How Much Does 2007 Chevrolet Silverado 1500 Classic Insurance Cost?

Are you tired of trying to scrape together enough money to insure your Chevy every month? Your situation is no different than most other vehicle owners.

There are many auto insurance companies to choose from, and although it’s a good thing to be able to choose, more options can take longer to get the best deal.

Auto insurance companies offer many types of discounts

Auto insurance is not cheap nor is it fun to buy but you can get discounts that could help you make your next renewal payment. A few discounts will be applied at the time of quoting, but some discounts are required to be specially asked for before they will apply.

  • Theft Prevention Discount – Anti-theft and alarm system equipped vehicles help deter theft and qualify for as much as a 10% discount.
  • Student in College – College-age children who live away from home at college and leave their car at home may be able to be covered for less.
  • Drive Safe and Save – Safe drivers can save as much as half off their rates for Silverado Classic insurance than less cautious drivers.
  • Save over 55 – Drivers over the age of 55 may be able to get a small decrease in premiums for Silverado Classic insurance.
  • Life Insurance Discount – Not all auto insurance companies offer life insurance, but some may give you a discounted auto insurance rate on car insurance if you buy life insurance from them.
  • Seat Belt Discounts – Drivers who always wear seat belts and also require passengers to fasten their seat belts can save up to 10 percent (depending on the company) on the medical payments or PIP coverage costs.
  • Student Discount for Driver Training – Cut your cost by having your teen driver complete a driver education course if offered at their school.

Discounts lower rates, but most discount credits are not given to the entire cost. Some only apply to the price of certain insurance coverages like medical payments or collision. Just because you may think you would end up receiving a 100% discount, that’s just not realistic.

To view insurance companies that have a full spectrum of discounts, follow this link.

The method we recommend to get rate comparisons is to take advantage of the fact all the major auto insurance companies participate in online systems to provide you with a free rate quote. All you need to do is spend a couple of minutes providing details including if you have a valid license, your education level, whether you are single or married, and driver details. That information is sent automatically to many different companies and they return rate quotes instantly to find the best rate.

Do I just need basic coverages?

When it comes to choosing the best insurance coverage, there is no cookie cutter policy. Everyone’s situation is a little different and a cookie cutter policy won’t apply. Here are some questions about coverages that might point out if your insurance needs will benefit from professional help.

  • What is no-fault insurance?
  • Why does it cost so much to insure a teen driver?
  • Should I carry comprehensive and collision coverage?
  • Is pleasure use cheaper than using my 2007 Chevy Silverado 1500 Classic to commute?
  • What is UM/UIM insurance?
  • Why do I need rental car insurance?

If you can’t answer these questions but you think they might apply to your situation, you may need to chat with an insurance agent. If you don’t have a local agent, take a second and complete this form or go to this page to view a list of companies.

Detailed coverages of your insurance policy

Understanding the coverages of your insurance policy can help you determine the best coverages at the best deductibles and correct limits. The terms used in a policy can be ambiguous and coverage can change by endorsement. These are the normal coverages offered by insurance companies.

Liability insurance

Liability coverage can cover damage that occurs to a person or their property that is your fault. It protects you from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have policy limits of 100/300/100 which stand for a $100,000 limit per person for injuries, $300,000 for the entire accident, and property damage coverage for $100,000.

Liability coverage pays for claims like emergency aid, pain and suffering, medical services, legal defense fees and repair costs for stationary objects. The amount of liability coverage you purchase is up to you, but you should buy as high a limit as you can afford.

Collision protection

Collision insurance covers damage to your Silverado 1500 Classic caused by collision with a stationary object or other vehicle. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision can pay for things such as backing into a parked car, colliding with a tree, scraping a guard rail and crashing into a building. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to bump up the deductible to bring the cost down.

UM/UIM Coverage

This protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is a good idea.

Medical costs insurance

Med pay and PIP coverage provide coverage for bills such as prosthetic devices, nursing services, doctor visits and rehabilitation expenses. They are utilized in addition to your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants and will also cover any family member struck as a pedestrian. PIP coverage is only offered in select states but can be used in place of medical payments coverage

Comprehensive or Other Than Collision

Comprehensive insurance pays for damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims like vandalism, falling objects, rock chips in glass and fire damage. The maximum payout your insurance company will pay is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Final thoughts

Cheaper insurance is definitely available from both online companies in addition to many insurance agents, and you need to price shop both so you have a total pricing picture. There are still a few companies who do not provide the ability to get a quote online and most of the time these regional carriers work with independent agents.

In this article, we presented some good ideas how to compare 2007 Chevy Silverado 1500 Classic insurance rates online. The most important thing to understand is the more quotes you get, the better your comparison will be. You may even discover the best rates are with a smaller regional carrier. These companies can often insure niche markets at a lower cost as compared to the big name companies such as State Farm, Geico and Nationwide.

As you prepare to switch companies, do not sacrifice coverage to reduce premiums. There are a lot of situations where an insured dropped uninsured motorist or liability limits and found out when filing a claim they didn’t have enough coverage. The goal is to buy a smart amount of coverage for the lowest cost but still have enough coverage for asset protection.

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