The type of vehicle on the policy is probably the largest consideration that determines whether or not you can buy the best coverage for 18 year olds. Vehicles with higher performance, poor crash test ratings, or a history of substantial liability claims will cost much more to insure than more economical and safe models. The data below presents insurance prices for some of the cheapest automobiles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$6,691|
|Ford Escape XLS 2WD||$6,696|
|Honda Accord LX 4-Dr Sedan||$6,691|
|Jeep Wrangler Rubicon 4WD 2-Dr||$7,486|
|Ford Explorer XLT 4WD||$7,491|
|Dodge Grand Caravan SE||$7,486|
|Ford F-150 XL Super Cab 4WD||$7,494|
|Volkswagen Jetta 2.0T Station Wagon||$7,742|
|Ford Edge SEL AWD||$7,863|
|Toyota Camry LE||$7,937|
|Toyota RAV4 2WD||$7,943|
|Chevrolet Impala LT||$7,937|
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Price data assumes single female driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium costs do not factor in zip code location which can alter rates considerably.
Based upon these rates, we can expect cars like the Honda CR-V, Ford Escape, and Honda Accord are going to be a few of the less-costly vehicles to insure for teen drivers. The cost of a car insurance policy will tend to be more expensive anyway because of the fact that there is a higher risk for 18 year olds, but generally speaking those makes and models will probably have the best rates that you’ll find.
Finding good, cheap car insurance is challenging, and determining which company quotes the lowest-priced insurance rates for 18 year olds will require even more rate comparisons. Each insurance company uses slightly different criteria to determine premium rates, so let’s begin by examining the insurance companies that tend to have lower prices in Chicago, IL.
It’s important to understand that Illinois insurance rates are calculated based on many things which can significantly increase or decrease the price you pay. This price variability is why it is critical to compare rates when trying to get the most economical insurance rates for 18 year olds. Insurance prices are calculated by many factors and change substantially, so the best company six months ago may now be quite expensive.
Best Car Insurance Prices for Teens
|Rank||Company||Cost Per Year|
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The Hartford generally has some of the best car insurance rates in Chicago at around $753 a year. This is $596 less than the average policy premium paid by Illinois drivers of $1,349. Rockford Mutual, Erie, Titan, and Cincinnati Insurance would also be considered some of the more affordable Chicago, IL insurance companies.
As illustrated above, if you are a customer of Titan and switched to The Hartford, you might achieve a yearly price reduction of in the vicinity of $125. Drivers with Cincinnati Insurance could save as much as $171 a year, and Travelers policyholders might cut rates by $199 a year.
To find the cheapest coverage for you, click here to start a quote or visit several of the following companies.
Be aware that those policy prices are averaged for all types of insureds and vehicles and and are not calculated with a specific zip code for 18 year olds. So the auto insurance company that has the lowest price for you may not even be in the top 36 companies in the list above. That point stresses why you need to compare prices as often as possible using your own personal information and vehicle type.
The illustration below illustrates how your choice of deductibles can impact yearly insurance costs when trying to find cheap insurance for 18 year olds. The premium estimates are based on a single female driver, comp and collision included, and no policy discounts are applied.
A 30-year-old driver could save $332 a year by switching from a $100 deductible to a $500 deductible, or save $500 by selecting a $1,000 deductible. Even younger drivers, such as the 20-year-old chart data, can save up to $734 or more by selecting a higher deductible.
When choosing a higher deductible, it is necessary to have additional funds in a savings account to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Bad driving habits will cost you more
The obvious way to obtain affordable insurance rates in Chicago for teen drivers is to drive safely and maintain a clean driving record. The chart below shows how violations and fender-benders can impact premium costs for each age group. The costs are based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of car insurance in Illinois per year with no violations or accidents is $1,056. Get two speeding tickets and the average cost rises to $1,450, an increase of $394 each year. Now add in two accidents along with the two speeding tickets and the yearly cost of insurance for 18 year olds jumps again to an average of $2,989. That’s an increase of $1,933, or $161 per month, just for a couple of infractions!
Shop around and save
Chicago insurance rates are impacted by many factors that will increase or decrease your annual premium. Simply turning a year older, getting married, or getting a few speeding tickets may generate price changes that may make certain companies more affordable than before.
In addition to those changes, auto insurance companies amend pricing every year or even multiple times each year in order to protect their financial rating. Higher than usual claims may result in higher prices, while profitable underwriting may cause lower-priced Chicago car insurance rates.
To help illustrate this point, the graph below analyzes the cheapest car insurance in Chicago, IL for a 30-year-old male driver with no accidents, a clean driving record, and a high credit rating. If we look at prices based on his current risk factors, The Hartford may offer the best car insurance rates in Chicago at $1,223 per year. This is $126 less than the average price paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance are the rest of the cheapest Chicago, IL auto insurance companies.
The chart below compares rates after we give the driver from the first set of rates a claim surcharge, a lower credit rating, and a few blemishes on his driving record. Because each company has a proprietary formula to set policy rates, comparing rates most likely will result in a completely different list of the cheapest companies as shown below.
USAA now has the best car insurance rate in Chicago, IL with Travelers, State Farm, SECURA, and Auto-Owners completing the list. This example illustrates why it is important to take the time to shop around to get affordable insurance quotes for 18 year olds.
Auto insurance prices are determined by many risk factors and change frequently, so the most affordable company three years ago may now be quite expensive.
How to find low-cost auto insurance for 18 year olds
Lowering your rates is not difficult, and here are a few penny-pinching solutions that can help you find more affordable coverage.
- Accident-free drivers may qualify for discounts
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Avoid filing excessive claims
- Buying car and homeowners insurance together can save money
- Vehicles with good safety ratings have lower liability rates
- Do not waste money insuring older vehicles for full coverage
- Shop around for cheaper prices often
The last suggestion is remarkably significant, as we discussed in this article. Car insurance prices vary greatly, so don’t be unwilling to buy from a different company if a better deal can be had.
Many drivers have brand loyalty and that’s fine, but it’s not recommended if that loyalty results in overpaying lots of money. Take a couple minutes and compare prices to find cheaper car insurance for 18 year olds in Chicago.
If you wish to get some professional input when shopping for cheaper insurance for 18 year olds, the agents listed below can help you determine which policy is best. To find a Chicago insurance agency close to where you live, click the button below the list.
Judith Gleason – State Farm Insurance Agent
2643 N Harlem Ave – Chicago, IL 60707 – (773) 637-8547
Greg King – State Farm Insurance Agent
5508 S Lake Park Ave – Chicago, IL 60637 – (773) 643-6200
Roni Siegel – State Farm Insurance Agent
860 N Clark St – Chicago, IL 60610 – (312) 751-0500