Want to learn how to buy more affordable auto insurance rates in Chicago, IL? Chicago shoppers have many options when shopping for affordable Toyota Corolla insurance. They can either waste time contacting agents to compare prices or utilize the internet to find the lowest rates. There is a right way and a wrong way to buy auto insurance and we’ll show you the quickest way to price shop coverage for your Toyota and obtain the best price possible.
You should make it a habit to quote other rates before your next renewal because auto insurance rates fluctuate regularly. Even if you think you had the best rate on Toyota Corolla insurance in Chicago a year ago the chances are good that you can find a lower price today. Forget all the misinformation about auto insurance because we’re going to demonstrate the proper way to save money, get proper deductibles and limits, all at the lowest rate.
Get cheaper rates on Toyota Corolla insurance in Chicago with these discounts
Some insurance providers don’t always list every discount they offer in an easy-to-find place, so the following is a list of both the well known and the harder-to-find credits available to bring down your rates.
- Theft Deterrent – Cars with anti-theft systems are stolen with less frequency and qualify for as much as a 10% discount.
- Full Payment Discount – By paying your policy upfront instead of paying each month you could save 5% or more.
- Good Students Pay Less – A discount for being a good student can be rewarded with saving of up to 25%. Most companies allow this discount well after school through age 25.
- Low Mileage Discounts – Low annual miles could earn better prices on cars that stay parked.
- Early Signing – Some auto insurance companies reward drivers for buying a new policy early. The savings is around 10%.
Please keep in mind that some credits don’t apply to all coverage premiums. Most only cut the cost of specific coverages such as comp or med pay. Just because you may think you could get a free auto insurance policy, company stockholders wouldn’t be very happy. Any amount of discount will help reduce your overall bill.
Larger auto insurance companies and some of the premium reductions they offer can be read below.
- State Farm has discounts for student away at school, anti-theft, good driver, accident-free, multiple autos, Steer Clear safe driver discount, and multiple policy.
- Farmers Insurance policyholders can earn discounts including pay in full, business and professional, electronic funds transfer, distant student, and youthful driver.
- GEICO offers discounts for seat belt use, military active duty, defensive driver, good student, and air bags.
- American Family discounts include Steer into Savings, bundled insurance, multi-vehicle, accident-free, early bird, and good driver.
- Nationwide includes discounts for easy pay, Farm Bureau membership, business or organization, good student, anti-theft, defensive driving, and accident-free.
- Progressive may include discounts for homeowner, continuous coverage, multi-policy, multi-vehicle, good student, online signing, and online quote discount.
If you need lower rates, check with each company or agent to apply every possible discount. All car insurance discounts may not apply to policies in Chicago. For a list of insurance companies that offer discounts in Chicago, click here to view.
The majority of larger companies make it easy to get pricing on the web. This process is quite simple as you simply enter your coverage information into the quote form. After you submit the form the quote system makes automated requests for credit information and your driving record and generates pricing information based on these and other factors.
This makes it a lot easier to compare rates and it’s also necessary to perform this step if you are searching for cheaper insurance pricing.
If you want to compare rates now, take a look at the companies shown below. If you currently have coverage, we recommend you copy the insurance coverages as shown on your current policy. This ensures you will have an apples-to-apples comparison based on the exact same insurance coverage.
The companies shown below can provide free quotes in Chicago, IL. If multiple providers are shown, it’s highly recommended you visit as many as you can in order to find the cheapest rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $126 | $268 | $246 | $14 | $74 | $728 | $61 |
| Corolla S | $194 | $468 | $294 | $18 | $88 | $1,062 | $89 |
| Corolla XLE | $160 | $316 | $266 | $16 | $80 | $838 | $70 |
| Corolla XRS | $218 | $468 | $274 | $16 | $82 | $1,058 | $88 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Illinois minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Table data does not factor in vehicle location which can alter coverage rates greatly.
Males versus Females
The diagram below shows the comparison of Toyota Corolla premium costs for male and female drivers. The costs are based on no tickets, no at-fault accidents, comprehensive and collision coverage, $500 deductibles, drivers are single, and no discounts are taken into consideration.
Deductible comparison
The diagram below illustrates how your deductible choice and can change Toyota Corolla insurance prices for different categories of driver ages. The rates are based on a married male driver, comprehensive and collision coverage, and no discounts are applied to the premium.
How Insurance Companies Calculate Toyota Corolla Insurance Rates
Many things are taken into consideration when you quote your car insurance policy. Most are fairly basic such as your driving history, but others are less obvious like your continuous coverage or your vehicle rating.
The factors shown below are a few of the “ingredients” used by companies to determine your rates.
- Maintain auto insurance coverage – Driving with no insurance is against the law and your next policy will cost more because you let your insurance expire. And not only will insurance be more expensive, failure to provide proof of insurance will get you a license revocation or jail time.
- A good credit rating can save money – Credit history will be a significant factor in determining premium rates. So if your credit history can be improved, you could be paying less to insure your Toyota Corolla by repairing your credit. Drivers with very high credit ratings tend to be better drivers and file fewer claims as compared to drivers with lower credit scores.
- Deter car thieves – Choosing a vehicle with advanced anti-theft systems can get you a discount on your auto insurance. Systems that thwart thieves like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart your vehicle from being stolen.
- Physical damage deductibles – The deductibles you choose define the amount the insured will be required to pay if a covered claim is submitted. Physical damage insurance, termed comprehensive and collision coverage on your policy, protects your car from damage. Some examples of claims that would be covered could be rearending another vehicle, collision with a deer, and damage from wind. The more you choose to pay out-of-pocket, the lower your rates will be.
- Toyota Corolla insurance loss probability – Companies analyze past claim statistics as a way to help calculate a profitable premium price. Models that historically have a higher amount or frequency of claims will have higher rates for specific coverages. The data below shows the actual insurance loss data for Toyota Corolla vehicles.
For each policy coverage, the loss probability for all vehicles, regardless of make, model or trim level, is a value of 100. Values that are below 100 mean the vehicle has better than average losses, while numbers shown that are more than 100 point to more claims or an increased likelihood of larger losses.
Toyota Corolla Insurance Loss Statistics
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Corolla 133 111 94 156 158 128 Statistics from IIHS.org for 2013-2015 Model Years
Exclusive or independent insurance agencies
Some consumers still prefer to get advice from a local agent and often times that is recommended Agents can help determine the best coverages and give you someone to call. A nice benefit of getting online price quotes is the fact that you can find cheap rate quotes and also buy local.
By using this short form, your information is emailed to insurance agents in Chicago who will gladly provide quotes for your insurance coverage. It’s much easier because you don’t need to do any legwork due to the fact that quote results will go to you. If you have a need to get a rate quote from one company in particular, don’t hesitate to go to their quote page and submit a quote form there.
Selecting an provider should include more criteria than just a cheap price. These are some questions you should get answers to.
- Will they give you a referral list?
- How is replacement cost determined on your vehicle?
- Who are their largest clients?
- Is there any savings for paying the full premium?
- How experienced are they in personal risk management?
If you would like to find a good Chicago insurance agent, it helps to know the two types of agencies and how they differ in how they can insure your vehicles. Chicago agents may be either independent or exclusive depending on the company they work for. Either type can do a good job, but we need to point out why they differ since it can impact the kind of agent you use.
Exclusive Agents
Agents in the exclusive channel can only provide pricing for a single company and some examples include Allstate, State Farm and Farm Bureau. They are unable to compare other company’s rates so you might not find the best rates. Exclusive agents are usually quite knowledgeable on the products they sell which helps them compete with independent agents. Some insured continue to buy from the same agent for years mostly because of high brand loyalty and solid financial strength.
Shown below is a short list of exclusive agencies in Chicago who can help you get comparison quotes.
- Allstate Insurance: Maribel Marron
3060 W Armitage Ave – Chicago, IL 60647 – (773) 572-9495 – View Map - Mike Matkowskyj – State Farm Insurance Agent
2452 W Chicago Ave – Chicago, IL 60622 – (773) 486-4444 – View Map - Tamika Echols – State Farm Insurance Agent
1611 N Clybourn Ave – Chicago, IL 60614 – (312) 944-9700 – View Map
Independent Insurance Agents
Independent agents can sell policies from many different companies so they have the ability to put coverage through many different auto insurance companies and find you cheaper rates. If your agent finds better pricing, they can switch companies in-house and you don’t have to switch agencies. When shopping rates, you absolutely need to compare quotes from several independent insurance agents so that you have a good selection of quotes to compare. They often place coverage with smaller mutual companies who may have lower rates.
Listed below are independent agents in Chicago willing to provide price quote information.
- Illinois Vehicle Auto Insurance
100 W. Randolph, Suite C14 – Chicago, IL 60601 – (312) 201-9111 – View Map - KSA Insurance Agency
7158 W Grand Ave – Chicago, IL 60707 – (773) 804-9000 – View Map - Riehn Insurance
4541 N Lincoln Ave – Chicago, IL 60625 – (773) 561-4200 – View Map
Why do I need car insurance?
Despite the high insurance cost for a Toyota Corolla in Chicago, maintaining insurance is required by state law in Illinois and it also provides benefits you may not be aware of.
- Just about all states have mandatory insurance requirements which means the state requires a minimum amount of liability protection in order to drive the car legally. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a lien on your Corolla, most banks will have a requirement that you have full coverage to ensure the loan is repaid in case of a total loss. If coverage lapses or is canceled, the bank may insure your Toyota at an extremely high rate and require you to reimburse them for it.
- Insurance safeguards not only your Toyota but also your assets. It will also provide coverage for medical bills for not only you but also any passengers injured in an accident. As part of your policy, liability insurance also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will pay to have it repaired.
The benefits of carrying adequate insurance definitely exceed the cost, particularly for liability claims. According to a survey of 1,000 drivers, the average driver is overpaying more than $850 per year so you should quote and compare rates each time the policy renews to make sure the price is not too high.
Shop smart and save
When shopping online for insurance, don’t be tempted to buy lower coverage limits just to save a few bucks. There have been many situations where someone sacrificed full coverage only to discover later that the few dollars in savings costed them thousands. The aim is to find the BEST coverage at an affordable rate, but don’t skip important coverages to save money.
Low-cost Toyota Corolla insurance in Chicago can be purchased on the web and from local insurance agents, so you need to shop Chicago auto insurance with both to have the best rate selection. There are still a few companies who may not provide online rate quotes and these small, regional companies only sell coverage through local independent agencies.
Drivers change insurance companies for any number of reasons including high rates after DUI convictions, lack of trust in their agent, policy non-renewal and an unsatisfactory settlement offer. Whatever your reason, finding a new insurance company is pretty simple and you could end up saving a buck or two.
More resources
- Bodily Injury Coverage (Liberty Mutual)
- What Insurance is Cheapest for a Toyota Tacoma in Chicago? (FAQ)
- Who Has Affordable Chicago Car Insurance Rates for Good Students? (FAQ)
- Who Has Affordable Chicago Car Insurance Rates for a Toyota Corolla? (FAQ)
- Who Has Affordable Car Insurance Quotes for a GMC Sierra in Chicago? (FAQ)
- Information for Teen Drivers (GEICO)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)