Unfortunately, over 70% of consumers kept their coverage with the same insurance company for four years or more, and just short of a majority have never taken the time to shop around. With the average premium in the U.S. being $1,847, drivers can save approximately 47% each year just by getting comparison quotes, but they don’t want to spend time to compare rate quotes.
Really, the only way to get budget Chevy Silverado 2500HD insurance in Baltimore is to start comparing rates regularly from companies who sell auto insurance in Maryland.
Step 1: Get an understanding of auto insurance and the factors you can control to prevent expensive coverage. Many rating factors that drive up the price such as at-fault accidents, careless driving, and a lousy credit rating can be controlled by making minor changes in your lifestyle. Keep reading for information to get affordable coverage and earn larger discounts.
Step 2: Quote rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from a single company like Progressive or Allstate, while independent agents can give you price quotes from multiple insurance companies. Compare rates now
Step 3: Compare the price quotes to your current policy to see if cheaper Silverado 2500HD coverage is available. If you find a better price and make a switch, make sure there is no coverage gap between policies.
Step 4: Provide notification to your current agent or company to cancel your existing policy and submit any necessary down payment along with the completed application for the new policy. As soon as you have the new policy, put the certificate of insurance in your glove compartment.
A good tip to remember is to try to compare the same physical damage deductibles and liability limits on every price quote and and to get price quotes from as many companies as you can. This enables an accurate price comparison and a good representation of prices.
If you are already insured or just want a better rate, you can follow these tips to get lower rates and still have adequate protection. The purpose of this article is to help you learn the most effective ways to compare rates and how to save the most money. Consumers only have to learn the fastest way to find the lowest price over the internet.
Chevy Silverado 2500HD detailed coverage information
The premium information below covers detailed analysis of insurance policy prices for Chevy Silverado 2500HD models. Learning as much as possible about how prices are formulated can be valuable when making informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Silverado 2500HD LT Crew Cab 4WD | $282 | $578 | $492 | $30 | $148 | $1,530 | $128 |
| Silverado 2500HD LT Crew Cab 2WD | $282 | $666 | $556 | $32 | $166 | $1,702 | $142 |
| Silverado 2500HD LTZ Crew Cab 4WD | $282 | $578 | $492 | $30 | $148 | $1,530 | $128 |
| Silverado 2500HD LT Crew Cab Diesel 4WD | $314 | $666 | $492 | $30 | $148 | $1,650 | $138 |
| Silverado 2500HD LT Crew Cab Diesel 2WD | $314 | $666 | $556 | $32 | $166 | $1,734 | $145 |
| Silverado 2500HD LT Extended Cab Diesel 2WD | $314 | $666 | $556 | $32 | $166 | $1,734 | $145 |
| Silverado 2500HD LTZ Crew Cab 2WD | $314 | $666 | $556 | $32 | $166 | $1,734 | $145 |
| Silverado 2500HD LTZ Crew Cab Diesel 4WD | $314 | $666 | $492 | $30 | $148 | $1,650 | $138 |
| Silverado 2500HD LTZ Crew Cab Diesel 2WD | $314 | $752 | $556 | $32 | $166 | $1,820 | $152 |
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Premium data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Information does not factor in vehicle garaging location which can modify premiums significantly.
Rate increases following a ticket or accident
The diagram below highlights how speeding tickets and accident claims influence Chevy Silverado 2500HD annual premium costs for different age groups. The prices are based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.
Should you buy full coverage?
The diagram below illustrates the comparison of Chevy Silverado 2500HD premium costs with full coverage and liability only. The information is based on a clean driving record, no claims, $500 deductibles, drivers are not married, and no additional discounts are factored in.
When to stop paying for full coverage
There is no definitive formula for eliminating full coverage, but there is a general convention. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let’s pretend your Chevy Silverado 2500HD claim settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $7,000 after paying your policy deductible. If you are paying more than $700 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are some circumstances where dropping physical damage coverage is not a good plan. If you haven’t satisfied your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not opt for liability only.
Five factors that determine insurance prices
An important part of buying insurance is that you know the different types of things that come into play when calculating your auto insurance rates. If you understand what influences your rates, this enables you to make decisions that may result in lower auto insurance prices.
The items below are some of the most rate-impacting factors companies use to determine your prices.
- Premiums are affected by your credit score – Your credit score can be a huge factor in determining your rates. Therefore, if your credit can use some improvement, you could pay less to insure your Chevrolet Silverado 2500HD if you clean up your credit. Drivers who have very good credit scores tend to be better risks to insure than drivers with lower credit scores.
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High premiums for teenage drivers – Older insureds have been proven to be more responsible, are lower risk to insure, and usually have better credit. Drivers with little experience are known to get distracted easily when at the wheel of a vehicle therefore auto insurance rates are much higher.
The following chart assumes a single driver, full coverage with $1000 deductibles, and no discounts or violations.
- Low deductibles mean high prices – Comprehensive and collision coverage deductibles tell how much the insured will be required to pay in the event of a claim. Physical damage coverage, aka comp and collision, protects your car from damage. Some coverage claims are colliding with a stationary object, animal collisions, and damage caused by road hazards. The more money you’re willing to pay, the bigger discount you will receive.
- Liability protection is critical – Your policy’s liability coverage kicks in if ever you are ruled to be at fault for an accident. It will provide legal defense starting from day one. This coverage is relatively inexpensive compared to insuring for physical damage coverage, so insureds should have plenty of protection for their assets.
- Too many insurance claims will drive prices up – If you file claims often, you shouldn’t be surprised to get increased rates or even have your policy non-renewed. Insurance companies in Maryland give the best rates to insureds that do not abuse their auto insurance. Your insurance policy is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
Quote more to save more
As you restructure your insurance plan, do not skimp on critical coverages to save a buck or two. There are too many instances where consumers will sacrifice physical damage coverage only to discover later that it was a big error on their part. Your goal should be to buy the best coverage you can find at the lowest possible cost while still protecting your assets.
Drivers leave their current company for a number of reasons such as extreme rates for teen drivers, being labeled a high risk driver, not issuing a premium refund and policy non-renewal. Regardless of your reason for switching companies, switching companies is not as difficult as it may seem.
You just read a lot of techniques to compare Chevy Silverado 2500HD insurance car insurance rates in Baltimore. It’s most important to understand that the more companies you get premium rates for, the more likely it is that you will get a better rate. You may even be surprised to find that the most savings is with a lesser-known regional company.
More detailed auto insurance information is located by following these links:
- What Does No-Fault Insurance Cover? (Allstate)
- How Much are Baltimore Auto Insurance Rates for Drivers with Bad Credit? (FAQ)
- How Much are Baltimore Auto Insurance Quotes for Drivers with a DUI? (FAQ)
- Car Insurance for Teen Drivers with Divorced Parents (Allstate)
- Dangers of fake or stolen airbags (Insurance Institute for Highway Safety)