Car insurance protects drivers against financial losses that might result from a crash. Illinois requires drivers to carry minimum liability coverage; lenders frequently mandate collision and comprehensive policies on any vehicles financed through them as well. Additional medical coverage such as Personal Injury Protection (PIP) or medical payments coverage (Medpay) can also be purchased.
Illinois car insurance rates tend to be 12 percent less than national averages, offering significant savings to drivers. Each driver’s exact rate depends on various factors including adding a teenage driver, his/her age and policy limits; MoneyGeek conducted analysis on quotes provided to Illinois residents comparing them against national averages in order to give drivers an understanding of these differences in pricing.
Illinois car insurance rates depend heavily on a driver’s age. Younger drivers, and especially those with poor driving records, tend to pay more. Furthermore, adding teenage drivers could lead to premium increases of 3.6x because teens pose greater risk behind the wheel.
Illinois car insurance premiums can also be significantly influenced by a driver’s credit score. Car insurers frequently utilize a credit-based rating system, which may increase or decrease premiums by as much as 7 percent; as a result, drivers with excellent credit are likely to experience significant savings on their premiums in Illinois.
Vehicle type and value have an impactful role to play on car insurance rates in Illinois. Luxury cars tend to incur higher premiums due to being more costly to repair, more likely to be stolen, and damaged more easily – meaning drivers of frequent damage vehicles could potentially pay higher insurance premiums.
The city in which a driver resides also plays a large part in their Illinois auto insurance premiums. Different areas have different risks due to weather, traffic volume and crime statistics, which could result in vastly different premiums between cities for the same driver.
Comparing car insurance options is an effective way to locate the lowest rates in Illinois. By using an estimate car insurance calculator and then getting a quote from multiple car insurers, you can ensure you’re paying the lowest premium possible for the type of coverage needed. To help drivers make an informed decision we’ve compiled a list of Illinois’s leading car insurers below – simply enter your zip code below for personalized quotes from top-rated insurers near your area – whether that be Chicago cheap auto or full coverage Oak Lawn plans we have what suits best!