Has it been over a year since you last compared quotes for the cheapest Chevy Volt insurance in Chicago? Having to pay for high-priced insurance in Chicago can diminish your monthly budget and possibly require you to analyze your spending habits.
Unimaginable but true, nearly 70% of customers have remained with the same insurance company for well over three years, and approximately 40% of consumers have never even shopped around for affordable coverage. With the average premium in Illinois being $1,498, drivers could save an average of about $600 each year, but most tend to underestimate the amount of savings they would get if they switched to a cheaper policy. There is such a variety of car insurance companies to insure vehicles with, and although it's nice to have a selection, lots of choices makes it harder to locate the cheapest rates for Chevy Volt insurance in Chicago.
You should take the time to price shop coverage before your next renewal because insurance rates change frequently. Despite the fact that you may have had the lowest rate on Chevy Volt insurance in Chicago at your last renewal a different company probably has better prices today. Forget anything you know (or think you know) about insurance because you're about to find out how to use online quotes to reduce your cost while improving coverage.
The purpose of this post is to introduce you to how to get online quotes and some tricks to saving. If you have car insurance now, you stand a good chance to be able to lower your rates using this information. Smart shoppers just need to use the most efficient way to buy car insurance online.
Discounts for affordable car insurance rates
Car insurance can cost a lot, but there could be available discounts to help bring down the price. Many discounts should be triggered when you purchase, but some need to be requested specifically prior to getting the savings.
- Multiple Cars - Drivers who insure several vehicles on a single policy qualifies for this discount.
- Braking Control Discount - Anti-lock brake equipped vehicles are safer to drive and qualify for as much as a 10% discount.
- Defensive Driver - Taking part in a defensive driver course could earn you a small percentage discount depending on where you live.
- E-sign - A few insurance companies may give you up to $50 for buying a policy and signing up on their website.
- Discount for New Cars - Buying a new car instead of a used Volt may earn a small discount due to better safety requirements for new model year vehicles.
- Discount for Passive Restraints - Factory air bags or automatic seat belts may get savings of 20 to 30 percent.
A little note about advertised discounts, most of the big mark downs will not be given to the entire cost. A few only apply to the price of certain insurance coverages like liability and collision coverage. Even though the math looks like all those discounts means the company will pay you, companies wouldn't make money that way.
A list of companies and the discounts they provide are detailed below.
- Farm Bureau has discounts for renewal discount, multi-vehicle, youthful driver, safe driver, multi-policy, driver training, and 55 and retired.
- State Farm offers discounts for good driver, multiple autos, multiple policy, passive restraint, driver's education, student away at school, and defensive driving training.
- Progressive includes discounts for good student, online quote discount, multi-policy, homeowner, online signing, continuous coverage, and multi-vehicle.
- Allstate may have discounts that include anti-theft, farm vehicle, safe driver, senior citizen, and auto/life discount.
- Nationwide discounts include defensive driving, family plan, anti-theft, easy pay, accident-free, and Farm Bureau membership.
- MetLife may offer discounts for claim-free, accident-free, good student, multi-policy, good driver, and defensive driver.
Before you buy a policy, ask each insurance company to give you their best rates. Some of the earlier mentioned discounts may not be available in your area. For a list of insurers with discount rates in Illinois, click here.
How to lower your Chevy Volt insurance cost in Chicago, IL
Reducing your insurance rates is actually quite simple. You just have to spend a few minutes to compare rates from online providers.
Getting free rates online is quite simple, and it makes it a waste of time to spend time driving to each insurance agency near you. The ability to get quotes online eliminates this option unless you prefer the advice and guidance of a local Chicago agent. However, consumers can find lower rates online but purchase the actual policy in an agency.
The car insurance companies shown below have been selected to offer free quotes in Illinois. If more than one company is shown, we recommend you get rate quotes from several of them in order to find the cheapest rates.
How Insurance Companies Determine Chevy Volt Insurance Rates
One of the most helpful ways to save on car insurance is to to have a grasp of the factors that help determine the price you pay for car insurance. When consumers understand what controls the rates you pay, this enables you to make decisions that could result in much lower annual insurance costs. Lots of factors are used in the calculation when you get your auto insurance bill. Some of the criteria are obvious such as your driving record, but other factors are more obscure like your vehicle usage and annual miles driven.
The itemized list below are a partial list of the pieces that factor into your prices.
- Excellent credit means lower costs - Having a bad credit score will be a significant factor in your rate calculation. So if your credit rating could use some work, you could potentially save money when insuring your Chevrolet Volt if you clean up your credit. Insureds with very high credit ratings tend to be more responsible and file fewer claims as compared to drivers with poor credit scores.
- Big city or small town - Being located in smaller towns and rural areas of the country has it's advantages when buying car insurance. Fewer drivers and short commutes translates into fewer accidents as well as less vandalism and auto theft. Residents of big cities regularly have more aggressive driving styles and more time behind the wheel. More time behind the wheel means higher likelihood of an accident.
- Lower rates with a multi-policy discount - Most major car insurance companies afford better rates to customers that buy multiple policies. It's known as a multi-policy discount. Even if you already get this discount, it's in your best interest to compare other company rates to help ensure you have the lowest rates.There is a good possibility that you can find lower rates by splitting coverages up.
- Does insurance coverage cost more for guys? - Over the last 30 years, statistics show that females take fewer risks when driving. Now that doesn't mean females are better drivers. Women and men tend to get into at-fault accidents in similar numbers, but the male of the species cause more damage and cost insurance companies more money. Not only are claims higher, but men get ticketed for serious violations like DUI and reckless driving. Young males generally have the highest accident percentage and therefore are the most expensive to insure.
- Too many car insurance claims and you'll pay more - Car insurance companies in Illinois give cheaper rates to drivers who do not rely on their insurance for small claims. If you tend to file frequent claims, you can expect increased rates or even have your policy non-renewed. Your car insurance is designed for claims that you cannot pay yourself.
- Your occupation can affect prices - Do you work in a high-stress field? Careers like military personnel, business owners and miners generally have higher premiums than the average policyholder because of intense work situations and long work days. Conversely, occupations such as actors, athletes and retirees generally pay rates lower than average.
- Prevent your car from being stolen - Selecting a car model that has an advanced theft prevention system can help lower your premiums. Systems that thwart thieves such as GM's OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping your car from being stolen.
- Incidental coverages push up prices - There are a ton of optional add-on coverages that may not really be needed if you aren't diligent. Insurance for things like vanishing deductibles, accident forgiveness, and extra life insurance coverage are probably not needed. These may sound like a good investment when discussing your needs, but if you've never needed them in the past eliminate them to save money.
- Insurance loss statistics a Chevy Volt - Car insurance companies factor in insurance loss information to calculate a price that offsets possible losses. Models that the data determines to have higher frequency or amount of claims will have higher premium rates.
The table below demonstrates the historical loss data for Chevy Volt vehicles. For each coverage type, the claim amount for all vehicles, as an average, is equal to 100. Values that are below 100 suggest a positive loss record, while percentage values above 100 indicate a higher chance of having a claim or a tendency for losses to be larger than average.
Car Insurance Loss Data for Chevrolet Volt Models
Specific Chevrolet Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Volt Electric 89 83 81 71 73 90
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
When to have guidance from an agent
Many people still like to get professional advice from a licensed agent and that can be a smart move Agents are trained to spot inefficiencies and help submit paperwork. A good thing about comparing rate quotes online is the fact that drivers can get cheap insurance quotes but also keep your business local. And providing support for local insurance agencies is still important in Chicago.
For easy comparison, once you complete this quick form, your insurance coverage information is sent to local insurance agents in Chicago who will gladly provide quotes for your insurance coverage. It makes it easy because there is no need to even leave your home because prices are sent to the email address you provide. If you want to get a comparison quote from one company in particular, you would need to search and find their rate quote page and fill out the quote form the provide.
Do you need an independent or exclusive car insurance agent?
If you are wanting to purchase insurance from a reliable agent, you need to know there are two different types of agents and how they differ in how they quote coverages. Insurance agents may be either exclusive or independent. Either type can insure your vehicles, but it's important to point out how they are different because it can impact the kind of agent you use.
Independent Insurance Agencies
Agents that choose to be independent often have affiliation with several companies and that is an advantage because they can write policies amongst many companies and find the cheapest insurance rates. To move your coverage to a new company, they simply switch companies in-house which makes it simple for you. If you need lower rates, you should always include at a minimum one independent agency for the best price selection.
Shown below is a short list of independent insurance agencies in Chicago that may be able to provide price quote information.
Exclusive Insurance Agencies
Agents of this type generally can only insure with one company and examples are Farmers Insurance or State Farm. Exclusive agents cannot give you multiple price quotes so they really need to provide good service. Exclusive agents receive a lot of sales training on their company's products which aids in selling service over price.
Listed below are Chicago exclusive agencies willing to provide price quote information.
Finding the right car insurance agent requires more thought than just the quoted price. Any agent in Chicago should be willing to answer these questions.
- If you have an accident, will your rates go up?
- Does the agency have a good rating with the Better Business Bureau?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- Do they write coverage based solely on cost?
- How much will you save each year by using a higher deductible?
- What discounts might you be missing?
- Are they able to influence company decisions when a claim is filed?
Best reasons to buy auto insurance in Illinois
Despite the high insurance cost for a Chevy Volt in Chicago, maintaining insurance is required by state law in Illinois and it also provides benefits you may not be aware of.
First, the majority of states have compulsory liability insurance requirements which means you are required to carry specific minimum amounts of liability protection if you don't want to risk a ticket. 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.
Second, if your Chevy Volt has a lien holder, almost every bank will have a requirement that you have comprehensive coverage to guarantee payment of the loan. If you let the policy lapse, the lender may insure your Chevy at an extremely high rate and force you to pay the higher premium.
Third, insurance protects your car and your assets. It will also pay for hospital and medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance, one of your policy coverages, also pays expenses related to your legal defense if anyone sues you for causing an accident. If mother nature or an accident damages your car, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of insuring your car are without a doubt worth the cost, especially if you ever need it. Today the average American driver is currently overpaying as much as $750 every year so we recommend shopping around every year to ensure rates are competitive.
Be persistent and save
Some companies may not offer internet price quotes and many times these small insurance companies only sell through independent agents. Budget-friendly insurance in Chicago can be sourced online and with local Chicago insurance agents, and you should compare rates from both to have the best chance of lowering rates.
We've covered a lot of tips how to compare Chevy Volt insurance rates in Chicago. The key thing to remember is the more quotes you get, the better your chances of lowering your car insurance rates. You may even be surprised to find that the most savings is with a lesser-known regional company. Some small companies may have significantly lower car insurance rates on certain market segments as compared to the big name companies such as State Farm or Progressive.
As you restructure your insurance plan, make sure you don't reduce coverage to reduce premium. There have been many situations where drivers have reduced uninsured motorist or liability limits and discovered at claim time that it was a big mistake. The ultimate goal is to purchase a proper amount of coverage for the lowest cost, but don't skip important coverages to save money.
Even more information is located in the articles below:
- Teen Driver Statistics (Insurance Information Institute)
- Who Has Affordable Car Insurance Quotes for a Ford Fusion in Chicago? (FAQ)
- Who Has Affordable Chicago Auto Insurance for Drivers with Good Credit? (FAQ)
- How Much are Chicago Auto Insurance Rates for Nurses? (FAQ)
- Insurance Losses by Make and Model (iihs.org)
- Auto Insurance for Teen Drivers (Insurance Information Institute)