How Much Does 2006 Chevrolet Silverado 1500 Insurance Cost?

Looking for cheaper insurance rates for your Chevrolet Silverado 1500? No car owner likes buying insurance, especially when they could find lower prices if they just compared rates. Since you have so many different company options, it is very difficult to locate the lowest cost company.

It’s important to get comparison quotes before your next renewal since rates fluctuate regularly. Even if you got the best deal on Silverado coverage a few years ago you can probably find a better price now. Don’t believe everything you read about insurance out there, but by reading this article, you’re going to learn some of the best ways to find affordable insurance.

These discounts can reduce insurance coverage rates

Insurance coverage is not cheap nor is it fun to buy but companies offer discounts that can dramatically reduce your bill. A few discounts will be applied when you quote, but some must be requested specifically prior to receiving the credit. If you do not double check each discount you deserve, you could be saving more on your insurance coverage.

  • Early Signing – A few insurance coverage companies offer discounts for buying a new policy early. This discount can save up to 10%.
  • Discounts for Federal Employees – Federal government employees could provide a small rate reduction on Silverado coverage with certain companies.
  • Multiple Cars – Buying insurance for all your vehicles with the same company qualifies for this discount.
  • Multi-policy Discount – When you have multiple policies and insure them with the same company you could earn a discount of as much as 10 to 15 percent.
  • Passive Restraints – Vehicles equipped with air bags could see savings up to 30%.
  • Own a Home – Owning a house may earn you a small savings because of the fact that having a home demonstrates responsibility.

It’s important to note that most credits do not apply to your bottom line cost. Most only cut specific coverage prices like physical damage coverage or medical payments. Despite the fact that it seems like you would end up receiving a 100% discount, companies don’t profit that way.

Larger insurance coverage companies and their offered discounts are included below.

  • 21st Century may offer discounts for 55 and older, defensive driver, good student, student driver, and teen driver.
  • State Farm offers discounts for accident-free, student away at school, defensive driving training, Drive Safe & Save, and anti-theft.
  • AAA may have discounts that include multi-policy, multi-car, anti-theft, AAA membership discount, pay-in-full, good driver, and good student.
  • Liberty Mutual policyholders can earn discounts including teen driver discount, newly retired, multi-car, good student, and new move discount.
  • Progressive has savings for online signing, good student, continuous coverage, multi-vehicle, online quote discount, multi-policy, and homeowner.

When getting free auto insurance quotes, it’s a good idea to each insurance company how many discounts you can get. Some credits may not be available everywhere. To locate providers with the best discounts, click this link.

When do I need an agent’s advice?

When it comes to buying the best insurance coverage coverage for your personal vehicles, there really is not a one size fits all plan. Your needs are not the same as everyone else’s so your insurance should reflect that For example, these questions may help highlight whether your personal situation would benefit from professional advice.

  • Can I afford low physical damage deductibles?
  • What are the financial responsibility laws in my state?
  • Should I buy full coverage?
  • Should I drop comprehensive coverage on older vehicles?
  • Does medical payments coverage apply to all occupants?
  • Will my insurance pay for OEM parts?
  • Do all my vehicles need collision coverage?
  • Am I covered when driving in Canada or Mexico?
  • How much liability insurance is required?
  • Is my vehicle covered by my employer’s policy when using it for work?

If you can’t answer these questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, fill out this quick form or you can go here for a list of companies in your area. It only takes a few minutes and you can get the answers you need.

Big names are not always cheapest

Consumers can’t get away from all the ads that promise big savings for switching from companies such as Progressive, Allstate and GEICO. All the ads try to convey promises that people will save after switching your coverage.

How do they all save you money? This is the way they can do it.

All companies quote their cheapest rates for the right customer that will generate a profit. A good example of a preferred risk could possibly be between the ages of 30 and 50, owns their home, and has a short commute. Any driver that fits those parameters will get very good prices and will most likely save money with a new company.

Potential insureds who do not meet this ideal profile may be required to pay a higher rate with the end result being the customer not buying. The trick companies use is to say “customers who switch” not “everyone that quotes” can get the lowest rates when switching. That is how insurance companies can confidently state the savings. Because every company is different, it’s extremely important to do a rate comparison at every renewal. Because you cannot predict which company will be your best fit.

Auto insurance coverages explained

Knowing the specifics of your auto insurance policy helps when choosing the best coverages at the best deductibles and correct limits. Auto insurance terms can be confusing and nobody wants to actually read their policy. Below you’ll find typical coverage types found on most auto insurance policies.

Coverage for liability – Liability coverage protects you from injuries or damage you cause to people or other property that is your fault. It protects YOU against other people’s claims, and doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 50/100/50 which stand for a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property.

Liability can pay for things like medical expenses, court costs, attorney fees and legal defense fees. The amount of liability coverage you purchase is up to you, but you should buy as high a limit as you can afford.

Protection from uninsured/underinsured drivers – This coverage protects you and your vehicle when other motorists either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Because many people only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family.

Medical expense insurance – Med pay and PIP coverage kick in for bills such as hospital visits, prosthetic devices, ambulance fees and dental work. They are used in conjunction with a health insurance program or if there is no health insurance coverage. Medical payments and PIP cover both the driver and occupants and also covers if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage

Collision coverage – Collision coverage will pay to fix damage to your Silverado 1500 from colliding with an object or car. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as colliding with a tree, damaging your car on a curb and driving through your garage door. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible in order to get cheaper collision rates.

Comprehensive (Other than Collision) – Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things like hitting a deer, falling objects, damage from a tornado or hurricane, damage from getting keyed and damage from flooding. The maximum payout your auto insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Get your money’s worth

When trying to cut insurance costs, it’s not a good idea to reduce coverage to reduce premium. There are too many instances where an insured dropped liability limits or collision coverage and found out when filing a claim that it was a big mistake. Your goal is to purchase plenty of coverage at a price you can afford, but do not skimp to save money.

In this article, we covered a lot of techniques to save on 2006 Chevy Silverado 1500 insurance. It’s most important to understand that the more rate quotes you have, the higher the chance of saving money. You may even find the lowest rates are with some of the lesser-known companies. Smaller companies may cover specific market segments cheaper than their larger competitors like State Farm or Progressive.

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