Buying economical car insurance for a Chevrolet Equinox in Kentucky doesn’t take too much effort, but it relies on a complicated formula that considers factors such as miles driven annually, your credit score, and the level of deductible you choose. Drivers pay around $821 each year for Equinox insurance, but that amount is a projection calculated using a 50-year-old single male driver with full coverage and $1,000 deductibles.
The problem with using this number is the good chance you aren’t exactly 50 years old or even a male, maybe you are married instead of single, or you just want cheap liability insurance instead of full coverage. The different assumptions illustrate why the best method for finding the most affordable coverage for your Chevrolet is to just take the time to compare rates yourself.
The specific trim level will be a contributing factor to the coverage cost, so the price you will pay to insure a Equinox LS 2WD model will be $66 cheaper than the price to insure the fancier Equinox LTZ AWD trim level, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$134||$276||$368||$22||$110||$910||$76|
|Equinox LT 2WD||$134||$276||$368||$22||$110||$910||$76|
|Equinox LS AWD||$134||$276||$368||$22||$110||$910||$76|
|Equinox LT AWD||$134||$276||$368||$22||$110||$910||$76|
|Equinox LTZ 2WD||$152||$324||$368||$22||$110||$976||$81|
|Equinox LTZ AWD||$152||$324||$368||$22||$110||$976||$81|
|Equinox LTZ AWD||$152||$324||$368||$22||$110||$976||$81|
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Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Price estimates do not factor in specific garaging location which can alter coverage rates noticeably.
Establishing which companies quote the cheapest insurance rates for a Chevrolet Equinox will take a tad more effort than just picking a company at random. Every insurance company uses a different method to set premium rates, so to begin we’ll rank the most affordable insurance companies in Lexington.
Cheap Insurance Rates for Your Equinox
|Rank||Company||Cost Per Year|
|2||Kentucky Farm Bureau||$1,128|
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Cincinnati Insurance may have some of the best car insurance rates in Lexington at around $1,126 per year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual would also make the list of some of the lowest-priced Lexington, KY insurance companies.
As the example above demonstrates, if you are a policyholder with Auto-Owners and switched to Kentucky Farm Bureau, you might see savings of roughly $271. Insureds with Motorists Mutual may save as much as $489 a year, and Grange Mutual policyholders might see rate reductions of $497 a year.
To get a quick, customized rate comparison, click here to begin a quote or visit any of the low-priced companies below.
Understand that those prices are averaged for all insureds and vehicles and and are not figured with an exact zip code location for a Chevrolet Equinox. So the car insurance company that fits your situation best may not even be in the list above. That illustrates why you need to compare prices as often as possible using your own individual information.
Reckless driving habits raise insurance rates
The easiest way to get low insurance rates in Lexington for an Equinox is to drive safely and avoid accidents and violations. The illustration below demonstrates how traffic citations and at-fault claims can raise auto insurance rates for each age group. Data assumes a married male driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of a car insurance policy in Lexington per year with a clean driving record and no accidents is $1,679. Add in two speeding tickets and the average cost swells to $2,316, an increase of $637 each year. Now add in one accident along with the two speeding tickets and the annual cost of insurance for a Chevrolet Equinox jumps again to an average of $2,960. That’s an increase of $1,280, or $107 per month, just for not paying attention while driving!
Full coverage versus liability-only
Lowering the price of insurance is the goal of the majority of people, and a great way to pay less for insurance for a Chevrolet Equinox is to only buy liability insurance. The diagram below visualizes the comparison of insurance rates when comparing full coverage to liability only. The data is based on no driving violations, no at-fault accidents, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
If averaged for all ages, physical damage coverage costs $1,622 per year over liability only. That is a big expense that brings up the question if you should buy full coverage. There is no definitive guideline for eliminating physical damage insurance, but there is a guideline you can consider. If the yearly cost for physical damage coverage is 10% or more of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s replacement cost is $10,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $9,000 after the deductible is paid. If premiums are more than $900 a year for full coverage, then you might want to think about dropping full coverage.
There are a few cases where dropping physical damage coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to maintain full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Why it’s important to shop around
Lexington insurance rates are determined by lots of factors that may substantially change the price you pay for coverage. Simply having another birthday, buying a home instead of renting, or getting a couple of tickets can cause premium changes that can make some companies affordable when they were higher priced. Not only that, but car insurance companies amend premium rates as often as every quarter in order to maintain liquidity for claims. Larger than normal claims can cause higher priced premiums, while lower claims can cause cheaper Equinox insurance rates.
To illustrate this example, the graph below shows which companies have the cheapest car insurance in Lexington, KY for a 40-year-old female driver with a clear driving record, no claims, and excellent credit. If we compare prices based on her personal risk profile, Cincinnati Insurance offers the lowest car insurance rates in Lexington at $1,196 each year. This is $947 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are the remainder of the cheapest Lexington, KY auto insurance companies.
In this example, we will give the driver in the first example a couple of claims, a little lower credit rating, and a traffic citation. Since each auto insurer has a unique formula to determining premium rates, analyzing rates may now show a completely different list of the cheapest companies as shown below.
Kentucky Farm Bureau now has the cheapest insurance rate in Lexington with Travelers, USAA, State Farm, and Westfield now being in the top five. This demonstrates why it is critical to compare rates when trying to get the best car insurance rates for a Chevrolet Equinox.
Auto insurance prices are influenced by many factors and can increase or decrease at any time, so the most affordable company six months ago may now be wasting a lot of money.
How to find budget-friendly car insurance for a Chevrolet Equinox
The list below details many thrifty solutions that can help drivers get low-cost car insurance.
- Insure your home and auto with the same company
- Do not get traffic tickets
- The safer your car, the less it costs to insure
- Do not pay for full coverage on older vehicles
- Prevent rate increases by staying accident-free
- Frequent claims may make car insurance unaffordable
- Shop your coverage around for the best deal
The last suggestion is remarkably important, as we discussed in the prior information. Car insurance rates fluctuate constantly, so drivers shouldn’t be reluctant to buy a policy from a new company if a more affordable rate is found.
Many consumers stick with the same company and that’s fine, but it’s not a great idea if your bullheadedness ends up costing you hundreds of dollars year after year. It takes less than five minutes to compare prices and find cheaper insurance for a Chevrolet Equinox in Lexington.
If you have questions and prefer to get help from a professional when shopping for cheaper insurance for a Chevrolet Equinox, the agents shown below can help you decide which auto insurance policy would work best for you.
To find a Lexington insurance agency closest to you, click the button at the bottom or click here to compare rates now.
Bob Pugh – State Farm Insurance Agent
828 Lane Allen Rd #251 – Lexington, KY 40504 – (859) 276-4421
David Lovejoy – State Farm Insurance Agent
125 Towne Center Dr #125 – Lexington, KY 40511 – (859) 266-2121
Strong Insurance Agency, LLC
80 Codell Dr #120 – Lexington, KY 40509 – (859) 263-5840