Cheapest Insurance for a Chevrolet Malibu in Vermont

Our editors have a joke that when writing about car insurance, the words “cheap” or “affordable” should not be used as a descriptor for car insurance rates. Unfortunately, cheap auto insurance for a Chevrolet Malibu does not exist. But fear not, because we will tell you how you can quote and buy auto insurance that won’t break your budget.

Buying the best cheap insurance for a Chevrolet Malibu in Vermont depends on a complex formula that factors things such as whether or not your vehicle has good safety ratings, whether or not you have filed claims in the past, and any prior driving offenses. Vermont drivers will pay on average $600 annually to insure a Malibu, but that cost is a valuation based on cost data for a 50-year-old single female driver who needs full comprehensive and collision coverage and $500 deductibles.

More likely than not, you are not 50 and possibly not even female, married instead of single, or maybe you’re a renter instead of a homeowner. The different assumptions illustrate why the most reliable way to find the most affordable coverage for your Chevrolet is to comparison shop your policy at every renewal or at least every couple of years.

Insure Your Chevrolet for Less

The trim level of your Malibu will influence the yearly cost, so the price you pay to insure a Malibu LS model will be $60 lower than the price to insure the high end Malibu LTZ version, as shown in the prices below.

Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Vermont minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rate information does not factor in your specific Vermont location which can raise or lower prices considerably.

Deciphering which companies quote the cheapest insurance rates for a Chevrolet Malibu will involve a little more work than just comparing a company or two. Each insurance company has a proprietary method for establishing rates, so let’s take a look at the most affordable insurance companies in Vermont.

It’s important that you understand Vermont insurance rates are determined by lots of factors that control the cost of your policy. Improving your credit rating, buying another vehicle, or having a fender bender can trigger price changes that can cause some rates to be more affordable than competitors.

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Safeco may offer some of the best car insurance rates in Vermont at around $481 annually. California Casualty, USAA, The Hartford, and Unitrin also make the cut as some of the more affordable Vermont insurance companies.

As shown above, if you have coverage with The Hartford and switched to Safeco, you might realize annual savings of approxmiately $165. Policyholders with Unitrin may save as much as $229 a year, and Travelers customers might reduce rates by $234 a year.

To compare your rates to other Vermont insurance companies, click here to get a free quote or visit any of the low-priced companies below.

Remember that these premiums are averages for all insureds and vehicles and and are not figured with a specific rate factor for a Chevrolet Malibu. So the insurer that fits your situation best may not even be in the above list. That illustrates why you need to quote rates from many companies using your own personal information and vehicle type.

Liability only or full coverage

Finding the cheapest insurance for a Chevrolet Malibu in Vermont is the goal of most drivers, and one of the easiest ways to pay lower rates for insurance is to only buy liability coverage. The diagram below shows the comparison of insurance premiums with full physical damage coverage compared to only buying the minimum liability limits required in Vermont. The prices are based on no claims or driving citations, $500 deductibles, drivers are single, and no additional discounts are factored in.

If averaged for all ages, comp and collision coverage costs $1,334 per year over and above liability only. That is a large expense which might make you wonder if physical damage coverage is worth the money. There is no clear-cut formula of when to phase out comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s say your vehicle’s replacement cost is $12,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $11,000 after the deductible is paid. If you are paying more than $1,100 annually for your policy with full coverage, then you might want to think about dropping full coverage.

There are some scenarios where only buying liability is not advised. If you still have a loan on your vehicle, you have to keep full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not drop full coverage.

Irresponsible driving raises your rates

A great way to earn the cheapest insurance rates in Vermont for a Malibu is to be a safe driver and have a clean driving record. The illustration below highlights how speeding tickets and at-fault fender-benders can increase insurance costs for different age groups of insureds. The costs are based on a single female driver, full physical damage coverage, $100 deductibles, and no discounts are applied to the premium.

The data above shows the average cost of an auto insurance policy in Vermont per year with no accidents and a clean driving record is $1,539. Add in two speeding tickets and the average cost increases to $2,069, an increase of $530 each year. Then add in two accidents along with the two speeding tickets and the yearly cost of insurance for a Chevrolet Malibu goes up to an average of $3,948. That’s an increase of $2,409, or $201 per month, just for not driving responsibly!

Which major car insurance company is best?

When comparing insurance for a Malibu in Vermont, four of the larger companies to compare rates for are State Farm, Allstate, Geico, and Progressive. When combined, they insure 48.5% of the entire U.S. auto insurance market. All offer liability and physical damage insurance, but each one has different options that add value to each policy. The following table points out pricing and service ratings, as well as optional policy coverages that are available.