How Much is Insurance for a Chevrolet Silverado in New Jersey?

When writing about shopping for car insurance, the words “affordable” or “cheap” should never appear anywhere to describe car insurance prices. Forgive the oxymoron, but cheap car insurance for a Chevy Silverado may be a thing of the past. But don’t despair, because we can show you some ways you can find auto insurance that is easier on your budget.

The likelihood of finding affordable coverage for a Chevy Silverado in New Jersey depends on lots of different rating factors like when you were born, if you have ever let your policy lapse, and driving violations. Drivers pay an average of $1,490 every 12 months for Silverado insurance, but that rate is a valuation calculated based on a 40-year-old single male driver who requires full comprehensive and collision coverage and $1,000 physical damage deductibles.

Chances are that rate is not what you would pay, because most likely you are not exactly 40 years old and possibly not even male, married instead of single, and maybe your Silverado just needs liability-only coverage. Car insurance coverage is unique to each driver, so this is why the best way to quote the cheapest coverage for your Chevrolet is to start the habit of comparing rates at least once a year.

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The trim level of your vehicle impacts price, so the cost to insure a Silverado LS Regular Cab 2WD will be $226 cheaper than the insurance cost for the more costly Silverado Crew Cab Hybrid 4WD trim level, as shown below.

Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Price estimates do not factor in specific location information which can impact coverage prices significantly.

Figuring out which company offers the cheapest auto insurance rates for a Chevy Silverado may require more time in order to find a policy that fits your budget.

Every insurance company uses a different method for establishing rates, so to begin we’ll rank the most competitive auto insurance companies in New Jersey. It’s a good idea to know that New Jersey auto insurance rates are determined by lots of factors which can substantially decrease or increase the price of your policy. Improving your credit score, having a teenage driver, or getting a ticket for careless driving can cause premium changes resulting in some companies being cheaper in comparison to the competition.

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21st Century may offer some of the cheapest car insurance rates in New Jersey at around $1,078 each year. Travelers, New Jersey Manufacturers, Penn National, and Palisades are also some of the best New Jersey auto insurance companies.

In the above example, if you are a customer of Penn National and switched to Travelers, you might realize savings of roughly $145. Drivers with Palisades could save as much as $161 a year, and California Casualty policyholders might reduce prices by as much as $257 a year.

These premiums are averages across all drivers and vehicles in New Jersey and do not factor in a specific rate value for a Chevy Silverado. So the company that fits you best may not even be in the above list. That underscores the importance of why you need to get auto insurance quotes using your own personal information and vehicle type.

How much more does full coverage cost in New Jersey?

Finding cheap insurance for a Chevy Silverado in New Jersey is important to the majority of vehicle owners, and one of the quickest ways to find cheap insurance is to only buy liability insurance. The illustration below shows the difference between premium costs with full coverage and liability only. The rates are based on no claims or violations, $1,000 deductibles, drivers are single, and no additional discounts are factored in.

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As an average, comprehensive and collision coverage on your policy costs an extra $2,717 per year over and above liability only. That proposes the question if buying full coverage is a waste of money. There is no written rule of when to eliminate full coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, then you might want to think about dropping full coverage.

The chart below highlights how deductible selection can influence insurance prices when trying to find cheap insurance for a Chevy Silverado. The data is based on a single female driver, full coverage, and no additional discounts are factored in.

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As shown above, a 50-year-old driver could lower rates by $608 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $914 by choosing a $1,000 deductible. Young drivers, like the 20-year-old, could roll back prices as much as $1,548 or more by using a higher deductible.

If you do make the decision to raise your deductibles, it will be required to have enough spare savings to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.