No sane person looks forward to paying premiums for auto insurance, especially when they are aware that they could find better prices if they shop around.
A recent auto insurance study discovered that almost 70% of drivers have stayed with the same insurance company for over three years, and roughly 40% of drivers have never compared rate quotes at all. The average driver in Richmond could save almost 45% a year by just shopping around, but most undervalue the actual amount they would save if they switched.
Due to the increasing number of companies to choose from that have cheap insurance for a Chevy Silverado in Richmond, it is very difficult to locate the most cost effective auto insurance provider.
How Your Silverado Insurance Premiums are Determined
Consumers need to have an understanding of some of the elements that go into determining your premiums. If you have a feel for what controls the rates you pay, this allows you to make good choices that may reward you with much lower annual insurance costs.
The following are some of the most common factors companies use to determine your rate level.
- Liability coverage safeguards assets - The liability coverage on your policy is the protection if ever you are ruled to be at fault for causing damage or personal injury in an accident. Your liability coverage provides legal defense coverage to attempt to prove you were not liable. It is affordable coverage compared to other policy coverages, so do not cut corners here.
- Premiums drop with age - Inexperience drivers have been known to be more careless with other occupants in the car and because of this, their car insurance rates are much higher. Older drivers are shown to be more cautious, are lower risk to insure, and tend to be get fewer driving tickets.
- The type of car, truck or SUV makes a difference - The performance level of the car you need insurance for makes a big difference in your auto insurance rates. The cheapest rates are usually for economy passenger cars, but other factors influence the final cost greatly. Because the Chevrolet Silverado is considered a pickup truck, insuring your vehicle will cost similar in price compared to average rates in Richmond.
- Does your vocation cost you more? - Jobs like real estate brokers, executives and medical professionals tend to have higher rates than the rest of us in part from high stress and incredibly demanding work hours. On the flip side, careers such as farmers, athletes and retirees have lower than average premiums.
- Cars with good safety ratings lower rates - Safer cars tend to have lower insurance rates. These vehicles result in less severe injuries and fewer serious injuries translates into fewer and smaller insurance claims and thus lower rates.
- Insurance loss statistics a Chevy Silverado - Insurers analyze claim trends for every vehicle to calculate a price that offsets possible losses. Vehicles that the statistics show to have higher losses will have higher rates for specific coverages.
The table below demonstrates the historical insurance loss data for Chevy Silverado vehicles. For each policy coverage, the claim probability for all vehicles, regardless of make, model or trim level, is a value of 100. Numbers below 100 imply a favorable loss record, while numbers that are greater than 100 point to more losses or statistically larger claims.
Chevrolet Silverado Insurance Claim Statistics
Vehicle Make and 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 129 127
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
The most recommended method to compare rates for Chevy Silverado insurance in Richmond is to know most of the larger companies participate in online systems to compare rate quotes. To get started, all you need to do is take a few minutes to give details including what you do for a living, driver ages, level of coverage desired, and if you have an active license. That rating information gets transmitted to insurance carriers in your area and they return rate quotes quickly.
To get price quotes for your Chevy Silverado now, click here and complete the quick form.
The auto insurance companies shown below have been selected to offer free quotes in Virginia. If the list has multiple companies, we suggest you click on several of them to get the best price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$166||$312||$378||$22||$114||$992||$83|
|Silverado LS Regular Cab 4WD||$84||$148||$248||$14||$74||$568||$47|
|Silverado LT Regular Cab 2WD||$180||$308||$300||$18||$90||$896||$75|
|Silverado LT Regular Cab||$226||$336||$380||$22||$114||$1,078||$90|
|Silverado LS Extended Cab 4WD||$170||$346||$290||$18||$88||$912||$76|
|Silverado LT Extended Cab 4WD||$172||$340||$248||$14||$74||$848||$71|
|Silverado LT Extended Cab 2WD||$190||$378||$378||$22||$114||$1,082||$90|
|Silverado LS Extended Cab 2WD||$140||$278||$328||$20||$98||$864||$72|
|Silverado LT Crew Cab 4WD||$202||$392||$348||$20||$104||$1,066||$89|
|Silverado LS Crew Cab 2WD||$176||$336||$280||$16||$84||$892||$74|
|Silverado LS Crew Cab 4WD||$214||$486||$290||$18||$88||$1,096||$91|
|Silverado LT Crew Cab 2WD||$106||$206||$274||$16||$82||$684||$57|
|Silverado LTZ Extended Cab 2WD||$224||$394||$290||$18||$88||$1,014||$85|
|Silverado LTZ Extended Cab 4WD||$120||$256||$290||$18||$88||$772||$64|
|Silverado LTZ Crew Cab 2WD||$120||$244||$306||$18||$92||$780||$65|
|Silverado LTZ Crew Cab 4WD||$256||$394||$338||$20||$100||$1,108||$92|
|Silverado Crew Cab Hybrid 2WD||$120||$280||$270||$16||$80||$766||$64|
|Silverado Crew Cab Hybrid 4WD||$232||$366||$338||$20||$100||$1,056||$88|
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Data variables include single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Virginia minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Premium costs do not factor in garaging location in Richmond which can revise auto insurance rates considerably.
Auto insurance rates are higher with tickets and accidents
The diagram below illustrates how speeding tickets and at-fault fender-benders increase Chevrolet Silverado insurance premiums for different categories of driver ages. The premiums are based on a single female driver, comp and collision included, $250 deductibles, and no policy discounts are applied.
Chevrolet Silverado full coverage rates compared to liability only
The chart below illustrates the comparison of Chevrolet Silverado auto insurance rates with full phyical damage coverage and with liability coverage only. Data assumes no violations or claims, $100 deductibles, married female driver, and no policy discounts are applied.
Are you wasting money on full coverage?
There isn't a written rule to drop full coverage, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of the vehicle's replacement cost less your deductible, then you might consider buying liability only.
For example, let's say your Chevrolet Silverado replacement cost is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $3,000 after paying your policy deductible. If you are paying in excess of $300 annually for comprehensive and collision coverage, then it could be time to drop full coverage.
There are a few cases where removing full coverage is not financially feasible. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
How high should deductibles be?
The diagram below illustrates how your choice of deductibles and can raise or lower Chevrolet Silverado insurance premiums for different insured age categories. Data assumes a single male driver, full physical damage coverage, and no discounts are factored in.
Can you really save $429 a year?
Big name companies like State Farm, GEICO and Progressive constantly bombard you with television, radio, and online ads. They all seem to advertise claims that you can save if you switch your auto insurance policy to them. How is it possible that every company can charge less that you're paying now? It's all in the words they use.
All the different companies give the best rates for the right customer that will generate a profit. An example of a profitable insured could be between 30 and 50, has no claims, and the vehicle is rated for pleasure use. Anyone that meets those criteria receives the best rates in Richmond and is almost guaranteed to save if they switch.
People who may not quite match those criteria will see higher premium rates and the customer buying from a different company. The trick companies use is to say "people who switch" not "everyone who quotes" save that much when switching. That's the way companies can make those statements.
Because each company has a different risk profile, you absolutely need to quote coverage with many companies. It's not possible to predict the company that will give you the biggest savings.
Protect your vehicle and other assets
Despite the high insurance cost for a Chevy Silverado in Richmond, insuring your vehicle serves several important purposes.
First, the majority of states have minimum liability requirements which means state laws require a specific minimum amount of liability protection in order to drive the car. In Virginia these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
Second, if you took out a loan on your Chevy Silverado, almost every bank will stipulate that you buy insurance to guarantee loan repayment. If you let the policy lapse, the bank or lender will purchase a policy for your Chevy for a lot more money and make you pay for the much more expensive policy.
Third, insurance preserves both your Chevy Silverado and your assets. It also can pay for most medical and hospital costs for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, also covers legal expenses in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.
The benefits of insuring your car more than offset the price you pay, specifically if you ever have a liability claim. In a recent study of 1,000 drivers, the average customer is overpaying more than $865 each year so compare rate quotes each time the policy renews to help ensure money is not being wasted.
Cut your insurance rates with discounts
Some insurers don't always advertise their entire list of discounts in a way that's easy to find, so below is a list a few of the more well known in addition to some of the lesser obvious discounts that may be available.
- Low Mileage Discounts - Maintaining low annual mileage may allow you to get discounted prices on garaged vehicles.
- Seat Belts Save - Forcing all vehicle occupants to buckle their seat belts can save a little on the premium charged for medical payments and/or PIP.
- More Vehicles More Savings - Insuring all your vehicles on one policy could earn a price break for each car.
- Discounts for Responsible Drivers - Drivers who don't get into accidents can save up to 40% or more on their Richmond car insurance quote than less cautious drivers.
- Theft Deterrent System - Vehicles equipped with anti-theft or alarm systems are stolen less frequently so companies will give you a small discount.
It's important to understand that most of the big mark downs will not be given to the entire cost. Most cut the cost of specific coverages such as medical payments or collision. Even though it appears you would end up receiving a 100% discount, you aren't that lucky.
If you would like to choose from a list of insurers who offer discounts in Richmond, click here to view.
Buying car insurance from Richmond auto insurance agents
A small number of people would prefer to buy from a licensed agent and that can be a smart move An additional benefit of comparing insurance prices online is that drivers can save money and get the lowest rates and still choose a local agent. Buying insurance from neighborhood insurance agencies is important particularly in Richmond.
Once you complete this simple form, the coverage information is submitted to agents in your area who will return price quotes for your insurance coverage. It's much easier because you don't need to visit any agencies as quotes are delivered to you instantly. It's the lowest rates and a licensed agent to talk to. If for some reason you want to get a price quote from a specific company, just find their quoting web page and complete a quote there.
The following is a short list of car insurance companies in Richmond that can give you price quotes for Chevy Silverado insurance in Richmond.
Choosing the best provider should depend on more than just a cheap quote. The questions below may impact your decision as well.
- Do they get paid more for recommending certain coverages?
- Does the agency have a good rating with the Better Business Bureau?
- Can they help ensure a fair claim settlement?
- Do they have designations such as AIC, CPCU, or CIC?
- Is their price quote a firm figure or are their hidden costs?
- How long have they worked with personal auto insurance coverage?
- Do they feel the quoted coverages are adequate?
- Does the agency provide any after hours assistance?
Once you have answers to your satisfaction to all your questions in addition to an acceptable price estimate, it's possible that you found an insurer that is reliable enough to properly service your car insurance policy.
Insurance can get complicated
When quoting and comparing your policy for your personal vehicles, there really isn't a "perfect" insurance plan. You are unique.
For instance, these questions can help discover whether or not you will benefit from professional help.
- Why do I need rental car insurance?
- Is my vehicle covered by my employer's policy when using it for work?
- What is UM/UIM insurance?
- What are the best liability limits?
- Do I get a pro-rated refund if I cancel my policy early?
- Does coverage follow the driver or the vehicle?
If you don't know the answers to these questions but a few of them apply, then you may want to think about talking to a licensed agent. If you want to speak to an agent in your area, complete this form.
One last note
Drivers change insurance companies for a number of reasons such as lack of trust in their agent, not issuing a premium refund, being labeled a high risk driver or even an unsatisfactory settlement offer. It doesn't matter why you want to switch finding the right car insurance provider is easier than you think.
As you prepare to switch companies, it's not a good idea to reduce needed coverages to save money. In too many instances, drivers have reduced full coverage only to regret they didn't purchase enough coverage. Your objective should be to find the BEST coverage for the lowest price, but do not sacrifice coverage to save money.
In this article, we covered some good ideas how to find affordable Chevy Silverado insurance in Richmond. The most important thing to understand is the more rate comparisons you have, the better likelihood of getting affordable Richmond car insurance quotes. Drivers may even discover the most savings is with some of the lesser-known companies.