The Chevy Equinox is a midsize SUV that is an affordable alternative. It offers one of the best fuel economies in its class, and NerdWallet ranks it seventh on the list of cheapest cars to insure, making it one of the more affordable SUVs on the market. What makes this compact SUV so much cheaper to insure? Here are a few reasons why Equinox is ranked among the top 10 cheapest.
The Chevy Equinox’s safey ratings help lower insurance costs
The Chevy Equinox safety ratings are one of the reasons that it is cheaper to insure. According to Insurance Institute for Highway Safety, Equinox scored well on the following safety tests: small overlap front for driver-side and passenger-side, moderate overlap front, the side, roof strength, head restraints, and seat. In addition, it also scored superior in front crash prevention vehicle to vehicle and front crash prevention vehicle to a pedestrian.
The Chevy Equinox would be an excellent option for a young family, given its safety ratings and general long-term affordability.
Insurance rates as a percentage of the MSRP
The Chevy Equinox has a starting MSRP of $23,800. The average annual insurance premium is $1,511. That is 6.35% of the MSRP. Various trim levels will affect the cost to insure, such as choosing the RS package, which is a sportier package, may raise the premium. Other factors that can affect that rate are the drivers on the policy and their driving histories, such as tickets, prior accidents, and other infractions.
Insurance companies will often look at the vehicle’s likelihood of being stolen when setting insurance premiums. For example, the Honda Accord and Honda Civic are both very highly rated by IIHS. However, they are more likely to be stolen than other vehicles, and the insurance rates reflect that.
Features of the Chevy Equinox
The Chevy Equinox is a middle-of-the-road type of vehicle. However, if you are looking for a slightly sportier version, the RS package could fit the bill. The RS part stands for “rally sport,” which basically means you get trim that makes it look sportier, such as a black interior with red stitching and a black grill on the exterior.
As for vehicle performance, you will get a turbocharged 2.0-liter four-cylinder engine along with 227 hp and 258 lb-ft of torque compared to the base option of a 1.5-liter engine. In addition, both the 1.5-liter turbo and 2.0-liter turbo versions come with either FWD or AWD, making it a great option for those that deal with inclement weather from time to time.
The Chevy Equinox MSRP is $26,995 all the way up to $40,000, depending on the trim level you choose, Chevrolet shows. Features like AWD and convenience packages that include heated rear seats and an 8-way power front seat can drive up the cost of the vehicle. However, the LS version starts at a reasonable $26,995 and can go up from there, depending on your features.
The four levels of trim offered include the LS, LT, RS, and Premier, with the LS being the cheapest version and the Premier the most expensive. These four trim levels are customizable, and insurance premiums will vary based on the MSRP of your particular vehicle option you choose.
All in all, the Chevy Equinox is one of the least expensive cars to insure. Varying trim levels and convenience packages make it a nice option for customization. Combine this with Equinox’s good safety rating, and this makes it a great option for a family-friendly and inexpensive vehicle to own.