Finding affordable insurance for a Chevy Silverado is pretty easy to do, but it hinges on a lot of things such as how many miles you drive each year, your credit status, and your policy deductibles. Ohio drivers will pay on average $917 a year for Silverado insurance, but that amount is an estimation based upon a 30-year-old single male driver with full coverage and $250 deductibles.
This brings up the issue that more than likely you may not be 30 years old (or even male), you might be married instead of single, or maybe you don’t qualify for the same discounts. Having just a slight change in rating factors or requested coverage amount may result in significant differences in policy price.
Everyone has unique insurance needs, and this illustrates why the only way to find cheap car insurance rates for your Chevrolet is to compare as many rates as possible.
The trim level of your Chevrolet tends to have a direct impact on the cost of insurance, so the price you will be charged to insure a Silverado LS Regular Cab 2WD trim level will be $184 less expensive the cost to insure the more well-appointed Silverado Crew Cab Hybrid 4WD trim level, as shown in the table below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$174||$242||$336||$20||$100||$872||$73|
|Silverado LS Regular Cab 4WD||$174||$242||$298||$18||$88||$820||$68|
|Silverado LT Regular Cab 2WD||$200||$296||$336||$20||$100||$952||$79|
|Silverado LT Regular Cab||$200||$296||$336||$20||$100||$952||$79|
|Silverado LS Extended Cab 4WD||$200||$296||$298||$18||$88||$900||$75|
|Silverado LT Extended Cab 4WD||$200||$296||$298||$18||$88||$900||$75|
|Silverado LT Extended Cab 2WD||$200||$296||$336||$20||$100||$952||$79|
|Silverado LS Extended Cab 2WD||$200||$296||$336||$20||$100||$952||$79|
|Silverado LT Crew Cab 4WD||$226||$348||$298||$18||$88||$978||$82|
|Silverado LS Crew Cab 2WD||$226||$348||$336||$20||$100||$1,030||$86|
|Silverado LS Crew Cab 4WD||$226||$348||$298||$18||$88||$978||$82|
|Silverado LT Crew Cab 2WD||$226||$348||$336||$20||$100||$1,030||$86|
|Silverado LTZ Extended Cab 2WD||$226||$348||$336||$20||$100||$1,030||$86|
|Silverado LTZ Extended Cab 4WD||$226||$348||$298||$18||$88||$978||$82|
|Silverado LTZ Crew Cab 2WD||$226||$348||$336||$20||$100||$1,030||$86|
|Silverado LTZ Crew Cab 4WD||$226||$348||$298||$18||$88||$978||$82|
|Silverado Crew Cab Hybrid 2WD||$226||$400||$298||$18||$88||$1,030||$86|
|Silverado Crew Cab Hybrid 4WD||$252||$400||$298||$18||$88||$1,056||$88|
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Prices do not factor in specific location information which can decrease or increase coverage rates significantly.
Finding cheap auto insurance is not the easiest thing to accomplish, and deciding which company quotes the most affordable car insurance rates for a Chevy Silverado will involve even more shopping around. Every car insurance company has their own guidelines for setting prices, so let’s take a look at the most affordable car insurance companies in Cleveland, OH.
It’s important that you understand Ohio car insurance rates are based on many factors which can significantly increase or decrease the policy price. Simply having a birthday, buying a safer car, or getting caught speeding can produce rate changes that can now make some companies more affordable than before.
Best Auto Insurance Prices for Your Silverado Truck
|Rank||Company||Cost Per Year|
|7||Merchants Insurance Group||$748|
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Utica National offers some of the most affordable car insurance rates in Cleveland at around $654 each year. Allied, Frankenmuth, Erie, and USAA also are some of the best Cleveland, OH car insurance companies.
As the rates illustrate above, if you are currently insured with Allied and switched to Utica National, you might realize a yearly savings of around $22. Drivers with Frankenmuth may save as much as $26 a year, and Erie customers might reduce rates by $27 a year.
Be aware that those premiums are averaged for all types of insureds and vehicles and do not take into consideration a specific vehicle garaging location for a Chevy Silverado. So the company that fits your age and vehicle best may not even be in the top 33 companies in the list above. That points out the importance of why you need to compare rates from as many companies as possible using your own driver data and vehicle information.
Difference between liability only and full coverage rates
Paying less for car insurance should be important to most people, and one of the fastest ways to find cheap insurance for a Chevy Silverado is to not pay for full coverage. The chart below illustrates the comparison of car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Ohio. The premium estimates are based on no driving violations, no at-fault accidents, $500 deductibles, drivers are single, and no other discounts are factored in.
If we average the cost for ages 20 through 70, comp and collision coverage costs $1,458 per year more than insuring for liability only. A very common question is if you should buy full coverage. There is no definitive formula for excluding full coverage, but there is a general convention. If the annual cost of your full coverage insurance is about 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 vehicle’s replacement cost is $5,500 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $4,500 after paying the physical damage deductible. If it’s costing you more than $450 annually for your policy with full coverage, then you might want to think about dropping full coverage.
The example below shows how choosing a deductible can impact insurance premiums when searching for cheap insurance for a Chevy Silverado. The price estimates are based on a single male driver, comprehensive and collision coverage, and no discounts are applied.
In the chart above, a 30-year-old driver could reduce rates by $250 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $378 by using a $1,000 deductible. Younger drivers, like the age 20 example, could potentially save as much as $734 every year by choosing larger deductibles on their policy. If you do decide to increase your deductibles, it’s a good idea to have enough funds in savings to be able to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Don’t make the mistake of not shopping around
Cleveland car insurance rates are impacted by many things that control the price you have to pay for coverage. Simply getting older, adding a teenager to your policy, or getting a driving violation can cause premium changes that can make some companies cheaper than before.
Not only may your risk profile change, but insurance companies change prices as often as every quarter to adjust for gains or losses. Higher than normal claim frequency or severity may result in high rates, while a profitable period can cause cheaper Silverado insurance rates.
For example, the graph below shows the company with the cheapest car insurance in Cleveland, OH for a 35-year-old female driver with no prior accidents, a clean driving record, and great credit. Based on her personal risk profile, Utica National might quote the best car insurance rates in Cleveland at $862 per year. This is $178 less than the average price paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers are the remaining best Cleveland, OH auto insurance companies.
The example below compares rates after we give the driver from the first rate comparison an accident claim, bad credit, and a couple of points charged on her driving record. Because each insurer has a proprietary formula for filing rates in each state, analyzing rates may result in a substantially altered list of affordable companies as shown below.
Cincinnati Insurance now has the lowest car insurance rate in Cleveland, OH with Merchants Insurance Group, General Casualty, Motorists Mutual, and Grange Mutual also having competitive pricing. This shows why drivers need to do a thorough rate comparison to get the lowest insurance rates for a Chevy Silverado. Rates can be altered by many different factors and change substantially, so the best price when you last compared rates may now cost much more than other companies.
If you aren’t sure which coverage you need and prefer to have a professional recommendation when comparing insurance rates for a Chevy Silverado, the insurance agencies listed below are a good start to help you make a decision which car insurance company is the best fit. To find an auto insurance agency in your neighborhood, click the button link following the list.
- United Agencies
1422 Euclid Ave # 900 – Cleveland, OH 44115 – (216) 696-8044
- Machor Sage Insurance Agency
7379 Pearl Rd # 5 – Cleveland, OH 44130 – (440) 826-0404
- Franklin Myles – State Farm Insurance Agent
3970 Mayfield Rd – Cleveland Heights, OH 44121 – (216) 291-9892
- Justin Ragor – State Farm Insurance Agent
3878 Rocky River Dr Ste 4 – Cleveland, OH 44111 – (216) 251-5300
How to find the cheapest auto insurance for a Chevy Silverado
Here are many thrifty suggestions that can help drivers quote cheap car insurance.
- Higher credit scores can equal lower rates
- Buying home and auto together can help save money
- Do not pay for full coverage if not needed
- Buy vehicles with good safety ratings
- Do not get into accidents that are your fault
- Comparison shop at least once a year
The last tip in the list is incredibly critical, as was noted in the prior article. Coverage prices go up and down frequently, so don’t be hesitant to buy from a different company if you can save money. Staying with the same company for years is fine, but we do not recommend it if your bullheadedness ends up costing you a lot of money every month. If you have a few minutes, now is a great time to compare rates and find cheaper car insurance for a Chevy Silverado in Cleveland.