How Much Does Insurance Cost for a Chevrolet Equinox in New Mexico?

Buying the cheapest auto insurance for a Chevrolet Equinox in New Mexico depends upon things such as whether you are married or single, your claims history, and if you have any chargeable driving offenses. Drivers pay on average $1,280 per year to buy insurance for a Chevrolet Equinox, but that policy rate is an approximation using cost data for a 40-year-old single female who purchased comprehensive and collision coverage and $100 deductibles.

There is a good possibility you’re not a 40-year-old female, you might be married instead of single, or you just prefer to insure for liability only. What seems to be a small difference in rating criteria may result in significant differences in the rate quoted for a Chevrolet Equinox.

Auto insurance is not “one size fits all”, so the best method for finding the cheapest rates for your Chevrolet is to just take the time to compare rates yourself. Quotes only take a few minutes and you will receive rate quotes from some of the most affordable companies that offer coverage in New Mexico.

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The trim level of your vehicle will most likely have an effect on the insurance rate, so the price you pay to insure a Equinox LS 2WD will be $134 less than the cost to insure the high end Equinox LTZ AWD version, as shown by the rates below.

Data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Rates do not factor in specific location which can modify insurance rates substantially.

Finding dependable, cost effective car insurance is hard enough, and deciding which company has the cheapest auto insurance rates for a Chevrolet Equinox requires a bit more work. Every insurance company uses their own calculation for determining rates, so we’ll take a look at the auto insurance companies with the most affordable rates in New Mexico.

It’s a good idea to know that New Mexico auto insurance rates are impacted by many factors that can increase your annual premium. Simply improving your credit score, buying another vehicle, or having a fender bender can cause premium changes that can now make some companies less affordable than competitors.

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USAA normally has some of the most affordable car insurance rates in New Mexico at around $657 annually. Allied, Safeco, Farm Bureau Mutual, and Farmers also make the cut as some of the best New Mexico insurance companies.

As shown in the rates above, if you currently have coverage with Farm Bureau Mutual and switched to Allied, you might see savings of roughly $248. Customers with Farmers may save as much as $372 a year, and The Hartford policyholders might see rate reductions of $396 a year.

To see how much you can save, click here to start your custom quote or click through to the companies below.

Remember that these estimates are averages across all types of insureds and vehicles and do not factor in a specific rate factor for a Chevrolet Equinox. So the auto insurance company that can offer you the lowest price may not even be shown in the rate chart shown above. That is why you need to compare rates from multiple companies using your own driver information and specific vehicle type.

Liability rates compared to full coverage

Finding cheap insurance for a Chevrolet Equinox in New Mexico is important to most drivers, and a great way to save on the cost of insurance is to not buy full coverage. The example below shows the comparison of insurance premiums with and without physical damage coverage. Data assumes a clean driving record, no claims, $1,000 deductibles, single marital status, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $1,000 Deductibles’, ‘Liability Only’],[‘Age 20’, 2921,1145],[‘Age 30’, 1529,631],[‘Age 40’, 1495,583],[‘Age 50’, 1365,547],[‘Age 60’, 1325,537],[‘Age 70’, 1641,717]]);var options = {title: ‘Full Versus Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Insurance Cost for a Chevrolet Equinox in New Mexico’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If averaged out across all ages, physical damage insurance costs $1,713 per year more than just buying liability only. That amount may make you wonder if physical damage coverage is worth the money. There is no definitive rule to drop physical damage insurance, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.

For example, let’s assume your vehicle’s claim settlement value is $7,500 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $6,500 after paying your deductible. If it’s costing you more than $650 annually for full coverage, then it could be time to drop full coverage.

Reckless driving habits raise auto insurance rates

The common sense way to obtain cheap auto insurance rates in New Mexico for an Equinox is to drive safe and avoid getting tickets or having accidents. The diagram below illustrates how speeding tickets and at-fault collisions raise car insurance rates for each age group. The price estimates are based on a single male driver, full coverage, $250 deductibles, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘One Speeding Ticket and No Accidents’, ‘One Speeding Ticket and One Accident’],[‘Age 20’, 3431,3687,4399],[‘Age 30’, 1791,2047,2757],[‘Age 40’, 1765,2021,2733],[‘Age 50’, 1607,1861,2573],[‘Age 60’, 1553,1811,2521],[‘Age 70’, 1895,2149,2863]]);var options = {title: ‘Impact of Tickets and Claims on New Mexico Chevrolet Equinox Insurance’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Insurance Cost for a Chevrolet Equinox in New Mexico’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

The data above shows the average cost of car insurance in New Mexico per year with a clean driving record and no accidents is $2,007. Get written up for one speeding ticket and the average cost increases to $2,263, an increase of $256 each year. Then add in one accident along with the one speeding ticket and the 12-month cost of auto insurance for a Chevrolet Equinox goes up to an average of $2,974. That’s an increase of $967, or $81 per month, just for not being attentive to the road!