The words “bargain” and “auto insurance” really shouldn’t be used together, specifically when you are trying to find the best insurance rates for teenagers. Let’s teach you some of the factors that can significantly affect car insurance premiums, and find a way to reduce the price of the next policy you buy.
One of the many criteria that determine the amount you pay each year for auto insurance is where your car is garaged. Regions with more people or even just more weather-related claims likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The next table sorts the most expensive cities in Illinois for teenagers to buy car insurance in. Chicago makes the list at #2 with a yearly premium of $1,499 for car insurance, which is around $125 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Cicero | $1,526 |
| 2 | Chicago | $1,499 |
| 3 | Berwyn | $1,464 |
| 4 | Skokie | $1,433 |
| 5 | Oak Lawn | $1,281 |
| 6 | Des Plaines | $1,274 |
| 7 | Evanston | $1,238 |
| 8 | Mount Prospect | $1,217 |
| 9 | Waukegan | $1,176 |
| 10 | Orland Park | $1,173 |
| 11 | Joliet | $1,169 |
| 12 | Tinley Park | $1,166 |
| 13 | Bolingbrook | $1,162 |
| 14 | Rockford | $1,153 |
| 15 | Elgin | $1,139 |
| 16 | Arlington Heights | $1,128 |
| 17 | Schaumburg | $1,123 |
| 18 | Palatine | $1,109 |
| 19 | Aurora | $1,085 |
| 20 | Peoria | $1,050 |
| 21 | Springfield | $1,039 |
| 22 | Decatur | $1,024 |
| 23 | Naperville | $1,022 |
| 24 | Bloomington | $951 |
| 25 | Champaign | $942 |
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Table data uses comparative as the specific zip code location can affect insurance rates considerably.
The vehicle model that needs insurance is probably the biggest factor that determines whether or not you can buy the lowest-priced auto insurance for teenagers. Vehicles with lower performance, good crash test ratings, or a positive history of liability claims will cost substantially less to insure than higher performance models.
The information below shows coverage rates for a number of the more affordable vehicles to buy coverage for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $8,532 |
| Ford Escape XLS 4WD | $8,542 |
| Honda CR-V EX 4WD | $8,620 |
| Toyota Prius | $9,269 |
| Honda Odyssey LX | $9,476 |
| Ford Explorer Eddie Bauer 2WD | $9,564 |
| Ford F-150 STX Super Cab 4WD | $9,653 |
| Toyota RAV4 4WD | $10,125 |
| Chevrolet Equinox LS AWD | $10,130 |
| Ford Fusion S 4-Dr Sedan | $10,125 |
| Chevrolet Impala LT | $10,133 |
| Volkswagen Jetta LE 4-Dr Sedan | $10,125 |
| Nissan Altima 2.5 4-Dr Sedan | $10,131 |
| Dodge Grand Caravan SXT | $10,213 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $10,222 |
| Jeep Wrangler Unlimited Sport 2WD 4-Dr | $10,492 |
| Honda Civic VP 4-Dr Sedan | $10,593 |
| Ford Focus SES 4-Dr Sedan | $10,600 |
| Hyundai Elantra Blue 4-Dr Sedan | $10,593 |
| Ford Edge Sport 2WD | $10,682 |
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Above prices assume single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, and claim-free. Estimates do not factor in vehicle location which can modify coverage prices considerably.
Based upon the rates shown, makes and models like the Honda Accord, Ford Escape, and Honda CR-V are the less-costly vehicles to insure for teen drivers. Auto insurance rates will tend to be more expensive anyway because there is more liability exposure for teenagers, but in general those models will probably have the lowest insurance rates compared to all other vehicles.
Liability rates compared to full coverage
Saving money on car insurance should be important to the majority of vehicle owners, and one of the easiest ways to save on the cost of insurance for teenagers is to only buy liability coverage. The illustration below illustrates the comparison of auto insurance rates with and without physical damage coverage. Data assumes a clean driving record, no claims, $500 deductibles, drivers are single, and no discounts are taken into consideration.
As an average for all age groups, physical damage coverage costs an additional $1,238 per year more than just insuring for liability. At some point, about every driver wonders if physical damage coverage is worth the money. There is no definitive guideline to exclude physical damage coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s book value is $6,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $5,500 after the policy deductible has been paid. If you are paying over $550 a year for your policy with full coverage, then you may need to consider dropping full coverage.
There are a few situations where only buying liability is not a good idea. If you still owe money on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should keep full coverage in place.
Accidents and violations increase rates
In a perfect world, the best way to earn low car insurance premiums in Chicago for teen drivers is to be a careful driver and avoid accidents and traffic citations. The information below shows how traffic citations and accident claims impact premium costs for different categories of driver ages. The data is based on a single female driver, full physical damage coverage, $500 deductibles, and no discounts are applied to the premium.
In the previous chart, the average cost of car insurance in Illinois per year with no accidents and a clean driving record is $1,593. Add in one speeding ticket and the average cost increases to $1,806, an increase of $213 each year. Now get two accidents along with the one speeding ticket and the annual cost of car insurance for teenagers increases to an average of $3,711. That’s an increase of $2,118, or $177 per month, just for not being attentive to the road!
Tips for buying economical auto insurance for teenagers
The list below details a few thrifty suggestions that can help Illinois drivers buy lower-cost coverage.
- You will pay more if you get tickets or have at-fault accidents
- Drive vehicles with five-star safety ratings
- Increase the comprehensive and collision deductibles on your policy
- Higher credit ratings may save you money
- At-fault accidents will increase rates
- Compare rates and switch if you can find a better deal
The last idea is notably important, as was pointed out in the prior article. Prices charged by auto insurers can change in a short period of time, so don’t be hesitant to switch to a new company if a cheaper price is available.
Having brand loyalty is commendable, but it isn’t a good idea if that inflexibility results in costing you a wad of cash every year. It only takes a couple minutes to shop around to find cheaper auto insurance for teenagers in Chicago.
If you prefer to have a little guidance when comparing insurance rates for teenagers, the agents shown below can provide answers to your questions and help you determine which is the best policy. To locate a Chicago insurance agent by location nearest to you, click the link after the list.
- Dave Rundle – State Farm Insurance Agent
4316 W 63rd St – Chicago, IL 60629 – (773) 735-0135 - Great Northern Insurance Agency
5632 S Pulaski Rd – Chicago, IL 60629 – (773) 838-3900 - Beyer Insurance Agency
35 E Upper Wacker Dr #1730 – Chicago, IL 60601 – (312) 922-5300 - Lakeview Insurance Agency, Ltd.
3438 N Southport Ave – Chicago, IL 60657 – (773) 871-8000