For older drivers, one of the big things that are looked at to determine insurance cost is your address in Chicago. Regions with more people or even just more weather-related claims will most likely pay more, whereas more rural areas benefit from having to pay less for coverage.
The table below rates the most expensive areas in Illinois for drivers over age 60 to buy an auto insurance policy in. Chicago is ranked at #2 with an annual rate of $1,484 for the average insured, which is approximately $124 per month.
|Rank||City||Average Per Year|
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Price information shown is approximated as specific location information can raise or lower price quotes considerably.
The vehicle to be insured is probably the biggest factor when consumers are trying to find the lowest-priced auto insurance for drivers over age 60. Vehicles with limited top-end speed, excellent safety ratings, or a track record of few liability claims will cost much less to insure than higher performance models.
The data below presents car insurance premiums for a selection of the more affordable automobiles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$1,970|
|Ford Escape XLS 4WD||$1,980|
|Honda Accord EX 4-Dr Sedan||$1,970|
|Honda CR-V EX-L 4WD||$2,012|
|Honda Odyssey LX||$2,166|
|Honda Civic DX 4-Dr Sedan||$2,291|
|Ford Focus S 4-Dr Sedan||$2,299|
|Toyota Tacoma 2WD||$2,291|
|Ford Edge SEL AWD||$2,296|
|Dodge Grand Caravan Hero||$2,333|
|Chevrolet Malibu LS||$2,341|
|Toyota RAV4 2WD||$2,333|
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Above prices assume single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Table data does not factor in specific location which can decrease or increase rates significantly.
Looking at the numbers, you can infer that cars like the Hyundai Elantra, Ford Escape, Honda Accord, and Honda CR-V are a few of the more affordable vehicles to insure for older drivers.
Comparing quotes for budget auto insurance is not always easy, and deciding which insurers offer the cheapest auto insurance rates for drivers over age 60 involves even more rate comparisons.
Every insurance company has a unique approach to set premium rates, so we need to take a look at the auto insurance companies that tend to have lower prices in Chicago, IL. It's important to know that Illinois auto insurance rates are impacted by many things that may substantially change the cost of having a policy. Price variation is why consumers need to take the time to compare lots of rates to get the most budget-friendly auto insurance rates for drivers over age 60. Rates can be determined by many factors and can change without notice, so the cheapest rate when you bought your policy may now be priced much higher than other options.
Compare Cheap Insurance Quotes for Age 60+
|Rank||Company||Cost Per Year|
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The Hartford has some of the most affordable car insurance rates in Chicago at around $746 a year. Rockford Mutual, Titan, Erie, and Cincinnati Insurance also rank well as some of the lowest-priced Chicago, IL car insurance companies.
In the above example, if you are currently insured with Cincinnati Insurance and switched to Rockford Mutual, you may realize an annual savings of roughly $50. Customers with Utica National could save as much as $99 a year, and Travelers customers might lower prices by $114 a year.
To see if you're overpaying, click here to begin a quote or click through to the companies below.
Bear in mind that those rates are averaged across all types of drivers and the different vehicles they drive and are not factoring in a specific zip code for drivers over age 60. So the company that fits you best may not even be in the top 36 companies shown above. That helps illustrate why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
The example below illustrates how your deductible choice can raise or lower insurance rates when quoting cheap insurance for drivers over age 60. The prices are based on a married male driver, full physical damage coverage, and no discounts are applied to the premium.
The chart above illustrates that a 30-year-old driver could lower their car insurance rates by $202 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $306 by switching to a $1,000 deductible. Even younger insureds, like the 20-year-old example, have the ability to save as much as $604 every year by choosing a higher deductible.
When choosing a higher deductible, it will be required to have plenty of discretionary funds to enable you to pay the extra out-of-pocket expense associated with higher deductibles.
Picking the best company can be challenging considering how many companies sell insurance in Chicago. The company rank data listed below could help you pick which companies you want to consider when trying to find the cheapest insurance for drivers over age 60. The ratings below are for the largest companies in America, so companies without a large exposure will not be included in these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Why you should shop around
Illinois auto insurance rates are determined by lots of factors that can increase the cost of your policy. Turning one year older, buying a home instead of renting, or having a fender bender can trigger price changes resulting in some companies being cheaper in comparison to the competition. Not only may your risk profile change, but insurers file new rates multiple times each year as an adjustment for underwriting gains or losses. Significantly higher claims can result in price increases, while less frequent claims may produce lower-cost Chicago car insurance rates.
For example, the graph below shows the cheapest car insurance in Chicago, IL for a 45-year-old male driver with a clean driving record, no accidents, and excellent credit. Based on his personal profile, The Hartford might quote the cheapest car insurance rates in Chicago at $1,198 per year. This is $151 less than the average rate paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Cincinnati Insurance, and Erie are the remainder of the cheapest Chicago, IL auto insurance companies.
Now we will give the driver from the above example a couple of claims, a lower credit rating, and a stop sign violation. Since every insurance provider uses a different method for determining prices, comparing insurance quotes may now present a different set of the cheapest Chicago car insurance companies as shown below.
USAA now has the cheapest auto insurance in Chicago, IL with Travelers, SECURA, State Farm, and Auto-Owners also having competitive pricing. This shows why drivers need to spend some time comparing rates when trying to get affordable insurance rates for drivers over age 60.
Prices are impacted by many factors and change dramatically, so the cheapest option two years ago may now be one of the higher cost companies.
How to find low-cost insurance for drivers over age 60
The list below details some of the better thrifty solutions that can help you buy cheap car insurance.
- Serious violations like DUI or reckless driving can increase rates dramatically
- Raise deductibles to save money
- Increase your credit score
- Accidents can significantly increase rates
- Do not pay for full coverage on older vehicles
- Buy vehicles with five-star safety ratings
- Compare rates regularly and switch companies to save money
The last idea is especially significant, as was emphasized in this piece. Coverage prices in Chicago can change significantly in a year, so don't be unwilling to switch carriers if you can find a cheaper rate.
Sticking with a specific company is fine, but it's not a good idea if that stubbornness costs you thousands of dollars over the life of your policy. It only takes a couple minutes to compare prices and find cheaper insurance for drivers over age 60.
If you would rather have a little guidance when shopping for cheaper insurance for older drivers, the agents listed below can help you make a decision which auto insurance policy fits you best.
To locate a Chicago insurance agent near you, click the button at the bottom of the list or click here to compare price quotes now.
Grace Murray - State Farm Insurance Agent
7035 W Grand Ave - Chicago, IL 60707 - (708) 453-1771
Thomas Ward Insurance Group
707 W Willow St - Chicago, IL 60614 - (312) 254-1500
Russ Spinelli - State Farm Insurance Agent
1525 E 53rd St #727 - Chicago, IL 60615 - (773) 955-3133
Judith Gleason - State Farm Insurance Agent
2643 N Harlem Ave - Chicago, IL 60707 - (773) 637-8547
Public Insurance Agency
3656 N Cicero Ave - Chicago, IL 60641 - (773) 725-9333