Chevy Equinox insurance image courtesy of QuoteInspector.com
It's an obvious conclusion that insurance companies don't want customers comparing rates. Drivers who get comparison quotes once a year will, in all likelihood, buy a different policy because there is a great chance of finding discount prices. A recent insurance study revealed that consumers who compared price quotes annually saved over $3,450 over four years as compared to drivers who don't make a habit of comparing rates.
If finding the most affordable Chevy Equinox insurance in Lubbock is your ultimate objective, then having some knowledge of how to find and compare insurance can save money and time.
If you want to save the most money, the best way to find low-cost prices for car insurance rates in Lubbock is to start comparing prices regularly from companies in Texas. You can shop around by following these steps.
- Step 1: Spend some time learning about the different coverages in a policy and the steps you can take to drop your rates. Many risk factors that cause high rates such as speeding tickets, accidents and an unacceptable credit score can be amended by improving your driving habits or financial responsibility. This article provides information to get cheaper coverage and find overlooked discounts.
- Step 2: Request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only quote rates from a single company like GEICO or Allstate, while independent agents can provide rate quotes for a wide range of insurance providers. Find a Lubbock insurance agent
- Step 3: Compare the quotes to your existing coverage and see if you can save money. If you find a better price and make a switch, make sure coverage does not lapse between policies.
- Step 4: Give notification to your current company of your intention to cancel the current policy and submit the completed application along with a down payment for your new coverage. Immediately safely store the certificate verifying proof of insurance with your registration paperwork.
One important bit of advice is to make sure you enter identical coverage information on each quote request and and to get rate quotes from as many companies as possible. Doing this provides an accurate price comparison and many rates to choose from.
Insurance rate breakdown
The table displayed next showcases detailed analysis of insurance coverage prices for Chevy Equinox models. Having a better idea how car insurance prices are formulated can be of help when making decisions on which insurance to purchase.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$232||$392||$388||$24||$116||$1,152||$96|
|Equinox LT 2WD||$232||$392||$388||$24||$116||$1,152||$96|
|Equinox LS AWD||$232||$392||$388||$24||$116||$1,152||$96|
|Equinox LT AWD||$232||$392||$388||$24||$116||$1,152||$96|
|Equinox LTZ 2WD||$262||$462||$388||$24||$116||$1,252||$104|
|Equinox LTZ AWD||$262||$462||$388||$24||$116||$1,252||$104|
|Equinox LTZ AWD||$262||$462||$388||$24||$116||$1,252||$104|
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Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Rate quotes do not factor in specific location information which can affect prices greatly.
The chart below demonstrates how deductibles and can raise or lower Chevy Equinox insurance rates for different age groups. The premiums are based on a single female driver, comprehensive and collision coverage, and no other discounts are factored in.
Comparison of full coverage and liability-only policies
The illustration below compares Chevy Equinox insurance rates with liability coverage only compared to full coverage. The prices are based on no claims, a clean driving record, $1,000 deductibles, drivers are single, and no other discounts are factored in.
When to stop paying for full coverage
There isn't a steadfast formula of when to exclude physical damage coverage on your policy, but there is a general convention. If the yearly cost of full coverage is more than about 10% of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let's assume your Chevy Equinox claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $8,000 after paying the physical damage deductible. If premiums are more than $800 annually for your policy with full coverage, then you may need to consider dropping full coverage.
There are a few situations where dropping physical damage coverage is not financially feasible. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to protect the lienholder's interest in the vehicle. Also, if you don't have enough money to buy a different vehicle if your current one is totaled, you should keep full coverage in place.
How Insurers Calculate Chevy Equinox Insurance Prices
Multiple criteria are taken into consideration when pricing auto insurance. Some are pretty understandable like your driving record, but other factors are more transparent like your vehicle usage or how financially stable you are.
The more you drive the more you pay - The higher the miles on your Chevy in a year the higher your rate. A lot of insurance companies charge rates based on their usage. Cars left parked in the garage receive better premium rates than vehicles that have high annual mileage. Make sure your car insurance policy shows annual mileage. Having an incorrect usage rating on your Equinox can result in significantly higher rates.
Do men or women drive better? - Statistics demonstrate women tend to be less risk to insure than men. It does not mean males are worse at driving than females. Males and females cause auto accidents at about the same rate, but the males tend to have higher claims. Men also have more aggressive citations such as driving while intoxicated (DWI) or driving recklessly.
The illustration below illustrates the difference between Chevy Equinox annual premium costs for male and female drivers. The premiums assume no claims, a clean driving record, comprehensive and collision coverage, $500 deductibles, single marital status, and no other discounts are factored in.
Premiums drop with age - Youthful drivers in Texas are statistically shown to be careless and easily distracted in a vehicle therefore car insurance rates are much higher. More mature drivers tend to be more responsible, tend to cause fewer accidents, and are safer drivers.
The data below uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
Poor credit rating equals high prices - A driver's credit rating factor in determining what you pay. If your credit is low, you could be paying less to insure your Chevrolet Equinox if you improve your credit rating. Insureds with high credit ratings tend to be more responsible than drivers with poor credit scores.
Chevy Equinox claim statistics - Insurers analyze past claim statistics when they calculate premium rates for each model. Vehicles that the data determines to have high amounts or severity of claims will cost more for specific coverages. The table below demonstrates the loss history for Chevy Equinox vehicles.
For each coverage type, the claim probability for all vehicles, as a total average, is represented as 100. Percentage numbers below 100 indicate a favorable loss history, while values that are 100 or greater indicate a higher chance of having a claim or statistically larger losses.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Chevrolet Equinox 4dr 2WD||82||86||74||101||104||93|
|Chevrolet Equinox 4dr 4WD||84||88||85||89||93||81|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Be persistent and save
Low-cost Chevy Equinox insurance in Lubbock can be sourced both online as well as from insurance agents, and you need to price shop both so you have a total pricing picture. Some companies do not offer the ability to get quotes online and these smaller providers provide coverage only through independent agents.
As you go through the steps to switch your coverage, you should never skimp on critical coverages to save a buck or two. In many instances, consumers will sacrifice liability coverage limits and found out when filing a claim that the savings was not a smart move. Your strategy should be to purchase a proper amount of coverage at the lowest possible cost but still have enough coverage for asset protection.
- Teen Driver Licensing Information (iihs.org)
- Who Has Affordable Auto Insurance Rates for Teenage Females in Lubbock? (FAQ)
- What Car Insurance is Cheapest for Nurses in Lubbock? (FAQ)
- Who Has Cheap Car Insurance Quotes for Safe Drivers in Lubbock? (FAQ)
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Smart Auto Insurance Tips (Insurance Information Institute)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)