Want to know how to find more competitive Fiat 500 insurance in Chicago? Have you fallen victim to an underperforming, overpriced insurance policy? Don’t sweat it because many Chicago consumers are in the same pinch.
A recent study showed that the majority of drivers have bought insurance from the same company for more than four years, and nearly the majority have never quoted insurance rates at all. With the average premium in Illinois being $1,500, drivers could save nearly $600 every year by just comparing quotes, but they think it’s difficult to save money by comparing rate quotes. Insurance companies such as Allstate and Progressive all claim big savings with fancy advertisements and consumers find it hard to not get sucked in by the cute commercials and effectively compare rates to find the best deal.
It’s a great practice to quote other rates at least once a year since prices fluctuate regularly. Despite the fact that you may have had the best deal on Fiat 500 insurance in Chicago a couple years back you can probably find a lower rate today. Ignore everything you know about insurance because you’re about to find out the fastest way to buy cheaper Fiat 500 insurance in Chicago.
Best companies for competitive Fiat 500 insurance in Illinois
The companies shown below have been selected to offer free rate quotes in Chicago, IL. If the list has multiple companies, we suggest you click on several of them in order to get a fair rate comparison.
Discounts can help lower premiums on Fiat 500 insurance in Chicago
Insuring your vehicles can cost a lot, but there could be significant discounts that can help lower your rates. Some discounts will apply when you purchase, but some need to be asked for before you will receive the discount. If you are not receiving all the discounts available, you could be saving more on your auto insurance.
- Bundle and Save – If you have multiple policies with the same company you will save approximately 10% to 15%.
- Renewal Discounts – Select larger companies give a discount for switching policies prior to your current 500 insurance policy expiration. The savings is around 10%.
- Discount for Home Ownership – Owning your own home or condo may earn you a small savings because owning a home shows financial diligence.
- Include Life Insurance and Save – Some insurance carriers give a lower rate if you buy some life insurance in addition to your auto policy.
- Discounts for New Vehicles – Putting auto insurance coverage on a new 500 can be considerably cheaper since new model year vehicles have better safety ratings.
- Multi-car Discount – Drivers who insure more than one vehicle on one policy can reduce rates for all insured vehicles.
A little note about advertised discounts, most discount credits are not given to the whole policy. Some only reduce the cost of specific coverages such as collision or personal injury protection. If you do the math and it seems like you could get a free auto insurance policy, you won’t be that lucky.
A list of companies and a selection of discounts are detailed below.
- Mercury Insurance may include discounts for type of vehicle, ease of repair, good driver, age of vehicle, accident-free, professional/association, and location of vehicle.
- Farmers Insurance discounts include mature driver, switch companies, early shopping, alternative fuel, multi-car, and business and professional.
- Farm Bureau may have discounts that include good student, 55 and retired, driver training, renewal discount, youthful driver, and safe driver.
- State Farm offers discounts including anti-theft, multiple policy, good student, passive restraint, and good driver.
- Allstate has savings for 55 and retired, EZ pay plan discount, farm vehicle, multi-policy, and economy car.
- GEICO has discounts for multi-vehicle, membership and employees, anti-theft, good student, seat belt use, emergency military deployment, and defensive driver.
When quoting, ask each company or agent to give you their best rates. Some credits might not apply in every state. If you would like to view insurance companies with significant discounts in Illinois, click here to view.
How to Lower Your Insurance Premiums
One of the most helpful ways to save on auto insurance is to to have a grasp of the different types of things that are used to determine your policy premiums. If you understand what determines premiums, this allows you to make educated decisions that could result in lower auto insurance prices.
Rental and towing coverage may not be needed – There are a lot of optional add-on coverages that sound like a good idea at the time if you aren’t careful. Insurance for rental car coverage, towing coverage, and extra life insurance coverage are examples of these. They may seem like a good idea when talking to your agent, but if you’ve never needed them in the past remove them from your policy.
Save by driving cars with good safety ratings – Vehicles with good safety scores cost less to insure. Vehicles engineered for safety help reduce the chance of injuries in an accident and lower injury rates means lower claim amounts and thus lower rates. If the Fiat 500 has at least an “acceptable” rating on the Insurance Institute for Highway Safety website you may pay a lower rate.
Get cheaper costs after the wedding – Having a wife or husband may cut your premiums when shopping for auto insurance. Marriage generally demonstrates drivers are more mature than a single person and insurance companies reward insureds because married drivers tend to have fewer serious accidents.
Teen drivers are expensive to insure – Drivers with little experience are statistically proven to be easily distracted when driving with friends so they pay higher auto insurance rates. Older insureds are more responsible, tend to cause fewer accidents, and usually have better credit.
Fiat 500 claim statistics – Car insurance companies analyze historical claim data to determine a rate that will be profitable for them. Vehicles that are shown to have a trend towards higher claims will cost more for specific coverages. The next table illustrates the insurance loss data for Fiat 500 vehicles.
For each policy coverage, the claim probability for all vehicles averaged together is set at 100. Values that are under 100 indicate better than average losses, while numbers shown that are more than 100 indicate a higher chance of having a claim or a tendency for claims to be larger.
Car Insurance Loss Data for Fiat 500 Models
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Fiat 500 | 72 | 76 | 66 | 96 | 89 | 84 |
| Fiat 500 Convertible | 76 | 79 | 60 | 85 | ||
| Fiat 500 Electric | 73 | 59 | 76 | 60 | ||
| Fiat 500L | 112 | 80 | 102 | 128 | 93 | 97 |
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Auto insurance agents near you
Many people would prefer to have an agent’s advice and often times that is recommended Insurance agents will help you protect your assets and give you someone to call. The best thing about comparing auto insurance online is that you can obtain the best rates but still work with a licensed agent. Buying from local insurance agencies is important particularly in Chicago.
By using this quick form, the coverage information is submitted to local insurance agents that can provide free Chicago auto insurance quotes and help you find cheaper coverage. It makes it easy because there is no need to find an agent due to the fact that quote results will go to you. If you have a need to compare prices from a specific company, just visit that company’s website and fill out the quote form the provide.
If you are wanting to find a local Chicago insurance agent, it’s helpful to know the different agency structures that you can select. Auto insurance agents in Chicago can be categorized as either exclusive or independent. Either one can write auto insurance policies, but it’s good to learn how they are different since it can affect the kind of agent you use.
Independent Auto Insurance Agents (or Brokers)
Agents that choose to be independent often have affiliation with several companies so they can quote policies with an assortment of companies and possibly get better coverage at lower prices. If your premiums go up, your agent can just switch to a different company and the insured can keep the same agent. When searching for an agent, we recommend you get several quotes from at least one independent agent so that you can do a thorough price comparison.
Below is a list of independent agencies in Chicago that may be able to give competitive price quotes.
Northwest Insurance Network
330 S Wells St #1600 – Chicago, IL 60606 – (312) 427-1777 – View Map
Skyline Insurance Agency, Inc.
2302 W Belmont Ave – Chicago, IL 60618 – (773) 525-7500 – View Map
ABI Insurance Agency
4806 N Milwaukee Ave – Chicago, IL 60630 – (773) 202-9666 – View Map
Exclusive Agencies
These type of agents write business for a single company and examples are State Farm, Allstate, and Farm Bureau. Exclusive agents cannot compare rates from other companies so if the price isn’t competitive there isn’t much they can do. Exclusive agents are well trained on the products they sell which aids in selling service over price.
Listed below is a list of exclusive agents in Chicago that can give you price quote information.
Kathleen McKenzie – State Farm Insurance Agent
725 W 31st St – Chicago, IL 60616 – (312) 791-1200 – View Map
Mark Mackey – State Farm Insurance Agent
3338 W Foster Ave – Chicago, IL 60625 – (773) 604-4334 – View Map
Dwayne Jackson – State Farm Insurance Agent
1345 W Taylor St – Chicago, IL 60607 – (312) 455-0675 – View Map
Finding the right insurance agency requires you to look at more than just the price. Below are some questions you should ask.
- Do the companies they represent have a solid financial rating?
- Can you get a list of referrals?
- How much training do they have in personal risk management?
- Are they able to influence company decisions when a claim is filed?
- Do they make recommendations based only on price?
- Are there any discounts that you might be missing?
- Does the agency support the community they serve?
- If independent agents, which companies do they recommend?
Can you really save if you switch?
Illinois drivers can’t avoid all the ads that promise big savings from companies such as Progressive, Allstate and GEICO. All the ads state the claim that drivers will save a bundle if you just switch your coverage to them.
How is it possible that every company can sell you cheaper insurance coverage? It’s all in the wording.
Most companies require specific criteria for the type of customer that will be a good risk. One example of a preferred risk could be over the age of 45, has no driving citations, and drives less than 10,000 miles a year. Any customer that hits that “sweet spot” will get the preferred auto insurance rates in Chicago and therefore will save a lot of money.
Drivers who are not a match for this stringent profile will probably have to pay a more expensive rate which results in the prospect going elsewhere. If you listen to the ad wording, they say “drivers that switch” not “everybody who quotes” will save that much if they switch. That’s why insurance companies can confidently advertise the way they do.
This really illustrates why drivers should get Chicago auto insurance quotes from several different companies. It is impossible to predict which company will have the best Fiat 500 insurance in Chicago.
Don’t give up on cheaper rates
Cost effective Fiat 500 insurance is attainable online and from local insurance agents, and you need to comparison shop both in order to have the best chance of saving money. A few companies may not provide rates over the internet and these smaller companies prefer to sell through independent agencies.
As you quote Chicago auto insurance, do not reduce coverage to reduce premium. In many cases, an accident victim reduced uninsured motorist or liability limits only to regret that they should have had better coverage. Your strategy should be to purchase plenty of coverage for the lowest price, but do not skimp to save money.
More detailed auto insurance information is located at these sites:
- Tools for Teen Driving Safety (State Farm)
- Who Has Cheap Car Insurance Rates for Good Drivers in Chicago? (FAQ)
- Who Has Affordable Chicago Auto Insurance Rates for a Learners Permit? (FAQ)
- How Much is Chicago Auto Insurance for 17 Year Olds? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for Welfare Recipients in Chicago? (FAQ)
- Who Has the Cheapest Chicago Car Insurance Rates for Inexperienced Drivers? (FAQ)
- What Auto Insurance is Cheapest for a Dodge Ram in Chicago? (FAQ)
- Learn About Car Insurance (GEICO)
- Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)
- Self-driving cars won’t replace humans (Insurance Institute for Highway Safety)
- Where can I buy Insurance? (Insurance Information Institute)