Finding cheap insurance for a Chevrolet Equinox in Michigan is pretty straightforward, but it hinges on many rating factors such as how old the vehicle is, what you do for a living, and any driving offenses on your record. Michigan drivers will pay on average $2,275 a year to insure their Equinox, but that amount is an approximation based on a 40-year-old married male driver with full coverage and $100 deductibles.
The issue with using an average estimated rate is the likelihood you are not 40 and maybe not even a male, possibly single instead of married, and you might want liability-only or different deductibles. This shows why the way we recommend to find cheap car insurance rates for your Chevrolet is to compare rates from as many companies as possible. Quotes are free and you will get price quotes from some of the best insurers that insure Chevrolet vehicles in Michigan.
The trim level of your Chevrolet can impact price, so the price you will be charged to insure a Equinox LS 2WD trim level will be $246 cheaper than the insurance cost for 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||$540||$988||$712||$42||$212||$2,494||$208|
|Equinox LT 2WD||$540||$988||$712||$42||$212||$2,494||$208|
|Equinox LS AWD||$540||$988||$712||$42||$212||$2,494||$208|
|Equinox LT AWD||$540||$988||$712||$42||$212||$2,494||$208|
|Equinox LTZ 2WD||$610||$1164||$712||$42||$212||$2,740||$228|
|Equinox LTZ AWD||$610||$1164||$712||$42||$212||$2,740||$228|
|Equinox LTZ AWD||$610||$1164||$712||$42||$212||$2,740||$228|
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Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Michigan minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Estimates do not factor in vehicle location which can impact prices significantly.
Finding out which company offers the cheapest auto insurance rates for a Chevrolet Equinox will involve a little more sweat than just picking a company at random. Every insurance provider uses a little different formula to set policy rates, so let’s take a look at the auto insurance companies with the overall best prices in Michigan.
Find the Best Cheap Insurance for Your Equinox
|Rank||Company||Cost Per Year|
|7||Pioneer State Mutual||$1,488|
|17||Auto Club Group||$2,391|
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USAA normally has some of the best car insurance rates in Detroit at around $978 each year. GEICO, Safeco, MetLife, and Chubb also make the cut as some of the lowest-priced Detroit, MI insurance companies.
As the rates illustrate above, if you currently have a policy with MetLife and switched to GEICO, you might achieve annual savings of upwards of $317. Customers with Chubb might save as much as $435 a year, and MEEMIC insureds might reduce prices by as much as $443 a year.
If you want to find out if you’re overpaying, click here to get quotes or quote rates from the companies below.
These premium estimates are averages across all insureds and vehicles and do not take into consideration a vehicle 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 30 companies in the list above. That point stresses why you need to get car insurance quotes using your own driver information and specific vehicle type.
Cost of full coverage in Detroit
Saving money on auto insurance is probably important to most drivers, and a great way to reduce the cost of insurance for a Chevrolet Equinox is to not pay for full coverage. The illustration below shows the comparison of insurance prices with full coverage and liability only. The data assumes no violations or claims, $1,000 deductibles, drivers are single, and no additional discounts are factored in.
Averaged out for all age groups, full coverage on your policy costs $3,643 per year more than buying just liability insurance. That proposes the question if full coverage is worth the money. There is no definitive rule for excluding full coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s claim settlement value is $10,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $9,000 after you pay the deductible. If you are paying over $900 annually for full coverage, the it may be a good time to stop paying for full coverage.
Your cheap Equinox insurance may actually be overpriced
Detroit auto insurance rates are calculated based on many things which can substantially change the price you have to pay. Simply getting older, becoming a homeowner, or getting a couple of tickets may cause policy rate changes that may make certain companies affordable when they were higher priced. Not only may your risk profile change, but car insurance companies amend pricing multiple times each year in order to remain profitable. Significantly higher claims may cause additional price hikes, while less frequent claims may cause cheaper Equinox insurance rates.
To illustrate this example, the chart below demonstrates which company has the cheapest car insurance in Detroit, MI for a 45-year-old male driver with no accidents or violations, and excellent credit. If we compare prices based on his personal profile, USAA might quote the lowest car insurance rates in Detroit at $2,234 a year. This is $159 less than the average price paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb are the remainder of the top five cheapest Detroit, MI auto insurance companies.
Now we will pretend the driver from the first example a chargeable claim, poor credit, and a blemish on his driving record. Since each company uses their own calculation to establish rates, analyzing rate quotes could now result in a different ranking of companies as shown below.
MEEMIC now has the best price in Detroit with GEICO, Safeco, USAA, and Hastings Mutual now being in the top five. This example demonstrates why consumers need to compare lots of rates when trying to get affordable car insurance rates for a Chevrolet Equinox. Rates are determined by many things and can change without notice, so the cheapest company the last time you checked may now cost much more than other companies.