2006 Chevrolet Silverado 1500 Insurance Rates

Want cheaper car insurance rates for your Chevrolet Silverado 1500? Shopping for car insurance is not a task people enjoy, but it’s required in every state when you drive.

Pay less by taking advantage of discounts

Insuring your vehicles can cost a lot, but discounts can save money and there are some available that you may not know about. A few discounts will automatically apply at the time of quoting, but lesser-known reductions have to be requested specifically before you will receive the discount.

  • Save over 55 – If you’re over the age of 55, you may receive better car insurance rates for Silverado coverage.
  • Employee of Federal Government – Active or retired federal employment can save as much as 8% for Silverado coverage depending on your company.
  • Pay Upfront and Save – If you pay your entire premium ahead of time instead of making monthly payments you may reduce your total bill.
  • Life Insurance Discount – Some companies give a break if you buy life insurance.
  • Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to buckle their seat belts can save 10% or more on the medical payments or PIP coverage costs.
  • Discount for New Cars – Insuring a new car is cheaper since new cars are generally safer.

A little note about advertised discounts, most discounts do not apply to all coverage premiums. Most only reduce individual premiums such as collision or personal injury protection. So when the math indicates you would end up receiving a 100% discount, companies don’t profit that way. Any amount of discount will cut your premiums.

For a list of insurers offering car insurance discounts, click here to view.

These factors can influence Chevy Silverado 1500 insurance rates

It’s important that you understand the factors that play a part in calculating car insurance rates. Knowing what influences your rates allows you to make educated decisions that can help you get much lower annual insurance costs.

Shown below are some of the factors companies use to determine your rates.

  • Big city or small town – Being located in a small town is a positive aspect when talking about car insurance. Less people living in that area translates into fewer accidents. Drivers who live in large cities have more traffic problems and longer commute times. More time commuting means more change of being in an accident.
  • Marriage pays dividends – Having a wife or husband can get you a discount on your car insurance policy. Marriage means you’re more mature and responsible and it’s proven that drivers who are married are more cautious.
  • Clean credit earns discounts – Credit rating is a large factor in determining your rates. People with excellent credit tend to be more responsible as compared to drivers with lower credit ratings. If your credit history can use some improvement, you could pay less to insure your 2006 Chevrolet Silverado 1500 by repairing your credit.
  • Adjust deductibles and save – Coverage for physical damage, termed comprehensive and collision coverage on your policy, is used to repair damage to your Chevy. Some examples of claims that would be covered are running into the backend of another car, damage from fire, and rolling your vehicle. Physical damage deductibles are how much you are required to spend out-of-pocket if you file a covered claim. The more expense the insured has to pay upfront, the less your company will charge you for insurance for Silverado coverage.
  • Men pay higher rates – Statistics demonstrate that men are more aggressive behind the wheel. Now that doesn’t mean women are better drivers. Men and women cause accidents in similar percentages, but the male of the species tend to have more serious accidents. Men also tend to get cited for more serious violations like DUI and reckless driving.
  • Multiple policies with one company can save – Some car insurance companies will award you with lower prices to customers who have multiple policies with them, otherwise known as a multi-policy discount. Even with this discount, it’s still a good idea to compare rates to ensure the best deal. Drivers may still find a better deal by splitting coverages up.
  • How’s your driving record? – A bad driving record has a lot to do with how much you pay for insurance. Even one speeding ticket can bump up the cost by twenty percent. Drivers who don’t get tickets receive lower rates than their less careful counterparts. If you have dangerous violations such as DUI or reckless driving may find they need to file a proof of financial responsibility form (SR-22) with the DMV in their state in order to prevent a license revocation.
  • Don’t buy coverages you don’t need – There are a lot of extra coverages that can waste your money on your car insurance policy. Coverages like rental car reimbursement, accident forgiveness and membership fees may be wasting your money. They may seem like a good idea when you first buy your policy, but your needs may have changed so get rid of them and save.

Your coverage should be tailored to you

When it comes to choosing coverage for your vehicles, there really is not a “perfect” insurance plan. Everyone’s situation is a little different.

These are some specific questions can aid in determining if your situation may require specific advice.

  • What is no-fault insurance?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • I have health insurance so do I need medical payments coverage?
  • What is the rate difference between pleasure use and commuting?
  • Is my cargo covered for damage or theft?
  • When does my teenage driver need to be added to my policy?
  • How high should my medical payments coverage be?

If you’re not sure about those questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form.

Information about specific coverages

Learning about specific coverages of insurance helps when choosing the best coverages and the correct deductibles and limits. Policy terminology can be confusing and reading a policy is terribly boring.

Liability auto insurance – This provides protection from injuries or damage you cause to people or other property in an accident. This insurance protects YOU against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 100/300/100 which means a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and a total limit of $100,000 for damage to vehicles and property. Another option is a combined single limit or CSL which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability coverage pays for claims such as bail bonds, repair bills for other people’s vehicles and repair costs for stationary objects. How much coverage you buy is your choice, but buy as large an amount as possible.

Uninsured and underinsured coverage – Your UM/UIM coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. Covered claims include injuries to you and your family and damage to your 2006 Chevy Silverado 1500.

Since a lot of drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Most of the time these coverages are similar to your liability insurance amounts.

Coverage for medical payments – Med pay and PIP coverage pay for bills like hospital visits, funeral costs, X-ray expenses and rehabilitation expenses. They can be used in conjunction with a health insurance program or if you are not covered by health insurance. They 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 and may carry a deductible

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

Collision coverage protects against things like crashing into a building, colliding with a tree, rolling your car and damaging your car on a curb. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to raise the deductible to get cheaper collision coverage.

Comprehensive coverages – This coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims like damage from flooding, fire damage, rock chips in glass, vandalism and damage from getting keyed. The maximum payout a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Find Good Coverage for Less

We covered some good ideas how to save on 2006 Chevy Silverado 1500 insurance. The key concept to understand is the more providers you compare, the better chance you’ll have of finding lower rates. Consumers may even find the biggest savings come from the least-expected company.

When trying to cut insurance costs, it’s a bad idea to reduce needed coverages to save money. Too many times, consumers will sacrifice collision coverage only to regret they didn’t purchase enough coverage. Your focus should be to buy a smart amount of coverage at a price you can afford.

Cheaper insurance is available on the web and also from your neighborhood agents, and you need to comparison shop both to have the best rate selection. There are still a few companies who may not provide online quoting and most of the time these smaller companies sell through independent agents.

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