Finding cheap auto insurance for a Chevy Silverado is fairly easy, but it depends on many factors such as your gender, whether or not you garage your vehicle, and driving violations. Tennessee drivers pay on average $1,005 each year to insure their Silverado, but that price is an estimation using a 30-year-old married female driver with both comprehensive and collision coverage and $250 deductibles.
When estimating a car insurance rate like we just did, the issue is that you aren’t exactly 30 years old or even a female, maybe you are single instead of married, or maybe you prefer liability limits higher than required by Tennessee state law. Even a minor difference in policy rating criteria or coverages can result in a large change in how much coverage for a Chevy Silverado costs.
Having different needs demonstrates why the best method for finding cheap car insurance rates for your Chevrolet is to do the rate comparisons yourself.
Vehicle trim level tends to impact the yearly cost, so the rate you will pay to insure a Silverado LS Regular Cab 2WD model will be $230 cheaper than the price to insure the higher-priced Silverado Crew Cab Hybrid 4WD model, as shown below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$188||$302||$332||$20||$100||$942||$79|
|Silverado LS Regular Cab 4WD||$188||$302||$294||$18||$88||$890||$74|
|Silverado LT Regular Cab 2WD||$216||$368||$332||$20||$100||$1,036||$86|
|Silverado LT Regular Cab||$216||$368||$332||$20||$100||$1,036||$86|
|Silverado LS Extended Cab 4WD||$216||$368||$294||$18||$88||$984||$82|
|Silverado LT Extended Cab 4WD||$216||$368||$294||$18||$88||$984||$82|
|Silverado LT Extended Cab 2WD||$216||$368||$332||$20||$100||$1,036||$86|
|Silverado LS Extended Cab 2WD||$216||$368||$332||$20||$100||$1,036||$86|
|Silverado LT Crew Cab 4WD||$244||$434||$294||$18||$88||$1,078||$90|
|Silverado LS Crew Cab 2WD||$244||$434||$332||$20||$100||$1,130||$94|
|Silverado LS Crew Cab 4WD||$244||$434||$294||$18||$88||$1,078||$90|
|Silverado LT Crew Cab 2WD||$244||$434||$332||$20||$100||$1,130||$94|
|Silverado LTZ Extended Cab 2WD||$244||$434||$332||$20||$100||$1,130||$94|
|Silverado LTZ Extended Cab 4WD||$244||$434||$294||$18||$88||$1,078||$90|
|Silverado LTZ Crew Cab 2WD||$244||$434||$332||$20||$100||$1,130||$94|
|Silverado LTZ Crew Cab 4WD||$244||$434||$294||$18||$88||$1,078||$90|
|Silverado Crew Cab Hybrid 2WD||$244||$500||$294||$18||$88||$1,144||$95|
|Silverado Crew Cab Hybrid 4WD||$272||$500||$294||$18||$88||$1,172||$98|
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Table data represents married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Prices do not factor in the specific area where the vehicle is garaged which can change prices noticeably.
Selecting the best insurance provider can be rather challenging considering how many companies there are to choose from in Tennessee. The rank data shown below may help you pick which companies to look at purchasing a policy from. These rankings only include companies with a national presence, so companies with more of a regional focus are not included in the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Get discount Memphis insurance
Auto insurance companies that sell policies for a Chevy Silverado may also offer special discounts that could lower prices by 40% or more if you can meet the requirements. A list of companies and their possible discounts are outlined below.
- State Farm discounts include student away at school, accident-free, anti-theft, Drive Safe & Save, safe vehicle, and driver’s education.
- Progressive offers discounts including online quote discount, continuous coverage, multi-vehicle, online signing, homeowner, and good student.
- Progressive has savings for online quote discount, continuous coverage, good student, online signing, homeowner, multi-vehicle, and multi-policy.
- MetLife offers discounts for accident-free, claim-free, multi-policy, good driver, good student, and defensive driver.
- Farm Bureau may include discounts for good student, driver training, multi-vehicle, safe driver, and youthful driver.
- GEICO may have discounts that include military active duty, good student, five-year accident-free, air bags, and multi-vehicle.
- SAFECO policyholders can earn discounts including drive less, teen safety rewards, teen safe driver, anti-lock brakes, and homeowner.
The example below visualizes the comparison of premium costs with and without policy discounts. The prices are based on a female driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with defensive driving course, homeowner, safe-driver, vehicle safety, anti-theft, and multiple policy discounts applied. When drivers qualify for the discounts, theamount saved on car insurance for a Chevy Silverado is 28% or $393.
Why it’s important to shop around
Memphis car insurance rates are based on many factors that will increase or decrease the cost of having a policy. Simply having a birthday, becoming a homeowner, or getting a DUI can produce rate changes resulting in some companies being cheaper in comparison to the competition.
And not only may your rating factors change, but car insurance companies change the rates they charge in Tennessee as often as every quarter to ensure their profitability. Higher than usual claims can result in additional price hikes, while profitable underwriting may cause lower-priced Silverado insurance rates.
To illustrate this point, the bar chart below shows the company with the cheapest car insurance in Memphis, TN for a 30-year-old female driver with no violations or accidents, and a good credit history. If we compare prices based on her personal profile, Utica National offers the most affordable car insurance rates in Memphis at $1,109 a year. This is $219 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers also make the list of the cheapest Memphis, TN auto insurance companies.
In the next rate comparison, we’ll give the driver from the above example a chargeable claim, slightly worse credit, and a couple of points charged on her driving record. Since each auto insurer has a proprietary method for filing rates in each state, comparing insurance quotes could now result in a different set of affordable companies as shown below.
Erie now has the best price in Memphis, TN with Nationwide, Allied, Westfield, and Auto-Owners completing the list. This example demonstrates why consumers need to take the time to compare lots of rates when trying to find affordable insurance rates for a Chevy Silverado. Car insurance prices consist of many things and can increase or decrease at any time, so the most economical company three years ago may now not even be in the top five.
If you like to have a consultation when shopping for cheaper insurance for a Chevy Silverado, the agents shown below are a good start to help you decide which insurance coverage you need.
To locate a Memphis insurance agent close to where you live, click the button at the bottom of the list.
Dan Crawford – State Farm Insurance Agent
5705 Stage Rd #160 – Memphis, TN 38134 – (901) 372-4400
Farmers Insurance: Calvit Ratcliffe
5865 Ridgeway Center Pkwy #300 – Memphis, TN 38120 – (901) 761-6083
Oseman Insurance Agency
6750 Poplar Ave #410 – Memphis, TN 38138 – (901) 562-0151
Fred L. Davis Insurance Agency – Car Insurance Agency
1374 Airways Blvd – Memphis, TN 38114 – (901) 323-6159
How to find low-cost insurance for a Chevy Silverado
It’s not impossible to find cheaper rates, and here are many money-saving suggestions that can help Memphis drivers find lower-cost auto insurance.
- Raise deductibles to save money
- Do not get into accidents that are your fault
- Drivers with good credit often pay less
- Older vehicles may not need full coverage
- Save money by obeying traffic laws and keeping a clean driving record
- Buy a car with high safety ratings
- Compare rates regularly to ensure the best deal
That final tip is highly crucial, as was emphasized in this piece. Rates in Memphis change constantly, so don’t be unwilling to switch to a new company if you find a better deal. Having brand loyalty is commendable, but is isn’t recommended if that loyalty ends up costing a fortune every year. In less than five minutes you could shop around and find cheaper auto insurance for a Chevy Silverado.