Chevy Colorado insurance cost image courtesy of QuoteInspector.com
Car insurance shoppers not familiar with price shopping insurance coverage online may discover buying cheaper Colorado insurance is harder than it needs to be.
It's shocking but about 70% of customers have stayed with the same insurance company for well over three years, and virtually 40% of consumers have never compared rates to find cheap insurance. With the average insurance premium being $1,498, Chicago drivers can save almost $586 each year by just comparing rate quotes, but they underestimate the big savings they would realize if they swap their current policy for a cheaper one.
When comparing car insurance rates, know that quoting more increases the chance that you will find a better price. Not every company does price estimates online, so it's recommended that you also compare price quotes from them, too.
The following companies can provide price quotes in Chicago, IL. If the list has multiple companies, it's a good idea that you compare several of them to get the best price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Colorado LT 2WD||$136||$278||$352||$20||$106||$892||$74|
|Colorado LT Extended Cab 2WD||$122||$268||$294||$18||$88||$790||$66|
|Colorado LT 4WD||$106||$172||$226||$14||$68||$586||$49|
|Colorado LT Crew Cab 2WD||$94||$220||$294||$18||$88||$714||$60|
|Colorado LT Extended Cab 4WD||$94||$180||$250||$14||$76||$614||$51|
|Colorado LT Crew Cab 4WD||$224||$406||$222||$14||$66||$932||$78|
|Get Your Own Custom Quote Go|
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Price estimates do not factor in specific location which can raise or lower auto insurance rates considerably.
Rate comparison of men versus women
The example below visualizes the comparison of Chevrolet Colorado premium costs for male and female drivers. The data assumes no accidents, no driving violations, comprehensive and collision coverage, $500 deductibles, drivers are not married, and no discounts are factored in.
Cost difference between full coverage and liability
The example below shows the comparison of Chevrolet Colorado auto insurance costs with full physical damage coverage and with liability coverage only. The data is based on no accidents, no driving violations, $100 deductibles, single male driver, and no discounts are factored in.
Are you wasting money paying for full coverage?
There isn't a steadfast formula of when to phase out full coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let's pretend your Chevrolet Colorado settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $5,000 after you pay the deductible. If you are paying more than $500 annually to have full coverage, then it may be the right time to buy liability only.
There are some scenarios where only buying liability is not financially feasible. If you still owe money on your vehicle, you must maintain physical damage coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage in place.
Lower rates by qualifying for discounts
Properly insuring your vehicles can get expensive, but there are discounts available that could help you make your next renewal payment. Some trigger automatically at the time of purchase, but a few must be specifically requested before you will receive the discount.
- Distant Student - Youth drivers who attend college more than 100 miles from Chicago and do not take a car to college may be insured at a cheaper rate.
- Drive Less and Save - Low annual miles can qualify you for lower insurance rates due to less chance of an accident.
- Payment Discounts - If you pay your bill all at once rather than paying monthly you could save 5% or more.
- Discounts for New Vehicles - Buying a new car model can get you a discount due to better safety requirements for new model year vehicles.
- Drivers Ed for Students - Make teen driver coverage more affordable by requiring them to enroll in driver's education in high school.
- Driver Safety - Taking time to complete a driver safety course could earn you a small percentage discount depending on where you live.
It's important to understand that most discount credits are not given to the entire policy premium. Most only reduce the price of certain insurance coverages like liability and collision coverage. So even though they make it sound like all those discounts means the company will pay you, that's just not realistic.
A list of insurance companies and the discounts they provide are:
- GEICO discounts include seat belt use, federal employee, anti-theft, multi-policy, anti-lock brakes, and driver training.
- Travelers may include discounts for multi-car, IntelliDrive, early quote, new car, and continuous insurance.
- Farm Bureau includes discounts for youthful driver, renewal discount, good student, safe driver, driver training, multi-policy, and 55 and retired.
- Liberty Mutual has savings for newly retired, new move discount, multi-car, good student, preferred payment discount, multi-policy, and newly married.
- American Family offers discounts including early bird, accident-free, Steer into Savings, multi-vehicle, and good student.
- Progressive has discounts for good student, multi-policy, continuous coverage, online signing, multi-vehicle, online quote discount, and homeowner.
When quoting, ask every insurance company which discounts you may be entitled to. Savings might not be offered on policies in your state. For a list of insurance companies who offer free Chevy Colorado insurance quotes in Illinois, click this link.
Getting quotes from local Chicago auto insurance agents
Some consumers just prefer to sit down with an agent and often times that is recommended A good thing about comparing rate quotes online is that you can find lower prices and also buy local.
After filling out this short form, the quote information is submitted to participating agents in Chicago who will gladly provide quotes for your insurance coverage. It's much easier because you don't need to leave your computer since price quotes are sent instantly to you. Get lower rates without having to waste a lot of time. In the event you want to compare prices for a specific company, feel free to search and find their rate quote page and submit a quote form there.
Finding the right insurer is decision based upon more than just the quoted price. These are some valid questions you should ask.
- Which companies can they place coverage with?
- Do they specialize in personal lines auto insurance in Chicago?
- Are they full-time agents?
- Does the company have a local claim office in Chicago?
- How does the company pay claims for a total loss?
- Is the quote a firm price?
- Can you get a list of referrals?
- Do they review policy coverages at every renewal?
What type of Chicago car insurance agent is right for you?
If you want to use a reputable agency, it's helpful to know the types of insurance agents and how they work. Chicago agents can be described as either exclusive or independent.
Exclusive Insurance Agencies
Agents in the exclusive channel can only provide pricing for a single company and some examples include Farmers Insurance, American Family, State Farm and Allstate. They usually cannot provide prices from multiple companies so always compare other rates. Exclusive agents are well schooled on their company's products which helps them compete with independent agents. Some people will only buy from the same agent for years partially due to the brand rather than having low rates.
The following are Chicago exclusive agencies that are able to give comparison quotes.
- Peter Grande - State Farm Insurance Agent
1535 W Division St - Chicago, IL 60642 - (773) 270-4600 - View Map
- Russ Spinelli - State Farm Insurance Agent
1525 E 53rd St #727 - Chicago, IL 60615 - (773) 955-3133 - View Map
- Glenda Tolentino-Moser - State Farm Insurance Agent
2015 W Montrose Ave - Chicago, IL 60618 - (773) 549-3300 - View Map
Independent Insurance Agents
Agents of this type are appointed with more than one company and that enables them to quote your coverage with a variety of different insurance companies and get the cheapest rates. To move your coverage to a new company, the business is moved internally and you won't have to switch agencies. If you need cheaper car insurance rates, you definitely need to include several independent agencies in order to have the best price comparison. Many can place coverage with companies that do not advertise much who may have lower rates.
The following are independent insurance agencies in Chicago who can help you get price quotes.
- KSA Insurance Agency
7158 W Grand Ave - Chicago, IL 60707 - (773) 804-9000 - View Map
- W.A. George Insurance Agency
155 N Michigan Ave #300 - Chicago, IL 60601 - (312) 729-5265 - View Map
- Northwest Insurance Network
330 S Wells St #1600 - Chicago, IL 60606 - (312) 427-1777 - View Map
It's not one size fits all
Keep in mind that when it comes to choosing your policy, there is no perfect coverage plan. Your situation is unique so your insurance needs to address that. For example, these questions can help discover if your insurance needs would benefit from professional advice.
- Does insurance cover damages from a DUI accident?
- Is my teen driver covered when they drive my company car?
- Am I getting all the discounts available?
- What is the difference between comprehensive and collision coverage?
- Should I have a commercial auto policy?
- Do I need motorclub coverage?
- I have a DUI can I still get coverage?
- Do I need added coverage for expensive stereo equipment?
- What policy terms are available?
- Does having multiple vehicles earn me a discount?
If you're not sure about those questions but you know they apply to you, you might consider talking to an agent. To find an agent in your area, simply complete this short form or click here for a list of auto insurance companies in your area.
Why Smart Buyers Pay Less for Chevy Colorado Insurance
The best way to find cheaper insurance is to take a look at the factors that come into play when calculating the rates you pay for insurance. If you understand what determines premiums, this allows you to make educated decisions that can earn you much lower annual insurance costs.
The list below includes some of the things that factor into rates.
Responsible credit equals lower rates - An insured's credit rating can be a huge factor in determining your rates. People with excellent credit tend to be better drivers and file fewer claims than drivers who have poor credit scores. So if your credit rating is lower than you'd like, you could potentially save money when insuring your Chevrolet Colorado if you improve your credit rating.
Liability insurance limits on your policy - Liability insurance will provide protection if you are determined to be liable for causing personal injury or damage in an accident. Your policy's liability insurance provides you with a defense in court to defend your case. This coverage is very inexpensive compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.
Costs can change based on your address - Being located in a rural area can save you money when it comes to insurance. Fewer drivers on the road means a lower chance of having an accident in addition to fewer liability claims. People in densely populated areas tend to have traffic congestion and higher rates of accident claims. Longer commute distances means higher likelihood of an accident.
Insurance prices are higher for high performance vehicles - The performance of the car, truck or SUV you need to insure makes a significant difference in your car insurance bill. Since the Chevrolet Colorado falls in the pickup truck class, rates will be similar in price compared to average rates in Chicago. Economy passenger cars usually have the lowest premiums, but the cost you end up paying is determined by many additional factors.
Insurance policy lapses increase insurance rates - Letting your insurance expire will be a fast way to increase your insurance rates. And not only will your rates increase, failure to provide proof of insurance can result in a hefty fine and possibly a revoked license.
Remove unneeded extra coverages - There are quite a few extra add-on coverages that may not really be needed if you aren't diligent. Coverage for things like coverage for rental cars, high-cost glass coverage, and membership fees are examples of these. They may sound like good ideas at first, but your needs may have changed so consider taking them off your policy.
Insurance loss data for a Chevy Colorado - Insurance companies analyze claim trends for every vehicle to calculate a rate that will offset losses. Vehicles that the data shows to have higher number or severity of losses will be charged more to insure.
The data below shows the collected loss data for Chevy Colorado vehicles. For each coverage type, the claim amount for all vehicles averaged together equals 100. Percentages below 100 indicate better than average losses, while numbers above 100 point to more frequent losses or an increased chance of a larger loss.
Insurance Loss Ratings for Chevrolet Colorado Vehicles
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Chevrolet Colorado Crew Cab 2WD||73||57||64|
|Chevrolet Colorado Crew Cab 4WD||90||89||86||67|
|Chevrolet Colorado Ext Cab 2WD||55|
|Chevrolet Colorado Ext Cab 4WD||67|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Why car insurance is not optional
Despite the potentially high cost of Chevy Colorado insurance, insuring your vehicle is required in Illinois but also provides important benefits.
- Most states have compulsory liability insurance requirements which means state laws require 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.
- If your vehicle has a loan, almost all lenders will stipulate that you buy full coverage to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the lender will be forced to insure your Chevy at a much higher rate and require you to reimburse them much more than you were paying before.
- Insurance protects not only your vehicle but also your assets. It will also cover many types of medical costs that are the result of an accident. One policy coverage, liability insurance, also covers legal expenses if you are sued as the result of an accident. If your car is damaged in a storm or accident, comprehensive and collision coverage will cover the repair costs.
The benefits of having insurance are definitely more than the cost, particularly when you have a large claim. On average, a vehicle owner in Chicago overpays as much as $869 every year so compare rates once a year at a minimum to ensure rates are competitive.
Cheap car insurance is out there
As you quote Chicago auto insurance, make sure you don't reduce needed coverages to save money. There have been many situations where an insured cut liability coverage limits and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to get the best coverage possible for the lowest cost but still have enough coverage for asset protection.
Some companies do not provide online price quotes and many times these smaller companies only sell through independent agents. Low-cost Chevy Colorado insurance in Chicago is attainable both online in addition to many Chicago insurance agents, so you should be comparing quotes from both to get a complete price analysis.
You just learned many ideas to compare Chevy Colorado insurance prices in Chicago. The key concept to understand is the more price quotes you have, the better likelihood of getting affordable Chicago auto insurance quotes. You may even discover the best prices are with the smaller companies. They may cover specific market segments cheaper as compared to the big name companies such as Progressive or GEICO.
To learn more, feel free to visit the resources below:
- Rental Car Insurance Tips (Insurance Information Institute)
- Who Has Cheap Auto Insurance for Drivers with Accidents in Chicago? (FAQ)
- Who Has the Cheapest Car Insurance Rates for Police Officers in Chicago? (FAQ)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Teen Driving Statistics (iihs.org)