Car insurance is an important consideration when shopping for a vehicle. That’s because some cars cost more to insure than others. You might assume a less expensive vehicle means cheaper insurance. But that’s not necessarily true. So, where do the Chevy Silverado and GMC Sierra rank on a recent list of the cheapest vehicles to insure? Let’s break down the cost of insuring these two GM trucks.
The 25 cheapest vehicles to insure
Recently, NerdWallet released a list of the 25 cheapest cars to insure among the most popular models. The finance company started with the 25 best-selling vehicles of 2020. It compared data and rates to determine which vehicles are the least expensive to insure.
Two of the most popular trucks are the Chevy Silverado and GMC Sierra. Neither made it into the top 10. But one ranks higher than the other.
The more expensive 2020 GMC Sierra, with a starting MSRP of $29,600, placed 14th on the list. And the 2020 Chevy Silverado, starting at $28,300 — $1,300 cheaper than its premium cousin — came in 21st.
NerdWallet analyzed several factors when determining the rankings of these two pickups. Insurance companies consider accidents, claim histories, car theft rates, repair costs, and more to determine rates.
Insuring the Chevy Silverado vs. the GMC Sierra
According to NerdWallet, the fewer lower-cost claims a vehicle has, the less it costs to insure it. That said, claims are only one of many contributing factors determining how much a driver will pay to insure a vehicle.
NerdWallet explains that the average annual cost of insuring a GMC Sierra 1500 is $1,622. It costs an annual average of $1,724 for a Chevy Silverado 1500. That means it costs 5.48% of the Sierra’s MSRP to insure it, compared to 6.09% of Silverado’s sticker MSRP.
On average, insuring a pickup truck costs just over $1,500 a year for a middle-aged driver with a good driving record. That’s assuming a full-coverage policy with collision and comprehensive deductibles of $500.
Those willing to pay higher deductibles can get lower insurances rates. But that means when there’s a claim, you agree to pay more out of pocket. Lower deductibles cost you less out-of-pocket, but that puts a bigger burden on the insurance company, so it’ll hike your rates.
The Chevy Silverado and GMC Sierra are 2 great trucks
You can’t deny the 2021 GMC Sierra 1500 is a sharp-looking truck. Its powertrain options include a 6.2-liter V8 engine harnessing 420 horses. It’s the biggest engine you can get in a half-ton truck that’s not a Silverado. You can also get the Sierra with a multi-function tailgate and a carbon-fiber cargo bed, Car and Driver reports.
Though some critics argue the GMC Sierra 1500 can’t outshine its peers in performance or opulence, it offers a great off-road model with the AT4 and a posh experience with the top-trim Denali.
The Chevy Silverado 1500 also has plenty to offer. It, too, has an appealing selection of powertrains and is a competitive towing vehicle, according to Car and Driver. The Silverado also offers a 6.2-liter V8 that boasts impressive gas mileage and quick acceleration.
Some reviewers find its interior and ride quality lacking, but the Silverado offers many configurations, making it highly versatile. Buyers can outfit it with a wide range of convenience features and trailer assists to suit many different needs. Plus, you can also get a multi-function tailgate, rearview mirror camera display, and more.