The Chevy Equinox is a stylish and versatile compact SUV that’s been on the road since 2004. When taking your Equinox for a drive, it’s important that you make sure it’s insured so that you’re compliant with the law and avoid having to pay the full cost of an accident. The cost you can expect to pay for insurance is likely to vary depending on a number of factors, and there are a lot of things to keep in mind when deciding on a provider.
History of the Chevy Equinox
Chevrolet first introduced the Equinox in 2004. This unique vehicle represented the automaker’s first-ever crossover SUV, designed to compete with models like the Honda CR-V and Toyota RAV-4. In 2010, the Equinox entered its second generation and maintained its midsize crossover SUV classification, adding more fuel-efficient engine options and newer and more modern features. Its third and most recent generation began in 2018 when Chevrolet re-categorized the SUV as a compact crossover SUV and updated its exterior features and styling to give it a more stylish and unique body.
In 2022, the Equinox gained an updated look with newly designed headlights, a brand-new front grille, and a different bumper. It remains a popular option for families looking for a feature-heavy SUV with excellent reliability and fuel efficiency.
Average Chevy Equinox Insurance Cost
The average Chevy Equinox insurance cost is $1,416 per year for full coverage, or around $118 each month, according to insuraviz. Insurance rates are likely to vary significantly, depending on the trim and model year that you own. For example, the monthly cost of insurance on the Equinox LS trim is $113 per month. This increases to $124 per month with the Premier trim, as it contains a myriad of additional features.
Since the Equinox is an SUV, it may cost less to insure than a high-performance vehicle. Even so, the different trims can affect its total insurance costs. This is generally because the additional features increase its value, which might make your rates higher. Here’s the full cost breakdown of the average annual insurance rates for a 2022 Equinox based on trim level:
- Equinox LS: $1,360 annually
- Equinox LT: $1,366 annually
- Equinox RS: $1,420 annually
- Equinox Premier: $1,454 annually
In addition to trim level, the year you own can affect how much you end up paying for insurance. Generally, insurers charge lower rates for older models than models that came out in the last year or two. This is because newer vehicles often have more advanced technology that costs more to repair. Here are the average annual insurance costs for a Chevy Equinox based on six model years:
- 2020 Chevrolet Equinox: $1,370 yearly
- 2019 Chevrolet Equinox: $1,354 yearly
- 2018 Chevrolet Equinox: $1,344 yearly
- 2017 Chevrolet Equinox: $1,340 yearly
- 2016 Chevrolet Equinox: $1,324 yearly
- 2015 Chevrolet Equinox: $1,306 yearly
Most Affordable Chevy Equinox Insurance
Your insurance is likely to be most affordable if you own an Equinox manufactured in 2015 or earlier. The trim with the cheapest insurance rate is the base LS model, though the addition of all-wheel drive may increase your total insurance cost slightly. It’s important to keep in mind that there are a variety of factors that could affect your rates, such as your driving record. Traffic violations, speeding tickets, and involvement in car accidents are some of the biggest factors that can lead to an increase in the cost of your insurance.
The state where you live can also affect the cost of your insurance, regardless of the Equinox trim or year that you own. Some states have higher minimum insurance requirements than others, which can lead to an increase in the rate you pay. For example, Michigan drivers pay an average of $4,386 a year for minimum coverage, while Iowa drivers pay just $382 a year, according to ValuePenguin. Age is another major factor that can affect rates, with younger, more inexperienced drivers generally paying higher rates than drivers over the age of 25.
Cheapest Chevy Equinox Insurer
There are a number of insurers that offer cheap car insurance for Equinox owners. The Zebra found that Nationwide, USAA, Geico, and State Farm offer some of the lowest insurance rates to Chevy Equinox drivers. Each of these insurers has its own advantages.
If you have a teen driver or an accident on your record, you might prefer State Farm so you can get more affordable rates. If you want cheap premium rates and you have bad credit or a history of speeding tickets, you may prefer Geico. USAA might be right for you if you’re a veteran or an active-duty military member, while Nationwide or Progressive may appeal to you if you’re a relatively new driver. Here are the rates you can expect to pay for each of these insurers based on a 2020 model:
- Nationwide: $1,080 yearly
- GEICO: $1,270 yearly
- USAA: $1,279 yearly
- State Farm: $1,359 yearly
- Progressive: $1,453 yearly
Chevy Equinox Insurance Costs Compared to Other SUVs
Compared to other compact SUVs, the Equinox is about average when it comes to insurance costs. According to insuraviz, it ranks 24 out of 46 total SUVs with the cheapest insurance costs. While insurance for the Equinox generally costs less than insurance for the Toyota RAV-4, the Nissan Rogue, and the Ford Escape, it’s more expensive than insurance for the Honda CR-V.
It’s typically cheaper to insure a Chevy Equinox compared to other vehicles because the risk of it being stolen is relatively low. It also tends to cost less to repair and replace than other vehicles. As a result, insurers are more likely to offer lower rates. You may be able to lower your insurance costs even more if you practice safe driving and maintain good credit.
When researching insurance rates, it’s often helpful to get car insurance quotes from several leading insurers and see if you qualify for any discounts. You may be eligible for a discount on your insurance if you’re a military member, federal employee, senior citizen, student, or are an employee of a certain organization. Though it may take some time to consider the cost of insuring your Chevy Equinox, the research you do now can help you save money.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.