Want to know how to find more affordable Chevy Equinox insurance in Colorado Springs? Feeling guilty for buying an underperforming, overpriced car insurance policy? You're preaching to the choir because you're not alone.
Unbelievable but true according to a study over 70% of consumers kept their coverage with the same car insurance company for at least the last four years, and 38% of drivers have never even shopped around for cheaper coverage. Colorado drivers could save about $610 every year, but they just assume it's a time-consuming process to compare rates online.
Big companies like Allstate, Liberty Mutual and State Farm continually hit you with ad campaigns and it can be hard to see through the cute green geckos and mayhem and find the best price available.
Auto insurance providers offering affordable rates in Colorado
The following companies are ready to provide comparison quotes in Colorado. If multiple providers are shown, it's a good idea that you visit two to three different companies to get the best price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$216||$424||$426||$26||$128||$1,220||$102|
|Equinox LT 2WD||$272||$458||$352||$20||$106||$1,208||$101|
|Equinox LS AWD||$164||$330||$426||$26||$128||$1,074||$90|
|Equinox LT AWD||$172||$314||$338||$20||$100||$944||$79|
|Equinox LTZ 2WD||$226||$400||$362||$22||$108||$1,118||$93|
|Equinox LTZ AWD||$214||$426||$396||$24||$118||$1,178||$98|
|Equinox LTZ AWD||$294||$662||$396||$24||$118||$1,494||$125|
|Get Your Own Custom Quote Go|
Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Estimates do not factor in specific garaging location which can lower or raise rates noticeably.
Full coverage rates compared to liability-only
The diagram below examines Chevrolet Equinox auto insurance rates when comparing full coverage to liability only. The premiums are based on no claims or driving citations, $1,000 deductibles, married female driver, and no discounts are applied to the premium.
Should you pay for full coverage?
There is no exact formula of when to exclude comp and collision coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than 10% of the vehicle's replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let's pretend your Chevrolet Equinox replacement cost is $8,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $7,000 after the policy deductible has been paid. If you are currently paying more than $700 a year to have full coverage, then it could be time to drop full coverage.
There are some cases where eliminating full coverage is not financially feasible. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan requirements. Also, if you don't have enough money to buy a different vehicle if your current one is totaled, you should not drop full coverage.
Reckless driving habits raise auto insurance rates
The chart below shows how violations and at-fault accidents impact Chevrolet Equinox premium costs for different categories of driver ages. The premium estimates are based on a single male driver, comprehensive and collision coverage, $500 deductibles, and no other discounts are factored in.
Save money with these discounts
Companies don't always publicize every available discount in a way that's easy to find, so the list below details some of the best known and also the more inconspicuous discounts that you can inquire about if you buy Colorado Springs auto insurance online.
- Payment Method - By making one initial payment rather than spreading payments over time you could save up to 5%.
- Multi-Vehicle Discounts - Drivers who insure multiple cars or trucks on one policy can reduce rates for all insured vehicles.
- No Accidents - Claim-free drivers can save substantially when compared with accident-prone drivers.
- Defensive Driving Course - Completing a driver safety class could earn you a small percentage discount if you qualify.
- Early Signing - Some insurance companies give discounts for buying a policy before your current coverage expires. It's a savings of about 10%.
- Professional Memberships - Having an affiliation with a qualifying organization can get you a small discount on your next insurance statement.
Don't be surprised that most credits do not apply to your bottom line cost. Some only apply to individual premiums such as liability, collision or medical payments. Just because it seems like you can get free auto insurance, companies don't profit that way. Any amount of discount will help reduce your policy cost.
To locate providers that offer the discounts shown above in Colorado, follow this link.
Informed Drivers Save on Insurance
Many different elements are part of the equation when you get your auto insurance bill. Some are pretty understandable such as your driving record, but other factors are more obscure like where you live or how safe your car is. A large part of saving on car insurance is knowing the different types of things that are used to determine the level of your policy premiums. When you understand what impacts premium levels, this helps enable you to make changes that could result in lower rates.
Liability coverage is cheap - Liability coverage is the protection in the event that a court rules you are at fault for personal injury or accident damage. Your liability coverage provides legal defense to attempt to prove you were not liable. Carrying liability coverage is mandatory and cheap as compared to coverage for physical damage, so insureds should have plenty of protection for their assets.
Bad driving leads to higher rates - Whether or not you get tickets impacts your car insurance rates tremendously. Having just one driving citation could increase your next policy renewal twenty percent or more. Drivers with clean records tend to pay less for car insurance than their less careful counterparts. People who have careless violations like DUI or willful reckless driving are required to complete a SR-22 with their state motor vehicle department in order to continue driving.
Low mileage costs less - The higher the miles on your Chevy every year the higher your rate. Many insurance companies charge to insure your cars based upon how much you drive. Vehicles that have low annual miles get more affordable rates than vehicles that have high annual mileage. Verify your car insurance policy states the correct usage for each vehicle, because improper ratings can cost you money. Having the wrong rating on your Equinox is throwing money out the window.
Never have policy lapses - Driving any period of time without insurance is not a good idea and you will pay a penalty because you let your insurance coverage expire. And not only will insurance be more expensive, being ticketed for driving with no insurance can result in a license revocation or jail time. You may then have to provide proof of insurance in the form of an SR-22 filing with the Colorado motor vehicle department.
More traffic equals higher prices - Being located in a small town can save you money when insuring your vehicles. Drivers who live in large cities regularly have more traffic problems and more severe claims. Fewer people translates into fewer accident claims as well as less vandalism and auto theft.
Certain employers pay higher prices - Careers such as fire fighters, police officers, and stock brokers are shown to have the highest rates attributed to high stress and lengthy work days. On the other hand, professions such as scientists, historians and the unemployed have the lowest average rates.
Incidental coverages you don't need - There are a ton of extra add-on coverages that you can buy when buying car insurance. Coverages like rental car reimbursement, towing, and motor club memberships may not be needed and are just wasting money. They may sound like good ideas when deciding what coverages you need, but if they're wasting money think about removing them and cutting costs.
Lower rates by increasing deductibles - Deductibles for physical damage define how much you are required to pay before a claim is paid by your company. Insurance for physical damage to your car, also known as collision and other-than-collision, covers damage that occurs to your car. Some examples of covered claims are collision with another vehicle, fire damage, and damage from wind. The more of the claim you choose to pay out-of-pocket, the lower your rates will be.
Chevy Equinox claim statistics - Companies use historical loss data when they file their rates in each state. Vehicles that have a trend towards higher claims will cost more for coverage. The table shown below demonstrates the insurance loss data for Chevy Equinox vehicles.
For each coverage type, the loss probablilty for all vehicles, regardless of make or model, is considered to be 100. Percentage numbers below 100 suggest losses that are better than average, while percentage values above 100 indicate frequent claims or an increased chance of larger losses than average.
Insurance Loss Ratings for Chevrolet Equinox Vehicles
|Specific Chevrolet 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|
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Shop online but buy locally
Many people prefer to sit down and talk to an agent and there is nothing wrong with that. A good thing about price shopping on the web is the fact that drivers can get cheap auto insurance quotes and also buy local. Supporting local agents is still important in Colorado Springs.
Upon completion of this simple form, your insurance data gets sent to local insurance agents who will give you bids for your insurance coverage. You won't need to contact any insurance agencies since price quotes are sent directly to you. You can most likely find cheaper rates and a licensed agent to talk to. If you wish to quote rates from a specific auto insurance provider, don't hesitate to go to their quote page to submit a rate quote request.
Picking the best insurance company shouldn't rely on just a cheap price quote. Any agent in Colorado Springs should have no problem answering these questions:
- How much can you save by raising your physical damage deductibles?
- What companies can they write with?
- Who are their largest clients?
- If you are a high risk driver, do they have special markets for your coverage?
- If your car is totalled, how to they determine the replacement cost?
- How many years have they been established?
- What are the financial ratings for the companies they represent?
Advertising and auto insurance
Big name companies like Allstate and Progressive consistently run ads on TV and radio. They all seem to make the same claim about savings if you get a free Colorado Springs auto insurance quote and switch your coverage to them. But how can every company sell you cheaper insurance coverage?
Different companies have a preferred profile for the type of insured that will generate a profit. For example, a preferred risk may be between 25 and 40, is a homeowner, and drives a car with an anti-theft system. Any customer that meets those criteria receives the best premium rates in Colorado Springs and will most likely cut their Chevy Equinox insurance rates if they switch.
Potential customers who don't qualify for these stringent criteria may receive higher premium rates which results in the prospect going elsewhere. The ad wording is "people that switch" but not "everyone who gets a quote" can get the lowest rates when switching. That is how companies can advertise the savings.
This really emphasizes why you absolutely need to get price quotes at each policy renewal. Because without a comparison, you cannot know with any certainty which company will have better prices than you're paying now.
Don't give up on cheaper premiums
Budget-friendly car insurance in Colorado Springs is possible both online and from local insurance agents, so you need to shop Colorado Springs auto insurance with both in order to have the best chance of saving money. A few companies do not offer the ability to get quotes online and usually these small insurance companies prefer to sell through independent agents.
When you buy Colorado Springs auto insurance online, never skimp on coverage in order to save money. In many cases, consumers will sacrifice liability coverage limits only to find out that they should have had better coverage. Your focus should be to purchase a proper amount of coverage for the lowest cost but still have enough coverage for asset protection.
For more information, link through to the articles below:
- Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
- How Much is Colorado Auto Insurance for Low Credit Scores? (FAQ)
- Which Company has the Cheapest Auto Insurance in Colorado Springs, CO? (FAQ)
- Who Has Cheap Auto Insurance for 16 Year Olds in Colorado? (FAQ)
- What is the Cheapest Auto Insurance in Aurora, Colorado? (FAQ)
- How Much is Auto Insurance for a Chevrolet Equinox in Colorado? (FAQ)
- Cellphones, Texting and Driving (iihs.org)
- Side Impact Crash Tests (iihs.org)
- What are my Rights when Filing a Claim? (Insurance Information Institute)