The words “bargain” and “insurance” probably shouldn’t be used together, especially when trying to find the lowest insurance prices for 19 year olds. To help control this cost, let’s go over some situations that determine car insurance prices, and find some ways to reduce the cost of the next policy you buy.
For teenage drivers, one of the largest components that are used to help calculate insurance cost is where you normally keep your vehicle. Areas with more people or higher crime rates likely pay more, whereas areas that tend to be more rural receive better rates.
The following table lists the most expensive places in Illinois for 19 year olds in which to purchase auto insurance. Chicago shows up at #2 with a yearly cost of $1,484 for the average insured, which is approximately $124 each month.
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Price information shown is approximated as the specific Chicago residence address can modify insurance rates noticeably.
Establishing which insurers offer the cheapest auto insurance rates for 19 year olds will require a bit more effort than just comparing a company or two. Each company has a proprietary method to establish rates, so we’ll 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 factors that can increase the policy price. Simply having a birthday, filing a claim, or having an at-fault accident may prompt premium changes that may make certain companies cheaper than others.
Compare Cheap Insurance Quotes for Teens
The Hartford generally has some of the most affordable car insurance rates in Chicago at around $746 per year. Rockford Mutual, Erie, Titan, and Cincinnati Insurance also qualify as some of the lowest-priced Chicago, IL insurance companies.
In this example, if you currently have a policy with Titan and switched to The Hartford, you might realize a yearly savings of about $132. Policyholders with Cincinnati Insurance might save as much as $151 a year, and Utica National insureds might lower prices by $209 a year.
If you want to see how much you could save, click here or visit any of the companies below.
Bear in mind that those rates are averaged across all drivers and vehicles in Illinois and and are not calculated with a specific zip code for 19 year olds. So the insurer that is best for you may not even be in the list above. That points out the importance of why you need to compare prices as often as possible using your own specific driver information and vehicle.
Reckless driving habits raise Chicago auto insurance rates
In a perfect world, the best way to obtain the best auto insurance prices in Chicago for teenage drivers is to drive attentively and avoid at-fault accidents and violations. The example below illustrates how traffic citations and at-fault collisions increase yearly insurance costs for each age group. Data assumes a single female driver, comp and collision included, $100 deductibles, and no discounts are factored in.
In the example above, the average cost of a car insurance policy in Chicago per year with no violations or accidents is $1,904. Receive two speeding tickets and the average cost hikes up to $2,562, an increase of $658 each year. Then include one accident along with the two speeding tickets and the 12-month cost of auto insurance for 19 year olds increases to an average of $3,236. That’s an increase of $1,332, or $111 per month, just for not driving safely!
Full coverage rates compared to liability-only
Finding cheaper auto insurance should be important to most people, and one good way to find cheap insurance for 19 year olds is to not pay for full coverage. The chart below shows the comparison of premium costs with full coverage and liability only. The premiums are based on no claims, a clean driving record, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
If we average all the age groups together, physical damage coverage costs $1,103 per year more than insuring for liability only. That brings up the question when is the right time to remove full coverage. There is no exact rule to stop buying full coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s say your vehicle’s settlement value is $7,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $6,500 after the deductible is paid. If you are currently paying more than $650 a year to have full coverage, then it might be time to buy liability only.
Why you should be shopping around
Illinois auto insurance rates are determined by lots of factors that can increase the price of your policy. Turning one year older, having a claim, or getting a driving violation may cause policy rate changes resulting in some rates now being cheaper in comparison to the competition. And not only may your rating factors change, but auto insurance companies change the rates they charge in Illinois multiple times each year to adjust for heavy claims or excess profits. Significantly higher claims can result in additional price hikes, while long-term profits can cause more affordable Chicago car insurance rates.
To illustrate this example, the chart below shows the cheapest car insurance in Chicago, IL for a 35-year-old female driver with no violations or accidents, and a decent credit rating. If we compare prices based on her current risk profile, The Hartford may offer the cheapest car insurance rates in Chicago at $1,197 annually. This is $152 less than the average price paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance round out the rest of the top five cheapest Chicago, IL auto insurance companies.
The next chart shows rates after we give the driver from the above example an at-fault accident, a lower credit score, and a speeding citation. Since each auto insurance company has a unique approach for setting prices, comparing prices most likely will result in a slightly different list of companies as shown below.
Utica National now has the lowest price in Chicago with State Farm, USAA, SECURA, and Auto-Owners also having competitive pricing. This example shows why consumers need to take the time to shop around when trying to find the most economical auto insurance quotes for 19 year olds. Car insurance prices can be determined by many different factors and change substantially, so the lowest-price company a year ago may now be wasting a lot of money.
If you have questions and prefer to have some professional guidance when shopping for the best coverage for teenage drivers, the agencies below can probably help you decide which car insurance company is the best fit.
To locate a Chicago car insurance agency in your neighborhood, click the button after the list.
Allstate Insurance: Maribel Marron
3060 W Armitage Ave – Chicago, IL 60647 – (773) 572-9495
Lincoln Auto Insurance
855 W Washington Blvd – Chicago, IL 60607 – (312) 666-8800
Jim Mays Jr – State Farm Insurance Agent
4465 N Milwaukee Ave – Chicago, IL 60630 – (773) 282-1500
Greg King – State Farm Insurance Agent
5508 S Lake Park Ave – Chicago, IL 60637 – (773) 643-6200
Serpe Insurance Agency
2538 N Lincoln Ave – Chicago, IL 60614 – (773) 871-0808
Tips to find low-cost car insurance for 19 year olds
The list below shows some thrifty ideas that can help Chicago drivers find low-cost coverage.
- Drop full coverage on older vehicles
- Remain accident-free and save
- Save money by staying claim-free
- Increase your deductibles
- Avoid getting tickets or violations
- Shop around for lower rates once a year
That last idea is certainly significant, as was noted in the article above. Auto insurance rates can be changed at any time, so you should be ready to buy a different policy if a lower-cost policy is available.
Having a favorite company is great, but it’s not a great idea if that dedication is costing lots of money. Take a couple minutes and compare rates to find cheaper car insurance for 19 year olds in Chicago.