Buying cheap auto insurance for a Chevrolet Equinox is dependent upon an enormous amount of factors such as age of the driver, your occupation, and citations on your driving record. Oklahoma drivers pay around $1,444 a year for Equinox insurance, but that price is an estimation calculated using a 50-year-old single male driver with full comprehensive and collision coverage and $250 deductibles.
This brings up the issue that more than likely you are not 50 and maybe not even a male, you might be married instead of single, and you may just want the cheapest liability coverage you can find. Even a minor difference in the rating criteria used to formulate rates may result in significant differences in the amount insurance costs for a Chevrolet Equinox.
Auto insurance requires individual risk assessment, so the only way to find the cheapest rates for your Chevrolet is to compare rates from as many companies as possible.
The trim level of your vehicle tends to have a direct impact on the annual cost of coverage, so the rate you will pay to insure a Equinox LS 2WD model will be $144 less expensive the insurance cost for the fancier Equinox LTZ AWD model, as shown in the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$298||$602||$506||$30||$152||$1,588||$132|
|Equinox LT 2WD||$298||$602||$506||$30||$152||$1,588||$132|
|Equinox LS AWD||$298||$602||$506||$30||$152||$1,588||$132|
|Equinox LT AWD||$298||$602||$506||$30||$152||$1,588||$132|
|Equinox LTZ 2WD||$336||$708||$506||$30||$152||$1,732||$144|
|Equinox LTZ AWD||$336||$708||$506||$30||$152||$1,732||$144|
|Equinox LTZ AWD||$336||$708||$506||$30||$152||$1,732||$144|
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Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Oklahoma minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Premium amounts do not factor in vehicle location which can change coverage rates substantially.
Establishing which companies quote the cheapest auto insurance rates for a Chevrolet Equinox calls for a little more work in order to find coverage that fits your budget. Each auto insurer uses a little different formula to set policy rates, so let’s take a look at the most affordable auto insurance companies in Oklahoma City.
Keep in mind that Oklahoma City auto insurance rates are influenced by many factors that can increase the price of coverage. Simply turning a year older, buying a new vehicle, or getting into an accident can cause premium changes that can make some companies cheaper in comparison to the competition.
Cheapest Insurance Rates for Your Equinox
|Rank||Company||Cost Per Year|
|2||Oklahoma Farmers Union||$1,190|
|11||OK Farm Bureau||$2,079|
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USAA normally has some of the most affordable car insurance rates in Oklahoma City at around $1,150 each year. Oklahoma Farmers Union, GEICO, The Hartford, and Farmers also qualify as some of the best Oklahoma City, OK car insurance companies.
In the rate table above, if you currently buy coverage from The Hartford and switched to Oklahoma Farmers Union, you might achieve a yearly savings of approximately $169. Oklahoma drivers with Farmers might save as much as $204 a year, and Safe Auto insureds might reduce prices by as much as $215 a year.
Understand that those rates are averaged across all types of drivers and the different vehicles they drive and and are not figured with a specific vehicle garaging location for a Chevrolet Equinox. So the auto insurance company that has the cheapest rates for you may not even be in the list above. That underscores the importance of why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
Cost difference between full coverage and liability
Paying a lower price for auto insurance is important to most drivers, and one of the easiest ways to buy cheap insurance for a Chevrolet Equinox is to not pay for full coverage. The diagram below compares insurance costs with liability coverage only compared to full coverage. The data assumes no claims or driving violations, $250 deductibles, drivers are single, and no discounts are applied to the premium.
If all age groups are averaged, physical damage insurance costs an extra $3,033 per year more than just insuring for liability. A very common question is when is it a good idea to stop buying full coverage. There is no definitive formula to drop comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
There are some cases where dropping full coverage is not financially feasible. If you still have a loan on your vehicle, you are required to maintain full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not eliminate full coverage.
The illustration below demonstrates how choosing different deductibles can affect insurance premiums when trying to find cheap insurance for a Chevrolet Equinox. Data assumes a married female driver, comp and collision included, and no discounts are applied to the premium.
As shown above, a 50-year-old driver could cut expenses by $366 a year by increasing from a $100 deductible to a $500 deductible, or save $552 by changing to a $1,000 deductible. Even younger drivers, like the Age 20 chart data, could reduce their rates $910 annually just by choosing larger deductibles.
If you make the decision to raise deductibles, it will be necessary to have additional funds in a savings account to be able to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
How to find the cheapest auto insurance for a Chevrolet Equinox
Below you’ll find some of the recommended money-saving solutions that can help Oklahoma City drivers find lower-cost coverage.
- Earn discounts for being claim-free
- Buy vehicles with good safety ratings
- Do not get tickets
- Better credit scores save money
- Staying accident-free helps keep rates low
- Compare price quotes at least once a year
The last tip is very crucial, as we pointed out in this piece. Rates can change considerably based on profitability, so don’t be afraid to buy from a new company if you can save money. Having a favorite company is fine, but it’s not a good idea if that loyalty results in overpaying potentially thousands of dollars a year. Now is a great time to shop around and find cheaper auto insurance for a Chevrolet Equinox in Oklahoma City.
The agents shown below are a good start to help you make a decision which coverage meets your needs best, as lots of drivers aren’t clear which coverage they need and would like to have some professional guidance when trying to find lower insurance rates for an Equinox. It’s not always easy to find coverage yourself, so using a licensed agent can provide comfort knowing your policy gives you suitable coverage if you have an accident.
To find an auto insurance agency using an interactive map, click the link after the list.
- State Auto Insurance
4030 NW 10th St – Oklahoma City, OK 73107 – (405) 943-5575
- Copeland Insurance
5002 S Anderson Rd – Oklahoma City, OK 73150 – (405) 737-6231
- Bob Stockton – State Farm Insurance Agent
4625 N May Ave – Oklahoma City, OK 73112 – (405) 943-8373
- Scott Godwin Insurance Agency – OKC Insurance
9026 SE 29th St – Oklahoma City, OK 73150 – (405) 600-6400
- Kevin Murphy – State Farm Insurance Agent
1707 S Morgan Rd – Oklahoma City, OK 73128 – (405) 265-2500