Save on 2003 Chevrolet Silverado 1500 Insurance Cost

Trying to come up with a payment for high-priced insurance can diminish your family’s budget and force you to tighten up your finances. Shopping your coverage around is a great way to cut your insurance bill.

Because you have many online and local companies to choose from, it is hard for the average consumer to locate the cheapest company.

You should make it a habit to price shop coverage periodically because insurance prices change frequently. Just because you had the lowest rates for Silverado coverage six months ago you can probably find a lower rate today. You’ll find a ton of advice on insurance online but we’re going to give you some proven techniques to lower your insurance premiums.

Buying cheaper coverage is quite easy. Basically, everyone who buys auto insurance should be able to save money. Although drivers can benefit by having an understanding of how the larger insurance companies sell online because it can help you find the best coverage.

Pay discount rates these discounts

Car insurance is not cheap, but you may be missing some discounts that could help you make your next renewal payment. Some of these disounts will be visible when you quote, but a few must be asked for in order for you to get them. If you do not check that you are getting every discount you qualify for, you are just wasting money.

  • Anti-theft System – Cars and trucks equipped with anti-theft or alarm systems have a lower chance of being stolen and qualify for as much as a 10% discount.
  • Early Switch Discount – Some larger companies give discounts for buying a new policy prior to your current policy expiring. It can save you around 10%.
  • E-sign Discounts – Some of the larger companies will discount your bill up to fifty bucks simply for signing on their website.
  • No Claim Discounts – Insureds who avoid accidents and claims can save substantially in comparison to drivers who are more careless.
  • Discounts for Cautious Drivers – Insureds without accidents can pay as much as 50% less for Silverado coverage than their less cautious counterparts.
  • Smart Student Discounts – A discount for being a good student could provide a savings of up to 20% or more. The good student discount can last up to age 25.
  • Homeowners Discount – Owning your own home or condo can earn you a little savings due to the fact that maintaining a home requires personal responsibility.
  • Seat Belts Save more than Lives – Drivers who always wear seat belts and also require passengers to use their safety belts could cut 10% or more on the premium charged for medical payments and/or PIP.
  • Multi-car Discount – Buying coverage for multiple cars or trucks on a single policy can get a discount on all vehicles.
  • Drivers Ed for Students – Cut your cost by having your teen driver sucessfully take a drivers education course if offered at their school.

We need to note that most of the big mark downs will not be given to the overall cost of the policy. A few only apply to the cost of specific coverages such as comprehensive or collision. So even though they make it sound like adding up those discounts means a free policy, car insurance companies aren’t that generous. But all discounts will definitely lower the premium cost.

To locate insurance companies with discount rates, click here.

The method we recommend to compare insurance rates from multiple companies is to know all the major auto insurance companies participate in a system to compare rate quotes. To get started, all you need to do is spend a couple of minutes providing details like distance driven, if the vehicle is leased, if you have an active license, and the ages of drivers. Your details is automatically sent to many highly-rated insurers and they respond with quotes immediately.

To check rates for your car now, click here and complete the form.

How insurance providers calculate Chevy Silverado 1500 insurance costs

When buying car insurance it’s important to understand the factors that help calculate the rates you pay for car insurance. When you understand what determines base rates, this helps enable you to make changes that can earn you lower rates.

  • Save money with alarm systems – Selecting a car model with anti-theft technology or alarm system can help lower your premiums. Advanced theft deterrents such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help stop your vehicle from being stolen.
  • More traffic means higher claims – Being located in smaller towns and rural areas of the country is a positive aspect when talking about car insurance. Fewer drivers means less chance of accidents and a lower car theft rate. Residents of big cities have more aggressive driving styles and more time behind the wheel. More time behind the wheel means more chances of being involved in an auto accident.
  • Your vocation and car insurance rates – Jobs like doctors, social workers and emergency personnel usually pay higher rates than average attributed to intense work situations and long work hours. On the flip side, jobs like professors, engineers and homemakers have lower than average premiums for Silverado coverage.
  • How’s your driving record? – Even one chargable violation can increase the cost of insurance to the point where it’s not affordable. Drivers with clean records get better prices compared to bad drivers. Drivers who have received license-revoking citations such as DWI, reckless driving or hit and run convictions may be required to file a SR-22 with the DMV in their state in order to prevent their license from being revoked.
  • With age comes lower premiums – Teen drivers tend to be less responsible with other occupants in the car and because of this, their car insurance rates are much higher. If you’ve ever had to add a first-time driver onto your car insurance can be quite pricey. Mature drivers are proven to be safer behind the wheel, tend to file fewer claims and get fewer tickets.
  • Fewer miles means better premiums – The more you drive your Chevy annually the more you will pay for car insurance. A lot of insurance companies charge rates based on how the vehicle is used. Autos used primarily for pleasure use receive lower rates than vehicles that have high annual mileage. Having the wrong rating on your Silverado 1500 may be costing you higher rates. Ask your agent if your car insurance declarations sheet is showing the correct usage.
  • Gender as a rate factor – The statistics show that men are more aggressive behind the wheel. Now that doesn’t mean males are worse at driving than females. Females and males tend to get into accidents at about the same rate, but males have costlier accidents. Not only are claims higher, but men receive more major tickets like DUI and reckless driving.
  • Lower premiums for safer vehicles – Cars with five star safety ratings tend to be cheaper to insure. These vehicles reduce the chance of injuries and fewer injuries means less claims paid and cheaper rates on your policy. If the Chevy Silverado 1500 scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.

Special considerations

When buying adequate coverage, there really is not a perfect coverage plan. Your needs are not the same as everyone else’s and a cookie cutter policy won’t apply. For instance, these questions can help discover whether you might need an agent’s assistance.

  • I have good health insurance, so how much medical payments coverage do I need?
  • Is motorclub coverage worth it?
  • Where can I find DUI or SR-22 insurance?
  • How can I force my company to pay a claim?
  • Do I really need UM/UIM coverage?
  • Is business equipment covered while in my vehicle?
  • How high should my uninsured/underinsured coverage be in my state?
  • Do I have coverage when using my vehicle for my home business?

If you don’t know the answers to these questions but you think they might apply to your situation then you might want to talk to an agent. If you want to speak to an agent in your area, simply complete this short form or click here for a list of insurance companies in your area.

Insurance coverages explained

Knowing the specifics of a insurance policy can be of help when determining the right coverages and the correct deductibles and limits. The terms used in a policy can be ambiguous and coverage can change by endorsement. Listed below are typical coverage types found on the average insurance policy.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. Covered claims include injuries to you and your family as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Most of the time these limits are identical to your policy’s liability coverage.

Liability auto insurance

Liability coverage will cover damages or injuries you inflict on other’s property or people that is your fault. This coverage protects you from claims by other people, and doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have limits of 25/50/25 which means a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, 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 protects against things like bail bonds, court costs and structural damage. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as high a limit as you can afford.

Collision insurance

This pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers things like scraping a guard rail, hitting a mailbox, backing into a parked car and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. You can also choose a higher deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance pay for expenses like X-ray expenses, funeral costs and dental work. The coverages can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. They cover all vehicle occupants and will also cover getting struck while a pedestrian. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Comprehensive insurance

Comprehensive insurance covers damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things like hail damage, rock chips in glass, a broken windshield, damage from getting keyed and damage from a tornado or hurricane. The maximum payout your insurance company will pay is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Make a quick buck

As you go through the steps to switch your coverage, do not skimp on coverage in order to save money. In many cases, drivers have reduced uninsured motorist or liability limits to discover at claim time that they should have had better coverage. Your goal should be to purchase plenty of coverage for the lowest price, not the least amount of coverage.

Budget-friendly car insurance can be sourced online as well as from independent agents, and you need to comparison shop both in order to have the best price selection to choose from. A few companies don’t offer internet price quotes and many times these small, regional companies sell through independent agents.

In this article, we covered many ways to shop for 2003 Chevy Silverado 1500 insurance online. The most important thing to understand is the more times you quote, the higher your chance of finding cheaper auto insurance. Drivers may discover the biggest savings come from an unexpected company. Some small companies may cover specific market segments cheaper than their larger competitors like GEICO and State Farm.

More information can be found at the links below