Finding cheap insurance for a Chevrolet Equinox in Kentucky is normally pretty easy, but it relies on a whole bunch of rating criteria such as your financial responsibility, your credit history, and blemishes on your driving record. Drivers in Kentucky will pay on average $901 each year to insure their Equinox, but that cost is an approximation based upon a 30-year-old married male driver with full physical damage coverage and $500 deductibles.
When projecting a rate like this, the problem is that you’re not a 30-year-old male, possibly single instead of married, or maybe you want different physical damage deductibles. Even a minor difference in the criteria used to calculate rates can result in a big discrepancy in the cost of insurance for a Chevrolet Equinox.
There is no perfect policy for every driver, so the only real way to find the cheapest rates for your Chevrolet is to just take the time to compare rates yourself.
Your vehicle’s trim level will be a contributing factor to price, so the price you will pay to insure a Equinox LS 2WD trim level will be $88 less than the cost to insure the more well-appointed Equinox LTZ AWD trim level, as shown below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Equinox LS 2WD | $206 | $342 | $326 | $20 | $98 | $992 | $83 |
| Equinox LT 2WD | $206 | $342 | $326 | $20 | $98 | $992 | $83 |
| Equinox LS AWD | $206 | $342 | $326 | $20 | $98 | $992 | $83 |
| Equinox LT AWD | $206 | $342 | $326 | $20 | $98 | $992 | $83 |
| Equinox LTZ 2WD | $232 | $404 | $326 | $20 | $98 | $1,080 | $90 |
| Equinox LTZ AWD | $232 | $404 | $326 | $20 | $98 | $1,080 | $90 |
| Equinox LTZ AWD | $232 | $404 | $326 | $20 | $98 | $1,080 | $90 |
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Information does not factor in specific garaging location which can influence price quotes substantially.
Establishing which companies offer the lowest-priced car insurance rates for a Chevrolet Equinox calls for a bit more effort than just comparing rates from one or two companies.
Each company has their own formula to set premium rates, so let’s take a look at the car insurance companies that tend to have lower prices in Kentucky.
Cheap Insurance Rates for Your Equinox
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,082 |
| 2 | Kentucky Farm Bureau | $1,163 |
| 3 | USAA | $1,223 |
| 4 | Auto-Owners | $1,399 |
| 5 | Motorists Mutual | $1,553 |
| 6 | Grange Mutual | $1,561 |
| 7 | Travelers | $1,631 |
| 8 | State Farm | $1,812 |
| 9 | Westfield | $1,832 |
| 10 | Safe Auto | $1,972 |
| 11 | Progressive | $2,077 |
| 12 | Nationwide | $2,085 |
| 13 | Electric | $2,139 |
| 14 | State Auto | $2,166 |
| 15 | Encompass | $2,312 |
| 16 | GEICO | $2,437 |
| 17 | Safeco | $2,791 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,263 |
| 20 | Liberty Mutual | $3,598 |
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Cincinnati Insurance may offer some of the most affordable car insurance rates in Louisville at around $1,082 a year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual would also make the list of some of the cheaper Louisville, KY car insurance companies.
In the above example, if you are currently insured with USAA and switched to Cincinnati Insurance, you might realize a yearly price reduction of in the neighborhood of $141. Kentucky drivers with Auto-Owners might save as much as $317 a year, and Motorists Mutual customers might lower prices by up to $471 a year.
Be aware that those rates are averages for all types of insureds and vehicles and and are not figured with a specific location for a Chevrolet Equinox. So the car insurance company that can offer the best rates for your situation may not even be in the top 21 companies shown above. That helps illustrate why you need to get rate quotes using your own personal information and vehicle type.
How accidents and tickets impact rates in Louisville
A great way to score affordable car insurance prices for an Equinox is to pay attention while driving and avoid accidents and traffic citations. The illustration below illustrates how traffic citations and fender-benders raise car insurance costs for different age groups. The information is based on a single male driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.
The data in the chart shows the average cost of a car insurance policy in Kentucky per year with a clean driving record and no accidents is $2,434. Receive two speeding tickets and the average cost increases to $3,239, an increase of $805 each year. Now throw in one accident along with the two speeding tickets and the yearly cost of car insurance for a Chevrolet Equinox goes up to an average of $4,049. That’s an increase of $1,615, or $135 per month, just for not paying attention while driving!
Does it make sense to buy full coverage?
Saving money when shopping for car insurance is probably important to most vehicle owners, and one of the fastest ways to buy cheap insurance for a Chevrolet Equinox is to not pay for full coverage. The diagram below shows the difference between car insurance rates with full physical damage coverage compared to only buying liability only. The premiums are based on a clean driving record, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are applied to the premium.
Averaged for all age groups, physical damage coverage on your policy costs an additional $1,970 per year over liability only. That raises the question if it’s worth it to buy full coverage. There is no set rule to eliminate full coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.
There are some situations where removing full coverage is not recommended. If you haven’t paid off your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not eliminate full coverage.
Don’t make the mistake of not shopping around
Kentucky car insurance rates are determined by lots of factors that may substantially change the price of your policy. Simply having a birthday, increasing liability limits, or having an accident can trigger rate changes resulting in some rates now being more affordable than competitors.
Also, car insurance companies change premium rates as often as every quarter to adjust for gains or losses. Heavier than normal losses may result in price increases, while a better claims history can result in cheaper Equinox insurance rates.
The graph below shows which companies have the cheapest car insurance in Louisville, KY for a 40-year-old male driver with a clean driving record, no accidents, and a high credit rating. When quoting prices based on his current rating profile, Cincinnati Insurance might quote the cheapest car insurance rates in Louisville at $1,619 each year. This is $524 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are also on the list of the best Louisville, KY auto insurance companies.
Now let’s give the driver from the above example a couple of claims, a lower credit rating, and a traffic citation. Because every insurance company uses their own formula for setting prices, analyzing rate quotes may now result in a different set of affordable companies as shown below.
Kentucky Farm Bureau now has the cheapest insurance rate in Louisville with Travelers, USAA, State Farm, and Westfield also being competitive. This demonstrates why it is crucial to take the time to shop around to get the lowest auto insurance quotes for a Chevrolet Equinox.
Auto insurance prices are calculated by many risk factors and change substantially, so the cheapest option six months ago may now be one of the higher cost companies.
Ideas for buying more affordable insurance for a Chevrolet Equinox
Lowering your rates is not difficult, and here are some of the better penny-pinching solutions that can help you locate cheap car insurance.
- Get cheaper liability coverage by choosing a safer vehicle
- Buying car and homeowners insurance together can save money
- Frequent claims may make car insurance unaffordable
- Increase physical damage deductibles
- Remove physical damage coverage on older vehicles
- Better credit scores save money
- Keep rates low by shopping around frequently
That last piece of advice is remarkably significant, as was stressed in the article above. Prices charged by car insurance companies in Louisville vary greatly, so drivers shouldn’t be resistant to change to a new company if you can save money.
Staying with the same car insurance company is fine, but it’s not a great idea if that stubbornness costs you a lot of money every month. If you have a few minutes, compare rates and find cheaper auto insurance for a Chevrolet Equinox.
The insurance agencies listed below are a good start to aid you in deciding which auto insurance policy fits you best, since some drivers aren’t sure which coverage they need and prefer to get some professional advice when comparing insurance rates for a Chevrolet Equinox. It can be difficult to find coverage yourself, and a licensed agent can provide satisfaction knowing you have adequate protection in case of an accident or claim. To find a Louisville insurance agency nearest to you, click the button following the list.
- Troy Coulter – State Farm Insurance Agent
4906 Outer Loop – Louisville, KY 40219 – (502) 964-2002 - Ivy Brito – State Farm Insurance Agent
4919 Dixie Hwy b – Louisville, KY 40216 – (502) 449-1362 - Carmel Stauffer – State Farm Insurance Agent
3805 Poplar Level Rd – Louisville, KY 40213 – (502) 375-1744