Illinois car insurance rates are approximately 12 percent cheaper than national averages, with state-mandated minimum coverage costing about $552 annually and full coverage (which includes collision and comprehensive) running about $1,806 yearly. You can easily find affordable auto coverage by using NerdWallet’s free online tool – simply answer a few questions to generate personalized rate estimates from top insurers within minutes!
Factors that influence car insurance rates vary, but key ones include age, credit score, vehicle type and level of coverage. You can adjust the deductible amount to alter premiums; however higher deductibles will increase out-of-pocket expenses should you file a claim. GEICO offers an online calculator which factors in many variables – such as driver safety ratings and your location – into account when calculating premiums.
As you input your information into a calculator, the tool will display how much coverage will likely be necessary to meet Illinois’ minimum liability requirements: $25,000 in bodily injury liability per person and $50,000 for property damage liability and uninsured motorist coverage respectively. Your specific circumstances may necessitate higher limits or additional coverage such as collision and comprehensive.
Other key considerations the calculator will take into account include your driving record, including any tickets or accidents you’ve had over time, your age and any inexperience behind the wheel that may impact your rate; younger drivers often incur higher premiums due to inexperience behind the wheel; young driver rates usually decrease with each year that passes without an accident happening, while for older drivers this effect tends to be less dramatic.
Your car’s make and model also plays an integral part in determining your rates, with certain models such as a Toyota Camry being less costly to insure than BMW 330is; similarly, SUVs usually cost more than sedans due to additional safety features or powerful engines.
In addition to your vehicle make and model, the calculator also considers your location and driving history. Driving records are one of the best indicators of risk; while weather conditions, crime statistics, and other local factors that vary year to year may have an impactful difference on car insurance premiums; for instance living in Oak Lawn instead of Chicago may make a substantial difference to premiums.
Other aspects that the calculator takes into account include your financial situation and lifestyle. If you are a student or veteran, discounts that reduce rates may apply; similarly, marriage and children can have an effect on how much coverage is necessary. Individuals denied coverage due to past crashes, DUIs or poor credit can seek protection through state assigned-risk pools that often offer more cost-effective rates than private policies found on the voluntary market.