Who Has Cheap Auto Insurance for a Chevrolet Silverado in Lexington?

Finding affordable coverage for a Chevy Silverado hinges on a lot of rating criteria such as whether you are single or married, your occupation, and physical damage deductibles. Kentucky drivers will pay around $882 a year for Silverado insurance, but that amount is a valuation using a 30-year-old married female driver with both comprehensive and collision coverage and $1,000 deductibles.

But there is a good chance that you are not 30 and maybe not even a female, possibly single instead of married, or maybe you just want liability only. Not everyone needs the same coverages, so the way we recommend to find the most affordable coverage for your Chevrolet is to just take the time to compare rates yourself.

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The specific model of Silverado has an effect on price, so the cost to insure a Silverado LS Regular Cab 2WD model will be $142 cheaper than the cost to insure the high end Silverado Crew Cab Hybrid 4WD model, as shown in the table below.

Chevrolet Silverado Insurance Rates in Lexington, KY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Silverado LS Regular Cab 2WD $132 $216 $376 $22 $112 $858 $72
Silverado LS Regular Cab 4WD $132 $216 $334 $20 $100 $802 $67
Silverado LT Regular Cab 2WD $152 $262 $376 $22 $112 $924 $77
Silverado LT Regular Cab $152 $262 $376 $22 $112 $924 $77
Silverado LS Extended Cab 4WD $152 $262 $334 $20 $100 $868 $72
Silverado LT Extended Cab 4WD $152 $262 $334 $20 $100 $868 $72
Silverado LT Extended Cab 2WD $152 $262 $376 $22 $112 $924 $77
Silverado LS Extended Cab 2WD $152 $262 $376 $22 $112 $924 $77
Silverado LT Crew Cab 4WD $170 $308 $334 $20 $100 $932 $78
Silverado LS Crew Cab 2WD $170 $308 $376 $22 $112 $988 $82
Silverado LS Crew Cab 4WD $170 $308 $334 $20 $100 $932 $78
Silverado LT Crew Cab 2WD $170 $308 $376 $22 $112 $988 $82
Silverado LTZ Extended Cab 2WD $170 $308 $376 $22 $112 $988 $82
Silverado LTZ Extended Cab 4WD $170 $308 $334 $20 $100 $932 $78
Silverado LTZ Crew Cab 2WD $170 $308 $376 $22 $112 $988 $82
Silverado LTZ Crew Cab 4WD $170 $308 $334 $20 $100 $932 $78
Silverado Crew Cab Hybrid 2WD $170 $356 $334 $20 $100 $980 $82
Silverado Crew Cab Hybrid 4WD $190 $356 $334 $20 $100 $1,000 $83
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Table data represents married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Information does not factor in garaging location in Lexington which can raise or lower prices substantially.

Choosing the right insurance provider is difficult considering how many choices drivers have in Lexington. The rank data displayed below can help you analyze which providers you want to consider when comparing auto insurance rates for a Chevy Silverado. These ratings are only comprised of companies that insure vehicles nationwide, so smaller companies are not factored into the list.

Best Ten Insurance Companies for a Chevrolet Silverado in Kentucky
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
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Data Source: Insure.com Best Car Insurance Companies

Should you buy full coverage?

Reducing premiums for insurance should be important to the majority of vehicle owners, and one of the quickest ways to buy cheaper insurance for a Chevy Silverado is to not buy comprehensive and collision coverage. The chart below shows the difference between annual premium costs with and without physical damage coverage. The prices are based on a clean driving record, no claims, $100 deductibles, drivers are single, and no discounts are applied.

If we average the cost for ages 20 through 70, full coverage costs an additional $2,434 per year more than buying just liability insurance. That may make you wonder if buying full coverage is a waste of money. There isn’t a written rule of when to eliminate comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is about 10% or more of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.

For example, let’s assume your vehicle’s replacement cost is $11,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $10,500 after paying your deductible. If it’s costing in excess of $1,050 annually for physical damage coverage, then you may want to consider only buying liability coverage.

There are some scenarios where buying only liability insurance is not a good idea. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should keep full coverage in place.

Last year’s bargain might be this year’s rip off

Lexington, KY insurance rates are based on many factors that control the policy price. Improving your credit rating, becoming a homeowner, or having a fender bender can trigger price changes resulting in some companies being more affordable than before. Additionally, insurers change their prices as often as every three months in order to be able to pay unexpected claims. A period of increased losses may cause increased rates, while better underwriting can result in lower-priced Silverado insurance rates.

For instance, the chart below shows which companies have the cheapest car insurance in Lexington, KY for a 45-year-old female driver with a clean driving record, no accidents, and a good credit history. If we estimate prices based on her current rating profile, Cincinnati Insurance offers the best car insurance rates in Lexington at $1,126 per year. This is $1,017 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual round out the rest of the best Lexington, KY auto insurance companies.

The next chart shows rates after we give the driver from the first example an accident claim, a little lower credit rating, and a few traffic violations. Since each auto insurance company uses their own calculation to set premium rates, comparing insurance quotes may now show a different ranking of the cheapest Lexington car insurance companies as shown below.

Travelers now has the best auto insurance rate in Lexington, KY with Kentucky Farm Bureau, USAA, State Farm, and Westfield now rounding out the top five. This example proves why consumers need to take the time to do a thorough rate comparison to find the cheapest car insurance quotes for a Chevy Silverado. Insurance prices can be determined by many risk factors and change substantially, so the most economical company the last time you checked may now be one of the more expensive options.