Buying the best cheap auto insurance for a Chevy Silverado in Florida relies on a complicated formula that considers factors such as annual miles driven, where your vehicle is garaged, and if you have a history of accidents. Drivers in Florida pay approximately $1,829 each year for Silverado insurance, but that amount is an approximation calculated based on a 30-year-old single female driver with full coverage and $250 deductibles.
The issue that arises when projecting rates is that it’s very likely that you are not 30 and maybe not even a female, maybe you are married instead of single, or maybe you are just looking for cheap liability insurance. Having the smallest difference in rating factors or requested coverage amount could end up in a significant change in the cost of insurance.
Auto insurance requires individual risk assessment, so the only way to find affordable rates for your Chevrolet is to do a thorough rate comparison.
The specific trim level will be a contributing factor to price, so the rate you pay to insure a Silverado LS Regular Cab 2WD will be $396 less than the cost to insure the higher-priced Silverado Crew Cab Hybrid 4WD model, as shown in the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Silverado LS Regular Cab 2WD | $312 | $550 | $636 | $38 | $190 | $1,726 | $144 |
| Silverado LS Regular Cab 4WD | $312 | $550 | $564 | $34 | $168 | $1,628 | $136 |
| Silverado LT Regular Cab 2WD | $358 | $668 | $636 | $38 | $190 | $1,890 | $158 |
| Silverado LT Regular Cab | $358 | $668 | $636 | $38 | $190 | $1,890 | $158 |
| Silverado LS Extended Cab 4WD | $358 | $668 | $564 | $34 | $168 | $1,792 | $149 |
| Silverado LT Extended Cab 4WD | $358 | $668 | $564 | $34 | $168 | $1,792 | $149 |
| Silverado LT Extended Cab 2WD | $358 | $668 | $636 | $38 | $190 | $1,890 | $158 |
| Silverado LS Extended Cab 2WD | $358 | $668 | $636 | $38 | $190 | $1,890 | $158 |
| Silverado LT Crew Cab 4WD | $404 | $788 | $564 | $34 | $168 | $1,958 | $163 |
| Silverado LS Crew Cab 2WD | $404 | $788 | $636 | $38 | $190 | $2,056 | $171 |
| Silverado LS Crew Cab 4WD | $404 | $788 | $564 | $34 | $168 | $1,958 | $163 |
| Silverado LT Crew Cab 2WD | $404 | $788 | $636 | $38 | $190 | $2,056 | $171 |
| Silverado LTZ Extended Cab 2WD | $404 | $788 | $636 | $38 | $190 | $2,056 | $171 |
| Silverado LTZ Extended Cab 4WD | $404 | $788 | $564 | $34 | $168 | $1,958 | $163 |
| Silverado LTZ Crew Cab 2WD | $404 | $788 | $636 | $38 | $190 | $2,056 | $171 |
| Silverado LTZ Crew Cab 4WD | $404 | $788 | $564 | $34 | $168 | $1,958 | $163 |
| Silverado Crew Cab Hybrid 2WD | $404 | $906 | $564 | $34 | $168 | $2,076 | $173 |
| Silverado Crew Cab Hybrid 4WD | $450 | $906 | $564 | $34 | $168 | $2,122 | $177 |
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Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Rate information does not factor in the specific area where the vehicle is garaged which can alter coverage prices significantly.
Deciphering which companies have the cheapest insurance rates for a Chevy Silverado calls for more time in order to find the lowest price.
Each insurance company uses their own formula to set their prices, so let’s examine the lowest cost insurance companies in Florida.
Best Auto Insurance Prices for Your Silverado Truck
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $977 |
| 2 | Amica | $1,712 |
| 3 | Electric | $1,764 |
| 4 | Progressive | $1,829 |
| 5 | Travelers | $1,888 |
| 6 | Mercury | $1,973 |
| 7 | Allied | $2,004 |
| 8 | Esurance | $2,082 |
| 9 | Auto-Owners | $2,085 |
| 10 | State Farm | $2,110 |
| 11 | GEICO | $2,150 |
| 12 | Allstate | $2,411 |
| 13 | 21st Century | $2,445 |
| 14 | Windhaven Insurance | $2,549 |
| 15 | MetLife | $2,900 |
| 16 | Safeco | $2,927 |
| 17 | Hanover | $3,054 |
| 18 | Liberty Mutual | $3,101 |
| 19 | United Automobile | $3,457 |
| 20 | Direct General | $3,902 |
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USAA may have some of the cheapest car insurance rates in Miami at around $977 annually. Amica, Electric, Progressive, and Travelers would also make the list of some of the best Miami, FL car insurance companies.
As illustrated above, if you are currently insured with Amica and switched to USAA, you may realize savings of in the vicinity of $735. Policyholders with Electric may save as much as $787 a year, and Progressive insureds might realize rate reductions of up to $852 a year.
To discover how much you can save, click here to start your custom quote or click several companies below for low rates.
Understand that those estimates are averages across all drivers and vehicles in Florida and are not factoring in a specific vehicle garaging location for a Chevy Silverado. So the auto insurance company that fits your situation best may not even be in the top 21 companies in the list above. That’s why you need to get auto insurance quotes using your own specific driver and vehicle information.
Does it make sense to buy full coverage?
Paying a lower price for insurance is probably important to most vehicle owners, and one great way to buy cheap insurance for a Chevy Silverado is to only buy liability coverage. The example below compares premium costs when comparing full coverage to liability only. The costs are based on a clean driving record, no claims, $500 deductibles, marital status is single, and no policy discounts are applied.
As an average for all age groups, physical damage insurance costs an extra $2,322 per year more than buying just liability insurance. That is a large expense and it proposes the question if it’s worth it to buy full coverage. There is no clear-cut formula of when to phase out full coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than 10% of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.
There are a few cases where buying only liability insurance is not in your best interest. If you have an outstanding loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not eliminate full coverage.
The importance of comparing Silverado insurance rates
Miami, FL insurance rates are based on many factors that will increase or decrease the policy premium. Improving your credit score, increasing deductibles, or having an accident can cause premium changes that can now make some companies more affordable than before. In addition, car insurance companies change prices without warning in order to be able to pay unexpected claims. An extended period of higher than normal claims can cause increased rates, while profitable underwriting can produce more affordable Silverado insurance rates.
For instance, the graph below shows which companies have the cheapest car insurance in Miami, FL for a 30-year-old female driver with a clean driving record, no accidents, and good credit. If we estimate prices based on her current rating profile, USAA might quote the lowest car insurance rates in Miami at $1,922 each year. This is $526 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury also make the list of the cheapest Miami, FL auto insurance companies.
Now let’s give the driver in the first chart a chargeable accident, slightly worse credit, and a traffic citation. Since each auto insurer has their own formula to set premium rates, comparing insurance quotes could now result in a different set of cheap Miami auto insurance companies as shown below.
USAA now has the lowest price on auto insurance in Miami with Allied, Esurance, State Farm, and Auto-Owners also having competitive pricing. This shows why it is so important to spend some time comparing rates when trying to get the lowest auto insurance quotes for a Chevy Silverado. Auto insurance prices can be altered by many different factors and can increase or decrease at any time, so the cheapest option six months ago may now be an over-priced policy.
Ideas for finding economical auto insurance for a Chevy Silverado
It is possible to find better rates, and here are a few penny-pinching solutions that can help you find low-cost car insurance.
- Pay for small claims rather than turning them in to your insurance company
- Avoid getting citations and tickets
- Increase your deductibles
- Increase your credit rating
- Buy your auto and home insurance from the same company and save
- Avoid accidents and claims
- Compare rates regularly and switch companies to save money
The last tip is incredibly valuable, as we stressed in the prior article. Rates in Miami can change considerably in a year, so don’t be unwilling to change insurance companies if a lower price can be found.
Many drivers have brand loyalty and that’s fine, but it isn’t a good idea if that devotion results in you overpaying hundreds every year. In just a couple of minutes you could compare prices and find cheaper insurance for a Chevy Silverado.