Want to learn how to save money and find more competitive Chevy Equinox insurance in Spokane? Nobody I know likes buying car insurance, especially knowing they could find better rates elsewhere.
A study showed that a large majority of consumers kept their coverage with the same car insurance company for more than four years, and almost half have never even compared rates from other companies. Spokane consumers can cut their rates by about $427 a year, but they don't want to take the time to save money by comparing rate quotes. Many auto insurance companies vie for your business, so it can be very hard to choose a company to find the lowest price on Chevy Equinox insurance in Spokane.
It's a great practice to check car insurance prices every six months since insurance prices change regularly. Despite the fact that you may have had the best rate on Chevy Equinox insurance in Spokane two years ago a different company probably has better premium rates today. Block out anything you think you know about car insurance because you're about to learn the proper way to lower your rates without sacrificing coverage.
How to lower your Chevy Equinox insurance cost in Spokane, Washington
Reducing your Chevy Equinox insurance rates doesn't have to be difficult. All you need to do is take the time comparing rate quotes to discover which company has inexpensive Spokane auto insurance quotes.
Online shopping is fast and free, and it makes it obsolete to go to local Spokane insurance agencies. Doing it all online has reduced the need for local agents unless you have a need for the professional advice that you can only get from talking to an agent. Drivers can compare online quotes but still have the advice of a local agent.
The providers in the list below can provide price comparisons in Washington. If multiple companies are shown, it's a good idea that you visit as many as you can in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$178||$326||$282||$16||$84||$886||$74|
|Equinox LT 2WD||$208||$354||$304||$18||$90||$974||$81|
|Equinox LS AWD||$220||$376||$300||$18||$90||$1,004||$84|
|Equinox LT AWD||$230||$422||$304||$18||$90||$1,064||$89|
|Equinox LTZ 2WD||$152||$322||$384||$22||$114||$994||$83|
|Equinox LTZ AWD||$246||$530||$334||$20||$100||$1,230||$103|
|Equinox LTZ AWD||$286||$556||$398||$24||$120||$1,384||$115|
|Get Your Own Custom Quote Go|
Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Washington minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Premium costs do not factor in your specific Spokane location which can influence premium rates substantially.
Car insurance deductibles
The illustration below shows how choosing a deductible and can raise or lower Chevrolet Equinox annual premium costs for different age categories. The premiums are based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
Difference between full coverage and liability only rates
The chart below illustrates the comparison of Chevrolet Equinox car insurance costs with and without physical damage coverage. Data assumes no accidents or driving violations, $1,000 deductibles, married male driver, and no discounts are applied to the premium.
Guidelines for dropping full coverage
There is no definitive formula for phasing out physical damage coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is about 10% or more of the vehicle's replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let's assume your Chevrolet Equinox book value is $9,000 and you have $1,000 deductibles. If your vehicle is destroyed, you would only receive $8,000 after the deductible is paid. If you are paying over $800 annually for physical damage coverage, then you may need to consider dropping full coverage.
There are some scenarios where removing full coverage is not financially feasible. If you still owe money on your vehicle, you are required to maintain full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not buy liability only.
Verify you're receiving every discount
Companies offering auto insurance do not list every policy discount very well, so the following list contains some of the more common and also the more inconspicuous discounts that you may qualify for.
- Accident Forgiveness Coverage - Not necessarily a discount, but a handful of insurance companies will forgive one accident without getting socked with a rate hike if you are claim-free for a set time period.
- Active Military Service - Having an actively deployed family member could qualify you for better premium rates.
- Use Seat Belts - Requiring all passengers to wear their seat belts may be able to save a few bucks off the PIP or medical payment premium.
- Senior Citizen Discount - If you're over the age of 55, you may qualify for lower premium rates.
- Auto/Home Discount - When you combine your auto and homeowners insurance and insure them both with the same insurance company you could save nearly 15% which can help you find cheap Equinox insurance.
- Discount for Life Insurance - Some companies give a discount if you purchase some life insurance too.
It's important to understand that many deductions do not apply to the whole policy. Some only apply to the price of certain insurance coverages like comp or med pay. So even though you would think all those discounts means the company will pay you, nobody gets a free ride.
A few companies that may include some of the discounts shown above include:
It's a good idea to ask each company or agent how you can save money. Depending on the company, some discounts may not apply everywhere. To choose insurance companies who offer insurance discounts in Washington, follow this link.
Insurance agencies near you
Some consumers still like to go talk to an agent and that is a personal choice. Most agents will help you protect your assets and help submit paperwork. One of the great benefits of getting free rate quotes online is that you can obtain cheaper premium rates and also buy local. And supporting local insurance agencies is important particularly in Spokane.
After completing this form (opens in new window), your insurance data is sent to local insurance agents who will return price quotes and help you find cheaper coverage. There is no need to contact any insurance agencies because prices are sent immediately to your email address. If you need to compare prices from a specific insurance company, just jump over to their website and submit a quote form there.
Exclusive and independent Spokane car insurance agents
If you need to find an insurance agent, it's helpful to know the types of agencies and how they differ in how they quote coverages. Car insurance agents in Spokane may be either independent or exclusive depending on the company they work for. Both can sell and service car insurance coverage, but it's worth learning the difference in how they write coverage because it may have an impact on your selection of an agent.
Independent Car Insurance Agencies
Independent agencies often have many company appointments so they have the ability to put coverage with an assortment of companies and help determine which has the cheapest rates. If your premiums go up, they simply move your policy to a different company and that require little work on your part.
When comparing car insurance rates, you definitely need to include independent agents in order to have the best price comparison.
Below is a short list of independent agents in Spokane who may be able to give you cheap rate quotes.
Exclusive Insurance Agencies
Agents that choose to be exclusive normally can only provide a single company's rates and examples are Allstate, AAA, Farmers Insurance, and State Farm. Exclusive agents cannot provide prices from multiple companies so you might not find the best rates. These agents receive a lot of sales training on what they offer which can be an advantage.
Listed below is a short list of exclusive insurance agents in Spokane that are able to give price quote information.
Finding a good insurance agency requires you to look at more than just the price. Here are some questions you should ask.
- How long have they worked with personal auto insurance coverage?
- Where would your vehicle be repaired?
- How long has their agency been in business in Spokane?
- Do they see any coverage gaps in your plan?
- Does the agent have professional designations like CIC, CPCU or AIC?
After receiving positive feedback for all questions you ask and a good coverage price, you may have found an insurance agent that can adequately provide car insurance. Just keep in mind consumers can cancel a policy whenever you want so don't think you are locked into any specific company for the full term.
Find More Affordable Car Insurance with These Tips
Many factors are used when quoting car insurance. Some of the criteria are obvious like an MVR report, although some other factors are less apparent like your continuous coverage and annual miles driven. Consumers need to have an understanding of the rating factors that come into play when calculating car insurance rates. When you know what positively or negatively determines premiums, this empowers consumers to make smart changes that could result in cheaper rates.
The higher your credit history the lower your premiums - An insured's credit rating can be a huge factor in determining what you pay. People that have excellent credit tend to be more responsible and file fewer claims as compared to drivers with lower ratings. So if your credit rating is not that good, you could potentially save money when insuring your Chevrolet Equinox by improving your credit score.
Qualify for multi-policy discounts - Many car insurance companies will give lower prices to clients that purchase more than one policy. It's known as a multi-policy discount. The discount can add up to 10 percent or more. Even if you already get this discount, drivers will still want to compare other company rates to guarantee you are still saving the most.
Never let your car insurance policy expire - Not maintaining insurance is against the law and you may have a hard time finding new coverage because you let your insurance expire. And not only will insurance be more expensive, being ticketed for driving with no insurance may result in a fine, jail time, or a revoked license.
Annual mileage and car insurance prices - The higher the mileage driven annually the higher your rates will be. Most insurance companies charge to insure your cars based upon how much you drive. Autos that do not get driven very much receive better premium rates as compared to vehicles used primarily for driving to work. Verify your vehicle rating is rated on annual mileage. An incorrectly rated Equinox can result in significantly higher rates.
What are good liability insurance limits? - Liability coverage provides coverage if you are found to be at fault for damages from an accident. Liability provides legal defense coverage which can cost a lot. Liability is cheap when compared to the cost of physical damage coverage, so drivers should make sure they buy enough to cover all assets.
Small claims can cost you - If you file a lot of claims you shouldn't be surprised to get increased rates or even have your policy non-renewed. Companies in Washington generally give the best rates to policyholders who do not rely on their insurance for small claims. Your car insurance is designed for claims that you cannot pay yourself.
Low physical damage deductibles cost more - Physical damage protection, termed comprehensive and collision coverage on your policy, is used to repair damage to your vehicle. Examples of covered claims could be a windshield shattered by a rock, flood damage, and having your car stolen. Your deductibles define how much you are willing to pay out-of-pocket before your car insurance pays a claim. The more damage repair cost the insured is willing to pay, the less money you will pay for car insurance.
Teenagers vs. older drivers - Youthful drivers in Washington have been known to be inattentive when driving so car insurance rates are higher. Adding a teen driver onto a policy will cause a huge premium hike. More mature drivers have been proven to be more responsible, tend to file fewer claims, and usually have better credit.
Insurance loss probability for a Chevy Equinox - Insurance companies use claims history when determining insurance rates. Vehicles that the data determines to have increased claim numbers or amounts will have higher rates.
The table below outlines the insurance loss data for Chevy Equinox vehicles. For each policy coverage, the statistical loss for all vehicles, without regard to make or model, is considered to be 100. Percentages below 100 are indicative of better than average losses, while values over 100 indicate more frequent claims or tendency to have higher losses.
Chevrolet Equinox Insurance Claim 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 Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Choosing vehicle insurance is an important decision
Despite the potentially high cost of Chevy Equinox insurance, insuring your vehicle is mandatory in Washington but it also protects more than you think.
- Most states have minimum liability requirements which means the state requires a minimum amount of liability protection if you don't want to risk a ticket. In Washington these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a loan on your Chevy Equinox, most banks will have a requirement that you carry insurance to guarantee their interest in the vehicle. If you let the policy lapse, the bank or lender will purchase a policy for your Chevy at a much higher premium rate and require you to reimburse them a much higher amount than you were paying before.
- Car insurance protects your Chevy Equinox and your assets. It also can pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability insurance also pays for attorney fees and expenses if anyone sues you for causing an accident. If you have damage to your Chevy as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage.
The benefits of carrying adequate insurance are without a doubt worth the cost, especially for larger claims. But the average American driver is overpaying over $830 a year so you should quote and compare rates each time the policy renews to ensure rates are inline.
Some insurance providers don't offer online price quotes and many times these small, regional companies only sell coverage through local independent agencies. Budget-friendly auto insurance in Spokane can be found from both online companies and from local insurance agents, so you should compare both so you have a total pricing picture.
As you prepare to switch companies, you should never skimp on coverage in order to save money. In many instances, an accident victim reduced physical damage coverage and learned later that the small savings ended up costing them much more. Your focus should be to buy enough coverage at a price you can afford.
More tips and info about auto insurance is available in the articles below:
- Vehicle Insurance (Wikipedia)
- What Car Insurance is Cheapest for High School Students in Washington? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for Teachers in Washington? (FAQ)
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Child Safety Seats (Insurance Information Institute)
- If I File a Claim will My Insurance Go Up? (Insurance Information Institute)
- Rental Reimbursement Coverage (Allstate)