Illinois Car Insurance Cost 2023: Get A Clear Idea

Car Insurance Cost in Illinois Get A Clear Idea e1689094352758 Illinois Car Insurance Cost 2023: Get A Clear Idea

In Illinois car insurance cost varies according to the policy’s coverage level, city, different companies, age, gender, driving record, etc. Read the below article to get a detailed idea about car insurance costs in Illinois.

The average cost of Illinois Car Insurance

If you are aware of the standard cost of insurance, you can start budgeting for your coverage earlier. It is important to keep in mind that premium costs vary from person to person as well as the model of your car. It is also dependent on several other factors like age, gender, marital status, location in the state, driving record, vehicle type, eligibility for discounts, and the selected insurance coverage type.

On average the cost of car insurance in Illinois is typically about 12% less than it is available across the country. For information, the average annual cost of car insurance in the country is $2014 for full coverage and $622 for minimum coverage. In Illinois, the average annual cost of car insurance ranges from $552 for minimum coverage to $1806 for full coverage. For the basic minimum of coverage, car insurance in Illinois averaged nearly out to $49 per month or $552 annually.

Illinois policyholders actually live in one of the less expensive states for buying insurance. The average rates presented in this study may differ from the actual rates you end up paying due to a number of factors that affect the price of car insurance.

Illinois car insurance rates calculation

After providing the necessary personal information it just takes 10 to 15 minutes in receiving a finalized car insurance quote in Illinois. The MoneyGeek’s car insurance calculator for Illinois will ask you about your age, driving history, type of vehicle, and the desired level of coverage. After getting all the information this app will calculate your expected annual or monthly car insurance costs.

Illinois car insurance rates by coverage level

The variety and cost of coverage options in Illinois range from compulsory minimum liability insurance to accident, comprehensive, and full coverage insurance. The cheapest way to avoid being an uninsured driver is to purchase minimum coverage. Again, this idea may lead you to higher costs in case of an accident. The most expensive coverage is full coverage. According to insurify.com a list of coverage levels and corresponding prices are listed below.

Coverage Level Average Monthly Premium in Illinois
Only Liability $116
Comprehensive $127
Accident $173
Full Coverage $188

According to the coverage limit, car insurance rates in Illinois can vary. The liability-only policies belong to the least expensive ones. These types of policies provide minimal coverage in compliance with Illinois financial responsibility laws and less insurance. The average cost of a full coverage policy is $1806 per year and the cost of a minimum coverage policy is $552. The difference between the above two types of policies is $1254.

The average cost of car insurance varies depending on the level of coverage you select. You will have to pay more each month for a car insurance policy with more features or coverage. Liability, accident, and comprehensive coverage are generally included in car insurance policy features.

How much is high-coverage Illinois Car Insurance?

  • High coverage car insurance policies in Illinois are the most expensive ones.
  •  These policies provide much more protection for your vehicles from accidents, theft, weather-related issues, and animal attacks.
  • With this type of policy a driver can feel secure knowing that they are covered with full coverage insurance.
  • So, the experts advise drivers to purchase full coverage insurance with the highest liability limits to protect themselves against unforeseen events.
  • These type of policies offers full coverage for both car accidents and comprehensive losses. It also provides standard liability insurance as well as protection for your car against damage.
  • Example of full coverage car insurance in Illinois:  The cheapest full coverage car insurance policy by different companies for a 30-year-old is represented below.
Company Name Cost Per Year Cost per Month
QBE $1101 $92
Hasting Mutual $958 $80
State Farm $1143 $95
Erie $1206 $100
  • According to http://www.moneyreek.com100/300/100 car insurance policies offers
$100000 Bodily injury coverage
$300000 Bodily injury coverage per accident
$100000 Property damage coverage per accident

How much is minimum coverage car insurance in Illinois?

  • The average cost of a minimum coverage policy is $552 per year.
  • Example of a minimum coverage car insurance in Illinois: A 50/100/50 car insurance policy offers
$50000 Bodily injury liability insurance per person
$100000 Bodily injury liability insurance per accident
$50000 Property damage liability insurance per accident

According to nerdwallet.com, these company in Illinois offers the minimum.

Company Name Cost Per Year Cost per Month
QBE $573 $48
Erie $708 $59
Travelers $809 $67
Country Financial $815 $68

Illinois car insurance rates by company

The insurance provider significantly affects the cost of your insurance.  Every company has a different price list for car insurance which is based on how they evaluate risk and the customer’s profile. The cost of car insurance policies based on various companies are listed below.

Company Name Average Cost for Full Coverage Per Month Average Cost for Full Coverage Per Year Average Cost for Minimum Coverage Per Year
Erie $103 $1232 $403
Travelers $130 $1557 $496
Auto-Owners $115 $1380 $386
Geico $89 $1068 $341
Mercury $97 $1168 $246
USAA $100 $1639 $532
State Farm $106 $1322 $462
Country Financial $83 $994 $328
Allstate $193 $2923 $894
American Family $97 $1416 $665
Farmers $156 $2585 $1185
Nationwide $1580 $615
Progressive $100 $1371 $436

Illinois car insurance rates by city

The cost of car insurance in Illinois may vary depending on the city where you reside. Usually, the cost varies corresponding to the city’s weather, population density, crime rates, and claim data. A comparative study regarding the cost of car insurance in different cities of Illinois is represented below [www.bankrate.com].

Name of the city The average cost of car insurance per year
Chicago $1952
Des Plaines $1630
Evanston $1630
Oak Lawn $1676
Skokie $1830
Joliet $1635
Elgin $1482

Illinois car insurance rates by vehicle type

The make and model of your car is an important factor in calculating insurance rates. The cars which are more expensive to repair may cause higher insurance rates. Luxury cars and electric vehicles are considered expensive cars. Some examples of the most expensive cars are Maserati, BMW, Porsche, and Audi. Whereas Mazda, Hyundai, and Honda cars are considered as least expensive cars. A comparative study related to various vehicle types and corresponding insurance cost are listed below [www.bankrate.com].

Vehicle The average cost of car insurance per year
BMW 330i $2307
Toyota Prius $1859
Honda Odyssey $1529
Ford F-150 $1574
Toyota Camry $1806

How does driving record affect Illinois car insurance rates?

Your insurance rates will increase if you are found to be at fault in an accident or are convicted of a driving offense. As you commit more violations, your car insurance cost rises proportionally. If the accident was more serious you may end up paying more for car insurance. With a spotless driving record, you will get the best insurance rates in Illinois. In Illinois, if you receive a speeding ticket then it will increase your car insurance rate by 27%, whereas by receiving a DUI then the car insurance cost may increase up to 86%. In the below table, a list of violations and the average cost of car insurance based on the violation are presented.

Driving Violations The average cost of car insurance per year
DUI $3354
Accident $2608
Speeding ticket $2289
Safe driver $1806

Illinois car insurance rates by age

According to car insurance companies inexperienced drivers or young drivers are less responsible. So, the average cost of car insurance for young drivers is more as compared to the experienced older drivers. In the below table, the average cost of car insurance for all age groups is listed.

Age of the driver The average cost of car insurance per year
16 $3642
17 $3379
18 $3022
19 $2915
20 $2581
25 $1399
40 $1134
50 $1096
60 $999
70 $1189

Illinois car insurance rates by gender

In Illinois, the average cost of car insurance deposited by men is $12 more than that of women. The table below represents a comparative study based on car insurance costs in Illinois by gender.

The average cost of car insurance per month for women $ 157
The average cost of car insurance per month for men $169

Illinois car insurance rates by marital status

The table below represents a comparative study based on car insurance costs in Illinois by marital status.

Marital Status The average cost of car insurance per year
Single $1102
Married $1027
Divorced $1102
Widowed $1101

From the table, it is observed that a married man saves $75 per year than a single man.

Illinois car insurance rates by credit score

In Illinois, your credit score plays a significant role in determining the cost of your car insurance. A person with a poor credit score will have to pay $883 more annually than someone with a good credit score. According to www.moneygeek.com, a comparative study is represented based on the credit score of a driver.

Credit score of a driver The average cost of car insurance per year
Excellent $985
Good $1195
Average $1430
poor $2077

 

Which is a better option? 6 months vs 12 months car insurance policy

6 months car insurance policy 12 months car insurance policy
1. In this, a person has to renew the insurance policy twice a year. 1. In this, a person has to renew the insurance policy every 12 months.
2. The car insurance rate will be locked in for 12 months and you need not be worried about the monthly payments. 2. This policy is a little more flexible than 12 months policy. If you have not filed any claim or do not violate any traffic rules, then you will get a relatively lower value while renewing your car insurance policy.
3. Rates are fixed for 1 year. 3. Frequent revisions in rate is possible.
4. Cost is slightly more than 6 months policy, the difference is minimal. 4. Cost of the policy is almost the same as 12 months policy.

Minimum car insurance requirements in Illinois

The minimum car insurance coverage in Illinois is 25/50/20. This signifies that it covers up to $25000 per person for bodily injury, $50000 per accident for bodily injury, and $20000 per accident for property damage.

If you are held responsible for a covered accident then

·        the property damage scheme protects your assets as well as covers specific damage you might cause to another party’s property or vehicle.

  • Bodily injury scheme covers your asset as well as covers certain costs related to the other party’s injury.

How to reduce Illinois car insurance rates?

  • Compare quotes:  

To find out low-cost car insurance rates you have to compare quotes from various insurance providers. Each insurance company builds a specific profile for every individual driver and sets its rates according to the profile. Because of this, the quote amounts may vary for each company. So, the best value without compromising coverage can be achieved by comparing quotes from various companies.

  • Update your policy in accordance with your vehicle:

If your vehicle is older i.e., more than 6 – 7 years, then you should drop your comprehensive and collision insurance. In these two types of policies, the actual cost value of your car is the main factor and the insurance companies claim that the cost will be based on the current market value of your car. As we know a car’s value decreases over time, so there is no point in spending money on collision and comprehensive insurance.

  • Review your insurance:

Always spend some time while renewing your insurance policy. Make sure the coverage type and amount are appropriate. If you do not need any specific coverage type then remove them from your list.

  • Enhance your credit score:

The driver’s credit score has a significant impact on how much your car insurance policy will cost. If you are a safe and responsible driver with a clean driving record then there is no doubt that the company will offer you discounted rates.

  • Select your car smartly:

Luxury, sport, and newer model cars cost more to buy and maintain. So, these types of cars are expensive to insure. On the other hand, new model cars with other safety features can make driving safer and help you save money on auto insurance.

  • Look for discounts:

Discounts are provided by various car insurance companies based on safe driving, good credit score, etc.

FAQs

1. What is a comprehensive type of car insurance coverage?

Comprehensive car insurance coverage is exploited when the physical damage of a car results from non-collision-related incidents such as theft, vandalism, glass breakage, fire, contact with animals, etc.

2. What is the average cost of car insurance in Illinois?

In Illinois, the average annual cost of car insurance ranges from $552 for minimum coverage to $1806 for full coverage. For the basic minimum of coverage, car insurance in Illinois averaged nearly out to $49 per month or $552 annually.

3. Is car insurance necessary in Illinois?

Yes, it is necessary.

4. Why is Illinois car insurance inexpensive?

Car insurance in Illinois is inexpensive due to the low number of uninsured drivers, vehicle thefts, and natural disasters.

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Illinois Car Insurance Cost 2023: Get A Clear Idea

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