Finding the best cheap auto insurance for a Chevrolet Equinox in Tennessee is pretty easy for most people, but it is dependent upon a whole bunch of rating criteria such as your age, the likelihood of vehicle theft, and if you have tickets or violations. Drivers in Tennessee pay approximately $717 a year to insure their Equinox, but that figure is an estimation based upon a 50-year-old single female driver with full physical damage coverage and $1,000 deductibles.
It’s more than likely you are not 50 and maybe not even a female, maybe you are married instead of single, or maybe you just want different deductibles. Having just a slight change in rating factors or requested coverage amount can make a large difference in how much insurance for a Chevrolet Equinox costs.
The different assumptions illustrate why the way we recommend to find the cheapest insurance price for your Chevrolet is to do your own rate comparisons. Quotes are always free and you will receive prices from some of the most affordable companies that insure vehicles in Tennessee.
The specific trim level has an effect on the cost of coverage, so the rate you will pay to insure a Equinox LS 2WD will be $58 cheaper than the cost to insure the more well-appointed Equinox LTZ AWD version, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$118||$232||$326||$20||$98||$794||$66|
|Equinox LT 2WD||$118||$232||$326||$20||$98||$794||$66|
|Equinox LS AWD||$118||$232||$326||$20||$98||$794||$66|
|Equinox LT AWD||$118||$232||$326||$20||$98||$794||$66|
|Equinox LTZ 2WD||$134||$274||$326||$20||$98||$852||$71|
|Equinox LTZ AWD||$134||$274||$326||$20||$98||$852||$71|
|Equinox LTZ AWD||$134||$274||$326||$20||$98||$852||$71|
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Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Premium costs do not factor in vehicle garaging location which can revise premiums substantially.
Figuring out which companies offer the most affordable insurance rates for a Chevrolet Equinox involves a little more effort in order to find the best price.
Each insurer has a unique formula for setting prices, so let’s take a look at the lowest cost insurance companies in Tennessee. Keep in mind that Nashville, TN insurance rates are impacted by many things that can increase the policy premium. Simply improving your credit, buying a new vehicle, or getting into an accident can trigger price changes resulting in some companies being more affordable than before.
Find the Cheapest Auto Insurance for Your Equinox
Utica National generally has some of the most affordable car insurance rates in Nashville at around $744 each year. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also rank well as some of the cheapest Nashville, TN auto insurance companies.
In the above rates, if you currently buy coverage from Penn National and switched to Auto-Owners, you could realize yearly savings of around $47. Insureds with USAA may save as much as $67 a year, and Tennessee Farmers insureds might reduce prices by as much as $99 a year.
Be aware that those premiums are averaged across all ages of drivers and types of vehicles and do not take into consideration an exact zip code location for a Chevrolet Equinox. So the insurer that has the cheapest rates for you may not even be in the top 30 companies in the list above. That is why you need to compare prices as often as possible using your own driver data and vehicle information.
The illustration below shows how choosing a deductible can impact insurance rates when researching cheap insurance for a Chevrolet Equinox. The rate quotes are based on a single male driver, comp and collision included, and no discounts are factored in.
The data above shows that a 40-year-old driver could lower their car insurance rates by $332 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $500 by changing to a $1,000 deductible. Even younger insureds, like the Age 20 category, could possibly save up to $1,096 or more just by using higher deductibles.
When insureds make the decision to increase the deductibles on their policy, it will be necessary to have enough in a savings account to enable you to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Full coverage rates compared to liability only
Finding the cheapest insurance is probably important to the majority of drivers, and a good way to buy cheaper insurance for a Chevrolet Equinox is to not buy comprehensive and collision coverage. The illustration below illustrates the difference between insurance costs when comparing full coverage to liability only. The information is based on no claims or driving violations, $500 deductibles, drivers are single, and no discounts are applied.
If we average the cost for ages 20 through 70, physical damage coverage on your policy costs an extra $1,615 per year more than just buying liability only. Many people question if physical damage coverage is worth the money. There is no definitive formula for phasing out comp and collision coverage, but there is a general guideline. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
There are some conditions where only buying liability is not financially feasible. If you still owe a portion of the original loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should keep full coverage on your policy.
Get discount Nashville insurance
Insurance companies that provide coverage for a Chevrolet Equinox may also provide policy discounts that can lower rates by as much as 30% if you qualify. Large insurance companies and some of the discounts are shown below.
- The Hartford may offer discounts for good student, driver training, defensive driver, bundle, air bag, anti-theft, and vehicle fuel type.
- American Family may include discounts for TimeAway discount, accident-free, early bird, good student, Steer into Savings, good driver, and air bags.
- Progressive has discounts for online quote discount, good student, online signing, continuous coverage, and homeowner.
- Travelers includes discounts for multi-policy, student away at school, new car, multi-car, driver training, IntelliDrive, and home ownership.
- Farmers Insurance discounts include pay in full, switch companies, youthful driver, homeowner, good student, bundle discounts, and distant student.
- USAA policyholders can earn discounts including driver training, safe driver, defensive driver, military installation, multi-vehicle, and loyalty savings.
- Liberty Mutual offers premium reductions for newly married, teen driver discount, new vehicle discount, newly retired, hybrid vehicle, preferred payment discount, and new graduate.
The example below illustrates the difference between auto insurance costs with and without discounts applied to the premium. The premiums are based on a male driver, no claims or violations, Tennessee state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with accident-free, safe-driver, marriage, multiple policy, homeowner, and claim-free discounts applied. When discounts are applied, the average savings per year on insurance for a Chevrolet Equinox is 28% or $400.