Finding the best cheap auto insurance for a Chevrolet Equinox is fairly easy, but it is dependent upon a lot of different factors such as miles driven annually, if you have a tendency to file claims, and your driving record. Ohio drivers pay around $822 a year to insure their Equinox, but that price is an estimation based on a 40-year-old single female driver with full coverage and $250 deductibles.
There's a high likelihood you aren't exactly 40 years old or even a female, possibly married instead of single, or maybe you just want liability only instead of full coverage. The different assumptions illustrate why the best way to find the most affordable coverage for your Chevrolet is to do your own rate comparisons.
The trim level of your Chevrolet tends to have a direct effect on the insurance rate, so the price you will be charged to insure a Equinox LS 2WD will be $82 cheaper than the price to insure the higher-end Equinox LTZ AWD model, as shown by the rates below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$168||$334||$296||$18||$88||$904||$75|
|Equinox LT 2WD||$168||$334||$296||$18||$88||$904||$75|
|Equinox LS AWD||$168||$334||$296||$18||$88||$904||$75|
|Equinox LT AWD||$168||$334||$296||$18||$88||$904||$75|
|Equinox LTZ 2WD||$190||$394||$296||$18||$88||$986||$82|
|Equinox LTZ AWD||$190||$394||$296||$18||$88||$986||$82|
|Equinox LTZ AWD||$190||$394||$296||$18||$88||$986||$82|
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Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Rate quotes do not factor in specific zip code location which can modify coverage rates significantly.
Selecting a highly-rated insurer can be difficult considering how many different insurance companies sell coverage in Ohio. The ranking information in the lists below may help you pick which auto insurers you want to consider comparing prices from.
The ratings below only include the largest companies in America, so smaller regional companies are not included in this list. If you wish to compare prices from these and other companies in Ohio, simply click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Full coverage versus liability-only
Lowering the price of insurance is probably important to the majority of vehicle owners, and one of the quickest ways to pay lower rates for insurance for a Chevrolet Equinox is to buy liability only. The chart below shows the difference between annual premium costs with full physical damage coverage compared to only buying liability only. The rates are based on no accidents or driving violations, $100 deductibles, drivers are single, and no discounts are applied to the premium.
If we average the cost for all age groups, full coverage costs $1,552 per year over liability only. Many drivers will wonder if physical damage coverage is worth the money. There is no exact rule for eliminating comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is more than 10% of replacement cost minus your deductible, then it might be time to buy liability only.
There are some cases where eliminating full coverage is not advised. If you still have a loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.
The information below illustrates how your choice of deductibles can influence insurance costs when researching cheap insurance for a Chevrolet Equinox. The data is based on a single female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
The data above shows that a 30-year-old driver could pocket $246 a year by changing from a $100 deductible to a $500 deductible, or save $372 by selecting a $1,000 deductible. Even younger drivers, like the age 20 example, can save up to $548 annually by choosing a higher deductible. If you do decide to increase your deductibles, it is a good idea to have enough spare savings to be able to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Types of discounts on Toledo insurance rates
Insurance companies that offer quotes for a Chevrolet Equinox may provide price discounts that could potentially reduce rates by 35% or more if you meet certain criteria. Large insurance companies and their offered discounts are shown below.
- State Farm offers discounts including anti-theft, good student, driver's education, Drive Safe & Save, Steer Clear safe driver discount, multiple autos, and defensive driving training.
- GEICO has discounts for five-year accident-free, air bags, defensive driver, daytime running lights, driver training, multi-policy, and membership and employees.
- SAFECO offers discounts for teen safe driver, homeowner, teen safety rewards, anti-theft, safe driver, drive less, and accident prevention training.
- Farmers Insurance has savings for early shopping, business and professional, good student, multi-car, teen driver, and homeowner.
- AAA offers premium reductions for multi-policy, good driver, anti-theft, education and occupation, and multi-car.
- USAA policyholders can earn discounts including military installation, driver training, new vehicle, multi-policy, vehicle storage, loyalty savings, and safe driver.
The diagram below illustrates the difference between yearly insurance costs with and without policy discounts. The premiums are based on a female driver, a clean driving record, no claims, Ohio state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with marriage, vehicle safety, homeowner, anti-theft, multiple policy, and accident-free discounts applied. When taking advantage of discounts, the average savings per year on insurance for a Chevrolet Equinox is 28% or $335.