Wouldn’t it be great if you could just magically know the single best car insurance company that has the best deal on coverage for safe drivers? It’s not that easy, however, as there are many unknown aspects such as your credit score, the number of miles you drive each year, and the type of vehicle you drive, that all impact the cost of coverage. The information below covers the types of things that cause high car insurance rates and will give you a jump start in finding the best auto insurance in Illinois.
Shopping around for budget auto insurance is tough enough, and figuring out which companies have the best car insurance rates for safe drivers will take even more rate comparisons. Each auto insurer has a different process for setting prices, so let’s take a look at the overall cheapest car insurance companies in Chicago.
Best Cheap Insurance Rates for Safe Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $769 |
| 2 | Rockford Mutual | $813 |
| 3 | Erie | $878 |
| 4 | Titan | $878 |
| 5 | Cincinnati Insurance | $924 |
| 6 | Travelers | $952 |
| 7 | USAA | $959 |
| 8 | State Farm | $972 |
| 9 | Utica National | $975 |
| 10 | SECURA | $995 |
| 11 | Auto-Owners | $1,033 |
| 12 | Safeco | $1,063 |
| 13 | Amica | $1,076 |
| 14 | GEICO | $1,107 |
| 15 | Farmers | $1,146 |
| 16 | California Casualty | $1,161 |
| 17 | Esurance | $1,185 |
| 18 | MetLife | $1,207 |
| 19 | Progressive | $1,219 |
| 20 | State Auto | $1,273 |
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The Hartford may have some of the lowest car insurance rates in Chicago at around $769 each year. Rockford Mutual, Erie, Titan, and Cincinnati Insurance are also some of the cheaper Chicago, IL car insurance companies.
As shown above, if you are currently insured with Rockford Mutual and switched to The Hartford, you could earn yearly savings of roughly $44. Insureds with Erie may save as much as $109 a year, and Titan customers might cut rates by $109 a year.
Be aware that those premium estimates are averaged across all types of insureds and vehicles and do not factor in a specific zip code for safe drivers. So the company that has the lowest price for you may not even be in the list above. That point stresses why you need to quote rates from many companies using your own specific driver information and vehicle.
The car, truck, or SUV driven is probably the biggest factor when shopping for the most affordable coverage for safe drivers. Vehicles with higher performance characteristics, poor passenger safety features, or a track record of large liability claims will cost more to insure than more economical and safe models.
The list below outlines coverage prices for some of the most cost-effective automobiles to insure in Illinois.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $2,091 |
| Toyota Prius | $2,266 |
| Ford Explorer XLT AWD | $2,296 |
| Hyundai Elantra GLS Touring Station Wagon | $2,344 |
| Toyota Camry XLE | $2,549 |
| Honda Odyssey EX-L W/Navigation | $2,559 |
| Ford Escape Limited 2WD | $2,568 |
| GMC Sierra SLE Regular Cab 4WD | $2,598 |
| Chevrolet Equinox LTZ AWD | $2,604 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $2,598 |
| Jeep Wrangler Sahara 4WD 2-Dr | $2,630 |
| Toyota Tacoma 2WD | $2,724 |
| Ford Edge Limited 2WD | $2,734 |
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Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Estimates do not factor in specific location which can alter price quotes greatly.
Based upon the rates shown, you can figure that vehicles like the Honda CR-V, Toyota Prius, and Ford Explorer are most likely going to be the cheapest vehicles to insure for good drivers.
Accidents and violations increase rates
In a perfect world, the ideal way to get the cheapest car insurance rates in Illinois for good drivers is to be an attentive driver and avoid accidents and traffic citations. The example below shows how violations and fender-benders drive up premium costs for different ages of insureds. The premiums are based on a single female driver, comp and collision included, $250 deductibles, and no discounts are factored in.
In the previous example, the average cost of an auto insurance policy in Chicago per year with no violations or accidents is $1,775. Receive two speeding tickets and the average cost surges to $2,383, an increase of $608 each year. Now add two accidents along with the two speeding tickets and the annual cost of car insurance for safe drivers increases to an average of $4,609. That’s an increase of $2,834, or $236 per month, just for not being a responsible driver!
The information below highlights how deductible selection can increase or decrease insurance premiums when getting quotes for cheap insurance for safe drivers. The premiums assume a single male driver, comp and collision included, and no discounts are taken into consideration.
The chart above illustrates that a 40-year-old driver could save $290 a year by changing from a $100 deductible up to a $500 deductible, or save $436 by choosing a $1,000 deductible. Younger drivers, like the 20-year-old, could reduce their rates as much as $968 or even more by choosing a larger deductible amount.
When increasing deductibles, it’s a good idea to have enough savings to enable you to pay the extra out-of-pocket expense that comes with higher deductibles.
Liability rates compared to full coverage
Saving money on car insurance is probably important to most vehicle owners, and one easy way to find cheap insurance for safe drivers is to buy liability only. The example below illustrates the comparison of yearly insurance costs with full coverage and liability only. The prices are based on no claims or violations, $500 deductibles, single status, and no discounts are applied.
On average, comprehensive and collision coverage on your policy costs an extra $1,674 per year more than just insuring for liability. That is a significant amount which raises the question when is the right time to remove full coverage. There is no definitive formula to delete full coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
There are some cases where dropping full coverage is not in your best interest. If you still have a loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.