Would you like to find low-cost auto insurance rates in Chicago, IL? Chicago shoppers have a choice when shopping for low-cost Toyota Tacoma insurance. You can either waste hours calling around getting price quotes or use the internet to get rate quotes. There is a better way to compare auto insurance rates and we’ll show you the proper way to quote coverages for a Toyota and find the cheapest rates from Chicago insurance agents and online providers.
Finding the cheapest coverage in Chicago is quite easy if you know the best way to do it. If you already have coverage, you will definitely be able to buy cheaper insurance using the ideas presented in this article. Vehicle owners just need to learn the proper methods to find the lowest price over the internet.
The following companies provide free quotes in Chicago, IL. If the list has multiple companies, it’s a good idea that you compare several of them in order to get a fair rate comparison.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Tacoma 2WD | $190 | $398 | $266 | $16 | $80 | $950 | $79 |
| Tacoma 4WD | $96 | $146 | $246 | $14 | $74 | $576 | $48 |
| Tacoma Double Cab 4WD | $218 | $398 | $266 | $16 | $80 | $978 | $82 |
| Tacoma X-Runner 2WD | $224 | $478 | $262 | $16 | $78 | $1,058 | $88 |
| Tacoma Double Cab 4WD | $246 | $398 | $266 | $16 | $80 | $1,006 | $84 |
| Tacoma Double Cab TRD Off-Road Package 4WD | $210 | $274 | $342 | $20 | $102 | $948 | $79 |
| Tacoma Double Cab TRD Sport Package 4WD | $178 | $310 | $340 | $20 | $102 | $950 | $79 |
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Data rating is based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Illinois minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Rate quotes do not factor in specific location which can affect coverage rates noticeably.
Full coverage or liability only
The illustration below illustrates the difference between Toyota Tacoma auto insurance rates with full coverage compared to only the Illinois minimum liability coverage. The information is based on no claims or violations, $100 deductibles, married female driver, and no other discounts are factored in.
Guidelines for eliminating full coverage
There is no exact formula for eliminating full coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is more than about 10% of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s assume your Toyota Tacoma 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 policy deductible has been paid. If it’s costing in excess of $600 a year for your policy with full coverage, then you may need to consider dropping full coverage.
There are some circumstances where buying only liability insurance is not a good idea. If you haven’t paid off your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Buying the right Toyota Tacoma insurance in Illinois is an important decision
Even though Chicago Tacoma insurance rates can get expensive, buying auto insurance may be required and benefits you in several ways.
- Most states have mandatory insurance requirements which means you are required to buy a specific level of liability insurance coverage in order to be legal. 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 your vehicle has a loan, more than likely the lender will require that you buy full coverage to guarantee loan repayment. If you let the policy lapse, the bank may buy a policy for your Toyota at a more expensive rate and require you to pay a much higher amount than you were paying before.
- Insurance protects not only your vehicle but also your financial assets. It will also reimburse you for all forms of medical expenses for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay to defend you in the event you are sued. If your Toyota gets damaged, your policy will pay all costs to repair after the deductible has been paid.
The benefits of buying auto insurance more than offset the price you pay, particularly when you have a large claim. But the average American driver overpays as much as $865 each year so compare rate quotes at least once a year to ensure rates are competitive.
Four factors that affect insurance premiums
One of the most helpful ways to save on insurance is to to have a grasp of some of the things that help calculate your insurance rates. If you understand what impacts premium levels, this allows you to make good choices that may reward you with lower insurance prices. Many different elements are part of the calculation when you quote your car insurance policy. Some are obvious such as traffic violations, but other factors are less apparent such as your credit history or your vehicle rating.
- How much liability – A critical coverage on your policy, liability insurance is the coverage that protects you when you are ruled to be at fault for physical damage or personal injury to other. This coverage provides you with a defense in court starting from day one. Liability insurance is pretty cheap compared to insuring for physical damage coverage, so buy as much as you can afford.
- Marriage can lower costs – Having a spouse may earn you lower rates when shopping for insurance. Having a significant other means you’re more mature and insurance companies like that married drivers tend to have fewer serious accidents.
- Raising physical damage deductibles lowers prices – Protection for physical damage, also called ‘full coverage’, covers damage that occurs to your Toyota. Some examples of claims that would be covered could be a broken side mirror, hitting a deer, and windstorm damage. The deductibles state the amount of money you are willing to pay out-of-pocket if a claim is determined to be covered. The larger the amount the insured is willing to pay, the less your insurance will be.
- Big cities have higher rates – Choosing to live in a rural area can be a good thing if you are looking for the lowest rates. People in densely populated areas tend to have more auto accidents and much longer commute distances. Fewer drivers means reduced accidents and a lower car theft rate.
- Loss statistics for a Toyota Tacoma – Companies include the past claim trends for vehicles when they file their rates in each state. Models that the statistics show to have higher claim frequency or loss amount will cost more for specific coverages.
The table below shows the historical loss data for Toyota Tacoma vehicles. For each policy coverage type, the claim probability for all vehicles, as a total average, equals 100. Values below 100 suggest a better than average loss history, while numbers that are greater than 100 indicate more frequent claims or an increased likelihood of larger losses.
Toyota Tacoma Insurance Loss Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Tacoma Double Cab 2WD 79 109 70 77 76 92 Toyota Tacoma Double Cab 4WD 82 104 84 64 56 77 Toyota Tacoma Double Cab LWB 2WD 87 108 74 96 Toyota Tacoma Double Cab LWB 4WD 84 104 88 68 57 79 Toyota Tacoma Xtra Cab 2WD 80 105 60 86 75 96 Toyota Tacoma Xtra Cab 4WD 71 90 77 48 51 65 Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Lower-cost Toyota Tacoma insurance quotes in Chicago
Insuring your vehicles can cost a lot, but there may be some discounts that you may not even be aware of. Larger premium reductions will be automatically applied when you get a quote, but a few must be manually applied before being credited.
- Student Discount for Driver Training – Cut your cost by having your teen driver enroll in driver’s education if offered at their school.
- No Claims – Drivers with accident-free driving histories have much lower rates as opposed to bad drivers.
- Drive Less and Save – Maintaining low annual mileage can earn substantially lower prices.
- Good Grades Discount – A discount for being a good student can be rewarded with saving of up to 25%. The discount lasts until age 25.
- Driver Safety – Taking a course in driver safety may get you a small discount and easily recoup the cost of the course.
- No Charge for an Accident – This one is not really a discount per se, but a handful of insurance companies may permit one accident before raising your premiums if you are claim-free for a particular time prior to the accident.
- Safety Restraint Discount – Drivers who require all occupants to buckle up can save 10% or more off PIP or medical payments premium.
You should keep in mind that most of the big mark downs will not be given to the whole policy. Most only reduce the price of certain insurance coverages like medical payments or collision. So despite the fact that it appears adding up those discounts means a free policy, companies don’t profit that way.
Companies and some of the discounts are:
- Progressive may have discounts that include online signing, good student, multi-policy, multi-vehicle, and online quote discount.
- SAFECO discounts include drive less, safe driver, teen safety rewards, anti-theft, and bundle discounts.
- American Family offers discounts for air bags, good student, bundled insurance, good driver, multi-vehicle, accident-free, and early bird.
- MetLife may offer discounts for defensive driver, good student, good driver, multi-policy, accident-free, and claim-free.
- GEICO may include discounts for five-year accident-free, defensive driver, good student, multi-vehicle, anti-theft, and driver training.
- The Hartford has discounts for anti-theft, good student, air bag, bundle, vehicle fuel type, and defensive driver.
Before you buy a policy, ask every company which discounts you may be entitled to. Depending on the company, some discounts may not be available in your state.
Local Chicago insurance agencies
Certain consumers still like to buy from a licensed agent and there is nothing wrong with that. Insurance agents can answer important questions and will help you if you have claims. A good thing about comparing rate quotes online is that drivers can save money and get better rates and still have a local agent.
Upon completion of this quick form, the coverage information is transmitted to participating agents in Chicago who will give you bids to get your business. You don’t have to do any legwork due to the fact that quote results will go to you instantly. If you wish to compare prices for a specific company, you would need to jump over to their website and give them your coverage information.
Deciding on an company is decision based upon more than just a low price. Get answers to these questions too.
- Is the agency active in community causes in Chicago?
- Do you have coverage for a rental car if your vehicle is in the repair shop?
- If your car is totalled, how to they determine the replacement cost?
- Is vehicle mileage a factor when determining depreciation for repairs?
- Is there a Errors and Omissions policy in force?
Types of car insurance agents
If you need to find a local Chicago insurance agency, there are a couple of types of insurance agents and how they can write your policy. Car insurance agents in Chicago may be either exclusive or independent. Both handle car insurance, but it’s important to point out the differences because it can influence your selection of an agent.
Exclusive Car Insurance Agents
Agents of this type are contracted to one company and some examples include Farmers Insurance or State Farm. They are unable to place coverage with different providers so if the price isn’t competitive there isn’t much they can do. Exclusive insurance agents are very knowledgeable on the products they sell which helps offset the inability to provide other markets. Consumers frequently buy from the same agent for years mainly due to high brand loyalty and the convenience of having all coverages with one company.
The following is a short list of exclusive insurance agents in Chicago willing to provide price quote information.
- Allstate Insurance: Maribel Marron
3060 W Armitage Ave – Chicago, IL 60647 – (773) 572-9495 – View Map - Jim Mays Jr – State Farm Insurance Agent
4465 N Milwaukee Ave – Chicago, IL 60630 – (773) 282-1500 – View Map - Peter Grande – State Farm Insurance Agent
1535 W Division St – Chicago, IL 60642 – (773) 270-4600 – View Map
Independent Agents
Independent agencies are not restricted to one company so they can insure your vehicles with lots of companies and potentially find a lower price. If prices rise, the agent simply finds a different carrier which requires no work on your part.
When shopping rates, we recommend you compare quotes from multiple independent agents to ensure the widest selection of prices. They often place coverage with mutual insurance companies which can save you money.
Listed below is a short list of independent agents in Chicago who can help you get rate quotes.
- Northwest Insurance Network
330 S Wells St #1600 – Chicago, IL 60606 – (312) 427-1777 – View Map - Lincoln Auto Insurance
855 W Washington Blvd – Chicago, IL 60607 – (312) 666-8800 – View Map - Lakeview Insurance Agency, Ltd.
3438 N Southport Ave – Chicago, IL 60657 – (773) 871-8000 – View Map
More comparisons equals cheaper rates
When shopping online for auto insurance, don’t be tempted to buy lower coverage limits just to save a few bucks. Too many times, someone dropped physical damage coverage only to regret at claim time they didn’t purchase enough coverage. Your strategy should be to purchase plenty of coverage at the best cost while not skimping on critical coverages.
Budget-conscious Toyota Tacoma insurance can be found from both online companies as well as from insurance agents, and you should compare rates from both so you have a total pricing picture. Some insurance providers may not have rate quotes online and usually these smaller companies only sell through local independent agents.
We covered a lot of techniques to find cheap Toyota Tacoma insurance in Chicago. The key thing to remember is the more companies you get car insurance rates for, the better likelihood of getting the cheapest Toyota Tacoma rate quotes. You may even find the lowest rates come from a smaller regional carrier.
Even more information is available in the articles below:
- Airbag FAQ (iihs.org)
- Who Has Cheap Auto Insurance with Multiple Speeding Tickets in Chicago? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for Welfare Recipients in Chicago? (FAQ)
- Who Has the Cheapest Auto Insurance for 4×4 Vehicles in Chicago? (FAQ)
- What Auto Insurance is Cheapest for a Jeep Grand Cherokee in Chicago? (FAQ)
- What Car Insurance is Cheapest for a Jeep Wrangler in Chicago? (FAQ)
- Collision Coverage (Liberty Mutual)
- Choosing a Car for Your Teen (State Farm)
- Rental Reimbursement Coverage (Allstate)