Equinox Insurance: What's The Cost?

The Chevrolet Equinox is considered a safe vehicle by insurance companies, and its low repair costs contribute to favourable insurance rates for owners. The average insurance premium for a Chevrolet Equinox is $1,561 per year, which is $664 cheaper than the national average for popular SUV models. The cost of insurance depends on factors such as age, state, insurance company, mileage, recent accidents, traffic violations, and credit history. For example, in California, the average Chevrolet Equinox owner pays less than half of what a New York owner pays per month.

Average insurance rates for a Chevrolet Equinox

The average cost of insurance for a Chevrolet Equinox is around $1,500 per year, though this can vary depending on the model year. For example, the 2023 Chevrolet Equinox costs on average $1,853 per year to insure, while the 2022 model costs $1,602. The cheapest insurance option for the 2023 model is State Farm at $1,070 per year.

The cost of insurance for a Chevrolet Equinox also depends on the driver's age, location, driving record, and other factors. For example, a 20-year-old driver will pay, on average, $3,474 per year, while a 60-year-old driver will pay $1,454 per year. The cost of insurance for a Chevrolet Equinox is also dependent on the trim package chosen. The base LS model, for instance, may be more expensive to insure than the LS model, as the LS offers an all-wheel-drive option that could save up to $300 a year on insurance.

The Chevrolet Equinox is considered a midrange car, so insurance costs will likely reflect a medium between coverage options and the cost of the premium. A higher deductible could reduce insurance payments, but this would require the policyholder to have that deductible amount readily available in the event of an accident.

The newest Chevrolet Equinox models come in four trim packages: L, LS, LT, and Premier. The Premier package is the most expensive to buy and insure, as it includes a variety of luxury features. The L and LS models offer standard front-wheel drive, while the LT and Premier packages offer both front-wheel and all-wheel-drive options. The LT package also includes high-intensity discharge (HID) front headlights and LED rear lights as standard, with advanced driver assistance as an optional extra.

The cost of insurance for a Chevrolet Equinox is also influenced by the availability of discounts. Safe drivers, those with a clean driving record, and those who have been continuously insured may be eligible for lower rates. Homeowners who bundle their auto and home insurance with the same company may also benefit from reduced premiums, as may those who insure multiple vehicles with the same provider.

Factors that affect insurance rates

There are many factors that affect insurance rates, and these can be split into two categories: factors that are within your control, and factors that are outside of your control.

Factors outside of your control include your age, your city's population density, and your state of residence. Younger and older drivers tend to pay more for insurance, as they are considered less experienced and more likely to get into an accident. Teen drivers pay the most for insurance, and rates start to decrease after age 25. Senior drivers are often charged more after they pass the age of 65.

Your state of residence is also a significant factor, as each state has its own laws and minimum coverage requirements, which can vary by up to 318%.

Your city's population density can also affect your insurance rates, as big cities tend to have higher crime rates and more crowded roads, leading to higher insurance costs.

Factors within your control include your credit history, driving record, and the type of car you drive.

Your credit history can impact your insurance rates, as drivers with poor credit tend to pay more for insurance than those with good credit. However, this varies by state, as some states do not allow insurance companies to consider credit scores when determining rates.

Your driving record is also crucial, as a history of tickets or violations will result in higher insurance costs. Traffic violations and accidents can increase your insurance rates by anywhere from 20% to 200%.

The type of car you drive is another factor that can affect your insurance rates. Some vehicles are cheaper to insure than others, and insurance companies prefer to insure safe vehicles, as they are less likely to lead to expensive claims. The cost of insurance also tends to be higher for vehicles with high repair costs, added features, and poor safety records.

Other factors that can influence insurance rates include your gender, marital status, annual mileage, and location (both state and ZIP code).

It's important to note that not all factors carry the same weight, and the impact of each factor may vary depending on your specific circumstances and location.

How insurance rates compare to other SUVs

The Chevrolet Equinox is considered a compact SUV. The Equinox ranks 24th out of 47 vehicles in the 2024 compact SUV segment for insurance affordability. The Equinox costs an average of $1,746 per year to insure for full coverage, while the segment median rate is $1,745 per year.

When compared to other small SUVs, Equinox insurance costs $2 less per year than the Toyota RAV4, is $128 more than the Honda CR-V, costs $42 more than the Nissan Rogue, and is $16 more than the Ford Escape.

The average insurance cost for a 2024 Chevrolet Equinox is $129 cheaper than the Nissan Rogue, at $34,096 compared to $34,225. Insuring the Nissan Rogue costs an average of $42 less than the Chevrolet Equinox.

The 2024 Chevrolet Equinox has an average MSRP that is $142 more expensive than the Honda CR-V ($34,096 versus $33,954). Anticipate paying around $128 less per year for insurance on the Honda CR-V compared to an Equinox.

The sticker price on the 2024 Volkswagen Tiguan averages $230 more than the Chevrolet Equinox ($34,326 compared to $34,096). The average insurance cost for a 2024 Chevrolet Equinox compared to the Volkswagen Tiguan is $176 more each year.

The 2024 Chevrolet Equinox has an average MSRP that is $497 cheaper than the Ford Bronco Sport ($34,096 versus $34,593). Insurance on a Chevrolet Equinox costs an average of $192 more annually than the Ford Bronco Sport.

The average cost of Chevrolet Equinox insurance is $114/month or $1,370 annually. The average cost of insurance for a 2018 Chevrolet Equinox is $982 per year, while the average cost for a 2023 Chevrolet Equinox is $189 per month.

Cheapest insurance companies for a Chevrolet Equinox

The Chevrolet Equinox is considered a safe vehicle, and its compact SUV classification means it doesn't cost much to repair. This should help you get a favourable insurance rate.

The average insurance cost for a Chevrolet Equinox is $189, but rates vary depending on the insurance company. For example, the Texas Farm Bureau offers insurance for $65 per month. The cost of insurance also depends on the trim level of the car, ranging from $1,632 to $1,890 annually for the average driver.

GEICO and Progressive offer the cheapest average Equinox insurance rates at $1,413 and $1,439 per year, respectively. The cost of insurance for the Chevy Equinox is also dependent on the age of the driver, with younger drivers paying more than older drivers. For instance, a 16-year-old driver would pay $6,183 per year for full coverage, while a 60-year-old driver would pay $1,454.

When considering insurance for the Chevrolet Equinox, it is important to look beyond a specific provider and weigh factors such as price, deductibles, coverage, and warranty.

Discounts to reduce insurance rates

There are several discounts that can help reduce insurance rates for a Chevrolet Equinox. These discounts are offered by insurance companies and can vary depending on factors such as age, driving history, and safety features. Here are some common discounts to look out for:

• Good Driver Discounts: Safe drivers with a clean driving record can often qualify for significant discounts. Avoiding accidents and violations can save you a considerable amount on your insurance premiums.
• Multi-Policy Discounts: Bundling your auto and home insurance policies with the same company can result in savings of up to 17%.
• Usage-Based Discounts: Some insurance providers offer discounts for good driving habits. This may involve installing a telematics device to monitor speed and acceleration habits.
• Safety Feature Discounts: Insurance companies may offer discounts for vehicles equipped with safety features such as anti-lock brakes, daytime running lights, and airbags.
• Defensive Driving Discounts: Taking a defensive driving class from a certified school can lead to discounts on your insurance premiums.
• Multi-Vehicle Discounts: Insuring multiple vehicles with the same insurance carrier can result in savings of up to 15%.
• Student Discounts: Good student discounts are often available for students with good academic records. Additionally, students who live away from home without a car can benefit from lower insurance rates.
• Military Discounts: Some insurance companies offer discounts for military personnel and veterans.
• Pay-in-Full Discounts: Paying your insurance premium in full can result in savings of up to 10%.
• Credit Score Discounts: Maintaining an excellent credit score can lead to lower insurance rates. A higher credit score demonstrates financial responsibility and can result in savings of up to $274 per year.

It's important to note that insurance rates for a Chevrolet Equinox can vary based on factors such as age, gender, location, and driving history. By taking advantage of these discounts and maintaining a good driving record, you can significantly reduce your insurance rates. Additionally, it's recommended to compare rates from multiple insurance providers to ensure you're getting the best deal.

Frequently asked questions