Finding low-cost insurance for a Chevy Equinox in Tennessee can normally be an all-consuming task, but you can use our insurance buying tips to find lower rates. There is a better way to shop for insurance and we’ll show you the quickest way to compare rates for your Chevy and obtain the cheapest rates from Memphis insurance agents and online providers.
It’s smart to quote other rates before your next renewal because prices go up and down regularly. Just because you found the lowest rates on Chevy Equinox insurance in Memphis a couple years back other companies may now be cheaper. Forget all the misinformation about insurance because we’re going to show you the best way to save money, get proper coverage and the best rates.
The auto insurance companies shown below are ready to provide price comparisons in Tennessee. If you wish to find cheap auto insurance in Memphis, TN, we suggest you visit as many as you can to get the most competitive price.
Auto insurance is not optional
Despite the high cost of buying insurance for a Chevy Equinox in Memphis, auto insurance serves several important purposes.
- Most states have mandatory liability insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability protection in order to license the vehicle. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you bought your Chevy Equinox with a loan, more than likely the lender will require that you have physical damage coverage to guarantee payment of the loan. If coverage lapses or is canceled, the bank may insure your Chevy at a much higher rate and require you to fork over for it.
- Insurance protects your vehicle and your assets. It will also cover all forms of medical expenses for you, your passengers, and anyone else injured in an accident. Liability coverage also pays for attorney fees and expenses if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, comprehensive and collision coverage will cover the repair costs.
The benefits of having auto insurance are definitely more than the cost, particularly when you have a large claim. According to a survey of 1,000 drivers, the average driver overpays as much as $869 every year so compare quotes from several companies at every policy renewal to ensure rates are competitive.
Chevy Equinox coverage analysis
The rate information displayed below showcases different rate quotes for Chevy Equinox models. Understanding how policy rates are determined helps drivers make informed purchases.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$182||$304||$288||$18||$86||$878||$73|
|Equinox LT 2WD||$182||$304||$288||$18||$86||$878||$73|
|Equinox LS AWD||$182||$304||$288||$18||$86||$878||$73|
|Equinox LT AWD||$182||$304||$288||$18||$86||$878||$73|
|Equinox LTZ 2WD||$204||$358||$288||$18||$86||$954||$80|
|Equinox LTZ AWD||$204||$358||$288||$18||$86||$954||$80|
|Equinox LTZ AWD||$204||$358||$288||$18||$86||$954||$80|
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Rate quotes do not factor in specific Memphis garaging location which can raise or lower auto insurance rates considerably.
Car insurance rates based on gender
The example below illustrates the difference between Chevy Equinox insurance premiums for male and female drivers. The costs are based on a clean driving record, no claims, comprehensive and collision coverage, $1,000 deductibles, single status, and no other discounts are factored in.
Cost of full coverage
The information below shows the difference between Chevy Equinox auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The premiums assume a clean driving record, no at-fault accidents, $250 deductibles, drivers are not married, and no discounts are taken into consideration.
When to drop comp and collision
There is no specific rule for dropping physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s say your Chevy Equinox replacement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $7,000 after you pay the deductible. If you are currently paying more than $700 a year for full coverage, then you might want to consider buying only liability coverage.
There are some cases where eliminating full coverage is not recommended. If you haven’t satisfied your loan, you have to carry full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not remove full coverage.
Car insurance discounts help lower rates for Chevy Equinox insurance in Memphis
Auto insurance companies do not list every discount they offer in an easy-to-find place, so the following is a list of both the well known as well as some of the hidden savings tricks you should be using when you buy Memphis car insurance online.
- Federal Government Employee – Active or former government employment could cut as much as 10% off depending on your car insurance provider.
- Homeowners Savings – Being a homeowner may trigger a policy discount on car insurance due to the fact that maintaining a home shows financial diligence.
- Savings for New Vehicles – Adding a new car to your policy can cost up to 25% less since newer vehicles have better safety ratings.
- Distant Student – College-age children who live away from home at college and do not have access to a covered vehicle may be able to be covered for less.
- Passive Restraints and Air Bags – Vehicles equipped with air bags or motorized seat belts can receive discounts of 20 to 30 percent.
- Discount for Life Insurance – Not every insurance company offers life insurance, but if they do you may earn a discount if you purchase a life insurance policy as well.
- Active Service Discounts – Being on active duty in the military may lower your prices slightly.
- Accident Forgiveness Coverage – This one isn’t a discount, but certain companies may permit one accident before raising your premiums as long as you don’t have any claims before the accident.
- Payment Method – If paying your policy premium upfront instead of making monthly payments you can avoid monthly service charges.
Policy discounts save money, but most of the big mark downs will not be given to your bottom line cost. Most cut the cost of specific coverages such as liability, collision or medical payments. If you do the math and it seems like you can get free auto insurance, it’s just not the way it works.
The information below shows the difference between Chevy Equinox car insurance costs with and without discounts applied. The premiums are based on a female driver, no violations or claims, Tennessee state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, homeowner, safe-driver, multi-car, and multi-policy discounts applied.
Popular car insurance companies and some of the discounts are:
- State Farm may include discounts for Steer Clear safe driver discount, Drive Safe & Save, defensive driving training, multiple policy, and good driver.
- American Family policyholders can earn discounts including defensive driver, accident-free, air bags, TimeAway discount, and multi-vehicle.
- AAA discounts include education and occupation, pay-in-full, AAA membership discount, multi-policy, multi-car, good student, and good driver.
- GEICO has discounts for seat belt use, membership and employees, anti-lock brakes, defensive driver, federal employee, and good student.
- Mercury Insurance may have discounts that include multi-car, good student, professional/association, low natural disaster claims, anti-theft, and multi-policy.
- Farmers Insurance includes discounts for early shopping, business and professional, electronic funds transfer, youthful driver, pay in full, homeowner, and mature driver.
- Progressive offers discounts for online quote discount, continuous coverage, multi-vehicle, online signing, good student, and homeowner.
Before you buy a policy, ask every company which discounts can lower your rates. Some credits may not apply to policyholders in your area. To locate insurance companies who offer free Chevy Equinox insurance quotes in Tennessee, click here.
Memphis auto insurance companies ranked
Finding a highly-rated company can be challenging considering how many choices there are in Memphis. The ranking information displayed below can help you pick which auto insurance companies to look at when comparing rates.
Top 10 Memphis Car Insurance Companies Ranked by Customer Service
- Mercury Insurance
- AAA Insurance
- Safeco Insurance
- State Farm
- The Hartford
- The General