Buying economical auto insurance for a Chevrolet Traverse depends on a lot of different factors such as whether you are married or single, whether or not you have prior claims, and any driving offenses on your record. Virginia drivers pay around $660 annually for Traverse insurance, but that amount is an estimate calculated based on a 50-year-old married female driver with full physical damage coverage and $100 deductibles.
The problem with using this number is the good chance you are not 50 and maybe not even a female, possibly single instead of married, and maybe your Traverse is older and does not require full coverage. Everone's needs are different, and this illustrates why the way we recommend to find the cheapest coverage for your Chevrolet is to compare as many rates as you can.
The specific model of Traverse will be a contributing factor to the yearly cost, so the price you will be charged to insure a Traverse LS 2WD will cost $82 less than the price to insure the more costly Traverse LTZ AWD version, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Traverse LS 2WD||$170||$272||$206||$12||$62||$722||$60|
|Traverse LS AWD||$192||$272||$206||$12||$62||$744||$62|
|Traverse LT 2WD||$192||$272||$206||$12||$62||$744||$62|
|Traverse LT AWD||$192||$332||$206||$12||$62||$804||$67|
|Traverse LTZ 2WD||$192||$332||$206||$12||$62||$804||$67|
|Traverse LTZ AWD||$192||$332||$206||$12||$62||$804||$67|
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Table data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Virginia minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Information does not factor in your specific Virginia location which can raise or lower rates noticeably.
Picking the right auto insurance company can be challenging considering how many companies sell coverage in Virginia. The company information shown next can help you pick which coverage providers you want to consider purchasing from. The rankings below only include companies with a nationwide focus, so companies with more of a regional focus are not taken into consideration for this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Cost difference between full coverage and liability
Reducing premiums for insurance is the goal of most people, and one of the quickest ways to pay lower rates for insurance for a Chevrolet Traverse in Virginia is to not insure for full coverage. The diagram below shows the difference between car insurance costs with and without full coverage. The premium estimates are based on no driving violations, no at-fault accidents, $250 deductibles, single status, and no policy discounts are applied.
Averaged for all age groups, physical damage coverage on your policy costs $1,532 per year more than insuring for liability only. At some point, almost every driver questions if buying full coverage is worth the money. There isn't a steadfast formula of when to eliminate comp and collision coverage, but there is a general guideline. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let's assume your vehicle's settlement value is $8,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $7,500 after paying the physical damage deductible. If you are paying over $750 a year for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some situations where buying only liability insurance is not a good idea. If you still owe money on your vehicle, you must maintain physical damage coverage in order to keep the loan. Also, if you can't afford to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.
Low rates today, overpriced tomorrow
Virginia insurance rates are based on many factors that may substantially change the price you pay for coverage. Simply improving your credit, becoming a homeowner, or getting a ticket for running a stop sign can trigger rate changes that can now make some companies more affordable than before.
Not only may things change on your end, but companies change premium rates without warning to ensure their profitability. Unexpectedly high claims can result in increased rates, while profitable underwriting may result in lower-priced Traverse insurance rates.
For example, the graph below shows which companies have the cheapest car insurance in Virginia for a 30-year-old male driver with no prior accidents, a clean driving record, and good credit. If we estimate prices based on his current risk factors, Travelers quotes the cheapest car insurance rates in Virginia at $659 annually. This is $499 less than the average rate paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Auto-Owners are also on the list of the most affordable Virginia auto insurance companies.
Now we will give the driver from the first example an accident surcharge, a lower credit rating, and an imperfect driving record. Since each auto insurance company has a different formula to establish rates, comparing quotes most likely will result in a different ranking of the cheapest car insurance companies in Virginia as shown below.
The Hartford now has the lowest car insurance rate in Virginia with Erie, Virginia Farm Bureau, Donegal Mutual, and Nationwide now being in the top five. This demonstrates why Virginia drivers need to compare lots of rates to find the lowest car insurance rates for a Chevrolet Traverse.
Prices are impacted by many risk factors and change substantially, so the best price a year ago may now be quite expensive.
How to find cheaper insurance for a Chevrolet Traverse in Virginia
It is possible to find better rates, and here are some of the better penny-pinching suggestions that can help Virginia drivers locate cheaper auto insurance.
- Raise physical damage deductibles
- Speeding tickets and other violations increase rates
- Vehicles with good safety ratings are usually cheaper to insure
- Having at-fault accidents will increase rates
- Good credit scores may make rates cheaper
- Compare rates and switch if you can find a better deal
That final tip is highly important, as was affirmed in the prior article. Rates can change in a short period of time, so drivers shouldn't be reluctant to switch to a new company if a cheaper rate is available. Many drivers have brand loyalty and that's fine, but it isn't a good idea if that loyalty results in overpaying several hundred dollars every year. Now is a great time to compare prices and find cheaper auto insurance for a Chevrolet Traverse.