Buying the cheapest auto insurance for a Chevy Silverado in Maryland doesn’t take a ton of time, but it relies on a large number of factors such as whether you are married or single, where your vehicle is garaged, and driving violations and tickets. Maryland drivers pay on average $1,136 annually to insure their Silverado, but that cost is an approximation based on a 50-year-old single female driver with full coverage and $1,000 deductibles.
The issue that arises when projecting rates is that it’s very likely that you aren’t exactly 50 years old or even a female, maybe you are married instead of single, and maybe your Silverado just needs liability-only coverage. Even a slight change in the criteria used to calculate rates can make a big difference in the cost of insurance.
Car insurance coverage is unique to each driver, so this is why the best method for finding affordable rates for your Chevrolet is to just compare rates yourself.
The trim level of your Silverado has an effect on the annual cost of coverage, so the price you will be charged to insure a Silverado LS Regular Cab 2WD will cost $158 less than the price to insure the more well-appointed Silverado Crew Cab Hybrid 4WD version, as shown by the rates below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$146||$268||$518||$30||$156||$1,118||$93|
|Silverado LS Regular Cab 4WD||$146||$268||$458||$28||$138||$1,038||$87|
|Silverado LT Regular Cab 2WD||$166||$326||$518||$30||$156||$1,196||$100|
|Silverado LT Regular Cab||$166||$326||$518||$30||$156||$1,196||$100|
|Silverado LS Extended Cab 4WD||$166||$326||$458||$28||$138||$1,116||$93|
|Silverado LT Extended Cab 4WD||$166||$326||$458||$28||$138||$1,116||$93|
|Silverado LT Extended Cab 2WD||$166||$326||$518||$30||$156||$1,196||$100|
|Silverado LS Extended Cab 2WD||$166||$326||$518||$30||$156||$1,196||$100|
|Silverado LT Crew Cab 4WD||$188||$384||$458||$28||$138||$1,196||$100|
|Silverado LS Crew Cab 2WD||$188||$384||$518||$30||$156||$1,276||$106|
|Silverado LS Crew Cab 4WD||$188||$384||$458||$28||$138||$1,196||$100|
|Silverado LT Crew Cab 2WD||$188||$384||$518||$30||$156||$1,276||$106|
|Silverado LTZ Extended Cab 2WD||$188||$384||$518||$30||$156||$1,276||$106|
|Silverado LTZ Extended Cab 4WD||$188||$384||$458||$28||$138||$1,196||$100|
|Silverado LTZ Crew Cab 2WD||$188||$384||$518||$30||$156||$1,276||$106|
|Silverado LTZ Crew Cab 4WD||$188||$384||$458||$28||$138||$1,196||$100|
|Silverado Crew Cab Hybrid 2WD||$188||$442||$458||$28||$138||$1,254||$105|
|Silverado Crew Cab Hybrid 4WD||$210||$442||$458||$28||$138||$1,276||$106|
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Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Price estimates do not factor in specific Baltimore garaging location which can affect premiums substantially.
Finding reliable, budget auto insurance is tough enough, and figuring out which companies quote the best insurance rates for a Chevy Silverado involves even more shopping around.
Each company uses a slightly different approach to determine rates, so let’s take a look at the most budget-friendly insurance companies in Baltimore, MD. Keep in mind that Baltimore, MD insurance rates are impacted by many things which can significantly increase or decrease the cost of your policy. That is why it is crucial to compare rates when trying to get the most economical insurance quotes for a Chevy Silverado. Car insurance prices can be determined by many things and change frequently, so the most economical option when you bought your policy may now cost much more than other companies.
Find the Cheapest Car Insurance for Your Silverado Truck
|Rank||Company||Cost Per Year|
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USAA offers some of the most affordable car insurance rates in Baltimore at around $958 a year. This is $601 less than the average policy premium paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto also are some of the cheaper Baltimore, MD auto insurance companies.
As illustrated above, if you are a customer of Erie and switched to USAA, you might see annual savings of in the vicinity of $191. Insureds with State Auto could save as much as $268 a year, and Amica insureds might reduce prices by as much as $389 a year.
If you want to see how much you could save, click here to start your free quote or quote prices from the following companies.
Be aware that those estimates are averages for all types of insureds and vehicles and are not factoring in a specific vehicle garaging location for a Chevy Silverado. So the insurer that fits you best may not even be in the top 16 companies shown above. That illustrates why you need to compare as many prices as possible using your own driver and vehicle profiles.
Cost difference between full coverage and liability
Lowering the price of insurance is the goal of most people, and one great way to reduce the cost of insurance for a Chevy Silverado is to not buy full coverage. The diagram below visualizes the comparison of insurance premiums with full physical damage coverage compared to only buying liability only. The rate quotes are based on no violations or accidents, $100 deductibles, drivers are single, and no additional discounts are factored in.
If we average all the age groups together, physical damage insurance costs $3,168 per year over and above liability coverage. Many drivers may wonder when is it safe to stop buying full coverage. There is no exact rule to stop buying physical damage insurance, but there is a general school of thought. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let’s assume your vehicle’s settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $6,000 after paying your policy deductible. If you are paying more than $600 a year for your policy with full coverage, then it may be the right time to buy liability only.
There are a few cases where dropping physical damage 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 your finances do not allow you to purchase a different vehicle in case of an accident, you should keep full coverage in place.
Get discounts on Baltimore car insurance rates
Insurance providers that provide coverage for a Chevy Silverado may also offer price discounts that could reduce prices by as much as 25% or more if you meet eligibility requirements. A list of insurance companies and their possible discounts are:
- GEICO offers discounts including federal employee, multi-policy, military active duty, good student, air bags, and anti-theft.
- Travelers discounts include good student, multi-car, home ownership, hybrid/electric vehicle, save driver, and continuous insurance.
- Nationwide includes discounts for business or organization, easy pay, anti-theft, multi-policy, good student, and family plan.
- Farmers Insurance may have discounts that include distant student, early shopping, good student, homeowner, and teen driver.
- Esurance offers premium reductions for Pac-12 alumni, renters, anti-theft, online quote, and defensive driver.
- State Farm policyholders can earn discounts including safe vehicle, anti-theft, multiple autos, passive restraint, multiple policy, defensive driving training, and driver’s education.
- Progressive may include discounts for multi-vehicle, online quote discount, continuous coverage, homeowner, good student, multi-policy, and online signing.
- Mercury Insurance offers discounts for multi-policy, low natural disaster claims, professional/association, type of vehicle, and age of vehicle.
The example below visualizes the comparison of insurance costs with and without discounts applied to the premium. The costs are based on a male driver, no violations or claims, Maryland state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with claim-free, defensive driving course, vehicle safety, anti-theft, safe-driver, and passive restraint discounts applied. With discounts applied, theamount saved on insurance for a Chevy Silverado is 28% or $736.
Low rates can quickly become overpriced
Baltimore insurance rates are influenced by many factors that may substantially change the price you pay. Simply turning a year older, having a claim, or getting a driving violation may cause policy rate changes resulting in some rates now being cheaper in comparison to the competition. Not only may your risk profile change, but car insurance companies file new Maryland auto insurance rates without warning in order to be able to pay unexpected claims. Heavier than normal losses can cause higher priced premiums, while lower claims can result in cheaper Silverado insurance rates.
For example, the data below analyzes the cheapest car insurance in Baltimore, MD for a 45-year-old male driver with no prior claims, no tickets, and a decent credit rating. If we compare prices based on his current rating profile, USAA may offer the lowest car insurance rates in Baltimore at $1,730 a year. This is $171 more than the average premium paid by Maryland drivers of $1,559. Liberty Mutual, Erie, Penn National, and State Auto are the remainder of the cheapest Baltimore, MD auto insurance companies.
In the next rate comparison, we’ll give the driver from the first set of rates an accident surcharge, slightly worse credit, and a traffic ticket or two. Since every insurance provider has a different formula for determining prices, analyzing rate quotes may now result in a new list of the cheapest car insurance companies in Baltimore as shown below.
MetLife now has the best auto insurance rate in Baltimore, MD with Travelers, Nationwide, GEICO, and California Casualty completing the list. This example illustrates why consumers need to spend some time comparing rates when trying to find the best car insurance quotes for a Chevy Silverado. Insurance rates consist of many risk factors and change dramatically, so the cheapest rate when you bought your policy may now cost much more than other companies.
If you prefer to get some professional input when trying to find lower insurance rates for a Chevy Silverado, the insurance agencies below can probably answer your questions and help you decide which policy is best. To locate a Baltimore auto insurance agent near you, click the button at the bottom.
- Nationwide Insurance: Frank Dippel Agency Inc
6600 York Rd Ste 207 – Baltimore, MD 21212 – (410) 435-4354
- Charmaine Barnes – State Farm Insurance Agent
900 S Ellwood Ave – Baltimore, MD 21224 – (410) 675-1900
- Allstate Insurance: Kent Schwab
401 Jefferson Ave – Towson, MD 21286 – (410) 433-4700
How to find cheaper auto insurance for a Chevy Silverado
Here are a few thrifty ideas that can help you get more affordable coverage.
- Try to not file small claims
- Avoid at-fault accidents and claims
- Clean up your credit rating
- Lower rates by purchasing a safer vehicle
- Do not get traffic tickets
- Ensure you have the best deal by shopping around regularly
That last piece of advice is extraordinarily vital, as we pointed out in this article. Coverage rates in Baltimore can be adjusted at any time, so you should be ready to buy a policy from a new company if a lower price can be found. Being loyal to a particular company is commendable, but we do not recommend it if that loyalty results in overpaying a wad of cash every year. In just a few minutes you could compare prices and find cheaper car insurance for a Chevy Silverado.