The words “affordable” and “auto insurance” probably shouldn’t be used together, specifically when searching for the lowest insurance rates for single moms. Because of the high cost, let’s familiarize you with some situations that can significantly affect auto insurance rates, and come up with some ways to take the bite out of the next policy you buy.
The vehicle model to be insured is probably the most important factor that determines the availability of the most economical auto insurance for single moms. Vehicles with higher performance, poor safety features, or high incidents of liability claims will cost significantly more to insure than more modest models. The next list showcases coverage premiums for a selection of the most cost-effective automobiles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $1,928 |
| Honda Accord EX-L 4-Dr Sedan | $2,089 |
| Ford Escape XLS 2WD | $2,206 |
| Toyota RAV4 4WD | $2,278 |
| Toyota Camry LE | $2,285 |
| Jeep Grand Cherokee Laredo 2WD | $2,278 |
| Dodge Grand Caravan Crew | $2,322 |
| Ford Explorer Limited 4WD | $2,330 |
| Toyota Prius | $2,442 |
| GMC Sierra SLT Extended Cab 2WD | $2,449 |
| Volkswagen Jetta 2.0T 4-Dr Sedan | $2,442 |
| Kia Optima LX | $2,445 |
| Honda Civic EX-L 4-Dr Sedan | $2,517 |
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Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Premium amounts do not factor in specific zip code location which can impact prices substantially.
Based on these rates, we can conclude that cars like the Honda CR-V, Honda Accord, and Ford Escape are going to be a few of the less-costly vehicles to insure for single parents.
For single parents, one of the more important components that determine the amount you pay each year for auto insurance is where you keep your vehicle. Areas with increased crime or more people likely pay more, whereas areas with less crime or weather claims can boast about having cheaper rates.
The table below ranks the most expensive areas in Illinois for single moms to purchase car insurance in. Chicago is listed at #2 costing $1,499 for the average policyholder, which is about $125 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Cicero | $1,573 |
| 2 | Chicago | $1,499 |
| 3 | Berwyn | $1,421 |
| 4 | Skokie | $1,405 |
| 5 | Des Plaines | $1,248 |
| 6 | Oak Lawn | $1,243 |
| 7 | Evanston | $1,238 |
| 8 | Waukegan | $1,188 |
| 9 | Mount Prospect | $1,181 |
| 10 | Bolingbrook | $1,150 |
| 11 | Orland Park | $1,149 |
| 12 | Rockford | $1,141 |
| 13 | Schaumburg | $1,135 |
| 14 | Joliet | $1,134 |
| 15 | Palatine | $1,121 |
| 16 | Tinley Park | $1,120 |
| 17 | Arlington Heights | $1,106 |
| 18 | Elgin | $1,105 |
| 19 | Aurora | $1,085 |
| 20 | Peoria | $1,050 |
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Rate information is comparative as the specific zip code location can lower or raise coverage prices greatly.
Difference between liability only and full coverage rates
Reducing the cost of car insurance is the goal of most drivers, and one of the easiest ways to buy cheap insurance for single moms is to only pay for liability coverage. The illustration below shows the comparison of insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Illinois. Data assumes no driving violations, no at-fault accidents, $1,000 deductibles, single status, and no other discounts are factored in.
On average, physical damage insurance costs an extra $1,469 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 drop physical damage coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than around 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
There are a few cases where dropping full coverage is not recommended. If you still owe a portion of the original loan, you have to maintain full coverage to satisfy the loan requirements. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should keep full coverage on your policy.
Chicago car insurance companies ranked
Finding a highly-rated car insurance provider is hard considering how many choices there are in Chicago. The ranking information below could help you pick which coverage providers you want to consider when shopping insurance around for single moms.
These ratings are for the largest companies in America, so companies that focus mainly on Illinois business will not be included in this list. If you wish to compare rates from these top-rated insurers and more, click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Titan Insurance | 89 | 91 | 83 | 86% | A+ | 89.3 |
| Allstate | 90 | 90 | 84 | 85% | A+ | 89.1 |
| Progressive | 83 | 85 | 99 | 87% | A+ | 88.7 |
| Erie Insurance | 92 | 90 | 82 | 88% | A+ | 88.5 |
| Mercury Insurance | 87 | 95 | 87 | 84% | A+ | 88.3 |
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Data Source: Insure.com Best Car Insurance Companies
What aren’t you shopping around?
Illinois car insurance rates are based on many factors that control your annual premium. Simply getting older, becoming a homeowner, or getting a DUI can trigger changes in premium that can make some companies cheaper than before. Not only may your risk profile change, but insurance companies modify pricing every year in order to offset underwriting gains or losses. Larger than normal claims may result in higher prices, while long-term profits can cause lower-priced Chicago car insurance rates.
To help illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Chicago, IL for a 45-year-old male driver with a clear driving record, no claims, and great credit. If we estimate rates based on his current situation, The Hartford may offer the best car insurance rates in Chicago at $1,187 a year. This is $162 less than the average policy premium paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Cincinnati Insurance, and Erie round out the rest of the most affordable Chicago, IL auto insurance companies.
The example below compares rates after we give the driver from the first example an accident surcharge, poor credit, and a traffic ticket or two. Because each insurer uses a different method for determining prices, comparing insurance quotes may now result in a substantially altered list of companies as shown below.
State Farm now has the best insurance rate in Chicago, IL with Utica National, USAA, SECURA, and Auto-Owners also having competitive pricing. This shows why consumers need to compare lots of rates when trying to find the most affordable insurance rates for single moms.
Car insurance prices are calculated by many factors and can change without notice, so the lowest-price company the last time you compared rates may now be quite expensive.
Tips for finding economical auto insurance for single moms
Below you’ll find some of the recommended money-saving solutions that can help Illinois drivers find low-cost coverage.
- Keep your driving record clean
- Remain accident-free and save
- Drive safe vehicles
- Increase deductibles to save money
- Higher credit scores can equal lower rates
- Compare prices frequently to find the best deal
The final tip is extraordinarily necessary, as we stressed in the prior information. Auto insurance rates go up and down frequently, so drivers shouldn’t be reluctant to buy from a new company if a more affordable rate is found. Sticking with a specific company is fine, but it’s not a good idea if your bullheadedness ends up costing you a lot of money. It only takes a couple minutes to compare prices and find cheaper car insurance for single moms in Chicago.
The insurance agencies below can probably help you make a decision which policy is best, since some people prefer to get some professional advice when trying to find lower insurance rates for single moms. It can be complicated to find the best rates on your own, so a licensed agent can bring comfort knowing your coverage gives you suitable coverage if you have an accident.
To find a Chicago insurance agency in your neighborhood, click the link at the bottom.
- Dwayne Jackson – State Farm Insurance Agent
1345 W Taylor St – Chicago, IL 60607 – (312) 455-0675 - Angela Roudez – State Farm Insurance Agent
1505 S State St – Chicago, IL 60605 – (312) 663-1820 - Russ Spinelli – State Farm Insurance Agent
1525 E 53rd St #727 – Chicago, IL 60615 – (773) 955-3133 - Zeiler Insurance Services, Inc.
3660 E 106th St – Chicago, IL 60617 – (773) 375-3600