Are you looking for a better way to compare cheaper Mitsubishi Lancer insurance in Chicago? Are you tired of wondering where the money will come from to make your car insurance payment? You have the same problem as millions of other consumers.
Sad but true, the vast majority of drivers have purchased from the same company for more than four years, and roughly 40% of drivers have never even compared quotes to find lower-cost rates. Illinois drivers could save themselves as much as $586 a year, but they don’t know the amount of savings they would get if they switched to a cheaper policy.
Having so many insurance companies to choose from that have affordable insurance for a Mitsubishi Lancer in Chicago, it can be impossible to choose the most affordable car insurance provider.
The goal of this article is to help educate you on how auto insurance companies operate and some tips to save money. If you are paying for car insurance now, you will most likely be able to save money using the concepts covered in this article. Nevertheless, Illinois vehicle owners do need to understand how big insurance companies market insurance on the web because it varies considerably.
When price shopping your coverage, making a lot of price comparisons helps you find the best offered rates.
The auto insurance companies shown below can provide price quotes in Illinois. If multiple companies are shown, we recommend you visit several of them to get the best price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Lancer Sportback GTS||$158||$308||$246||$14||$74||$800||$67|
|Lancer Sportback Ralliart||$228||$420||$262||$16||$78||$1,004||$84|
|Get Your Own Custom Quote Go|
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Illinois minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Table data does not factor in specific Chicago garaging location which can decrease or increase insurance rates noticeably.
Should you raise deductibles?
The illustration below shows how different deductible levels and can affect Mitsubishi Lancer yearly insurance costs for each different age category. The costs are based on a single female driver, comp and collision included, and no discounts are applied to the premium.
Why you need insurance for your Mitsubishi vehicle
Even though Chicago Lancer insurance rates can get expensive, insurance may be required for several reasons.
- Just about all states have minimum liability requirements which means it is punishable by state law to not carry specific minimum amounts of liability insurance in order to get the vehicle licensed. 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.
- If you bought your vehicle with a loan, it’s most likely the lender will force you to buy insurance to ensure loan repayment if the vehicle is totalled. If coverage lapses or is canceled, the bank may buy a policy for your Mitsubishi at an extremely high rate and make you pay the higher price.
- Insurance preserves both your vehicle and your assets. It will also provide coverage for many types of medical costs for yourself as well as anyone injured by you. Liability insurance also covers all legal expenses up to the policy limit in the event you are sued. If your car is damaged in a storm or accident, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of carrying adequate insurance more than offset the price you pay, especially with large liability claims. Despite what companies tell you, the average driver is currently overpaying as much as $865 each year so it’s very important to do a rate comparison each time the policy renews to ensure rates are competitive.
Why Your Insurance Rates might be higher
Multiple criteria are taken into consideration when you get your auto insurance bill. Most are fairly basic such as traffic violations, but other criteria are more obscure such as your marital status or how safe your car is. One of the most helpful ways to save on auto insurance is to to have a grasp of some of the things that play a part in calculating the level of your policy premiums. When consumers understand what positively or negatively impacts your premiums, this allows you to make good choices that can help you get much lower annual insurance costs.
Listed below are just a few of the factors utilized by car insurance companies to help set prices.
- Performance influences insurance premiums – The performance level of the car, truck or SUV you are insuring makes a substantial difference in your auto insurance rates. The best insurance prices will normally be found when insuring lower performance four cylinder passenger models, but the final cost of insurance is determined by many other factors. Because the Mitsubishi Lancer is classified as a sedan, insuring your vehicle will cost about the same as compared to the average rate in Chicago.
- Stay claim-free and save money – If you are a frequent claim filer, don’t be surprised to see higher premiums or even policy non-renewal. Companies in Illinois give discounts to people who are not frequent claim filers. Your insurance policy is intended to be relied upon for the large, substantial claims.
- Married drivers pay less – Getting married actually saves money when buying auto insurance. Having a spouse translates into being more stable financially and it’s proven that drivers who are married file infrequent claims.
- Does insurance cost less for gals? – Statistics demonstrate women are more cautious behind the wheel. That doesn’t necessarily mean that men are WORSE drivers than women. They both are in auto accidents in similar percentages, but the males cause more damage and cost insurance companies more money. They also get more serious tickets like DWI (DUI) or reckless driving. Youthful male drivers are several times more likely to be in an accident and thus pay the highest rates.
- Job stress can make you pay more – Occupations like fire fighters, airline pilots, and miners tend to pay the highest average rates attributed to high stress and lengthy work days. On the flip side, careers such as scientists, historians and performers pay lower than average rates.
- Mitsubishi Lancer claim statistics – Car insurance companies use statistical claims data to help calculate a profitable premium price. Vehicles that the statistics show to have higher prevalence or dollar amount of losses will have a higher cost to insure. The table below demonstrates the insurance loss data used by companies for Mitsubishi Lancer vehicles.
For each coverage category, the claim amount for all vehicles, regardless of manufacturer or model, is equal to 100. Values that are below 100 mean the vehicle has better than average losses, while values that are above 100 indicate frequent claims or statistically larger losses.
Mitsubishi Lancer Insurance Claim Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Mitsubishi Lancer 2WD 153 146 127 192 218 172 Mitsubishi Lancer 4WD 149 131 148 135 Mitsubishi Lancer Evolution 4WD 225 123 221
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Cheaper Mitsubishi Lancer insurance quotes in Chicago
Companies offering auto insurance do not list all discounts in a way that’s easy to find, so the below list has a few of the more well known and the more hidden discounts that you may qualify for.
- New Car Discount – Buying a new car instead of a used Lancer can cost up to 25% less because newer vehicles are generally safer.
- Good Students Pay Less – Performing well in school may save as much as 25% on a Chicago car insurance quote. Earning this discount can benefit you well after school through age 25.
- Theft Prevention Discount – Cars equipped with tracking devices and advanced anti-theft systems are stolen less frequently and will qualify for a discount on a Chicago car insurance quote.
- No Claim Discounts – Insureds with no claims or accidents are rewarded with significantly better rates on Chicago car insurance quote when compared to drivers with a long claim history.
- Multi-Vehicle Discounts – Buying insurance for all your vehicles on a single policy can reduce rates for all insured vehicles.
- Seat Belt Usage – Requiring all passengers to use a seat belt may be able to save a few bucks off the personal injury premium cost.
- Defensive Driving Course – Taking time to complete a class that teaches safe driver techniques may get you a small discount depending on where you live.
- Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems can receive discounts of 20 to 30 percent.
- Low Mileage Discounts – Keeping the miles down on your Mitsubishi could qualify for better prices on cars that stay parked.
- Multiple Policy Discount – If you have multiple policies and insure them both with the same insurance company you could get a discount of nearly 15% which can help you find affordable Mitsubishi Lancer insurance rates in Chicago.
As a footnote on discounts, many deductions do not apply to the whole policy. Most only cut the price of certain insurance coverages like medical payments or collision. Just because you may think having all the discounts means you get insurance for free, nobody gets a free ride.
Some of the larger companies who may offer these money-saving discounts include:
Before purchasing a policy, check with all companies you are considering which credits you are entitled to. Some discounts may not apply to policies in every state. If you would like to choose from a list of companies that have a full spectrum of discounts in Illinois, follow this link.
How to know if you need help
Always remember that when buying proper insurance coverage for your personal vehicles, there really is not a one size fits all plan. Every insured’s situation is different.
Here are some questions about coverages that may help highlight if your insurance needs might need an agent’s assistance.
- Is water damage covered by my policy?
- Do I need replacement cost coverage?
- Do I need roadside assistance coverage?
- Who sells insurance for high-risk drivers?
- Should I waive the damage coverage when renting a car?
- Which companies are cheaper for teen drivers?
- Do I benefit by insuring my home with the same company?
- Should I carry comprehensive and collision coverage?
If you’re not sure about those questions, you may need to chat with an agent. If you don’t have a local agent, simply complete this short form.
Do I need a local insurance agent?
Many drivers still like to talk to a local agent and that is not a bad decision A nice benefit of comparing insurance online is that you can obtain cheap rate quotes but still work with a licensed agent. Buying from and supporting neighborhood insurance agencies is important particularly in Chicago.
After filling out this simple form, the coverage information is emailed to insurance agents in Chicago that can give you free Chicago car insurance quotes for your business. There is no reason to visit any agencies because prices are sent to you. Get lower rates and a licensed agent to work with. In the event you want to get a rate quote from a specific insurance company, you would need to visit that company’s website and fill out the quote form the provide.
Is an exclusive or independent auto insurance agent right for you?
If you are searching for a reliable insurance agency, it’s helpful to know the types of insurance agents that differ in how they can insure your vehicles. Chicago agents may be either exclusive agents or independent agents.
Independent Insurance Agencies
Agents of this type are not limited to a single company so they can quote policies through many different insurance companies and find the cheapest insurance rates. If they find a cheaper price, they can switch companies in-house and you stay with the same agent.
When comparing rate quotes, you will want to include price quotes from at least one independent agent to maximize your price options.
Featured below is a list of independent insurance agents in Chicago that can possibly get you free rate quotes.
Exclusive Insurance Agencies
Agents that choose to be exclusive can usually just insure with one company and some examples include AAA, State Farm, Farmers Insurance, and Allstate. Exclusive agents cannot provide rate quotes from other companies so they really need to provide good service. Exclusive insurance agents are well schooled in insurance sales which can be an advantage.
The following are exclusive insurance agents in Chicago who can help you get comparison quotes.
Glenda Tolentino-Moser – State Farm Insurance Agent
2015 W Montrose Ave – Chicago, IL 60618 – (773) 549-3300 – View Map
Greg King – State Farm Insurance Agent
5508 S Lake Park Ave – Chicago, IL 60637 – (773) 643-6200 – View Map
Sylvia Torres Underhill – State Farm Insurance Agent
2422 S Oakley Ave – Chicago, IL 60608 – (773) 376-1166 – View Map
Choosing the best insurance agency requires you to look at more than just a cheap quote. A good agent in Chicago will have answers to these questions.
- What is the financial rating for the quoted company?
- Are there any discounts that you might be missing?
- Are they full-time agents?
- If they are an independent agency in Chicago, which companies do they recommend?
- How are they compensated?
- Does the agent help file claims?
- Can you choose the body shop in case repairs are needed?
Don’t give up on cheaper rates
You just learned many ways to lower your Mitsubishi Lancer insurance auto insurance rates in Chicago. The key thing to remember is the more times you quote, the higher your chance of finding the cheapest Mitsubishi Lancer rate quotes. Consumers may even find the most savings is with a smaller regional carrier.
Cheap Mitsubishi Lancer insurance in Chicago can be bought on the web as well as from independent agents in Chicago, and you should compare rates from both to have the best chance of lowering rates. Some insurance providers do not provide rate quotes online and these smaller providers prefer to sell through independent insurance agents.
When buying insurance coverage, it’s very important that you do not buy less coverage just to save a little money. There are a lot of situations where drivers have reduced uninsured motorist or liability limits only to discover later that a couple dollars of savings turned into a financial nightmare. Your goal is to get the best coverage possible at a price you can afford.
For more information, link through to the articles below:
- Things to Know Before you Cancel Insurance (Allstate)
- Who Has the Cheapest Chicago Car Insurance Rates for Business Use? (FAQ)
- Who Has Cheap Car Insurance Rates for 16 Year Olds in Chicago? (FAQ)
- How Much is Chicago Auto Insurance for a 20 Year Old Female? (FAQ)
- Credit and Insurance Scores (Insurance Information Institute)
- Credit Impacts Car Insurance Rates (State Farm)