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Insurance Cost for a Chevrolet Tahoe

Here's what you need to know...
  • The Tahoe is an American made car with seating for nine; however, the fuel economy is not the best
  • A hybrid Tahoe is available that drives in electric mode, which saves money and emits less carbon
  • The Tahoe is a true SUV, handles a wide range of terrain, and has received high scores for safety from federal testing

The Tahoe is a versatile vehicle that serves many purposes. If you own a Tahoe or are considering purchasing one, read the article below to learn more about auto insurance rates for the Tahoe and how you can get the most for your money.

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What car insurance is required for a Chevy Tahoe?

No matter what state you live in, you have to get insurance for your Chevrolet Tahoe.

Liability insurance is the minimum required by the state, although the coverage limits vary by state.

If you buy your Chevy Tahoe new, you may be required to buy collision and comprehensive insurance in order to have full protection. If anything happens to your car before you pay it off, you can repair it to its original condition.

When you have total car insurance protection, you will also be reimbursed for your car in the event it is totaled.

Depending on how much depreciation has already occurred to your car, this may or may not be enough to pay off your loan. If you owe more money than your policy pays, you are responsible for paying the difference.

Basic Factors that Affect Car Insurance Rates

If someone is buying a new car they should consider that the model and even color of the car could affect their car insurance. Statistically, a red sports car will cost a lot more to insure than a white minivan.

Even if the car is more practical than a sports car, how much the car initially costs can affect the insurance rates. As a rule of thumb, the more a car costs to buy, the more that car will cost to insure.

Where the driver lives and works plays a major role in their car insurance prices. People that live in the country will pay a lot less than their city-dwelling counterparts.

Urban areas are considered to be a greater insurance risk since they are overcrowded and have higher crime rates.

How much the policyholder’s car is driven is also a factor considered by the insurer. Someone that has a long daily commute to work is more likely to be in an accident than someone that just uses his car once a week to run errands.

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Should I have GAP car insurance?

If you buy a new Chevrolet Taho or lease one, then you may want to consider buying Guaranteed Auto Protection (GAP) insurance. GAP insurance is used to bridge the gap between what you owe the bank and what your car insurance will pay.

Cars depreciate quickly, losing value as soon as you drive it off the lot. Within three months your car may depreciate by as much as 30%.

If you own your car outright and have total car insurance, then you will be reimbursed for damages sustained to your car per your policy benefits.

If your car gets totaled, the car insurance company usually pay you the street value of your car. However, if you still owe money on the car because you financed it or leased it, you may be upside down on your loan payoff.

The lender is not going to forgive your debt just because your car gets totaled. You are still responsible for paying off your loan in full.

However, GAP insurance can be bought at the time you lease or buy your car in order to offer you full protection in the event your car gets totaled before it is paid off.

If you ever are in an accident and your car is deemed a total loss by the insurance company, then your GAP insurance will pay the benefits regardless of who is at fault.

How does GAP insurance work for my Tahoe?

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As you know, cars depreciate quickly. If you buy a brand new Chevrolet Tahoe from the dealer for $40,000, after its first three months your car may only be worth $28,000 in actual cash value.

If you put $5,000 down on your car and finance $35,000, then after a year you may still owe $33,000.

If you are involved in an accident and your car is totaled, then you will get the actual cash value as a payout from your car insurance.

The insurance company will pay you $28,000 minus your $1,000 deductible, leaving you with $27,000 to give to the finance company for your car. You still owe $6,000. If you have GAP insurance, the $6,000 would be covered by your GAP benefit.

Buying a new Chevrolet Tahoe is a good investment and so, it needs to be protected as such.

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