No car owner likes paying for auto insurance, especially when they are aware that the cost is too high.
Amazingly, nearly 70% of consumers kept buying from the same company for four years or more, and about 40% of consumers have never taken the time to shop around. The average driver in Colorado could save themselves $600 a year just by shopping around, but they just don’t understand the amount of money they would save if they bought a different policy.
You have so many insurance companies to purchase coverage from, and although it’s a good thing to have a choice, more choices can make it harder to find the lowest rates for Chevy Silverado insurance in Colorado Springs.
Quoting and comparing the best-priced coverage in Colorado Springs can be fairly easy. Basically, every car owner who quotes auto insurance will probably find a lower-cost policy. But Colorado car owners do need to know how big insurance companies price insurance differently and take advantage of how the system works.
The quickest method to get policy rate comparisons for Chevy Silverado insurance in Colorado Springs utilizes the fact car insurance companies participate in a system to provide you with free rate quotes. To begin a comparison, all you need to do is provide details including the make and model of your vehicles, your general credit rating, your job, and if it has an alarm system. The rating information is automatically sent to many different companies and they respond with quotes immediately.
To find lower lower-cost Chevy Silverado insurance rates now, click here and enter the information requested.
The following companies are our best choices to provide free quotes in Colorado. If you wish to find the cheapest car insurance in Colorado Springs, we suggest you visit two to three different companies to find the lowest car insurance rates.
Insurance coverage details
The table shown below covers detailed analysis of insurance policy prices for Chevy Silverado models. Having a good understanding how premiums are determined can help you make smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Silverado LS Regular Cab 2WD | $132 | $218 | $408 | $24 | $122 | $904 | $75 |
| Silverado LS Regular Cab 4WD | $132 | $218 | $362 | $22 | $108 | $842 | $70 |
| Silverado LT Regular Cab 2WD | $152 | $264 | $408 | $24 | $122 | $970 | $81 |
| Silverado LT Regular Cab | $152 | $264 | $408 | $24 | $122 | $970 | $81 |
| Silverado LS Extended Cab 4WD | $152 | $264 | $362 | $22 | $108 | $908 | $76 |
| Silverado LT Extended Cab 4WD | $152 | $264 | $362 | $22 | $108 | $908 | $76 |
| Silverado LT Extended Cab 2WD | $152 | $264 | $408 | $24 | $122 | $970 | $81 |
| Silverado LS Extended Cab 2WD | $152 | $264 | $408 | $24 | $122 | $970 | $81 |
| Silverado LT Crew Cab 4WD | $172 | $312 | $362 | $22 | $108 | $976 | $81 |
| Silverado LS Crew Cab 2WD | $172 | $312 | $408 | $24 | $122 | $1,038 | $87 |
| Silverado LS Crew Cab 4WD | $172 | $312 | $362 | $22 | $108 | $976 | $81 |
| Silverado LT Crew Cab 2WD | $172 | $312 | $408 | $24 | $122 | $1,038 | $87 |
| Silverado LTZ Extended Cab 2WD | $172 | $312 | $408 | $24 | $122 | $1,038 | $87 |
| Silverado LTZ Extended Cab 4WD | $172 | $312 | $362 | $22 | $108 | $976 | $81 |
| Silverado LTZ Crew Cab 2WD | $172 | $312 | $408 | $24 | $122 | $1,038 | $87 |
| Silverado LTZ Crew Cab 4WD | $172 | $312 | $362 | $22 | $108 | $976 | $81 |
| Silverado Crew Cab Hybrid 2WD | $172 | $360 | $362 | $22 | $108 | $1,024 | $85 |
| Silverado Crew Cab Hybrid 4WD | $192 | $360 | $362 | $22 | $108 | $1,044 | $87 |
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Data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Rates do not factor in specific zip code location which can raise or lower prices greatly.
Rate increases following a ticket or accident
The diagram below illustrates how violations and at-fault accidents influence Chevy Silverado insurance premiums for each different age category. The rates are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no policy discounts are applied.
Cost of full coverage
The information below compares Chevy Silverado insurance premiums when comparing full coverage to liability only. The premium estimates are based on a clean driving record, no at-fault accidents, $250 deductibles, drivers are single, and no other discounts are factored in.
Guidelines for dropping full coverage
There is no written rule of when to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let’s assume your Chevy Silverado replacement cost is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $6,000 after the policy deductible has been paid. If premium cost is more than $600 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some situations where buying only liability insurance is not a good plan. If you haven’t satisfied your loan, you are required to maintain full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should keep full coverage.
Why do I need car insurance?
Even though it’s not necessarily cheap to insure a Chevy in Colorado Springs, paying for auto insurance may be required and benefits you in several ways.
- The majority of states have mandatory insurance requirements which means it is punishable by state law to not carry specific limits of liability coverage in order to drive the car. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a lien on your Chevy, it’s guaranteed your bank will require you to buy insurance to ensure loan repayment if the vehicle is totaled. If you do not keep the policy in force, the lender may insure your Chevy at a much higher premium rate and require you to pay the higher premium.
- Insurance protects not only your vehicle but also your assets. It will also pay for most medical and hospital costs for yourself as well as anyone injured by you. Liability insurance will also pay for a defense attorney if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of insuring your Silverado are without a doubt worth the cost, especially if you ever need it. In a recent study of 1,000 drivers, the average customer is overpaying over $810 a year so you should quote and compare rates at every renewal to ensure rates are inline.
Detailed coverages of your insurance policy
Having a good grasp of a insurance policy can help you determine appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording. These are the usual coverages offered by insurance companies.
Auto collision coverage
This will pay to fix damage to your Silverado resulting from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.
Collision coverage pays for claims like crashing into a ditch, sustaining damage from a pot hole, scraping a guard rail, hitting a parking meter and colliding with another moving vehicle. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also raise the deductible on your Silverado in order to get cheaper collision rates.
Coverage for uninsured or underinsured drivers
This provides protection when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your Chevy Silverado.
Since a lot of drivers carry very low liability coverage limits (25/50/15 in Colorado), it only takes a small accident to exceed their coverage. So UM/UIM coverage should not be overlooked. Most of the time these limits do not exceed the liability coverage limits.
Comprehensive insurance
This coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against things like damage from a tornado or hurricane, a tree branch falling on your vehicle, damage from flooding, hitting a bird and falling objects. The maximum amount a insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Coverage for medical expenses
Medical payments and Personal Injury Protection insurance reimburse you for short-term medical expenses such as chiropractic care, ambulance fees, rehabilitation expenses, EMT expenses and pain medications. The coverages can be used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. Medical payments and PIP cover all vehicle occupants and will also cover getting struck while a pedestrian. PIP is not an option in every state and may carry a deductible
Liability insurance
Liability insurance will cover damages or injuries you inflict on people or other property. Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see liability limits of 25/50/15 which means $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and a limit of $15,000 paid for damaged property. Another option is one number which is a combined single limit which provides one coverage limit without having the split limit caps.
Liability can pay for things like medical services, loss of income, funeral expenses and court costs. How much liability coverage do you need? That is a personal decision, but it’s cheap coverage so purchase as large an amount as possible. Colorado state minimum liability requirements are 25/50/15 but it’s recommended drivers buy more liability than the minimum.
The next chart shows why minimum state limits may not be adequate.
More effort can pay off
When getting Colorado Springs car insurance quotes online, don’t be tempted to skimp on coverage in order to save money. In many cases, drivers have reduced liability limits or collision coverage only to find out that the few dollars in savings costed them thousands. The proper strategy is to get the best coverage possible at an affordable rate while not skimping on critical coverages.
Low-cost Chevy Silverado insurance in Colorado Springs is attainable on the web in addition to many Colorado Springs insurance agents, so get free Colorado Springs car insurance quotes from both of them in order to have the best price selection to choose from. Some insurance providers don’t offer the ability to get quotes online and these smaller providers provide coverage only through independent agents.
How to find the cheapest rates for Chevy Silverado insurance in Colorado Springs
If saving the most money is your goal, then the best way to get low-cost Chevy Silverado insurance is to start comparing prices yearly from different companies that sell auto insurance in Colorado Springs. Price quotes can be compared by following these guidelines.
- First, get a basic knowledge of how auto insurance works and the factors you can control to prevent expensive coverage. Many factors that increase rates like tickets, at-fault accidents, and a not-so-good credit history can be rectified by improving your driving habits or financial responsibility.
- Second, request price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only give prices from a single company like Progressive or Farmers Insurance, while independent agents can provide prices for a wide range of companies.
- Third, compare the price quotes to your existing policy to see if you can save by switching companies. If you can save money and change companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Fourth, provide notification to your current agent or company of your intention to cancel the current policy and submit payment and a signed application for your new coverage. As soon as you can, safely store the proof of insurance paperwork in an easily accessible location.
A crucial key to this process is that you use the same liability limits and deductibles on every quote request and and to get quotes from as many carriers as you can. Doing this enables an apples-to-apples comparison and a complete rate analysis.
To read more, feel free to browse the resources below:
- Understanding Limits and Deductibles (Allstate)
- Who Has Affordable Colorado Springs Car Insurance for Felons? (FAQ)
- How Much are Colorado Springs Auto Insurance Quotes for Drivers with Good Credit? (FAQ)
- How Much are Colorado Springs Auto Insurance Quotes for a Honda Accord? (FAQ)
- How Much are Auto Insurance Quotes for Active Military in Colorado Springs? (FAQ)
- Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)
- How Can I Save Money on Auto Insurance? (Insurance Information Institute)