Would you like to save money by finding low-cost Chevy Silverado insurance in Anchorage? Having to pay for overpriced insurance in Anchorage can deplete your family's budget and require stricter spending habits. Performing a rate comparison can be a smart way to tighten up your finances.
It's an obvious statement that insurance companies don't want you quoting rates from other companies. Insureds who get comparison quotes once a year will most likely switch to a new company because there is a significant possibility of finding discount prices. A recent study showed that consumers who compared rates regularly saved as much as $3,500 over four years compared to policyholders who never compared other company's rates.
If finding the best rates on car insurance in Anchorage is why you're here, then having a good understanding how to choose a company and compare auto insurance can make it easier to shop your coverage around.
How to buy cheaper Chevy Silverado insurance in Anchorage
To save the most money, the best way to get affordable car insurance rates is to start comparing prices regularly from insurers in Anchorage. Drivers can shop around by following these steps.
Step 1: It will benefit you to learn about how insurance works and the things you can change to prevent high rates. Many things that are responsible for high rates like multiple speeding tickets and a poor credit score can be amended by making minor changes to your lifestyle. This article provides ideas to get cheaper coverage and get discounts that may be available to you.
Step 2: Obtain price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give rate quotes from one company like GEICO or State Farm, while independent agents can provide rate quotes for a wide range of insurance providers. View insurance agents
Step 3: Compare the price quotes to your existing policy and see if there is a cheaper rate. If you find a better price, make sure there is no coverage gap between policies.
Step 4: Tell your current company to cancel your current car insurance policy and submit a completed application and payment to your new agent or company. Be sure to safely store the certificate verifying coverage in a readily accessible location in your vehicle.
An essential thing to point out is to compare the same level of coverage on every quote and and to look at as many companies as possible. Doing this ensures an accurate price comparison and a thorough price selection.
Vehicle owners have multiple insurance companies to buy insurance from, and though it is a good thing to have multiple companies, lots of choices makes it harder to find the lowest cost provider for Chevy Silverado insurance in Anchorage.
It's important to do price comparisons occasionally because prices are rarely the same from one policy term to another. Just because you found the lowest rates on Chevy Silverado insurance in Anchorage last year you may be paying too much now. Forget anything you know (or think you know) about insurance because you're about to learn the fastest and easiest way to find great coverage at a great price.
Chevy Silverado Insurance Premium Factors
Many different elements are part of the calculation when premium rates are determined. Some factors are common sense like your driving record, but other factors are less apparent like where you live or your financial responsibility.
The factors shown below are a partial list of the pieces auto insurance companies consider when setting your rate level.
Occupation stress can make you pay more - Did you know your occupation can influence how much you pay for auto insurance? Occupational choices like real estate brokers, air traffic controllers, and financial analysts generally pay the highest rates in part from job stress and incredibly demanding work hours. Other careers like farmers, engineers and the unemployed pay the least.
Cautious drivers pay the best rates - Whether or not you get tickets impacts your car insurance rates tremendously. Attentive drivers receive lower rates compared to bad drivers. Having a single speeding ticket can boost insurance rates by twenty percent. Drivers with flagrant violations like reckless driving, hit and run or driving under the influence may face state-mandated requirements to complete a SR-22 with their state DMV in order to drive a vehicle legally.
The diagram below illustrates how violations and at-fault collisions can affect Chevy Silverado annual premium costs for different categories of driver ages. The premiums assume a single male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied to the premium.
Youthful drivers pay higher premiums - Older insureds are viewed as being more responsible, statistically cause fewer accidents, and usually have better credit. Teenage drivers tend to be less responsible in a vehicle so they pay higher auto insurance rates.
The next chart assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.
Poor credit can mean higher prices - Having a bad credit rating is a big factor in determining your rates. People that have very good credit scores tend to be more responsible as compared to drivers with lower credit ratings. If your credit history leaves room for improvement, you could potentially save money when insuring your Chevrolet Silverado if you improve your credit rating.
Filing auto insurance claims can cost more - Companies in Alaska generally give better rates to people who file claims infrequently. If you file claims often, you can pretty much guarantee increased rates or even have your policy non-renewed. Auto insurance is intended to be relied upon for the large, substantial claims.
Loss probability for a Chevy Silverado - Insurers use past insurance losses as a way to help calculate a profitable premium rate. Vehicles that have a higher amount or frequency of claims will have a higher cost to insure. The table below shows the compiled insurance loss statistics for Chevy Silverado vehicles.
For each coverage type, the statistical loss for all vehicles combined as an average is a value of 100. Numbers below 100 suggest losses that are better than average, while numbers above 100 point to more frequent losses or larger claims.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Chevrolet Silverado 1500 2WD||76||118||85||78||69||125|
|Chevrolet Silverado 1500 4WD||60||76||72||54|
|Chevrolet Silverado 1500 Crew Cab 2WD||89||103||131||77||70||94|
|Chevrolet Silverado 1500 Crew Cab 4WD||96||105||116||57||57||87|
|Chevrolet Silverado 1500 Ext Cab 2WD||90||126||100||88||85||117|
|Chevrolet Silverado 1500 Ext Cab 4WD||84||98||89||60||60||88|
|Chevrolet Silverado 2500 2WD||60||65|
|Chevrolet Silverado 2500 4WD||66||97||66|
|Chevrolet Silverado 2500 Crew Cab 2WD||76||127||65|
|Chevrolet Silverado 2500 Crew Cab 4WD||88||114||97||45||42||82|
|Chevrolet Silverado 2500 Ext Cab 2WD||80||54|
|Chevrolet Silverado 2500 Ext Cab 4WD||79||105||83||37||43||75|
|Chevrolet Silverado 3500 4WD||65|
|Chevrolet Silverado 3500 Crew Cab 4WD||98||127||108||54||39||76|
|Chevrolet Silverado 3500 Ext Cab 4WD||129||127|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance data for a Chevy Silverado
The coverage information displayed next covers a range of prices for Chevy Silverado models. Having a better idea how insurance policy premiums are determined can be valuable when making smart choices when buying a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Silverado LS Regular Cab 2WD||$142||$266||$400||$24||$120||$952||$79|
|Silverado LS Regular Cab 4WD||$142||$266||$354||$20||$106||$888||$74|
|Silverado LT Regular Cab 2WD||$164||$322||$400||$24||$120||$1,030||$86|
|Silverado LT Regular Cab||$164||$322||$400||$24||$120||$1,030||$86|
|Silverado LS Extended Cab 4WD||$164||$322||$354||$20||$106||$966||$81|
|Silverado LT Extended Cab 4WD||$164||$322||$354||$20||$106||$966||$81|
|Silverado LT Extended Cab 2WD||$164||$322||$400||$24||$120||$1,030||$86|
|Silverado LS Extended Cab 2WD||$164||$322||$400||$24||$120||$1,030||$86|
|Silverado LT Crew Cab 4WD||$186||$380||$354||$20||$106||$1,046||$87|
|Silverado LS Crew Cab 2WD||$186||$380||$400||$24||$120||$1,110||$93|
|Silverado LS Crew Cab 4WD||$186||$380||$354||$20||$106||$1,046||$87|
|Silverado LT Crew Cab 2WD||$186||$380||$400||$24||$120||$1,110||$93|
|Silverado LTZ Extended Cab 2WD||$186||$380||$400||$24||$120||$1,110||$93|
|Silverado LTZ Extended Cab 4WD||$186||$380||$354||$20||$106||$1,046||$87|
|Silverado LTZ Crew Cab 2WD||$186||$380||$400||$24||$120||$1,110||$93|
|Silverado LTZ Crew Cab 4WD||$186||$380||$354||$20||$106||$1,046||$87|
|Silverado Crew Cab Hybrid 2WD||$186||$438||$354||$20||$106||$1,104||$92|
|Silverado Crew Cab Hybrid 4WD||$206||$438||$354||$20||$106||$1,124||$94|
|Get Your Own Custom Quote Go|
Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Alaska minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Table data does not factor in vehicle garaging location which can affect price quotes noticeably.
Should you buy full coverage?
The example below illustrates the comparison of Chevy Silverado yearly insurance costs with and without full coverage. The rate quotes are based on no claims or violations, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.
Deciding between full coverage and liability only
There isn't a steadfast formula of when to phase out full coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let's pretend your Chevy Silverado book value is $9,000 and you have $1,000 deductibles. If your vehicle is totaled, you would only receive $8,000 after paying your policy deductible. If it's costing you more than $800 a year for full coverage, then you might consider buying liability only.
There are some circumstances where dropping full coverage is not a good plan. If you still owe money on your vehicle, you must maintain physical damage coverage to protect the lienholder's interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
Cheaper Anchorage insurance rates with discounts
Auto insurance companies don't list every available discount in a way that's easy to find, so the list below contains both the well known and also the lesser-known discounts that you can inquire about if you buy Anchorage car insurance online.
- Sign Online - Some of the larger companies will give you a small discount just for signing your application on the web.
- Theft Deterrent Discount - Vehicles that have factory anti-theft systems have a lower chance of being stolen so companies will give you a small discount.
- Renewal Discounts - A few insurance companies allow discounts for signing up prior to your current Silverado insurance policy expiring. It's a savings of about 10%.
- Savings for New Vehicles - Buying a new car model can save you some money because newer models have to meet stringent safety requirements.
- Senior Citizens - Mature drivers can possibly qualify for a small decrease in premiums.
- Own a Home - Owning your own home or condo can help you save on insurance due to the fact that maintaining a home means you have a higher level of financial diligence.
- Bundled Policy Discount - If you can bundle your auto and homeowners insurance with the same company you may save at least 10% off all policies.
- Discount for Life Insurance - Select insurance companies reward you with better prices if you take out some life insurance in addition to your auto policy.
- Driving Data Discount - Drivers that enable data collection to analyze driving manner remotely such as Snapshot from Progressive or Drivewise from Allstate might get better premium rates if their driving habits are good.
Don't be shocked that most discounts do not apply to the overall cost of the policy. Most only reduce specific coverage prices like collision or personal injury protection. Just because you may think you could get a free insurance policy, it just doesn't work that way.
The information below shows the difference between Chevy Silverado auto insurance rates with and without some available policy discounts. The premiums assume a male driver, a clean driving record, no at-fault accidents, Alaska state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, marriage, multi-car, multi-policy, safe-driver, and homeowner discounts applied.
A list of insurance companies and some of the premium reductions they offer are shown below.
- GEICO discounts include membership and employees, military active duty, five-year accident-free, driver training, and air bags.
- Auto-Owners Insurance policyholders can earn discounts including group or association, anti-theft, safe vehicle, mature driver, air bags, student away at school, and company car.
- American Family includes discounts for good student, bundled insurance, early bird, multi-vehicle, and air bags.
- Esurance has discounts for renters, homeowner, multi-policy, good student, and Pac-12 alumni.
- Progressive offers discounts for homeowner, continuous coverage, multi-vehicle, good student, and online signing.
- State Farm may offer discounts for Drive Safe & Save, student away at school, driver's education, accident-free, defensive driving training, passive restraint, and anti-theft.
- AAA has savings for multi-car, good driver, AAA membership discount, anti-theft, pay-in-full, and education and occupation.
When comparing rates, check with every insurance company the best way to save money. Depending on the company, some discounts may not apply to policyholders in your state. If you would like to choose from a list of insurance companies offering insurance discounts in Anchorage, click here to view.
Smart consumers save more
Budget-friendly auto insurance in Anchorage can be bought from both online companies as well as from insurance agents, so you need to shop Anchorage car insurance with both to have the best chance of lowering rates. A few companies do not provide the ability to get quotes online and usually these smaller companies provide coverage only through independent agencies.
We just showed you many ideas to find cheap Chevy Silverado insurance in Anchorage. The most important thing to understand is the more companies you get rates for, the better your comparison will be. You may even be surprised to find that the best price on auto insurance is with the smaller companies. They may often insure only within specific states and give better rates than the large multi-state companies such as State Farm or Progressive.
How to save on Chevy Silverado insurance in Anchorage
Really, the only way to find the cheapest price for Chevy Silverado insurance is to start comparing prices yearly from companies who provide car insurance in Anchorage.
Step 1: Take a few minutes and learn about policy coverages and the measures you can take to drop your rates. Many rating factors that are responsible for high rates like at-fault accidents, speeding tickets, and a not-so-good credit rating can be controlled by making minor driving habit or lifestyle changes.
Step 2: Compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from a single company like Progressive or State Farm, while independent agents can quote rates for many different companies.
Step 3: Compare the price quotes to the premium of your current policy and determine if cheaper Silverado coverage is available in Anchorage. If you find a better price and decide to switch, make sure there is no lapse in coverage.
A key point to remember is that you use the same deductibles and limits on every quote and and to compare as many companies as possible. Doing this helps ensure the most accurate price comparison and maximum price selection.
Much more information about auto insurance in Alaska can be found on the following sites: