How Much Does 2002 Chevrolet Silverado 1500 Insurance Cost?

Consumers have options when looking for low-cost Chevy Silverado 1500 insurance. You can either waste hours contacting agents getting price quotes or leverage the internet to make rate comparisons.

There are more efficient ways to find insurance online so you’re going to learn the quickest way to price shop coverage for a new or used Chevy and get the cheapest rates from both online companies and local agents.

Smart consumers take time to price shop coverage periodically since insurance rates are rarely the same from one policy term to another. If you had the lowest price for Silverado insurance last year the chances are good that you can find a lower rate today. Starting now, forget anything you know (or think you know) about insurance because you’re going to get a crash course in the things you must know in order to save money, get proper coverage and the best rates.

The purpose of this post is to instruct you on how car insurance quotes work and some money-saving tips. If you are paying for car insurance now, you will most likely be able to reduce your rates substantially using this strategy. Consumers only need an understanding of the most effective way to shop for insurance over the internet.

The best way we recommend to compare car insurance rates is to know car insurance companies participate in online systems to quote your coverage. To get started, all you need to do is provide a small amount of information such as distance driven, if you’re married, if you have an active license, and if the vehicle is leased. That rating information is then submitted to many of the top insurers and you get price estimates instantly.

Lower rates by qualifying for discounts

Insurance can be prohibitively expensive, but you may find discounts that you may not even be aware of. Larger premium reductions will be automatically applied when you quote, but some must be inquired about before they will apply. If they aren’t giving you every credit possible, you are throwing money away.

  • Discount for Swiching Early – Select companies give a discount for buying a policy before your current policy expires. The savings is around 10%.
  • Seat Belt Usage – Buckling up and requiring all passengers to buckle their seat belts can save up to 15% off your medical payments premium.
  • Homeowners Pay Less – Simply owning a home may earn you a small savings because owning a home requires personal responsibility.
  • Military Discounts – Having a family member in the military may qualify for rate reductions.
  • No Accidents – Good drivers with no accidents can earn big discounts as compared to frequent claim filers.
  • College Student – Youth drivers who live away from home and don’t have a car can be insured at a reduced rate.
  • Multi-car Discount – Buying coverage for more than one vehicle with the same company could earn a price break for each car.

Drivers should understand that many deductions do not apply to the overall cost of the policy. Some only apply to individual premiums such as liability, collision or medical payments. Even though it may seem like adding up those discounts means a free policy, you’re out of luck. But any discount will reduce your premiums.

Car insurance companies that possibly offer these money-saving discounts may include but are not limited to:

Check with each company which discounts you may be entitled to. All car insurance discounts may not be available everywhere.

Car insurance is unique, just like you

When buying adequate coverage for your vehicles, there really is no single plan that fits everyone. Each situation is unique.

These are some specific questions can aid in determining whether your personal situation might need an agent’s assistance.

  • I have good health insurance, so how much medical payments coverage do I need?
  • Do I pay less if my vehicle is kept in my garage?
  • Am I covered if I drive in a foreign country?
  • Can my teen drive my company car?
  • Which companies will insure high-risk drivers?
  • Am I covered if I hit a deer?
  • Exactly who is provided coverage by my policy?
  • Do all my vehicles need collision coverage?
  • Do I need PIP (personal injury protection) coverage in my state?

If it’s difficult to answer those questions but a few of them apply then you might want to talk to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form. It only takes a few minutes and may give you better protection.

Why you might be paying too much to insure your Chevy Silverado 1500

It’s important that you understand some of the elements that come into play when calculating the rates you pay for car insurance. Knowing what determines base rates helps enable you to make changes that may reward you with much lower annual insurance costs.

The list below includes a few of the “ingredients” that factor into rates.

  • Add-on coverages can add up – There are many extra coverages that can waste your money if you aren’t careful. Things like personal injury protection, accident forgiveness and term life insurance may be costing you every month. These may sound like a good investment at first, but if they’re wasting money remove them from your policy.
  • Safe vehicles cost less to insure – Vehicles with good safety scores tend to have better insurance rates. Safer cars have better occupant injury protection and fewer injuries translates into fewer and smaller insurance claims and lower rates for you. If your Chevy Silverado 1500 earned at least four stars on Safercar.gov you are probably receiving a discount.
  • Sex matters – Statistics show women are more cautious behind the wheel. That doesn’t necessarily mean that women are better drivers. Both sexes tend to get into accidents in similar numbers, but the male of the species cause more damage. Men also tend to get more serious tickets such as reckless driving. Teenage male drivers are most likely to cause an accident and are penalized with high car insurance rates.
  • Lower miles equals lower premium – The more you drive every year the more you’ll pay to insure your vehicle. The majority of insurers price each vehicle’s coverage based on how the vehicle is used. Vehicles not used for work or commuting can get a lower rate as compared to vehicles used primarily for driving to work. Ask your agent if your car insurance policy shows the correct driver usage, because it can save money. Incorrect usage on your Silverado 1500 can result in significantly higher rates.
  • Poor credit can mean higher rates – Credit rating is a important factor in determining your rates. Drivers with high credit ratings tend to file fewer claims and have better driving records than drivers with lower credit scores. Therefore, if your credit score can use some improvement, you could be paying less to insure your 2002 Chevrolet Silverado 1500 by improving your rating.

Insurance coverage breakdown

Understanding the coverages of your insurance policy can help you determine appropriate coverage and proper limits and deductibles. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording.

Collision coverages – This coverage covers damage to your Silverado 1500 resulting from colliding with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims such as crashing into a building, driving through your garage door and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Another option is to choose a higher deductible to get cheaper collision coverage.

Uninsured or underinsured coverage – Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family as well as your vehicle’s damage.

Because many people only carry the minimum required liability limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Most of the time the UM/UIM limits are identical to your policy’s liability coverage.

Medical expense coverage – Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses for chiropractic care, EMT expenses, X-ray expenses and pain medications. They are used in conjunction with a health insurance policy or if you lack health insurance entirely. Coverage applies to both the driver and occupants as well as being hit by a car walking across the street. PIP coverage is not available in all states but it provides additional coverages not offered by medical payments coverage

Comprehensive protection – Comprehensive insurance coverage pays for 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 protects against things like damage from flooding, falling objects, rock chips in glass and vandalism. The highest amount you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Auto liability – This provides protection from damage or injury you incur to a person or their property. This coverage protects you against claims from other people. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 25/50/25 that translate to a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined single limit or CSL that pays claims from the same limit with no separate limits for injury or property damage.

Liability insurance covers claims like medical expenses, medical services, legal defense fees, funeral expenses and structural damage. How much liability should you purchase? That is a decision to put some thought into, but you should buy as large an amount as possible.

Pennies from heaven

Budget-conscious 2002 Chevy Silverado 1500 insurance is definitely available both online in addition to many insurance agents, so compare prices from both in order to have the best chance of saving money. Some insurance providers do not provide online quoting and many times these small, regional companies only sell through independent insurance agents.

As you go through the steps to switch your coverage, make sure you don’t buy lower coverage limits just to save a few bucks. There are a lot of situations where an insured cut full coverage only to regret at claim time that it was a big error on their part. Your strategy should be to purchase plenty of coverage for the lowest price, not the least amount of coverage.

Insureds switch companies for any number of reasons including poor customer service, being labeled a high risk driver, questionable increases in premium or extreme rates for teen drivers. No matter why you want to switch, switching insurance coverage companies can be less work than you think.

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