The words “economical” and “auto insurance” really shouldn’t be used in the same sentence, especially when you are looking for the best insurance rates for a Chevrolet Equinox. Because of the high cost, let’s learn about some things that have an effect on insurance premiums, and come up with some ways to slash the price of the next policy you buy.
The type of vehicle to be insured is probably the largest consideration when trying to find cheaper car insurance for a Chevrolet Equinox. Vehicles with higher performance, poor safety ratings, or a history of substantial liability claims will cost significantly more to insure than safer, lower-performance models. The data below shows car insurance premiums for the most budget-friendly vehicles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$855|
|Ford Escape XLS 4WD||$913|
|Chevrolet Silverado LT Extended Cab 4WD||$991|
|Chevrolet Equinox LT AWD||$1,001|
|Ford F-150 Lariat Crew Cab 4WD||$1,010|
|Ford Explorer Limited AWD||$1,015|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,022|
|Hyundai Elantra GLS 4-Dr Sedan||$1,045|
|Dodge Grand Caravan SE||$1,065|
|Chevrolet Malibu Hybrid||$1,082|
|Ford Edge SEL 2WD||$1,092|
|Chevrolet Silverado 3500HD LTZ Crew Cab 2WD||$1,100|
|Jeep Grand Cherokee Laredo 4WD||$1,117|
|Toyota RAV4 4WD||$1,126|
|Ford Focus SEL 4-Dr Sedan||$1,119|
|Toyota Camry Hybrid||$1,133|
|GMC Sierra 2500HD SLE Regular Cab 2WD||$1,142|
|Toyota Corolla S||$1,142|
|Toyota Tacoma X-Runner 2WD||$1,151|
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Price estimates do not factor in specific location which can modify price quotes substantially.
Based upon these rates, you can figure that makes and models like the Honda CR-V, Ford Escape, Chevrolet Silverado, Chevrolet Equinox, and Ford F-150 are some of the most budget-friendly vehicles to insure for an Equinox.
For an Equinox, one of the more important factors that aid in calculating auto insurance rates is where you live. Areas with more people or more claims tend to have more expensive car insurance rates, whereas areas with less congestion have the benefit of cheaper car insurance.
The information below ranks the most expensive places in Hawaii for a Chevrolet Equinox to buy auto insurance in. Honolulu is listed at #4 with the annual price of $1,047 on average, which is about $87 per month.
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Rate quotes are comparative as the specific zip code location can modify auto insurance rates significantly.
Figuring out which companies have the cheapest car insurance rates for a Chevrolet Equinox will take a little more work than just quoting one company’s rates. Every insurance company has a unique approach to determine premium rates, so we’ll go over the car insurance companies that tend to be cheaper in Hawaii.
It’s important to know that Honolulu, HI car insurance rates are determined by lots of factors which can significantly increase or decrease the policy price. Getting older, moving to a different location, or getting a ticket for careless driving can trigger rate changes that may make certain companies cheaper than competitors.
Best Car Insurance Prices for Your Equinox
|Rank||Company||Cost Per Year|
|7||First of Hawaii||$1,987|
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USAA quotes some of the most affordable car insurance rates in Honolulu at around $954 annually. State Farm, GEICO, Liberty Mutual, and Progressive also qualify as some of the lowest-priced Honolulu, HI insurance companies.
In the above example, if you currently buy coverage from State Farm and switched to USAA, you may realize a yearly savings of around $122. Policyholders with GEICO might save as much as $422 a year, and Liberty Mutual policyholders might lower prices by $467 a year.
Understand that those prices are averages across all ages of drivers and types of vehicles and do not take into consideration a specific vehicle garaging location for a Chevrolet Equinox. So the insurer that fits your age and vehicle best may not even be in the list above. That emphasizes why you need to compare as many prices as possible using your own driver and vehicle profiles.
Get discount Honolulu insurance
Insurance companies that offer quotes for a Chevrolet Equinox may also provide policy discounts that could potentially reduce rates by as much as 35% if you are eligible for them. Large car insurance companies and a selection of discounts are included below.
- American Family offers premium reductions for early bird, air bags, TimeAway discount, Steer into Savings, and defensive driver.
- Farm Bureau includes discounts for driver training, renewal discount, multi-policy, youthful driver, and 55 and retired.
- State Farm offers discounts for good driver, good student, multiple autos, anti-theft, and Drive Safe & Save.
- Travelers has savings for good student, payment discounts, early quote, multi-policy, and multi-car.
- The Hartford has discounts for driver training, air bag, good student, anti-theft, and defensive driver.
- GEICO discounts include multi-policy, military active duty, anti-lock brakes, anti-theft, federal employee, daytime running lights, and emergency military deployment.
- Progressive offers discounts including online quote discount, multi-vehicle, continuous coverage, homeowner, good student, multi-policy, and online signing.
The example below illustrates the comparison of car insurance rates with and without discounts. The rate quotes are based on a male driver, no accidents or driving violations, Hawaii state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with multiple vehicle, homeowner, claim-free, defensive driving course, safe-driver, and multiple policy discounts applied. When drivers take advantage of discounts, the average amount saved each year on car insurance for a Chevrolet Equinox is 28% or $465.
Do you need full coverage?
Reducing the cost of car insurance is important to most people, and one of the best ways to lower the cost of insurance for a Chevrolet Equinox is to not buy comprehensive and collision coverage. The example below compares auto insurance costs with full physical damage coverage compared to only buying liability only. Data assumes a clean driving record, no claims, $1,000 deductibles, drivers are single, and no other discounts are factored in.
Averaged for all ages 20 through 70, full coverage costs $1,210 per year more than just buying liability insurance. That brings up the question when is the right time to remove full coverage. There isn’t a written rule for dropping physical damage coverage, but there is a general school of thought. If the yearly cost of full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
The importance of shopping around
Honolulu car insurance rates are based on many factors which can substantially change the price you have to pay for coverage. Improving your credit rating, filing a claim, or getting a driving violation can trigger changes in premium that can cause some rates to be more affordable than the competition. And not only may your rating factors change, but car insurance companies file new Hawaii auto insurance rates every year or even multiple times each year in order to maintain liquidity for claims. An extended period of higher than normal claims can result in additional price hikes, while a profitable period can cause lower-priced Honolulu car insurance rates.
As an example, the graph below demonstrates which company has the cheapest car insurance in Honolulu, HI for a 35-year-old male driver with a clean driving record, no accidents, and great credit. Based on his personal profile, USAA may have the lowest car insurance rates in Honolulu at $993 per year. This is $603 less than the average policy premium paid by Hawaii drivers of $1,596. State Farm, GEICO, Liberty Mutual, and Progressive are the remaining top five cheapest Honolulu, HI auto insurance companies.
In this example, we will give the driver from the first rate comparison a couple of claims, a lower credit rating, and a speeding ticket. Since each auto insurer has a proprietary formula for setting prices, comparing prices may now present a different ranking of cheap Honolulu auto insurance companies as shown below.
State Farm now has the lowest price on auto insurance in Honolulu, HI with USAA, GEICO, First of Hawaii, and Liberty Mutual also being competitive. This demonstrates why Hawaii drivers need to perform a complete rate comparison when trying to find the most budget-friendly car insurance quotes for a Chevrolet Equinox. Auto insurance prices are impacted by many risk factors and change dramatically, so the lowest-price company two years ago may now be quite expensive.