 83 37 43 75 Chevrolet Silverado 3500 4WD 65 Chevrolet Silverado 3500 Crew Cab 4WD 98 127 108 54 39 76 Chevrolet Silverado 3500 Ext Cab 4WD 129 127BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Why you need Silverado insurance in North Carolina
Even though it’s not necessarily cheap to insure a Chevy in Durham, maintaining insurance is required in North Carolina but it also protects you in many ways.
- The majority of states have compulsory liability insurance requirements which means it is punishable by state law to not carry a specific level of liability in order to drive the car legally. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your Chevy has a lienholder, it’s most likely the lender will stipulate that you have full coverage to guarantee payment of the loan. If you do not pay your insurance premiums, the lender may have to buy a policy to insure your Chevy for a lot more money and require you to fork over the higher price.
- Insurance safeguards both your Chevy Silverado and your personal assets. It will also pay for hospital and medical expenses incurred in an accident. Liability coverage, the one required by state law, also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of having auto insurance greatly outweigh the cost, specifically if you ever have a liability claim. According to a survey of 1,000 drivers, the average driver is overpaying over $865 each year so shop around at every policy renewal to save money.