Anyone knows that car insurance companies want to keep you from comparing prices. Drivers who shop around for better prices will presumably buy a different policy because they have good chances of finding coverage at a cheaper rate. A recent survey revealed that people who shopped around annually saved about $860 a year compared to those who didn’t regularly shop around.
If finding budget-friendly rates on insurance is your ultimate target, then learning a little about the best way to compare car insurance can make the process more efficient.
Really, the only way to save on car insurance rates is to start doing a yearly price comparison from different companies that sell auto insurance in Madison.
- Read and learn about how insurance works and the steps you can take to prevent high rates. Many rating factors that cause high rates like inattentive driving and an imperfect credit history can be controlled by making small lifestyle or driving habit changes. Later in this article we will cover more ideas to help reduce prices and earn a bigger discount.
- Request price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can give quotes from a single company like GEICO or State Farm, while independent agencies can provide rate quotes for a wide range of insurance providers. Select a company
- Compare the new rate quotes to the premium of your current policy to determine if you can save on Silverado insurance. If you find better rates and buy the policy, make sure there is no lapse in coverage.
- Tell your current company of your intention to cancel your current coverage and submit a down payment and signed policy application for your new coverage. As soon as coverage is bound, safely store the proof of insurance certificate above your visor, in the console, or in the glove compartment.
An important note is to use the same amount of coverage on every price quote and and to compare all possible companies. Doing this ensures an accurate price comparison and maximum price selection.
How Insurance Providers Calculate Chevy Silverado Insurance Prices
Lots of factors are used in the calculation when you quote your car insurance policy. Some are pretty understandable such as traffic violations, although some other factors are more transparent like your continuous coverage or how safe your car is. Consumers need to have an understanding of the different types of things that aid in calculating the price you pay for car insurance. When consumers understand what determines base rates, this enables you to make decisions that can help you get big savings.
Listed below are some of the major factors used by insurance companies to determine rates.
Add-on coverages can cost a lot – There are quite a few extra add-on coverages that may not really be needed if you aren’t diligent. Coverage for things like rental car coverage, accidental death, and additional equipment coverage may be costing you every month. The coverages may be enticing when buying your policy, but now you might not need them so eliminate them to save money.
How much liability protection – Liability coverage provides coverage when a court rules you are at fault for an accident. Liability insurance provides for a legal defense starting from day one. Carrying liability coverage is mandatory and cheap compared to comp and collision, so do not cut corners here.
Stay claim-free and save – Car insurance companies in Wisconsin provide the lowest premiums to insureds who do not file claims often. If you frequently file small claims, you can look forward to higher premiums or even policy non-renewal. Auto insurance is intended for the bigger claims that can’t be paid out-of-pocket.
Safer vehicles are cheaper to insure – Vehicles with good safety scores tend to have lower insurance rates. Safer cars protect occupants better and lower rates of occupant injuries means lower claim amounts which can result in lower premiums.
Raise coverage deductibles and save – Your deductibles define how much the insured will be required 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, insures against damage to your car. Examples of some claims that would be covered are colliding with a stationary object, damage caused by hail, and damage caused by road hazards. The more you have to pay, the less your company will charge you for insurance.
Chevy Silverado historical loss data – Companies use statistical claims data as a tool for profitable underwriting. Models that statistically have a higher amount or frequency of claims will cost more to insure. The next table shows the insurance loss data used by companies for Chevy Silverado vehicles.
For each policy coverage type, the loss probability for all vehicles as a whole is set at 100. Percentage values below 100 indicate better than average losses, while percentage numbers above 100 point to more claims or an increased chance of a larger loss.
|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
Premium rates and analysis
The table shown below outlines a range of insurance prices for Chevy Silverado models. Having insight into how auto insurance premiums are figured can help guide drivers when making smart choices when selecting a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$74||$132||$250||$14||$74||$544||$45|
|Silverado LS Regular Cab 4WD||$74||$132||$220||$14||$66||$506||$42|
|Silverado LT Regular Cab 2WD||$86||$160||$250||$14||$74||$584||$49|
|Silverado LT Regular Cab||$86||$160||$250||$14||$74||$584||$49|
|Silverado LS Extended Cab 4WD||$86||$160||$220||$14||$66||$546||$46|
|Silverado LT Extended Cab 4WD||$86||$160||$220||$14||$66||$546||$46|
|Silverado LT Extended Cab 2WD||$86||$160||$250||$14||$74||$584||$49|
|Silverado LS Extended Cab 2WD||$86||$160||$250||$14||$74||$584||$49|
|Silverado LT Crew Cab 4WD||$96||$188||$220||$14||$66||$584||$49|
|Silverado LS Crew Cab 2WD||$96||$188||$250||$14||$74||$622||$52|
|Silverado LS Crew Cab 4WD||$96||$188||$220||$14||$66||$584||$49|
|Silverado LT Crew Cab 2WD||$96||$188||$250||$14||$74||$622||$52|
|Silverado LTZ Extended Cab 2WD||$96||$188||$250||$14||$74||$622||$52|
|Silverado LTZ Extended Cab 4WD||$96||$188||$220||$14||$66||$584||$49|
|Silverado LTZ Crew Cab 2WD||$96||$188||$250||$14||$74||$622||$52|
|Silverado LTZ Crew Cab 4WD||$96||$188||$220||$14||$66||$584||$49|
|Silverado Crew Cab Hybrid 2WD||$96||$218||$220||$14||$66||$614||$51|
|Silverado Crew Cab Hybrid 4WD||$108||$218||$220||$14||$66||$626||$52|
|Get Your Own Custom Quote Go|
Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Price information does not factor in specific garaging location which can decrease or increase coverage rates significantly.
The information below demonstrates how deductibles and can impact Chevy Silverado premium costs for different ages of insureds. The premiums are based on a single female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
Car insurance premiums based on gender
The illustration below compares Chevy Silverado insurance costs for male and female drivers. The premium estimates are based on a clean driving record, no claims, full coverage, $100 deductibles, single status, and no discounts are applied.
Lower rates by qualifying for discounts
Some companies do not advertise all possible discounts in an easy-to-find place, so we took the time to find some of the best known and also the lesser-known credits available to you.
- Multiple Cars – Having multiple vehicles on the same insurance policy can get a discount for every vehicle.
- Policy Bundle Discount – If you can bundle your auto and home insurance and insure them both with the same insurance company you could get a discount of at least 10% off all policies.
- Professional Organizations – Belonging to a professional or civic organization could trigger savings on insurance.
- Theft Deterrent Discount – Cars and trucks equipped with anti-theft or alarm systems are stolen with less frequency and will save you 10% or more on Silverado insurance in Madison.
- Telematics Discount – People who choose to allow companies to track driving habits by using a telematics device such as In-Drive from State Farm or Allstate’s Drivewise system might get better premium rates as long as the data is positive.
- Discounts for Responsible Drivers – Insureds without accidents may receive a discount up to 45% than drivers with accidents.
Don’t be shocked that most discounts do not apply to the entire cost. Some only apply to the price of certain insurance coverages like medical payments or collision. Even though it may seem like adding up those discounts means a free policy, it’s just not the way it works.
The chart below illustrates the comparison of Chevy Silverado auto insurance rates with and without discounts applied to the rates. The premiums assume a male driver, a clean driving record, no at-fault accidents, Wisconsin state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, marriage, multi-car, homeowner, safe-driver, and multi-policy discounts applied.
For a list of insurance companies who offer insurance discounts in Madison, follow this link.
The best insurance company isn’t always the cheapest
When getting Madison auto insurance quotes online, you should never skimp on coverage in order to save money. In many instances, an insured dropped physical damage coverage and learned later that the savings was not a smart move. The aim is to buy the best coverage you can find for the lowest price, not the least amount of coverage.
Budget-friendly car insurance in Madison is available on the web and from local agencies, and you should be comparing both in order to have the best price selection to choose from. Some insurance providers may not offer rates over the internet and usually these small insurance companies provide coverage only through local independent agents.
Insureds leave their current company for any number of reasons including high prices, not issuing a premium refund, denial of a claim and even unfair underwriting practices. Whatever your reason, choosing a new insurance company is not as difficult as it may seem.
To learn more, feel free to browse the following helpful articles:
- Help Your Teen Be a Better Driver (State Farm)
- How Much are Madison Auto Insurance Rates for a Toyota Camry? (FAQ)
- Who Has the Cheapest Madison Auto Insurance for 4×4 Vehicles? (FAQ)
- What Insurance is Cheapest for Drivers Under 25 in Madison? (FAQ)
- Who Has the Cheapest Car Insurance for a Ford F-150 in Madison? (FAQ)
- Winter Driving (Insurance Information Institute)
- Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)