One of the more important considerations that are looked at to help calculate auto insurance rates is where you keep your car in Chicago. More populated areas tend to have more expensive auto insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The table below ranks the most costly cities in Illinois for young drivers to purchase auto insurance in. Chicago makes the list at #1 with an annual cost of $1,544 on average, which is around $129 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Chicago | $1,544 |
| 2 | Cicero | $1,526 |
| 3 | Berwyn | $1,449 |
| 4 | Skokie | $1,433 |
| 5 | Des Plaines | $1,286 |
| 6 | Oak Lawn | $1,281 |
| 7 | Evanston | $1,226 |
| 8 | Waukegan | $1,188 |
| 9 | Mount Prospect | $1,181 |
| 10 | Joliet | $1,169 |
| 11 | Bolingbrook | $1,150 |
| 12 | Orland Park | $1,149 |
| 13 | Palatine | $1,143 |
| 14 | Schaumburg | $1,135 |
| 15 | Tinley Park | $1,120 |
| 16 | Rockford | $1,119 |
| 17 | Elgin | $1,117 |
| 18 | Arlington Heights | $1,095 |
| 19 | Aurora | $1,085 |
| 20 | Peoria | $1,060 |
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Premium amounts are comparative as the specific zip code location can modify price quotes substantially.
The type of vehicle requiring insurance is probably the most important factor that determines whether or not you can buy cheaper coverage for young drivers. Vehicles with more horsepower, poor crash test ratings, or a high likelihood of having liability claims will cost more to insure than safer, lower-performance models.
The information below illustrates insurance premiums for a selection of the most cost-effective automobiles to insure.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $7,386 |
| Ford Escape XLT 2WD | $7,396 |
| Toyota Prius | $7,999 |
| Honda Odyssey LX | $8,224 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $8,229 |
| Ford Explorer XLT 4WD | $8,295 |
| Chevrolet Impala LT | $8,763 |
| Toyota RAV4 Limited 2WD | $8,773 |
| Chevrolet Equinox LS 2WD | $8,763 |
| Chevrolet Malibu LT | $8,837 |
| Ford F-150 FX2 2WD | $8,843 |
| Dodge Grand Caravan Crew | $8,837 |
| Hyundai Elantra Blue 4-Dr Sedan | $9,158 |
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Price data assumes single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate quotes do not factor in specific zip code location which can change rates noticeably.
Looking at the data, makes and models like the Honda CR-V, Ford Escape, Toyota Prius, and Honda Odyssey should be some of the less-costly vehicles to insure for youthful drivers. The price for car insurance will be higher anyway because of the fact that there is more claim exposure for young drivers, but overall those particular models will have the lowest insurance rates that you’ll find.
Trying to buy cheap insurance is confusing at best, and determining which company has the lowest-priced insurance rates for young drivers involves even more perseverance. Each insurance company has a different formula to determine rates, so we’ll take a look at the overall cheapest insurance companies in Illinois.
It’s important that readers know that Chicago, IL insurance rates are influenced by many factors that can increase the price of coverage. Simply improving your credit score, getting married, or getting a ticket for running a stop sign can trigger price changes that can make some companies more expensive than competitors.
Best Cheap Insurance Rates for Teens
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $753 |
| 2 | Rockford Mutual | $813 |
| 3 | Titan | $878 |
| 4 | Cincinnati Insurance | $888 |
| 5 | Erie | $914 |
| 6 | Travelers | $961 |
| 7 | SECURA | $965 |
| 8 | Utica National | $975 |
| 9 | USAA | $979 |
| 10 | State Farm | $1,012 |
| 11 | Auto-Owners | $1,033 |
| 12 | Amica | $1,076 |
| 13 | Safeco | $1,095 |
| 14 | GEICO | $1,107 |
| 15 | California Casualty | $1,161 |
| 16 | Farmers | $1,170 |
| 17 | Esurance | $1,197 |
| 18 | Progressive | $1,206 |
| 19 | MetLife | $1,207 |
| 20 | State Auto | $1,273 |
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The Hartford may offer some of the cheapest car insurance rates in Chicago at around $753 per year. This is $596 less than the average price paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Cincinnati Insurance, and Erie would also make the list of some of the cheapest Chicago, IL insurance companies.
In this example, if you currently have a policy with Erie and switched to Rockford Mutual, you could earn yearly savings of in the neighborhood of $101. Drivers with Travelers could save as much as $148 a year, and SECURA insureds might cut rates by $152 a year.
To get a quick, customized rate comparison, click here to start your free quote or quote prices from the following companies.
It’s important to note that these policy rates are averages for all drivers and vehicles and do not factor in an exact zip code location for young drivers. So the company that can offer you the lowest price may not even be in the top 36 companies in the list above. That illustrates why you need to quote rates from as many companies as possible using your own personal information and vehicle type.
Full coverage versus liability only rates
Saving on insurance should be important to the majority of people, and a good way to pay lower rates for insurance for young drivers is to only buy liability coverage. The diagram below visualizes the comparison of insurance costs with and without full coverage. The premiums assume a clean driving record, no at-fault accidents, $500 deductibles, marital status is single, and no other discounts are factored in.
If all age groups are averaged, full coverage costs $1,238 per year more than carrying just liability coverage. A very common question is if buying full coverage is worth the expense. There is no definitive formula for eliminating full coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.
The information below shows how different deductible levels can influence yearly insurance costs when getting quotes for cheap insurance for young drivers. The price estimates are based on a single female driver, full physical damage coverage, and no other discounts are factored in.
As shown above, a 50-year-old driver could cut expenses by $278 a year by increasing from a $100 deductible to a $500 deductible, or save $420 by switching to a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could reduce their rates $718 each year by choosing a larger deductible amount. If you make the decision to raise deductibles, it will be important to have enough in a savings account to be able to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Impact of speeding/accidents on insurance rates
One of the best ways to maintain cheap insurance prices for youthful drivers is to be a careful driver and avoid traffic citations and accidents. The example below demonstrates how speeding tickets and fender-benders can increase insurance costs for each different age category. The data assumes a married female driver, full coverage, $250 deductibles, and no other discounts are factored in.
In the previous example, the average cost of car insurance in Chicago per year with no accidents and a clean driving record is $1,440. Receive one speeding ticket and the average cost hikes up to $1,675, an increase of $235 each year. Then throw in one accident along with the one speeding ticket and the 12-month cost of insurance for young drivers increases to an average of $2,342. That’s an increase of $901, or $75 per month, just for a couple of infractions!
If you have coverage questions and would like to have a professional recommendation when shopping around for cheaper insurance for youthful drivers, the agents shown below can provide answers to your questions and help you determine which coverages you need. To find an agent close to you, click the button after the list.
- Dave Rundle – State Farm Insurance Agent
4316 W 63rd St – Chicago, IL 60629 – (773) 735-0135 - Mike Matkowskyj – State Farm Insurance Agent
2452 W Chicago Ave – Chicago, IL 60622 – (773) 486-4444 - Angela Roudez – State Farm Insurance Agent
1505 S State St – Chicago, IL 60605 – (312) 663-1820