Finding affordable car insurance for a Chevrolet Equinox in Maryland depends on a complicated formula that considers factors such as whether the vehicle is new, your profession, and citations or violations on your driving record. Maryland drivers pay on average $1,308 per year to insure their Equinox, but that cost is an estimation calculated based on a 40-year-old single female driver with full comprehensive and collision coverage and $500 deductibles.
There is a good probability you are not 40 years old and maybe not even female, possibly married instead of single, or maybe you prefer liability limits higher than required by Maryland state law. Just a slight change in the factors used in pricing a policy may result in significant differences in the price of a policy.
Everone’s needs are different, and this illustrates why the best method for finding the cheapest coverage for your Chevrolet is to put in the effort to do a thorough rate comparison.
Your Chevrolet’s trim level will be a contributing factor to the yearly cost, so the cost to insure a Equinox LS 2WD trim level will be $118 less expensive the cost to insure the more well-appointed Equinox LTZ AWD trim level, as shown in the table below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Equinox LS 2WD | $244 | $482 | $528 | $32 | $158 | $1,444 | $120 |
| Equinox LT 2WD | $244 | $482 | $528 | $32 | $158 | $1,444 | $120 |
| Equinox LS AWD | $244 | $482 | $528 | $32 | $158 | $1,444 | $120 |
| Equinox LT AWD | $244 | $482 | $528 | $32 | $158 | $1,444 | $120 |
| Equinox LTZ 2WD | $276 | $568 | $528 | $32 | $158 | $1,562 | $130 |
| Equinox LTZ AWD | $276 | $568 | $528 | $32 | $158 | $1,562 | $130 |
| Equinox LTZ AWD | $276 | $568 | $528 | $32 | $158 | $1,562 | $130 |
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Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Estimates do not factor in zip code location which can change coverage rates noticeably.
Finding decent, affordable auto insurance is not always easy, and deciding which company quotes the cheapest auto insurance rates for a Chevrolet Equinox will take a bit more work.
Every insurance company uses their own calculation to set premium rates, so let’s begin by examining the lowest cost auto insurance companies in Baltimore, MD.
Find Cheaper Auto Insurance for Your Equinox
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $920 |
| 2 | Liberty Mutual | $1,125 |
| 3 | Penn National | $1,137 |
| 4 | Erie | $1,161 |
| 5 | State Auto | $1,226 |
| 6 | Amica | $1,308 |
| 7 | Travelers | $1,384 |
| 8 | MetLife | $1,386 |
| 9 | Nationwide | $1,421 |
| 10 | GEICO | $1,428 |
| 11 | California Casualty | $1,499 |
| 12 | Allstate | $1,613 |
| 13 | State Farm | $1,630 |
| 14 | Progressive | $2,149 |
| 15 | Encompass | $2,566 |
| 16 | Victoria | $3,053 |
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USAA normally has some of the most affordable car insurance rates in Baltimore at around $920 each year. Liberty Mutual, Penn National, Erie, and State Auto are also some of the cheaper Baltimore, MD car insurance companies.
In this example, if you currently buy coverage from State Auto and switched to Liberty Mutual, you could see an annual premium reduction of in the vicinity of $101. Policyholders with Amica may save as much as $183 a year, and Travelers insureds might lower prices by up to $259 a year.
Understand that those policy prices are averages across all types of insureds and vehicles and are not factoring in an exact vehicle garaging location for a Chevrolet Equinox. So the car insurance company that can offer the best rates for your situation may not even be in the top 16 companies shown above. That emphasizes why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
Price comparison of only insuring for liability
Saving money when shopping for auto insurance should be important to the majority of vehicle owners, and one of the fastest ways to find cheap insurance for a Chevrolet Equinox is to not insure for full coverage. The chart below illustrates the comparison of yearly insurance costs with full physical damage coverage compared to only buying liability only. The premium estimates are based on no tickets, no at-fault accidents, $100 deductibles, drivers are not married, and no policy discounts are applied.
As an average for all age groups, full coverage on your policy costs an additional $2,756 per year more than just buying liability only. That proposes the question when is the right time to remove full coverage. There is no specific rule for excluding full coverage on your policy, but there is a general convention. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your vehicle’s claim settlement value is $12,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $11,000 after the deductible is paid. If you are currently paying more than $1,100 a year for physical damage coverage, then you might consider buying liability only.
There are some circumstances where buying only liability insurance is not advised. If you still have a loan on your vehicle, you must maintain physical damage coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
Discount Baltimore auto insurance
Car insurance companies that provide policies for a Chevrolet Equinox may also provide rate discounts that can lower rates by as much as 35% or more if you are eligible to receive them. Popular auto insurance companies and some of the premium reductions they offer include:
- Farm Bureau offers premium reductions for youthful driver, 55 and retired, good student, driver training, multi-vehicle, and safe driver.
- MetLife has discounts for claim-free, accident-free, defensive driver, good student, and multi-policy.
- Progressive includes discounts for good student, online signing, homeowner, multi-vehicle, multi-policy, continuous coverage, and online quote discount.
- AAA discounts include multi-policy, pay-in-full, multi-car, education and occupation, and AAA membership discount.
- American Family may have discounts that include multi-vehicle, air bags, bundled insurance, accident-free, defensive driver, and TimeAway discount.
- GEICO may offer discounts for good student, driver training, daytime running lights, multi-vehicle, anti-lock brakes, seat belt use, and defensive driver.
- State Farm offers discounts including good student, student away at school, driver’s education, multiple autos, multiple policy, and good driver.
The information below shows the difference between insurance costs with and without discounts applied to the policy rates. The premium estimates are based on a male driver, no driving violations, no at-fault accidents, Maryland state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with anti-theft, multiple vehicle, vehicle safety, claim-free, accident-free, and marriage discounts applied. With discounts applied, the average savings per year on auto insurance for a Chevrolet Equinox is 28% or $562.
Why it’s important to shop around
Baltimore, MD auto insurance rates are influenced by many factors that control the policy premium. Getting older, moving to a new city, or getting a ticket for careless driving may prompt premium changes that can cause some rates to be more affordable than competitors.
Also, insurance companies change rates as often as every quarter to adjust for heavy claims or excess profits. Significantly higher claims can result in high rates, while a better claims history can result in lower-priced Equinox insurance rates.
The graph below shows a variety of companies that have the cheapest car insurance in Baltimore, MD for a 30-year-old female driver with no accidents, a clean driving record, and a decent credit rating. When quoting prices based on her current risk factors, USAA might offer the most affordable car insurance rates in Baltimore at $1,686 annually. This is $127 more than the average policy premium paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto are the remainder of the best Baltimore, MD auto insurance companies.
In this next rate comparison, we will give the driver from the first set of rates a couple of claims, less-than-perfect credit, and a traffic citation. Due to the fact that every insurance company has a proprietary method for setting rates, comparing rates may now present a different list of cheap Baltimore auto insurance companies as shown below.
MetLife now has the cheapest car insurance in Baltimore with Nationwide, Travelers, GEICO, and California Casualty also being competitive. This example demonstrates why it is critical to perform a complete rate comparison to get the most budget-friendly auto insurance quotes for a Chevrolet Equinox.
Auto insurance prices are determined by many different factors and change frequently, so the best company the last time you shopped your coverage around may now not even be in the top five.
How to find more affordable car insurance for a Chevrolet Equinox
The list below shows some of the better thrifty solutions that can help Maryland drivers buy low-cost coverage.
- Full coverage is expensive so only insure older vehicles for liability only
- Having at-fault accidents will increase rates
- Increase your credit score
- Increase your physical damage deductibles
- The safer your car, the less it costs to insure
- Save money by obeying traffic laws and keeping a clean driving record
- Shop around for lower rates once a year
The last tip in the list is certainly necessary, as we emphasized in this piece. Prices charged by auto insurers fluctuate considerably, so don’t hesitate to change insurance companies if you can find a cheaper rate.
Brand loyalty is great, but it’s not recommended if your bullheadedness ends up costing you lots of hard earned cash every month. If you have a few minutes, compare prices to find cheaper auto insurance for a Chevrolet Equinox in Baltimore.
The Baltimore car insurance agencies listed below can provide answers to your questions and help you determine which auto insurance coverages would be the best in your situation, since lots of people like to have a consultation when shopping for the best coverage for an Equinox. It’s not always simple to find the best policy on your own, and professional agents can give satisfaction knowing your policy gives you adequate protection in case of an accident or claim. To find an auto insurance agency by location nearest to you, click the button at the bottom or click here to compare price quotes now.
Scott Garvey – State Farm Insurance Agent
211 Key Hwy – Baltimore, MD 21230 – (667) 309-3792
Allstate Insurance: Jim Craig
2829 O’Donnell St – Baltimore, MD 21224 – (410) 522-6100
Allstate Insurance: John Fisher
7839 Eastpoint Mall Ste 4 – Baltimore, MD 21224 – (410) 285-8200
Nationwide Insurance: Frank Dippel Agency Inc
6600 York Rd Ste 207 – Baltimore, MD 21212 – (410) 435-4354
Upper Chesapeake Insurance Agency Inc
900 S Charles St – Baltimore, MD 21230 – (410) 385-0455