Cheap 2001 Chevrolet Silverado 1500 Insurance Rates

Trying to find cheaper insurance rates for your Chevrolet Silverado 1500? Nobody I know looks forward to paying for insurance, particularly when the cost is way too high. Companies like GEICO, Progressive and Allstate increase brand awareness with TV and radio ads and consumers find it hard to see past the corporate glitz and take the time to shop coverage around.

It’s a good habit to shop coverage around before your next renewal because insurance prices go up and down regularly. Just because you found the best rates for Silverado insurance a couple years back a different company probably has better rate quotes today. Block out anything you think you know about insurance because you’re going to get a crash course in the best methods to properly buy coverages and cut your premium.

Affordable insurance coverage quotes online

Reducing your 2001 Chevy Silverado 1500 insurance rates can be surprisingly simple. Consumers just need to take time to get quotes provided by online insurance companies. This can be done in just a few minutes using one of these methods.

If you are pressed for time, the simplest way to get quotes would be an industry-wide quote request form like this one (opens in new window). This easy form prevents you from having to do separate quote forms for each company you want a rate for. A single, simple form will get you rate comparisons from all major companies.

A more time consuming way to analyze rates consists of visiting each company website and repeat the quote process. For examples sake, we’ll pretend you need rates from Progressive, Allstate and State Farm. To do that, you would have to go to each individual site to input your insurance information, which is why the first method is quicker.

For a handy list of car insurance company links in your area, click here.

The most time-consuming method to quote and compare insurance rates is to spend your day driving to different agent offices. Quoting online eliminates the middleman unless you require the advice and guidance that only an agent can give. It is possible to get prices online but buy from a local insurance agent.

However you get your quotes, be sure to compare apples-to-apples information for each comparison quote. If each company quotes mixed coverages it will be next to impossible to determine which company has the best rates.

Discounts for lower-cost auto insurance rates

Companies do not advertise their entire list of discounts very well, so the next list breaks down a few of the more common and the harder-to-find ways to save on auto insurance.

  • Multi-line Discount – Not all insurance carriers offer life insurance, but some may give you a lower price if you buy some life insurance in addition to your auto policy.
  • Telematics Devices – People who choose to allow data collection to scrutinize vehicle usage by using a telematic data system such as In-Drive from State Farm or Allstate’s Drivewise system could possibly reduce rates if they have good driving habits.
  • Anti-theft System – Cars, trucks, and SUVs equipped with anti-theft or alarm systems are less likely to be stolen and can earn a small discount on your policy.
  • Save with a New Car – Adding a new car to your policy can cost up to 25% less due to better safety requirements for newer models.
  • Discounts for Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle their seat belts can save up to 10 percent (depending on the company) off the PIP or medical payment premium.
  • Fewer Miles Equal More Savings – Keeping the miles down on your Chevy could qualify for better premium rates on cars that stay parked.
  • Discount for Good Grades – Excelling in school can be rewarded with saving of up to 25%. Earning this discount can benefit you up to age 25.
  • Discounts for Government Workers – Having worked for a branch of the government could qualify for a slight premium decrease for Silverado insurance depending on your auto insurance provider.
  • ABS and Traction Control Discounts – Anti-lock brake equipped vehicles are much safer to drive so companies give up to a 10% discount.

Policy discounts save money, but most discounts do not apply to the entire policy premium. Most only apply to individual premiums such as liability, collision or medical payments. So when the math indicates having all the discounts means you get insurance for free, it’s just not the way it works. But any discount will lower your overall premium however.

Popular auto insurance companies and their possible discounts are detailed below.

  • Mercury Insurance discounts include good student, multi-car, type of vehicle, accident-free, professional/association, low natural disaster claims, and annual mileage.
  • Farmers Insurance has savings for bundle discounts, good student, multi-car, distant student, switch companies, and teen driver.
  • Farm Bureau has discounts for good student, multi-vehicle, 55 and retired, youthful driver, renewal discount, safe driver, and driver training.
  • State Farm offers premium reductions for passive restraint, Steer Clear safe driver discount, anti-theft, good driver, accident-free, and multiple autos.
  • Allstate may have discounts that include early signing, passive restraint, new car, good student, farm vehicle, and teenSMART discount.
  • GEICO policyholders can earn discounts including driver training, daytime running lights, good student, federal employee, five-year accident-free, and defensive driver.

Double check with every company which discounts they offer. A few discounts may not be available in your area. For a list of auto insurance companies that offer multiple discounts, click here.

Tailor your car insurance coverage to you

When buying adequate coverage for your personal vehicles, there is no one size fits all plan. Coverage needs to be tailored to your specific needs so this has to be addressed. For example, these questions may help highlight if your situation could use an agent’s help.

  • Should I carry comprehensive and collision coverage?
  • How many claims can I have before being cancelled?
  • How do I buy GAP insurance?
  • Are rock chip repairs covered?
  • What discounts do I qualify for?
  • Am I covered when delivering products for my home-based business?

If you don’t know the answers to these questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, complete this form or you can go here for a list of companies in your area. It’s fast, free and you can get the answers you need.

Components of your Chevy Silverado 1500 insurance prices

Many things are considered when you get your auto insurance bill. Some are obvious like a motor vehicle report, but other criteria are not as apparent such as your credit history or your financial responsibility.Smart consumers have a good feel for some of the factors that go into determining your policy premiums. When consumers understand what determines base rates, this allows you to make educated decisions that may result in lower insurance coverage prices.

The following are a few of the things companies use to determine your premiums.

  • Excellent credit saves on insurance coverage – Having a good credit score can be a huge factor in calculating your insurance coverage rates. Drivers who have high credit ratings tend to be better drivers and file fewer claims than drivers who have poor credit. If your credit rating can use some improvement, you could potentially save money when insuring your 2001 Chevrolet Silverado 1500 by improving your credit score.
  • If you don’t need it don’t buy it – Insurance companies have many add-on coverages that you can buy on your Silverado 1500 policy. Coverage for things like vanishing deductibles, towing, and extra equipment coverage are probably not needed. You may think they are a good idea initially, but if they’re wasting money think about removing them and cutting costs.
  • Youthful drivers pay high costs – Older, more experienced drivers are viewed as being more responsible, are lower risk to insure , and usually have better credit.Teen drivers are known to be more careless when behind the wheel so they pay higher insurance coverage rates.
  • Too many insurance claims and you’ll pay more – If you’re an insured who likes to file claims you can look forward to either higher rates or even cancellation. Car insurance companies generally give most affordable rates to policyholders who do not rely on their insurance for small claims. Insurance coverage is designed for claims that pose a financial burden.

Smaller companies may have the best rates

Consumers constantly see and hear ads that claim the lowest car insurance rates from the likes of State Farm and Allstate. All the companies have a common claim about how much you will save just by moving your auto insurance coverage to their company.

Is it even possible that every company can offer drivers better rates?

Many companies quote their best rates for the type of driver that will add to their bottom line. A good example of this type of risk profile might be described as between the ages of 30 and 45, carries full coverage, and drives less than 7,500 miles a year. Anyone who meets those qualifications receives the best premium rates and will also save a lot of money.

Drivers who are not a match for these stringent criteria will probably have to pay higher premiums with the end result being the customer buying from a different company. If you pay attention, the ads say “people that switch” not “all people who quote” save that much money. That’s the way insurance companies can make those statements. Because every company is different, you really need to quote coverage with many companies. It is impossible to guess which auto insurance company will have better prices than you’re paying now.

Car insurance coverages and their meanings

Understanding the coverages of your policy helps when choosing the best coverages for your vehicles. Car insurance terms can be impossible to understand and nobody wants to actually read their policy. Shown next are the normal coverages offered by car insurance companies.

Comprehensive coverage

Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims such as hail damage, a broken windshield, damage from flooding, a tree branch falling on your vehicle and rock chips in glass. The most you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Auto liability

This coverage will cover damage that occurs to other people or property in an accident. It protects you from legal claims by others, and doesn’t cover your own vehicle damage or injuries.

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 policy limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property.

Liability coverage protects against things like attorney fees, repair bills for other people’s vehicles, funeral expenses, loss of income and court costs. The amount of liability coverage you purchase is your choice, but you should buy as much as you can afford.

Uninsured/Underinsured Motorist coverage

This provides protection when other motorists either have no liability insurance or not enough. This coverage pays for injuries to you and your family as well as damage 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.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage provide coverage for bills such as doctor visits, X-ray expenses, rehabilitation expenses, nursing services and pain medications. They are often utilized in addition to your health insurance program or if you lack health insurance entirely. It covers both the driver and occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage

Auto collision coverage

This coverage pays for damage to your Silverado 1500 resulting from a collision with an object or car. You have to pay a deductible then your collision coverage will kick in.

Collision can pay for claims like sideswiping another vehicle, colliding with another moving vehicle and driving through your garage door. This coverage can be expensive, so consider removing coverage from older vehicles. Drivers also have the option to bump up the deductible to save money on collision insurance.

Don’t be a big spender

When searching for cheap insurance quotes, it’s a bad idea to skimp on coverage in order to save money. Too many times, consumers will sacrifice collision coverage and discovered at claim time that a couple dollars of savings turned into a financial nightmare. Your strategy should be to buy a smart amount of coverage for the lowest cost while still protecting your assets.

You just learned a lot of ways to shop for 2001 Chevy Silverado 1500 insurance online. The key thing to remember is the more price quotes you have, the better likelihood of getting the cheapest insurance. You may be surprised to find that the lowest rates come from the least-expected company. These companies may often insure only within specific states and give getter rates than their larger competitors like State Farm or Progressive.

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