Deciding which company has the most affordable auto insurance rates for electric cars will involve a little more work than just comparing rates from one or two companies.
Every insurance provider has a proprietary method to set policy rates, so let’s look at the rankings for the most competitive auto insurance companies in Chicago, IL. It’s a good idea to be aware that Illinois auto insurance rates are impacted by many factors that can increase the price you have to pay for coverage. Simply improving your credit, moving across town, or getting a DUI can cause premium changes resulting in some companies being more affordable than competitors.
Best Auto Insurance Prices for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $776 |
| 2 | Rockford Mutual | $822 |
| 3 | Titan | $878 |
| 4 | Erie | $887 |
| 5 | Cincinnati Insurance | $897 |
| 6 | Travelers | $952 |
| 7 | SECURA | $975 |
| 8 | Utica National | $984 |
| 9 | USAA | $988 |
| 10 | State Farm | $1,002 |
| 11 | Auto-Owners | $1,064 |
| 12 | Safeco | $1,085 |
| 13 | GEICO | $1,107 |
| 14 | Amica | $1,120 |
| 15 | Farmers | $1,135 |
| 16 | California Casualty | $1,173 |
| 17 | Esurance | $1,197 |
| 18 | Progressive | $1,206 |
| 19 | MetLife | $1,220 |
| 20 | State Auto | $1,236 |
| Compare Rates Now Go | ||
The Hartford may offer some of the most affordable car insurance rates in Chicago at around $776 annually. Rockford Mutual, Titan, Erie, and Cincinnati Insurance would also make the list of some of the lowest-priced Chicago, IL insurance companies.
As shown in the rates above, if you are a customer of Erie and switched to Rockford Mutual, you could earn annual savings of about $65. Drivers with Cincinnati Insurance could save as much as $75 a year, and Travelers policyholders might lower prices by $130 a year.
These policy prices are averaged across all drivers and vehicles and and are not calculated with a specific vehicle garaging location for electric cars. So the auto insurance company that can offer the best rates for your situation may not even be in the list above. That affirms the importance of why you need to compare rates from as many companies as possible using your own specific driver and vehicle information.
The vehicle you are seeking coverage for is probably the most important factor when quoting cheap insurance for electric cars. Vehicles with limited speed and performance, good safety features, or a positive history of liability claims will cost significantly less to insure than adrenaline junky models. The table below outlines insurance prices for the more affordable vehicles to insure.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford F-150 XL Regular Cab 2WD | $2,186 |
| Honda CR-V LX 2WD | $2,386 |
| Ford Escape XLT 2WD | $2,391 |
| Ford Edge SE AWD | $2,455 |
| Chevrolet Silverado LS Regular Cab 4WD | $2,537 |
| Dodge Grand Caravan SE | $2,589 |
| Chevrolet Impala LTZ | $2,635 |
| Toyota Prius | $2,642 |
| Chevrolet Equinox LTZ AWD | $2,684 |
| Honda Odyssey EX | $2,688 |
| Chevrolet Malibu LS | $2,740 |
| Toyota RAV4 Limited 4WD | $2,747 |
| Jeep Grand Cherokee Laredo 2WD | $2,740 |
| Toyota Tacoma 2WD | $2,756 |
| Chevrolet Silverado 3500HD LTZ Crew Cab 2WD | $2,779 |
| Jeep Wrangler Unlimited Sahara 2WD 4-Dr | $2,809 |
| Nissan Rogue SL AWD | $2,819 |
| Hyundai Elantra Blue 4-Dr Sedan | $2,838 |
| Ford Explorer Limited AWD | $2,881 |
| Hyundai Sonata GLS 4-Dr Sedan | $2,930 |
| Compare Rates Now Go | |
Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Rate information does not factor in specific zip code location which can alter premium rates noticeably.
Looking at the rates, we can expect models like the Ford F-150, Honda CR-V, Ford Escape, Ford Edge, and Chevrolet Silverado should be the less-costly vehicles to insure for eco-friendly vehicles.
For eco-friendly vehicles, one of the largest factors that determine insurance cost is where you call home in Chicago. Areas with more people or higher crime rates likely pay more, whereas areas with less people or fewer weather incidents have the luxury of lower rates.
The table below lists the highest-priced areas in Illinois for electric cars in which to purchase auto insurance. Chicago shows up at #2 with an annual rate of $1,529 for the average policy, which is approximately $127 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Cicero | $1,588 |
| 2 | Chicago | $1,529 |
| 3 | Skokie | $1,447 |
| 4 | Berwyn | $1,406 |
| 5 | Des Plaines | $1,286 |
| 6 | Oak Lawn | $1,269 |
| 7 | Evanston | $1,238 |
| 8 | Mount Prospect | $1,205 |
| 9 | Waukegan | $1,176 |
| 10 | Schaumburg | $1,157 |
| 11 | Palatine | $1,155 |
| 12 | Orland Park | $1,149 |
| 13 | Joliet | $1,134 |
| 14 | Bolingbrook | $1,128 |
| 15 | Tinley Park | $1,120 |
| 16 | Rockford | $1,119 |
| 17 | Arlington Heights | $1,106 |
| 18 | Elgin | $1,105 |
| 19 | Aurora | $1,085 |
| 20 | Peoria | $1,060 |
| Start a Quote Go | ||
Annual rates are approximated as the specific area where the vehicle is garaged can revise auto insurance rates noticeably.
How accidents and violations affect rates
The obvious way to maintain the cheapest auto insurance premiums for eco-friendly vehicles is to be a cautious driver and avoid accidents and traffic violations. The diagram below shows how speeding tickets and at-fault collisions can influence insurance costs for different categories of driver ages. Data assumes a single male driver, full coverage, $250 deductibles, and no discounts are applied.
In the chart above, the average cost of a car insurance policy in Illinois per year with no accidents or violations is $1,871. Factor in two speeding tickets and the average cost swells to $2,478, an increase of $607 each year. Now get two accidents along with the two speeding tickets and the annual cost of auto insurance for electric cars goes up to an average of $4,704. That’s an increase of $2,834, or $236 per month, just for not driving safely!
Difference between full coverage and liability only rates
Saving money when shopping for auto insurance is important to the majority of people, and one easy way to lower the cost of insurance for electric cars is to not pay for full coverage. The chart below visualizes the comparison of insurance premiums with full physical damage coverage compared to only buying liability only. The information is based on a clean driving record, no claims, $100 deductibles, single marital status, and no additional discounts are factored in.
If we average the cost for all age groups, physical damage insurance costs an extra $1,502 per year over liability only. Many drivers may wonder if buying full coverage is worth the expense. There isn’t a written rule to stop paying for comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than about 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s replacement value is $9,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company would pay you is $8,500 after you pay the deductible. If you are paying over $850 a year for physical damage coverage, then it may be the right time to buy liability only.
How to find a good Illinois auto insurance company
Picking a highly-rated auto insurance company can be a challenge considering how many companies there are in Chicago. The company ratings shown below could help you analyze which providers to look at when looking for cheaper rates.
These rankings include companies that insure vehicles nationwide, so smaller companies are not included in the list. If you would like to check rates from these and other competitive companies, click this link.
Top 10 Large Car Insurance Companies Overall in Chicago
- USAA
- 21st Century
- GEICO
- Nationwide
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- Travelers
- American Family
Top 10 Large Car Insurance Companies in Chicago Ranked by Value
- USAA
- GEICO
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- Allstate
- 21st Century
- Travelers
How to find budget-friendly insurance for electric cars
The list below shows some of the recommended money-saving suggestions that can help Illinois drivers get low-cost car insurance.
- Increase your policy deductibles
- Clean up your credit rating
- Frequent claims will increase rates
- Buy your auto and home insurance from the same company and save
- Avoid having at-fault accidents
- Save money by observing traffic laws and speed limits
- Shop around once a year for cheaper rates
The last idea is remarkably significant, as we noted in the prior information. Prices charged by car insurance companies vary considerably, so drivers shouldn’t be resistant to switch companies if a better deal can be had. We understand brand loyalty, but is isn’t recommended if that stubbornness costs you a small fortune year after year. Take a few minutes and compare rates and find cheaper insurance for electric cars in Chicago.