In a perfect world, we could just give you the name of the one car insurance company that has the cheapest rates in Illinois. It’s not that simple, unfortunately, as there are a whole bunch of unknown aspects like any tickets or violations, if you are a homeowner, how far you drive each year, and what level of deductibles you wish to have, that help determine the price you have to pay. We will try to cover the different ways to avoid overpaying and will hopefully give you a good start in finding the cheapest car insurance in Illinois.
For people with poor credit, one of the more important components that are looked at to determine the price you pay for insurance is where you call home in Chicago. Areas with a lot of weather claims or more people are more likely to pay higher prices, whereas areas with lower vehicle theft rates and fewer weather claims get the luxury of paying less.
The information below lists the most expensive places in Illinois for drivers with bad credit to buy an auto insurance policy in. Chicago makes the list at #2 having an annual price of $1,484 for coverage, which is approximately $124 per month.
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Rate information is estimated as the specific zip code location can revise price quotes greatly.
Deciphering which companies offer the cheapest auto insurance rates for drivers with bad credit involves a tad more effort than just comparing rates from one or two companies.
Every auto insurer has their own guidelines for determining rates, so let’s take a look at the overall cheapest auto insurance companies in Chicago, IL. It’s a good idea to know that Illinois auto insurance rates are calculated based on many things that can increase the cost of having a policy. Simply having another birthday, buying a different home, or having an at-fault accident can trigger changes in premium that can cause some rates to be more affordable than competitors.
Find the Best Cheap Insurance with Bad Credit
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The Hartford has some of the lowest car insurance rates in Chicago at around $753 a year. Rockford Mutual, Erie, Titan, and Cincinnati Insurance are also some of the best Chicago, IL car insurance companies.
In the above rates, if you currently have a policy with Erie and switched to The Hartford, you could see an annual savings of in the neighborhood of $125. Drivers with Titan might save as much as $125 a year, and Cincinnati Insurance customers might lower prices by $171 a year.
It’s important to note that these policy rates are averaged for all ages of drivers and types of vehicles and do not factor in a specific vehicle garaging location for drivers with bad credit. So the insurer that has the cheapest price for you may not even be in the top 36 companies in the list above. That affirms the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.
Poor driving habits will raise your auto insurance rates
A great way to snag low auto insurance premiums for people with poor credit is to be a careful driver and maintain a clean driving record. The diagram below illustrates how speeding tickets and accidents raise car insurance costs for different age categories. The prices are based on a single male driver, full coverage, $500 deductibles, and no discounts are factored in.
The chart shows that the average cost of car insurance in Illinois per year with no violations or accidents is $1,238. Get two speeding tickets and the average cost hikes up to $1,631, an increase of $394 each year. Now include one accident along with the two speeding tickets and the 12-month cost of auto insurance for drivers with bad credit increases to an average of $2,026. That’s an increase of $789, or $66 per month, just for being a careless driver!
How to get discounts on Chicago car insurance rates
Insurers that offer cheap quotes for drivers with bad credit may also provide price discounts that could reduce prices by 25% or more if you meet specific eligibility requirements. A list of companies and their possible discounts are:
- State Farm policyholders can earn discounts including anti-theft, passive restraint, good student, safe vehicle, and driver’s education.
- GEICO offers premium reductions for military active duty, anti-lock brakes, daytime running lights, good student, multi-vehicle, and federal employee.
- Allstate may have discounts that include premier discount, FullPay discount, farm vehicle, eSmart discount, defensive driver, safe driver, and anti-theft.
- SAFECO offers discounts for multi-car, accident prevention training, teen safe driver, safe driver, homeowner, and anti-lock brakes.
- Farm Bureau may offer discounts for youthful driver, 55 and retired, good student, safe driver, and multi-vehicle.
- Progressive discounts include multi-policy, homeowner, online signing, good student, continuous coverage, and online quote discount.
- AAA has discounts for anti-theft, multi-car, good driver, education and occupation, pay-in-full, good student, and AAA membership discount.
The example below compares insurance costs with and without discounts. The premiums assume a male driver, no claims or violations, Illinois state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with defensive driving course, safe-driver, multiple policy, multiple vehicle, anti-theft, and claim-free discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on auto insurance for drivers with bad credit is 27% or $378.
How to find economical auto insurance for drivers with bad credit
The list below summarizes some of the recommended money-saving ideas that can help Illinois drivers buy cheap coverage.
- Raise deductibles
- At-fault accidents will increase rates
- Drivers with good credit often pay less
- Drive safe vehicles
- Drive safely
- Compare rates once a year for cheaper prices
The last idea is remarkably significant, as was noted in this write-up. Prices can change in a short period of time, so don’t hesitate to buy from a different company if a lower-cost policy is available.
We understand brand loyalty, but it’s not a great idea if that loyalty results in overpaying lots of money. Now is a great time to compare prices and find cheaper insurance for drivers with bad credit in Chicago.
If you aren’t sure which coverage you need and prefer to have some professional guidance when buying car insurance for drivers with bad credit, the agencies below can answer your questions and help you decide which coverages and limits you need. To locate a Chicago auto insurance agent close to you, click the button link following the list.
Northwest Insurance Network Inc
4450 N Western Ave – Chicago, IL 60625 – (773) 433-3300
Amigo Insurance Agency
5902 W Fullerton Ave – Chicago, IL 60639 – (877) 999-2644
Edwards Insurance Agency, Inc.
11113 S Kedzie Ave – Chicago, IL 60655 – (773) 396-5526
Roni Siegel – State Farm Insurance Agent
860 N Clark St – Chicago, IL 60610 – (312) 751-0500
Russ Spinelli – State Farm Insurance Agent
1525 E 53rd St #727 – Chicago, IL 60615 – (773) 955-3133