Cheap Quotes for Cadillac Escalade Insurance in Chicago

How many times have you said it’s time to compare lower-priced Cadillac Escalade insurance in Chicago? Paying for high-priced Cadillac Escalade insurance in Chicago can take a big chunk out of your monthly budget and force you to make tough financial choices.

A recent insurance study revealed that the vast majority of drivers have bought insurance from the same company for at least four years, and roughly 40% of drivers have never compared rates with other companies. The average driver in the United States could save themselves approximately $860 a year just by getting comparison quotes, but they underestimate the amount of savings they would get if they switch to a new company.

Due to the increasing number of different company options, it is hard for the average consumer to locate the best company.

Pricing cheaper coverage in Chicago is not as confusing as people think. Practically anyone who is looking for a better price on insurance will most likely be able to save money. Although Illinois drivers must learn how companies price online insurance and use this information to your advantage.

Just remember that comparing more rates from different companies provides better odds of finding a better price. Not every company does online price quotes, so it’s recommended that you also compare price quotes on coverage from those companies, too.

The following companies are ready to provide free quotes in Chicago, IL. If several companies are displayed, we suggest you click on several of them in order to find the most competitive rates.

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 claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Premium costs do not factor in specific garaging location which can influence price quotes considerably.

Full coverage rates vs. liability-only

The information below illustrates the comparison of Cadillac Escalade auto insurance rates with liability coverage only compared to full coverage. The premium estimates are based on no violations or accidents, $500 deductibles, married female driver, and no discounts are applied to the premium.

When to drop comprehensive and collision

There is no clear-cut formula to exclude comp and collision coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.

For example, let’s say your Cadillac Escalade book value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $6,000 after the deductible is paid. If you are paying in excess of $600 annually for your policy with full coverage, then it may be the right time to buy liability only.

There are a few situations where only buying liability is not a good idea. If you still owe a portion of the original loan, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.

Protect your vehicle and other assets

Even though it’s not necessarily cheap to insure a Cadillac in Chicago, maintaining insurance is mandatory in Illinois but it also protects more than you think.

• Most states have minimum mandated liability insurance limits which means the state requires a minimum amount of liability in order to license the vehicle. 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 loan on your vehicle, most banks will stipulate that you carry insurance to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the bank will be required to insure your Cadillac at a significantly higher premium and make you pay the higher price.
• Insurance safeguards not only your Cadillac Escalade but also your assets. Insurance will also pay for most medical and hospital costs incurred in an accident. Liability coverage, the one required by state law, also covers legal expenses if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive and/or collision insurance will pay to repair the damage minus the deductible amount.

The benefits of buying car insurance are definitely more than the cost, particularly when you have a large claim. According to a recent study, the average American driver is wasting up to $869 every year so smart consumers compare quotes at every renewal to ensure rates are inline.

Save 15 percent in 15 minutes? Is it for real?

Companies like Allstate and Progressive constantly bombard you with ads on TV and radio. They all seem to convey the message about how much you will save just by switching to them. But how can every company charge you a lower premium? This is the way they can do it.

All the different companies have a certain “appetite” for the type of customer they prefer to insure. For example, a profitable insured should be over the age of 50, has a low-risk occupation, and drives less than 7,500 miles a year. Any person who fits those characteristics will get the preferred rates in Chicago and most likely will save quite a bit of money when switching.

Drivers who do not meet the “perfect” profile will be charged a higher rate which results in business not being written. If you pay close attention to the ads, they say “drivers who switch” not “everyone that quotes” will save that much if they switch. This is how insurance companies can confidently state the savings.

That is why you really should do a rate comparison at every renewal. Because without a comparison, you cannot know with any certainty which company will have better car insurance rates than you’re paying now.

Get cheaper Cadillac Escalade insurance in Chicago with discounts

Some insurers don’t list all available discounts very well, so the following is a list of some of the best known as well as some of the hidden discounts you could be receiving when you buy Chicago car insurance online.

• Discounts for New Vehicles – Putting insurance on a new Escalade may earn a small discount because newer vehicles are generally safer.
• Own a Home and Save – Just being a homeowner may trigger a policy discount on insurance because of the fact that having a home requires personal responsibility.
• Passive Restraints – Vehicles with factory air bags or automatic seat belts can get savings of 20 to 30 percent.
• Pay Early and Save – If you can afford to pay the entire bill instead of monthly or quarterly installments you can avoid monthly service charges.
• Defensive Driver Discounts – Passing a driver safety class could cut 5% off your bill and easily recoup the cost of the course.

As a disclaimer on discounts, many deductions do not apply to the overall cost of the policy. Some only reduce the price of certain insurance coverages like medical payments or collision. So when it seems like all those discounts means the company will pay you, companies wouldn’t make money that way.

A few popular companies and a summarized list of policyholder discounts are detailed below.

• Farm Bureau includes discounts for youthful driver, renewal discount, 55 and retired, multi-policy, multi-vehicle, good student, and safe driver.
• State Farm has savings for multiple policy, Drive Safe & Save, Steer Clear safe driver discount, passive restraint, driver’s education, and good driver.
• Progressive may include discounts for online quote discount, online signing, multi-vehicle, continuous coverage, and multi-policy.
• Allstate discounts include economy car, passive restraint, defensive driver, premier discount, and senior citizen.
• Nationwide offers premium reductions for multi-policy, easy pay, business or organization, defensive driving, and good student.
• MetLife offers discounts including good student, accident-free, claim-free, multi-policy, and good driver.

Double check with every prospective company which discounts they offer. Some discounts may not be available in every state. To choose insurers offering insurance discounts in Chicago, click here.

Are car insurance agents a thing of the past?

Some consumers would prefer to buy from a local agent and we recommend doing that A nice benefit of getting free rate quotes online is that you can find lower auto insurance rates but also keep your business local. Buying from local insurance agents is important especially in Chicago.

Upon completion of this quick form, your coverage information is immediately sent to participating agents in Chicago who will give you quotes and help you find cheaper coverage. You won’t need to contact an agency because prices are sent to the email address you provide. You can find the lowest rates without the usual hassles of price shopping. If you have a need to compare rates from a particular provider, you would need to go to their quote page and complete a quote there.

Pick the best auto insurance agent in Chicago for you

If you would like to find a local agent, you must know there are a couple different types of agents and how they function. Agencies in Chicago are categorized either independent or exclusive.

Independent Agents (or Brokers)

Agents that elect to be independent are not restricted to one company and that gives them the ability to insure with multiple insurance companies and help determine which has the cheapest rates. If they find a cheaper price, an independent agent can move your coverage and you stay with the same agent. When comparing rate quotes, we recommend you include rate quotes from at least one independent agent to maximize your price options.

Featured below is a partial list of independent agencies in Chicago that can give you free price quotes.

More Chicago agents

Exclusive Insurance Agencies

Agents that choose to be exclusive write business for a single company and some examples include Allstate, AAA, Farmers Insurance, and State Farm. These agents are unable to compare rates from other companies so you need to shop around if the rates are high. Exclusive agents are usually quite knowledgeable on the products they sell which can be an advantage.

Listed below is a short list of exclusive insurance agents in Chicago willing to provide price quote information.

More Chicago agents

Picking the best insurance agent should depend on more than just the bottom line cost. The questions below may impact your decision as well.

• Is the agency involved in supporting local community causes?
• Are they giving you every discount you deserve?
• Which company do they place the most coverage with?
• When do they do policy reviews?
• Do they have designations such as AIC, CPCU, or CIC?
• Does the company allow you to choose your own collision repair facility?

The most affordable rates come from being thorough

You just learned a lot of tips how to lower your Cadillac Escalade insurance prices in Chicago. The most important thing to understand is the more rate quotes you have, the better chance you’ll have of finding affordable Chicago car insurance quotes. You may even discover the best prices are with a company that doesn’t do a lot of advertising. Some small companies often have lower rates on specific markets compared to the large companies like Progressive or GEICO.

As you quote Chicago car insurance, you should never sacrifice coverage to reduce premiums. There have been many cases where consumers will sacrifice full coverage and discovered at claim time they didn’t purchase enough coverage. Your focus should be to buy enough coverage at the best cost, but do not skimp to save money.

Additional information is available at these links:

• Should I Purchase an Umbrella Liability Policy? (Insurance Information Institute)
• Self-driving cars won’t replace humans (Insurance Institute for Highway Safety)
• Property Damage Coverage (Liberty Mutual)
• Alcohol Impaired Driving FAQ (iihs.org)