Finding affordable auto insurance for a Chevrolet Equinox in New Jersey is pretty straightforward, but it relies on a lot of factors such as whether you are married, your claims history, and any prior driving citations you have received. New Jersey drivers pay approximately $1,655 each year to insure their Equinox, but that price is an estimate calculated using a 30-year-old married male driver with full coverage and $100 deductibles.
The issue that arises when projecting rates is that it’s very likely that you are not 30 and maybe not even a male, single instead of married, or maybe you have a teenager that needs to be on your policy. Just a minor difference in policy rating criteria or coverages could end up with a large change in policy price.
Not every driver requires the same auto insurance coverages, so the only real way to find cheap insurance prices for your Chevrolet is to just take the time to compare rates yourself.
Your vehicle’s trim level tends to have a direct impact on the annual cost of coverage, so the price to insure a Equinox LS 2WD model will be $186 cheaper than the cost to insure the more expensive Equinox LTZ AWD trim level, as shown by the rates below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$414||$746||$480||$28||$144||$1,812||$151|
|Equinox LT 2WD||$414||$746||$480||$28||$144||$1,812||$151|
|Equinox LS AWD||$414||$746||$480||$28||$144||$1,812||$151|
|Equinox LT AWD||$414||$746||$480||$28||$144||$1,812||$151|
|Equinox LTZ 2WD||$466||$880||$480||$28||$144||$1,998||$167|
|Equinox LTZ AWD||$466||$880||$480||$28||$144||$1,998||$167|
|Equinox LTZ AWD||$466||$880||$480||$28||$144||$1,998||$167|
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Price estimates do not factor in Newark location which can change prices noticeably.
Figuring out which company offers the cheapest insurance rates for a Chevrolet Equinox may require a bit more effort than just picking a company at random.
Each auto insurer uses their own method for determining rates, so we’ll go over the insurance companies that tend to be cheaper in Newark, NJ. It’s important to know that Newark insurance rates are determined by lots of factors that can increase the cost of your policy. Improving your credit score, filing a claim, or having an at-fault accident can trigger rate changes resulting in some rates now being more affordable than others.
Cheap Insurance Rates for Your Equinox
21st Century normally has some of the most affordable car insurance rates in Newark at around $1,111 each year. Travelers, New Jersey Manufacturers, Palisades, and Penn National would also make the list of some of the best Newark, NJ insurance companies.
In the above example, if you currently have coverage with New Jersey Manufacturers and switched to 21st Century, you might see savings of roughly $147. New Jersey drivers with Palisades may save as much as $230 a year, and Penn National policyholders might reduce rates by $268 a year.
It’s important to note that these prices are averages across all drivers and vehicles in New Jersey and do not factor in a specific vehicle garaging location for a Chevrolet Equinox. So the car insurance company that fits your needs best may not even be in the top 19 companies shown above. That is why you need to quote rates from many companies using your own individual information.
How to get discounts on Newark car insurance
Insurers that offer coverage for a Chevrolet Equinox may also give you premium discounts that can lower rates by 25% or more if you qualify for them. A list of insurance companies and a summarized list of policyholder discounts include:
- State Farm has savings for multiple policy, good student, Steer Clear safe driver discount, multiple autos, Drive Safe & Save, and passive restraint.
- Esurance discounts include anti-theft, emergency road assistance, online shopper, safety device, renters, and Switch & Save.
- Progressive includes discounts for good student, online quote discount, homeowner, continuous coverage, and multi-vehicle.
- Liberty Mutual has discounts for teen driver discount, new graduate, preferred payment discount, exclusive group savings, and hybrid vehicle.
- Auto-Owners Insurance offers premium reductions for safe vehicle, student away at school, safe driver, mature driver, anti-lock brakes, and multiple vehicles.
- GEICO policyholders can earn discounts including driver training, anti-lock brakes, emergency military deployment, federal employee, daytime running lights, seat belt use, and defensive driver.
The illustration below illustrates the comparison of car insurance costs with and without discounts being applied to the rates. The prices are based on a female driver, no claims or violations, New Jersey state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with claim-free, passive restraint, multiple policy, multiple vehicle, homeowner, and accident-free discounts applied. When these discounts are applied to the policy premium, theamount saved on insurance for a Chevrolet Equinox is 28% or $710.
Should you buy full coverage?
Paying a lower price for insurance is important to the majority of vehicle owners, and a good way to find cheaper insurance for a Chevrolet Equinox is to not pay for full coverage. The chart below shows the difference between insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on no driving violations, no at-fault accidents, $100 deductibles, single marital status, and no discounts are applied.
Averaged out for all age groups, comprehensive and collision coverage on your policy costs an extra $3,570 per year more than just buying liability only. That may make you wonder when is the right time to remove full coverage. There isn’t a steadfast formula to delete physical damage insurance, but there is a broad guideline. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s replacement cost is $7,500 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $6,500 after paying your policy deductible. If premiums are more than $650 a year for your policy with full coverage, then you might want to consider buying only liability coverage.
There are some cases where dropping physical damage coverage is not financially feasible. If you still owe money on your vehicle, you are required to maintain full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should maintain full coverage.
Safe drivers pay less for insurance
In a perfect world, the best way to obtain good insurance prices in New Jersey for an Equinox is to be an attentive driver and avoid accidents and traffic violations. The illustration below shows how speeding tickets and at-fault fender-benders can drive up yearly insurance costs for different age categories. The data assumes a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.
In the previous example, the average cost of an auto insurance policy in Newark per year with no violations or accidents is $2,219. Add in two speeding tickets and the average cost surges to $3,157, an increase of $938 each year. Then add two accidents along with the two speeding tickets and the 12-month cost of insurance for a Chevrolet Equinox goes up to an average of $6,678. That’s an increase of $4,460, or $372 per month, just for not being more responsible behind the wheel!