How long has it been since the last time you looked for more competitive Chevy Equinox insurance in Chicago? Are you regretting buying an expensive insurance policy? Believe me when I say you’re not the only one.
It’s astonishing, but nearly 70% of drivers have bought insurance from the same company for more than four years, and nearly the majority have never shopped around. Chicago drivers could cut their rates by $600 a year by just comparing quotes, but they just feel it’s too hard to compare rates online. Big-name insurance companies like State Farm, Farmers Insurance, GEICO and Allstate all promote huge savings with ad campaigns and it is challenging if not impossible to not get sucked in by the cute commercials and find the best price available.
You need to do price comparisons before your policy renews due to the fact that insurance rates tend to go up over time. If you had the best deal on Chevy Equinox insurance in Chicago a couple years back other companies may now be cheaper. Forget all the misinformation about insurance because I’m going to teach you the tricks you need to know to reduce your cost while increasing coverage.
Reducing your insurance rates is surprisingly easy. All that’s required is to spend a little time comparing rate quotes from online providers.
Comparing rate quotes online is fast and free, and it makes it a waste of time to waste gas driving to different agent offices. Comparing Chevy Equinox insurance rates online can eliminate the need for a local agent unless you’re the type of person who wants the professional abilities of a local agent. Drivers can compare online quotes and still use a local agent.
The following companies can provide price comparisons in Illinois. If multiple companies are listed, we suggest you visit two to three different companies in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$120||$210||$266||$16||$80||$692||$58|
|Equinox LT 2WD||$224||$406||$262||$16||$78||$986||$82|
|Equinox LS AWD||$120||$210||$266||$16||$80||$692||$58|
|Equinox LT AWD||$120||$210||$266||$16||$80||$692||$58|
|Equinox LTZ 2WD||$252||$492||$352||$20||$106||$1,222||$102|
|Equinox LTZ AWD||$198||$406||$250||$14||$76||$944||$79|
|Equinox LTZ AWD||$218||$468||$294||$18||$88||$1,086||$91|
|Get Your Own Custom Quote Go|
Price data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Prices do not factor in specific garaging location which can impact premiums considerably.
Impact of speeding/accidents on auto insurance rates
The example below shows how violations and at-fault claims can raise Chevrolet Equinox yearly insurance costs for different categories of driver ages. The price estimates are based on a married female driver, full coverage, $500 deductibles, and no discounts are taken into consideration.
Rate comparison of males versus females in Chicago
The diagram below compares Chevrolet Equinox auto insurance costs for male and female drivers. The rates are based on no claims or driving citations, full coverage, $1,000 deductibles, single marital status, and no discounts are taken into consideration.
Chicago insurance discounts for a Chevy Equinox
Auto insurance companies don’t list the entire discount list very well, so the list below details some of the best known as well as some of the hidden credits that may apply to you.
- Discount for New Cars – Adding a new car to your policy is cheaper because new vehicles have to meet stringent safety requirements.
- Air Bags and Passive Restraints – Vehicles equipped with air bags or automatic seat belts may qualify for discounts of more than 20%.
- Drivers Education – Teen drivers should complete a driver education course in school.
- Paper-free Discount – A few larger online companies will give a small break for completing your application on their website.
- Chicago Homeowners Pay Less – Owning your own home or condo can save you money since home ownership shows financial diligence.
- Pay Upfront and Save – By making one initial payment rather than paying monthly you can avoid the installment charge.
- Student Discounts – A discount for being a good student can get you a discount of up to 25%. Many companies even apply the discount to college students up until you turn 25.
One last thing about discounts, some credits don’t apply to your bottom line cost. Most only cut specific coverage prices like physical damage coverage or medical payments. Even though the math looks like all those discounts means the company will pay you, that’s just not realistic. But all discounts will help lower your auto insurance premiums.
Insurance companies who might offer these money-saving discounts may include but are not limited to:
Before you buy a policy, ask all companies you are considering which discounts they offer. All car insurance discounts might not be offered in Chicago.
Car insurance quotes from local Chicago insurance agencies
Many drivers still like to talk to a local agent and that is not a bad decision Most agents are highly skilled in risk management and help file insurance claims. An additional benefit of price shopping on the web is you may find lower auto insurance rates and still have a local agent. And buying from neighborhood agents is important especially in Chicago.
To help locate an agent, after submitting this simple form, your information is sent to local insurance agents in Chicago who want to provide quotes to get your business. There is no reason to visit any agencies because quoted prices will be sent instantly to you. If you wish to compare rates from a particular provider, don’t hesitate to go to their quote page and fill out the quote form the provide.
Different types of Chicago auto insurance agents
If you want a good Chicago insurance agent, it’s helpful to know the types of agencies and how they can service your needs differently. Car insurance policy providers are either independent or exclusive depending on the company they work for. Both can do a good job, but it’s a good idea to understand the differences since it can impact the type of agent you choose.
Independent Car Insurance Agents (or Brokers)
Agents in the independent channel often have affiliation with several companies so as a result can place your coverage with an assortment of companies depending on which coverage is best. If they find a lower price, your agent can just switch to a different company and you don’t have to do anything.
When comparing rate quotes, you absolutely need to get some free quotes from independent agents for the best price selection.
Shown below is a small list of independent agencies in Chicago that may be able to give you cheap rate quotes.
Exclusive Car Insurance Agencies
Exclusive agencies can only quote rates from one company and some examples include Allstate and State Farm. Exclusive agencies are unable to provide rate quotes from other companies so if the price isn’t competitive there isn’t much they can do. Exclusive agencies receive extensive training on their products and sales techniques and that can be a competitive advantage.
Shown below is a list of exclusive agents in Chicago that are able to give comparison quotes.
Choosing the best auto insurance agent shouldn’t rely on just a cheap price quote. The questions below may impact your decision as well.
- Do they carry Errors and Omissions coverage?
- Does the agency support the community they serve?
- Will the agent help in case of a claim?
- Can they give you a list of client referrals?
- How experienced are they in personal risk management?
- What discounts might you be missing?
Informed Consumers Know How to Get Insurance Cheaper
A large part of saving on insurance is knowing the rating factors that are used to determine the rates you pay for insurance. If you have a feel for what positively or negatively impacts your premiums, this enables you to make decisions that may reward you with cheaper rates.
- Liability insurance – Your insurance policy’s liability coverage will provide protection when you are ruled to be at fault for physical damage or personal injury to other. It will provide legal defense coverage up to the limits shown on your policy. This coverage is relatively inexpensive when compared with rates for comp and collision, so buy as much as you can afford.
- Safety ratings are a factor – Safer cars are cheaper to insure. Vehicles engineered for safety reduce occupant injuries and fewer serious injuries means lower claim amounts and lower rates for you. If the Chevy Equinox earned at least four stars on Safercar.gov it may be receiving lower rates.
- Too many claims drive up prices – If you tend to file frequent claims, you can expect higher rates. Companies in Illinois award cheaper rates to people who file claims infrequently. Your insurance policy is intended for the bigger claims that can’t be paid out-of-pocket.
- Having a spouse can save you money – Being married may earn you lower rates when buying insurance. Marriage usually means you are more stable financially and insurance companies reward insureds because married couples file fewer claims.
- Higher insurance rates for policy lapses – Allowing your insurance policy to lapse will be a quick way to trigger a rate increase. Not only will you pay more, not being able to provide proof of insurance may earn you a fine, jail time, or a revoked license.
- Gender impacts costs – Statistics show that females take fewer risks when driving. Now that doesn’t mean females are better drivers. Both sexes cause auto accidents at about the same rate, but guys have accidents that have higher claims. Not only that, but men also receive more costly citations like DUI and reckless driving. Youthful male drivers are most likely to cause an accident and are penalized with high insurance rates.
- Improve your credit score and save – A driver’s credit score is a big factor in determining premium rates. Insureds that have excellent credit tend to file fewer claims as compared to drivers with lower credit ratings. So if your credit score leaves room for improvement, you could save money insuring your Chevrolet Equinox if you clean up your credit.
- Claims statistics for a Chevy Equinox – Companies take into consideration insurance loss statistics for every vehicle when they set coverage costs for each model. Vehicles that historically have higher prevalence or dollar amount of losses will have higher premium rates.
The table below outlines the loss history for Chevy Equinox vehicles. For each insurance policy coverage type, the claim probability for all vehicles averaged together is equal to 100. Numbers under 100 imply a favorable loss record, while numbers above 100 indicate a higher chance of having a claim or an increased likelihood of larger losses.
Chevrolet Equinox Insurance Loss Statistics
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
Statistics from IIHS.org for 2013-2015 Model Years
Three reasons to insure your Chevy Equinox
Even though Chicago Equinox insurance rates can get expensive, paying for auto insurance serves a purpose in several ways.
First, the majority of states have mandatory liability insurance requirements which means you are required to buy specific minimum amounts of liability coverage if you don’t want to risk a ticket. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
Second, if you took out a loan on your Equinox, almost all lenders will make it a condition of the loan that you have physical damage coverage to guarantee payment of the loan. If you default on your policy, the bank or lender will purchase a policy for your Chevy at a more expensive rate and require you to fork over for it.
Third, auto insurance protects not only your vehicle but also your financial assets. It will also provide coverage for all forms of medical expenses incurred in an accident. As part of your policy, liability insurance will also pay attorney fees if you cause an accident and are sued. If your Chevy gets damaged, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.
The benefits of buying auto insurance definitely exceed the price paid, particularly for liability claims. As of last year, the average driver in Illinois is overpaying more than $700 annually so it’s recommended you shop around each time the policy renews to ensure rates are competitive.
A conclusion for your insurance search
Budget-conscious Chevy Equinox insurance is available from both online companies as well as from independent agents in Chicago, so you should compare both in order to have the best price selection to choose from. There are still a few companies who may not offer internet price quotes and many times these small, regional companies sell through independent agents.
Throughout this article, we presented many ways to save on Chevy Equinox insurance in Chicago. The most important thing to understand is the more price quotes you have, the better your chances of lowering your premium rates. Drivers may even discover the most savings is with an unexpected company. Regional companies may only write in your state and offer lower premium rates than the large multi-state companies such as Allstate and Progressive.
When trying to cut insurance costs, make sure you don’t buy less coverage just to save a little money. Too many times, someone sacrificed full coverage only to discover later that the few dollars in savings costed them thousands. The aim is to find the BEST coverage for the lowest price while still protecting your assets.
For more information, feel free to visit these articles:
- Safety Belts FAQ (iihs.org)
- Who Has the Cheapest Chicago Car Insurance Rates for Business Use? (FAQ)
- Who Has Affordable Car Insurance Quotes for a Ford Fusion in Chicago? (FAQ)
- Prepare your Teens for Safe Driving (InsureUonline.org)
- Determing Auto Insurance Rates (GEICO)