Cheapest Insurance for a Chevrolet Equinox in Rhode Island

When discussing auto insurance, the words “cheap” or “affordable” should never be used as a descriptor for car insurance rates. Notwithstanding, cheap car insurance for a Chevrolet Equinox is pretty hard to find. Don’t let that discourage you, because we can show you some ways you can find and buy coverage that is more affordable.

Buying affordable auto insurance for a Chevrolet Equinox in Rhode Island depends upon a large number of factors such as whether or not your vehicle has good safety ratings, the insurance company you are currently insured with, and deductibles for comprehensive and collision coverage. Drivers in Rhode Island pay an average of $1,470 per year to insure an Equinox, but that amount is a ballpark figure based upon a 40-year-old single female driver that included comprehensive and collision coverage and $250 deductibles.

This brings up the issue that more than likely you are not 40 and possibly not even female, you might be married instead of single, or maybe your Rhode Island zip code is rated cheaper than the example. Auto insurance requires individual risk assessment, so the most reliable method for finding affordable rates for your Chevrolet is to just take the time to do a thorough rate comparison. Quotes only take a few minutes and you can get prices from some of the most affordable companies around.

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Vehicle trim level will be a contributing factor to the annual cost of coverage, so the price you will be charged to insure a Equinox LS 2WD trim level will be $146 less than the insurance cost for the more costly Equinox LTZ AWD model, as shown in the chart below.

Premium data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Rhode Island minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Price information does not factor in garaging location in Rhode Island which can lower or raise coverage prices considerably.

Establishing which company offers the lowest-priced car insurance rates for a Chevrolet Equinox will take a tad more effort in order to find the most economical policy.

Each insurer has a proprietary formula to set policy rates, so let’s look at the rankings for the car insurance companies with the overall best prices in Rhode Island. It’s a good idea to know that Rhode Island car insurance rates are determined by lots of factors that control the price you pay. Simply getting older, buying a home instead of renting, or getting a reckless driving citation can trigger rate changes that can cause some rates to be more affordable than others.

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USAA offers some of the best car insurance rates in Rhode Island at around $719 annually. State Farm, Travelers, Amica, and Progressive also qualify as some of the cheaper Rhode Island insurance companies.

As the example above demonstrates, if you currently have coverage with Travelers and switched to USAA, you might see an annual premium reduction of about $527. Insureds with Amica might save as much as $733 a year, and Progressive customers might reduce rates by $780 a year.

To get a fast rate comparison, click here to start a quote or visit several of the following companies.

Bear in mind that those policy rates are averages across all types of drivers and the different vehicles they drive and do not factor in a specific rating modification for a Chevrolet Equinox. So the insurer that is best suited for you may not even be shown in the chart above. That helps illustrate why you need to get quotes using your own driver data and vehicle information.

Difference between liability only and full coverage rates

Finding the cheapest insurance for a Chevrolet Equinox in Rhode Island is the goal of the majority of vehicle owners, and one good way to buy cheap insurance is to not insure for full coverage. The chart below illustrates the difference between auto insurance rates with and without physical damage coverage. The price estimates are based on no claims or driving violations, $250 deductibles, marital status is single, and no other discounts are factored in.

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If we average the cost for ages 20 through 70, physical damage coverage costs an extra $2,745 per year more than just insuring for liability. That touches on the question if buying full coverage is worth the money. There is no specific rule to stop paying for full coverage, but there is a broad guideline. If the yearly cost of full coverage is more than 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.

For example, let’s assume your vehicle’s replacement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $4,500 after paying your policy deductible. If it’s costing you more than $450 a year for physical damage coverage, then you might consider buying liability only.

There are some scenarios where only buying liability is not financially feasible. If you still owe money on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not consider dropping full coverage.

The benefits of price comparisons

Rhode Island car insurance rates are determined by lots of factors that can increase the policy price. Simply getting older, filing a claim, or having an accident can trigger rate changes that may make certain companies more affordable than before. Also, insurance companies change the rates they charge in Rhode Island as often as every quarter in order to offset underwriting gains or losses. An extended period of higher than normal claims may result in rate hikes, while profitable underwriting may cause cheaper Equinox insurance rates.

For instance, the graph below shows the cheapest car insurance in Rhode Island for a 35-year-old male driver with no prior accidents, a clean driving record, and a good credit rating. Based on his current risk profile, USAA might offer the lowest car insurance rates in Rhode Island at $719 annually. This is $1,360 less than the average price paid by Rhode Island drivers of $2,079. State Farm, Travelers, Amica, and Progressive round out the rest of the cheapest Rhode Island auto insurance companies.

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Now let’s give the driver from the first set of rates a claim surcharge, less-than-perfect credit, and a blemish on his driving record. Since every car insurance company has a proprietary method for setting prices, analyzing rates may result in a different ranking of cheap Rhode Island auto insurance companies as shown below.

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USAA now has the cheapest rate in Rhode Island with State Farm, Peerless, Travelers, and Progressive now being in the top five. This illustrates why it is critical to shop around with many companies when trying to get the cheapest insurance rates for a Chevrolet Equinox. Car insurance prices can be determined by many factors and change frequently, so the most affordable company the last time you compared rates may now be wasting a lot of money.

Tips for finding the cheapest insurance for a Chevrolet Equinox

The list below shows many money-saving suggestions that can help Rhode Island drivers get lower-cost auto insurance.

• If possible, pay for small claims out-of-pocket
• Higher credit scores may earn you cheaper rates
• At-fault accidents will increase rates
• Keep your driving record clean
• Drive vehicles with five-star safety ratings
• Ensure you have the best deal by shopping around regularly

The last suggestion is remarkably critical, as we discussed in the article above. Auto insurance prices can be changed at any time, so drivers shouldn’t be reluctant to buy from a new company if you find a better deal.

Many drivers have brand loyalty and that’s fine, but it’s not a great idea if that stubbornness costs you a lot of money every month. It only take a few minutes to shop around to find cheaper insurance for a Chevrolet Equinox.