2008 Chevrolet Silverado 1500 Car Insurance Cost

Being forced to pay for high-priced car insurance premiums can drain your bank account and maybe even restrict other spending.

There are many auto insurance companies to insure vehicles with, and though it is a good thing to have a selection, too many choices makes it more difficult to find a good deal.

How to compare insurance coverage rate quotes

When shopping for low cost car insurance quotes, there are a couple of ways of comparing price quotes from many different insurance companies. The simplest method to lower the rate you pay for Chevy Silverado 1500 insurance is simply to get online rate quotes. This can be accomplished in a couple of different ways.

1. The fastest way to find the lowest comparison rates is to use a rate comparison form (click to open form in new window). This method eliminates the need for repetitive form entry for each company you want a rate for. Completing one form gets you price quotes direct from many companies.
2. Another way to find more affordable insurance requires a visit to the website for every company you want to comare and go through the quote process again. For examples sake, let’s assume you want comparison quotes from Progressive, Esurance and Travelers. To find out each rate you need to take the time to go to each site and enter your policy data, which explains why we recommend starting with the first method. For a handy list of car insurance company links in your area, click here.

It’s up to you which method you use, but be certain you are entering exactly the same coverages and limits for each quote you get. If your comparisons have different coverage information then you won’t be able to make an equal comparison. Quoting even small variations in coverages can make a big difference in price. And when comparing insurance coverage rates, know that comparing more rates from different companies increases the change that you will find more affordable rates. Some companies don’t provide online rate quotes, so you should also compare quotes from those companies as well.

Can you really save that much by switching?

Respected companies like Geico, State Farm and Progressive consistently run television, radio, and online ads. They all seem to have a common claim about how much you will save if you move your insurance coverage to their company. It sounds good, but how can they all make almost identical claims? Here is how they do it.

Many companies have an ideal profile for the type of insured that earns them a profit. A good example of a profitable insured might have to be between the ages of 40 and 55, has no prior claims, and drives less than 7,500 miles a year. A customer that fits those parameters will qualify for the lowest rates and is almost guaranteed to save when they switch companies.

Consumers who are not a match for the requirements will probably have to pay higher rates and the driver buying from a lower-cost company. If you listen to the ad wording, they say “drivers that switch” not “all people who quote” can save as much as they claim. This is how companies can make claims that they all have the best rates.

Each company has different criteria, so drivers should do a quote comparison often. It’s impossible to know the company that will have the best prices.

Good decisions result in lower insurance premiums

The best way to find cheaper car insurance is to take a look at the factors that help calculate your premiums. When you understand what determines base rates, this empowers consumers to make smart changes that could result in cheaper rates. Many things are considered when pricing auto insurance. Some factors are common sense like a motor vehicle report, although others are less apparent such as your marital status and annual miles driven.

The list below includes a few of the “ingredients” used by companies to determine rates.

• Insure your auto and home with one company – Most major insurance companies give better rates for people that purchase more than one policy in the form of a multi-policy discount. This can amount to ten percent or more. Even with this discount applied, you still need to comparison shop to verify if the discount is saving money.
• Only buy what you need – Insurance policies have a lot of additional extra coverages that you can get tricked into buying if you aren’t diligent. Coverage for things like rental car coverage, accident forgiveness, and motor club memberships are some examples. These coverages may sound good at first, but if you have no use for them eliminate the coverages to reduce your premium.
• Avoid car insurance lapses – Driving without insurance coverage in place is a big no-no and you will pay a penalty because you let your insurance lapse. Not only will you pay higher rates, failure to provide proof of insurance may result in fines or a revoked license. You could then be forced to submit proof of financial responsibility or a SR-22 with your state department of motor vehicles.
• Low deductibles mean high rates – The deductibles are the amount of money you are willing to pay if a claim is determined to be covered. Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, protects your car from damage. Examples of some claims that would be covered are colliding with a stationary object, animal collisions, and damage from wind. The more the insured is willing to pay, the lower your rates will be for Silverado coverage.
• Car insurance rates and your employer – Did you know your occupation can influence how much you pay for car insurance? Occupations such as doctorspolice officers and financial analysts generally have higher premiums than the average policyholder because of intense work-related stress and incredibly demanding work hours. Other occupations such as actors, historians and performers have the lowest average rates for Silverado coverage.
• Vehicles with better crash test results save money – Vehicles with good safety scores tend to have lower insurance rates. Highly rated vehicles reduce injuries and any reduction in injury severity means less claims paid passed on to you as lower rates. If your Chevy Silverado 1500 is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
• Drive less and pay lower prices – Driving a lot of miles in a year’s time the more it will cost to insure it. Almost all companies calculate prices based on how the vehicle is used. Autos not used for work or commuting cost less to insure than vehicles that have high annual mileage. Make sure your car insurance declarations sheet is showing the proper vehicle usage, because improper ratings can cost you money. An improperly rated Silverado 1500 may be costing you higher rates.

Cheaper rates by applying discounts

Auto insurance companies don’t always list all possible discounts very well, so the next list breaks down both the well known and the harder-to-find discounts that you may qualify for. If you don’t get every credit you qualify for, you are just wasting money.

• Include Life Insurance and Save – Some insurance companies give a discount if you purchase a life insurance policy as well.
• Driver’s Ed – Require your teen driver to enroll in driver’s education if offered at their school.
• Low Mileage – Low annual miles could earn lower rates on the low mileage vehicles.
• Good Student – A discount for being a good student can be rewarded with saving of up to 25%. This discount can apply until age 25.
• Discount for New Cars – Adding a new car to your policy can be considerably cheaper since newer models have better safety ratings.
• Sign Online – Some of the larger companies will give a small break simply for signing on the web.

As is typical with insurance, many deductions do not apply to the entire cost. Most only reduce individual premiums such as collision or personal injury protection. Even though it may seem like you can get free auto insurance, companies wouldn’t make money that way.

To locate insurers that provide some of the discounts listed above, click here to view.

Your insurance coverage should be tailored to you

When it comes to choosing proper insurance coverage, there really is not a “perfect” insurance plan. Everyone’s situation is a little different so your insurance should reflect that For instance, these questions might point out if you would benefit from professional advice.

• Are rock chip repairs covered?
• What is medical payments coverage?
• Am I covered by my spouse’s policy after a separation?
• Is business equipment covered while in my vehicle?
• Do I have newly-aquired coverage?
• Can I rent a car in Mexico?
• What is the rate difference between pleasure use and commuting?

If it’s difficult to answer those questions but you know they apply to you, you may need to chat with an insurance agent. To find an agent in your area, simply complete this short form or go to this page to view a list of companies.

Car insurance 101

Knowing the specifics of your car insurance policy helps when choosing which coverages you need at the best deductibles and correct limits. Car insurance terms can be confusing and nobody wants to actually read their policy. Shown next are the normal coverages available from car insurance companies.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP pay for expenses for X-ray expenses, funeral costs, EMT expenses, chiropractic care and prosthetic devices. They are often used to cover expenses not covered by your health insurance plan or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM)

This coverage gives you protection from other motorists when they either have no liability insurance or not enough. It can pay for hospital bills for your injuries and also any damage incurred to your Chevy Silverado 1500.

Since a lot of drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family. Frequently your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Comprehensive insurance

This coverage pays for damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims such as falling objects, theft, a broken windshield, damage from getting keyed and vandalism. The highest amount your car insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Liability

Liability coverage will cover damages or injuries you inflict on a person or their property. This coverage protects you from legal claims by others. Liability doesn’t cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see values of 25/50/25 that means you have a limit of $25,000 per injured person, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property. Alternatively, you may have one number which is a combined single limit that pays claims from the same limit without having the split limit caps.

Liability coverage pays for claims such as bail bonds, emergency aid, medical expenses and court costs. How much coverage you buy is a personal decision, but it’s cheap coverage so purchase higher limits if possible.

Collision insurance

Collision insurance covers damage to your Silverado 1500 resulting from a collision with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims such as crashing into a ditch, hitting a parking meter, colliding with another moving vehicle, hitting a mailbox and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are older. It’s also possible to choose a higher deductible to get cheaper collision coverage.

More effort can pay off

Low-cost 2008 Chevy Silverado 1500 insurance can be sourced online as well as from independent agents, so you need to shop car insurance with both to have the best chance of lowering rates. Some insurance coverage companies do not provide rates over the internet and most of the time these small, regional companies sell through independent agencies.

When searching for the cheapest car insurance quotes, you should never buy less coverage just to save a little money. In many cases, an insured cut collision coverage only to find out that a couple dollars of savings turned into a financial nightmare. Your goal is to find the BEST coverage at a price you can afford.

Additional information is available at the links below

• Prepare your Teens for Safe Driving (InsureUonline.org)
• Child Safety FAQ (iihs.org)
• Frontal Crash Tests (iihs.org)
• Auto Crash Statistics (Insurance Information Insitute)
• Five Mistakes to Avoid (Insurance Information Insitute)