Sick and tired of sacrificing other expenses to buy auto insurance? You are no different than most other drivers in Illinois.
Unbelievable but true, most drivers have bought auto insurance from the same company for at least the last four years, and nearly the majority have never compared rates with other companies. Schaumburg insurance shoppers could save an average of as much as $600 each year just by getting comparison quotes, but they don’t want to spend time to compare rates.
Insurance companies such as State Farm, GEICO and Farmers Insurance increase brand awareness with ad campaigns and it is challenging if not impossible to sift through the bull and do the work needed to find the best deal.
The quickest way to get policy rate comparisons utilizes the fact car insurance companies will pay a fee to provide you with free rate quotes. The only thing you need to do is provide details like deductibles desired, driver ages, which vehicles you own, and how your vehicles are used. Those rating factors is instantly submitted to multiple companies and you get price estimates instantly to find the best rate.
To check rates for your car now, click here and complete the form.
The auto insurance companies shown below can provide free rate quotes in Illinois. If multiple companies are shown, it’s a good idea that you visit as many as you can to find the cheapest auto insurance rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Silverado LT Crew Cab 2WD||$930||$465||$78|
|Dodge Ram Quad Cab Laramie 4WD||$1,284||$642||$107|
|Ford Escape XLT 2WD||$764||$382||$64|
|Ford F-150 Lariat King Ranch 4WD||$896||$448||$75|
|Ford Focus SES 2-Dr Coupe||$1,154||$577||$96|
|Ford Fusion Sport 4-Dr Sedan||$748||$374||$62|
|Honda Accord LX-P 4-Dr Sedan||$658||$329||$55|
|Honda CR-V EX 2WD||$658||$329||$55|
|Honda Civic DX 2-Dr Coupe||$794||$397||$66|
|Honda Odyssey EX-L W/Navigation||$728||$364||$61|
|Hyundai Elantra GLS Touring Station Wagon||$844||$422||$70|
|Hyundai Sonata SE 4-Dr Sedan||$918||$459||$77|
|Nissan Altima Hybrid 4-Dr Sedan||$1,222||$611||$102|
|Toyota Camry XLE||$858||$429||$72|
|Toyota Corolla S||$822||$411||$69|
|Get Your Own Custom Quote Go|
Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Estimates do not factor in specific location which can decrease or increase rates greatly.
How accidents and violations affect rates
The illustration below demonstrates how citations and accidents can raise Honda Accord insurance premiums for each different age category. Data assumes a married male driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
Honda Accord rates are for example purposes only. To get rates for your specific vehicle, click here.
Physical damage deductibles
One common question asked by Schaumburg drivers is how high or low should comp and collision deductibles be. The following insurance rates can help you understand the price difference of buying low and high insurance deductibles. The first data set uses a $250 deductible for comp and collision and the second data table uses a $500 deductible.
Chevrolet Malibu rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get a Quote for Your Vehicle Go|
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Illinois minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-policy, and multi-vehicle. Premium costs do not factor in specific location information which can modify price quotes significantly.
Using the data above, we can ascertain that using a $250 deductible costs approximately $11 more each month or $132 for a full year than opting for the higher $500 deductible. Because you would pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you tend to have more than 23 months between claim filings, you would probably save some money by selecting a higher deductible.
How to calculate if a higher deductible is a good decision
|Average monthly premium for $250 deductibles:||$79|
|Average monthly premium for $500 deductibles (subtract):||– $68|
|Monthly savings from raising deductible:||$11|
|Difference between deductibles ($500 – $250):||$250|
|Divide difference by monthly savings:||$250 / $11|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||23 months|
Full coverage rates vs. liability-only
The illustration below examines Ford Fusion auto insurance rates with full coverage compared to only the Illinois minimum liability coverage. The rates are based on a clean driving record, no at-fault accidents, $1,000 deductibles, married male driver, and no additional discounts are factored in.
Ford Fusion rates are for example purposes only. To get rates for your specific vehicle, click here.
Are you wasting money paying for full coverage?
There is no exact rule to stop paying for physical damage coverage, but there is a general school of thought. If the annual cost of your full coverage insurance is about 10% or more of replacement cost minus your deductible, then it might be time to buy liability only.
For example, let’s pretend your Ford Fusion replacement cost is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would get paid by your company is $6,000 after you pay the deductible. If it’s costing you more than $600 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are some situations where eliminating full coverage is not financially feasible. If you still have a lienholder on your title, you are required to maintain full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not eliminate full coverage.
Why you need insurance for your vehicle
Despite the high cost, paying for insurance is mandatory in Illinois but it also protects more than you think.
First, just about all states have mandatory insurance requirements which means you are required to carry specific limits of liability insurance in order to drive the car legally. 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 vehicle has a loan, it’s most likely the lender will require that you buy insurance to guarantee their interest in the vehicle. If the policy lapses, the lender may have to buy a policy to insure your vehicle for a much higher rate and force you to pay a much higher amount than you were paying before.
Third, insurance protects both your vehicle and your personal assets. Insurance will pay for most medical and hospital costs for you, any passengers, and anyone injured in an accident. Liability coverage will also pay attorney fees if anyone sues you for causing an accident. If mother nature or an accident damages your car, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.
The benefits of insuring your car more than offset the price you pay, especially for larger claims. Despite what companies tell you, the average driver overpays as much as $869 every year so compare rates each time the policy renews to ensure rates are inline.
Good decisions result in lower rates
Lots of factors are taken into consideration when you quote your car insurance policy. Some of the criteria are obvious like an MVR report, although some other factors are less obvious such as whether you are married or your commute time. When buying insurance it’s important to understand the factors that play a part in calculating the rates you pay for insurance. When you understand what impacts premium levels, this enables you to make decisions that can help you get better insurance rates.
The factors shown below are some of the things insurance companies consider when setting your premiums.
- Costs are impacted by vehicle performance – The make and model of the car you are buying insurance for makes a substantial difference in your premium level. Economy passenger models usually have the lowest premiums, but your final cost has many other factors.
- Lower stress equals lower premiums – Careers like military generals, air traffic controllers, and accountants tend to pay higher rates than the rest of us in part from intense work-related stress and long work days. On the other hand, occupations such as actors, athletes and retirees pay the least.
- Rates can drop if you have more than one policy – Most larger insurance companies will award lower prices to policyholders who carry more than one policy such as combining an auto and homeowners policy. Discounts can be anywhere from five to ten percent in most cases. Even if you already get this discount, you still need to comparison shop to verify if the discount is saving money.
- Reduce prices by driving cars with good safety ratings – Vehicles with high crash test scores can get you lower premiums. Vehicles built for safety reduce occupant injuries and lower rates of occupant injuries translates into fewer and smaller insurance claims and lower rates for you.
- Prices also based on gender – Over the last 50 years, statistics have shown women are more cautious behind the wheel. However, this does not mean men are worse drivers. Both genders tend to get into auto accidents in similar numbers, but the males cause more damage. Not only that, but men also get higher numbers of serious violations such as reckless driving.
- Youthful drivers cost more – Beginning drivers in Illinois are proven to be less responsible in a vehicle so insurance rates are higher. Older drivers are more responsible, cause fewer claims and accidents, and usually have better credit.
- Prevent your car from being stolen – Owning a car with anti-theft technology or alarm system can get you a discount on your insurance. Systems that thwart thieves such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help stop vehicle theft.
- Liability coverage is cheap – Liability coverage will provide protection if ever you are ruled to be at fault for damages caused by your negligence. Liability provides legal defense coverage up to the limits shown on your policy. Liability is cheap compared to insuring for physical damage coverage, so drivers should make sure they buy enough to cover all assets.
Insurance policy discounts you can’t miss
Car insurance companies don’t always list all their discounts in a way that’s easy to find, so we researched a few of the more well known in addition to some of the lesser obvious credits available to lower your premiums when you buy Schaumburg auto insurance online.
- Defensive Driver Discount – Taking part in a class that teaches driver safety techniques could cut 5% off your bill and make you a better driver.
- Multi-policy Discount – If you combine your homeowners and auto policies with one insurance company you may save over 10 percent off each policy depending on the company.
- Distant Student – Kids who live away from home at college and do not have a car may be insured at a cheaper rate.
- Telematics Devices – Schaumburg drivers who agree to allow driving data collection to track driving manner by using a telematics device like Allstate’s Drivewise could possibly reduce rates if their driving habits are good.
- Online Discount – A few larger online companies provide a small discount for buying your policy online.
- Safety Restraint Discount – Drivers who require all occupants to use their safety belts could cut 10% or more on the medical payments or PIP coverage costs.
- Renewal Discounts – A few insurance companies give discounts for switching to them before your current coverage expires. It’s a savings of about 10%.
- Discounts for Safe Drivers – Drivers who avoid accidents can save as much as half off their rates than less cautious drivers.
- Anti-lock Brakes – Anti-lock brake equipped vehicles are safer to drive so you can save 10 percent or more.
- Drive Less and Save – Driving less may enable drivers to earn substantially lower rates.
Don’t be surprised that most discounts do not apply to your bottom line cost. Some only apply to individual premiums such as liability and collision coverage. So when it seems like you would end up receiving a 100% discount, it doesn’t quite work that way. Any qualifying discounts will cut your policy cost.
The best insurance companies and a partial list of their discounts can be found below.
- State Farm may have discounts that include accident-free, good driver, Drive Safe & Save, passive restraint, anti-theft, defensive driving training, and good student.
- Esurance discounts include multi-policy, multi-car, emergency road assistance, claim free, defensive driver, Switch & Save, and anti-theft.
- Progressive includes discounts for multi-vehicle, homeowner, continuous coverage, good student, online signing, multi-policy, and online quote discount.
- Liberty Mutual offers discounts for new vehicle discount, new move discount, teen driver discount, preferred payment discount, and newly retired.
- Auto-Owners Insurance offers premium reductions for student away at school, company car, safe driver, good student, and anti-theft.
- GEICO policyholders can earn discounts including good student, multi-policy, military active duty, anti-theft, and air bags.
Before purchasing a policy, check with every prospective company to apply every possible discount. Some discounts may not apply to policies in every state. If you would like to choose from a list of providers that offer the discounts shown above in Schaumburg, click here to view.
Insurance agent or online?
Certain consumers would prefer to get professional advice from a licensed agent and doing so can bring peace of mind The biggest benefit of comparing insurance online is the fact that you can find cheap insurance quotes and also buy local. Supporting neighborhood insurance agencies is especially important in Schaumburg.
For easy comparison, once you complete this short form, your insurance data is sent to local insurance agents in Schaumburg that can give you free Schaumburg auto insurance quotes for your insurance coverage. You won’t need to do any legwork since rate quotes are delivered to you instantly. You can find the lowest rates without the usual hassles of price shopping. If you want to get a comparison quote from a specific company, just go to their quote page and fill out their quote form.
Below are agents in Schaumburg that may be able to provide comparison quotes.
Selecting an insurer should include more criteria than just a low price. Any good agent in Schaumburg should know the answers to these questions.
- Are aftermarket or OEM parts used to repair vehicles?
- How are they compensated?
- Are they full-time agents?
- Is the coverage adequate for your vehicle?
- Do they regularly work with personal auto policies in Schaumburg?
- Do they write coverage based solely on cost?
- How are claims handled?
- Can they give you a list of client referrals?
After getting positive feedback to these questions as well as a price you’re happy with, most likely you have located an provider that can be relied on to service your policy.
Shop smart and save
We just presented many ways to find cheaper coverage online. The most important thing to understand is the more quotes you get, the higher your chance of finding inexpensive Schaumburg auto insurance quotes. You may even find the lowest priced insurance comes from the smaller companies. Some small companies may often insure only within specific states and give better rates than the large multi-state companies such as Progressive or GEICO.
As you go through the steps to switch your coverage, you should never buy poor coverage just to save money. There have been many cases where someone dropped physical damage coverage and learned later that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to purchase a proper amount of coverage for the lowest price, but don’t skip important coverages to save money.
More tips and info about insurance is available in the articles below:
- Teen Driver Licensing Information (iihs.org)
- How Much are Chicago Auto Insurance Quotes for Used Cars? (FAQ)
- Who Has Cheap Chicago Auto Insurance Quotes for Handicapped Drivers? (FAQ)
- Who Has the Cheapest Chicago Car Insurance Rates for Inexperienced Drivers? (FAQ)
- What Car Insurance is Cheapest for a School Permit in Chicago? (FAQ)
- Auto Theft Statistics (Insurance Information Institute)
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
- Rental Reimbursement Coverage (Allstate)
- Eight Auto Insurance Myths (Insurance Information Institute)