Compare Chevy Equinox Insurance Quotes in Miami

Do you want to learn how to find lower-priced Chevy Equinox insurance in Miami? No one in their right mind looks forward to paying for car insurance, especially when they are aware that it costs too dang much.

Everyone knows that auto insurance companies don’t want their policyholders to compare prices. Drivers who compare rates once a year will, in all likelihood, switch companies because they have good chances of finding a policy with more affordable rates. A study discovered that consumers who regularly compared rates saved over $72 a month as compared to drivers who never shopped around for cheaper prices.

If finding budget-friendly Chevy Equinox insurance is your ultimate goal, then knowing how to find and compare insurance coverage can help you be more efficient. Insurance companies such as Progressive, GEICO and Farmers Insurance all promote huge savings with ad campaigns and it is challenging if not impossible to avoid their marketing magic and effectively compare rates to find the best deal.

You should take the time to get comparison quotes quite often since insurance rates fluctuate regularly. If you had the lowest premium rates on Chevy Equinox insurance in Miami six months ago you can probably find a lower rate today. Forget anything you know (or think you know) about car insurance because I’m going to let you in on the secrets to one of the easiest ways to find great coverage at a great price.

The companies shown below offer price comparisons in Florida. To find cheaper car insurance in Florida, we recommend you compare several of them in order to find the lowest rates.

Why you need to buy car insurance

Despite the fact that car insurance is not cheap in Miami, car insurance serves a purpose in several ways.

First, the majority of states have mandatory liability insurance requirements which means you are required to buy specific limits of liability insurance coverage if you don’t want to risk a ticket. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if you have a loan on your car, almost every bank will make it mandatory that you have full coverage to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the lender may have to buy a policy to insure your Chevy at a much higher premium rate and require you to reimburse them the higher price.

Third, car insurance protects not only your vehicle but also your financial assets. Insurance will also pay for hospital and medical expenses for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, will also pay to defend you if you cause an accident and are sued. If your car is damaged in a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.

The benefits of insuring your car are without a doubt worth the cost, particularly when you have a large claim. Despite what companies tell you, the average driver overpays more than $855 a year so you should quote rates at least once a year to save money.

Rates and detailed analysis

The coverage information below showcases different coverage costs for Chevy Equinox models. Understanding how insurance prices are determined can aid in making smart choices when comparing insurance rates.

Above prices assume married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Rates do not factor in garaging location in Miami which can lower or raise prices greatly.

How high should deductibles be?

One common question asked by Miami drivers is how high should the deductibles for physical damage be. The figures shown below summarize the costs and benefits when you select higher and lower coverage deductibles. The first rate quote example uses a $250 physical damage coverage deductible and the second set of prices uses a $500 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Rates do not factor in specific location information which can influence rates significantly.

Based on this data, we can arrive at the conclusion that using a $250 deductible will cost you roughly $16 more each month or $192 a year averaged for all Equinox models than choosing the higher $500 deductible. Since you would pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you tend to go more than 16 months between claims, you would probably be better off if you opt for a higher deductible.

One important note is that increasing deductibles to save money means you will have to cover more of the damage yourself if you have a claim. You need some extra savings in order to pay the deductible.

Annual premiums for males versus females in Miami

The diagram below illustrates the difference between Chevy Equinox car insurance costs for male and female drivers. The premiums are based on no claims or driving citations, full physical damage coverage, $500 deductibles, single marital status, and no discounts are taken into consideration.

Full coverage rates vs. liability-only

The example below visualizes the comparison of Chevy Equinox insurance costs when comparing full coverage to state minimum liability only. The premium estimates are based on no violations or accidents, $1,000 deductibles, drivers are single, and no other discounts are factored in.

Are you wasting money on full coverage?

There is no definitive guideline for phasing out physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of comp and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.

For example, let’s pretend your Chevy Equinox settlement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $5,000 after paying the physical damage deductible. If you are paying over $500 a year for physical damage coverage, then it’s probably a good time to buy liability coverage only.

There are some scenarios where removing full coverage is not a good idea. If you haven’t paid off your loan, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not buy liability only.

Auto insurance policy discounts you can’t miss

Some providers don’t list every possible discount in a way that’s easy to find, so the following is a list of both the well known and the more hidden credits that may apply to you. If you’re not getting every credit you qualify for, you could be getting lower rates.

• Safety Course Discount – Participating in a safe driver course could possibly earn you a 5% discount and easily recoup the cost of the course.
• Good Student – Maintaining excellent grades can be rewarded with saving of up to 25%. The discount lasts until age 25.
• Miami Homeowners Discount – Owning a home in Miami may trigger a policy discount on auto insurance because owning a home is proof of financial responsibility.
• College Student – Older children living away from Miami attending college and won’t have access to an insured vehicle may be able to be covered for less.
• Save with More Vehicles Insured – Drivers who insure multiple vehicles on one policy qualifies for this discount.
• Mature Driver Discount – Older drivers can get reduced rates.
• Driving Data Discount – Insureds who allow companies to track where and when they drive by installing a telematics device such as Progressive’s Snapshot and State Farm’s In-Drive could save a few bucks if they show good driving skills.

As a footnote on discounts, some credits don’t apply to your bottom line cost. Most only reduce individual premiums such as physical damage coverage or medical payments. Even though the math looks like all the discounts add up to a free policy, companies don’t profit that way.

The chart below compares Chevy Equinox insurance premiums with and without discounts applied to the premium. The costs are based on a male driver, no violations or accidents, Florida state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, safe-driver, marriage, homeowner, multi-policy, and multi-car discounts applied.

Companies that possibly offer some of the above discounts may include but are not limited to:

• Farm Bureau
• MetLife
• Progressive
• AAA
• American Family
• GEICO
• State Farm

Before you buy a policy, ask each company to give you their best rates. All car insurance discounts might not apply in every state. If you would like to view insurance companies with the best Chevy Equinox insurance discounts in Miami, click here to view.

Florida car insurance companies ranked

Buying coverage from a good quality auto insurance provider can be a challenge considering how many different companies there are to choose from in Florida. The information below may help you select which providers to look at when comparing rates.

Top 10 Miami Car Insurance Companies Ranked by Claims Service

1. Travelers
2. Nationwide
3. Allstate
4. State Farm
5. Liberty Mutual
6. GEICO
7. American Family
8. Esurance
9. Titan Insurance
10. AAA Insurance

Top 10 Miami Car Insurance Companies by A.M. Best Rank

1. Travelers – A++
2. USAA – A++
3. GEICO – A++
4. State Farm – A++
5. Titan Insurance – A+
6. Esurance – A+
7. Progressive – A+
8. The Hartford – A+
9. Allstate – A+
10. Nationwide – A+