Buying cheap coverage for a Chevrolet Traverse is pretty simple, but it is dependent upon a complicated rating formula that uses factors such as how safe your vehicle is, your profession, and your policy deductibles. Drivers pay on average $978 annually to insure their Traverse, but that cost is an estimation based on a 30-year-old married male driver with full coverage and $500 deductibles.
There’s a good chance you aren’t exactly 30 years old or even a male, you might be single instead of married, and maybe your Traverse just needs liability-only coverage. Insurance is an individual thing, so the only real way to find the cheapest insurance price for your Chevrolet is to compare rates from as many companies as possible.
The trim level of your Traverse will have an impact the insurance rate, so the price you pay to insure a Traverse LS 2WD will cost $108 less than the price to insure the high end Traverse LTZ AWD trim level, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Traverse LS 2WD||$256||$350||$346||$20||$104||$1,076||$90|
|Traverse LS AWD||$288||$350||$346||$20||$104||$1,108||$92|
|Traverse LT 2WD||$288||$350||$346||$20||$104||$1,108||$92|
|Traverse LT AWD||$288||$426||$346||$20||$104||$1,184||$99|
|Traverse LTZ 2WD||$288||$426||$346||$20||$104||$1,184||$99|
|Traverse LTZ AWD||$288||$426||$346||$20||$104||$1,184||$99|
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Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Table data does not factor in vehicle garaging location which can modify auto insurance rates significantly.
Buying coverage from a high-quality insurer is difficult considering how many companies sell coverage in Baltimore. The rank data below may help you decide which insurers to look at when shopping your coverage around.
These rankings are for companies with a nationwide focus, so smaller companies are not taken into consideration for this list. To check prices from the insurers below and more, click this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
The chart below illustrates how your deductible choice can affect premium costs when getting quotes for cheap insurance for a Chevrolet Traverse. Data assumes a single female driver, full coverage, and no discounts are applied.
The data above shows that a 40-year-old driver could cut expenses by $398 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $604 by choosing a $1,000 deductible. Even younger insureds, like the age 20 example, could potentially save up to $1,006 annually by using higher deductibles when buying full coverage.
When insureds make the decision to increase the deductibles on their policy, it will now be necessary to have additional savings on hand to offset the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Rate difference between full and liability-only coverage
Paying a lower price for insurance is probably important to the majority of vehicle owners, and a good way to find cheap insurance for a Chevrolet Traverse is to buy liability only. The illustration below illustrates the comparison of insurance prices with full physical damage coverage compared to only buying liability only. Data assumes a clean driving record, no claims, $100 deductibles, marital status is single, and no policy discounts are applied.
If we average the cost for all age groups, full coverage costs $2,378 per year over and above liability coverage. That proposes the question if buying full coverage is a waste of money. There is no clear-cut formula for excluding comp and collision coverage, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of the replacement cost minus the deductible, then you might consider buying liability only.
Comparing rates on Traverse insurance can save you money
Baltimore insurance rates are based on many factors which can significantly increase or decrease the policy premium. Simply having a birthday, filing a claim, or getting a ticket for careless driving may generate price changes resulting in some companies being cheaper than before.
And not only may your rating factors change, but insurers modify rates as often as every three months to ensure their profitability. An extended period of higher than normal claims can cause additional premium costs, while profitable underwriting may produce cheaper Traverse insurance rates.
For example, the bar chart below shows the company with the cheapest car insurance in Baltimore, MD for a 40-year-old male driver with no prior claims, no tickets, and great credit. When comparing rates based on his current risk factors, USAA might quote the cheapest car insurance rates in Baltimore at $1,636 a year. This is $77 more than the average rate paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto are the remainder of the top five cheapest Baltimore, MD auto insurance companies.
In this example, we will give the driver in the first example an at-fault accident, poor credit, and a traffic citation. Since each auto insurance company has their own formula for determining prices, comparing rates may now present a new list of affordable companies as shown below.
MetLife now has the best insurance rate in Baltimore, MD with Nationwide, Travelers, GEICO, and California Casualty now rounding out the top five. This example illustrates why Maryland drivers need to compare as many rates as possible when trying to get cheap car insurance rates for a Chevrolet Traverse. Rates are calculated by many things and change dramatically, so the cheapest rate two years ago may now be quite expensive.
How to find cheaper auto insurance for a Chevrolet Traverse
The list below details many thrifty solutions that can help Maryland drivers get cheaper coverage.
- Better credit rating means better rates
- Save money by staying claim-free
- Multi-policy discounts save money
- Having at-fault accidents will increase rates
- Raise your deductibles
- Be a safe driver
- Keep rates low by shopping around frequently
The last tip is certainly significant, as we stressed in the prior information. Insurance rates vary greatly, so don’t be unwilling to switch to a new company if a cheaper price is available.
Having brand loyalty is commendable, but it’s not a good idea if that loyalty results in overpaying a lot of money. If you have a few minutes, compare prices and find cheaper auto insurance for a Chevrolet Traverse in Baltimore.
The agents listed below can aid you in deciding which is the best policy, as lots of drivers aren’t clear which coverage they need and would like to get some professional advice when comparing insurance rates for a Traverse. It’s not always easy to find the cheapest auto insurance company, so a professional agent can add peace of mind knowing you have enough protection.
To locate an agency nearest to you, click the button at the bottom of the list or click here to compare price quotes.
John Stein – State Farm Insurance Agent
6630 Baltimore National Pike #100b – Baltimore, MD 21228 – (410) 744-7733
Senate Select Insurance
5417 Reisterstown Rd – Baltimore, MD 21215 – (410) 358-0411
Tamara Thomson – State Farm Insurance Agent
7823 Wise Ave – Baltimore, MD 21222 – (410) 282-7283