Finding affordable auto insurance for a Chevrolet Equinox in Colorado depends on a lot of things such as your marital status, your credit status, and whether or not you are a good driver. Colorado drivers will pay on average $962 a year to insure their Equinox, but that figure is an approximation calculated based on a 50-year-old married male driver with both comprehensive and collision coverage and $250 deductibles.
The problem with using this number is the good chance you are not 50 and maybe not even a male, single instead of married, or maybe your Equinox is old enough that it doesn't require full coverage. Have just a small change in the factors used in pricing a policy may result in significant differences in the policy rate.
Car insurance coverage is unique to each driver, so this is why the best way to find the most affordable coverage for your Chevrolet is to do your own rate comparisons. It's really quite easy you will receive rate quotes from some of the cheapest companies that insure Chevrolet vehicles in Colorado.
Vehicle trim level will be a contributing factor to the insurance rate, so the price you will be charged to insure a Equinox LS 2WD trim level will be $96 less expensive the cost to insure the fancier Equinox LTZ AWD version, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$212||$388||$338||$20||$100||$1,058||$88|
|Equinox LT 2WD||$212||$388||$338||$20||$100||$1,058||$88|
|Equinox LS AWD||$212||$388||$338||$20||$100||$1,058||$88|
|Equinox LT AWD||$212||$388||$338||$20||$100||$1,058||$88|
|Equinox LTZ 2WD||$238||$458||$338||$20||$100||$1,154||$96|
|Equinox LTZ AWD||$238||$458||$338||$20||$100||$1,154||$96|
|Equinox LTZ AWD||$238||$458||$338||$20||$100||$1,154||$96|
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Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Price information does not factor in zip code location which can alter premiums noticeably.
Colorado car insurance company ratings
Picking a high-quality auto insurance company is hard considering how many companies sell coverage in Colorado. The information shown below may help you decide which car insurance providers you want to consider purchasing a policy from. The ratings below are for the largest auto insurers in America, so companies that may only write in Colorado are not taken into consideration for these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Discounts on Colorado auto insurance
Auto insurance companies that provide coverage for a Chevrolet Equinox may provide premium discounts that can reduce rates by 40% or more if you meet eligibility requirements. A list of car insurance companies and their offered discounts are included below.
- State Farm policyholders can earn discounts including safe vehicle, driver's education, accident-free, student away at school, defensive driving training, and anti-theft.
- American Family offers discounts including Steer into Savings, good student, mySafetyValet, early bird, multi-vehicle, defensive driver, and bundled insurance.
- AAA includes discounts for multi-policy, education and occupation, multi-car, anti-theft, good student, and pay-in-full.
- GEICO may include discounts for multi-policy, good student, five-year accident-free, driver training, air bags, and emergency military deployment.
- Mercury Insurance offers discounts for type of vehicle, good student, accident-free, location of vehicle, and annual mileage.
- Farmers Insurance may have discounts that include distant student, teen driver, early shopping, switch companies, homeowner, electronic funds transfer, and multi-car.
- Progressive discounts include multi-policy, homeowner, continuous coverage, online signing, and multi-vehicle.
The example below shows the difference between insurance prices with and without discounts being applied to the rates. The data assumes a male driver, no claims or driving violations, Colorado state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with anti-theft, accident-free, marriage, defensive driving course, vehicle safety, and homeowner discounts applied. When drivers take advantage of discounts, the the amount saved on car insurance for a Chevrolet Equinox is 28% or $519.
Cautious Colorado drivers save money
The obvious way to snag affordable car insurance rates in Colorado for an Equinox is to drive safe and avoid tickets and accidents. The illustration below shows how traffic citations and accidents influence yearly insurance costs for different age categories. Data assumes a married male driver, comp and collision included, $500 deductibles, and no discounts are applied.
In the example above, the average cost of auto insurance in Colorado per year with no accidents or violations is $1,805. Add in one speeding ticket and the average cost jumps to $2,073, an increase of $269 each year. Then throw in two accidents along with the one speeding ticket and the 12-month cost of car insurance for a Chevrolet Equinox in Colorado increases to an average of $4,424. That's an increase of $2,619, or $218 per month, just for being a little careless behind the wheel!
Should you buy full coverage?
Finding the cheapest car insurance is probably important to most people, and one great way to buy cheap insurance for a Chevrolet Equinox in Colorado is to not insure for full coverage. The illustration below visualizes the comparison of car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The premiums are based on a clean driving record, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are factored in.
If averaged out across all ages, physical damage coverage on your policy costs $1,865 per year more than insuring for liability only. A very common question is if full coverage is worth the money. There is no set rule of when to stop paying for full coverage on your policy, but there is a general convention. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let's pretend your vehicle's book value is $5,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would receive is $4,000 after paying your deductible. If you are paying over $400 annually for physical damage coverage, then you might want to consider buying only liability coverage.