Trying to buy low-cost auto insurance is not easy, and figuring out which companies have the lowest-priced auto insurance rates for college graduates takes even more diligence. Every insurance provider uses slightly different criteria for determining rates, so we’ll go over the most affordable auto insurance companies in Illinois.
Find Cheaper Car Insurance for Grads
|Rank||Company||Cost Per Year|
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The Hartford quotes some of the best car insurance rates in Chicago at around $753 a year. This is $596 less than the average price paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance are also some of the cheapest Chicago, IL auto insurance companies.
In the rate table above, if you are currently insured with Erie and switched to The Hartford, you might see yearly savings of approximately $152. Customers with Cincinnati Insurance might save as much as $171 a year, and Utica National policyholders might realize rate reductions of up to $193 a year.
To get a quick, customized rate comparison, click here or visit several of the following companies.
Bear in mind that those prices are averaged for all types of drivers and the different vehicles they drive and do not take into consideration a vehicle location for college graduates. So the auto insurance company that is best suited for you may not even be in the top 36 companies shown above. That is why you need to compare as many prices as possible using your own driver data and vehicle information.
One of the more important factors that are looked at to help calculate the annual cost of car insurance is your address in Chicago. Cities with more crime and/or more people are more likely to pay higher prices, whereas areas that tend to be more rural have the gratification of cheaper auto insurance rates.
The table below sorts the most costly cities in Illinois for college graduates to purchase a policy in. Chicago makes the list at #2 with a yearly premium of $1,484 for coverage, which is about $124 per month.
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Information shown are comparative as the garaging address in Chicago can lower or raise prices considerably.
The vehicle model to be insured is probably the most important factor when shopping for low-cost coverage for college graduates. Vehicles with lots of horsepower, poor safety ratings, or a track record of large liability claims will cost much more to insure than safer, lower-performance models. The list below ranks insurance premiums for the most economical automobiles to insure in Illinois.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,848|
|Ford Explorer XLT 2WD||$2,070|
|Ford Escape XLS 2WD||$2,116|
|Honda CR-V EX-L 2WD||$2,163|
|Toyota Camry SE||$2,299|
|Hyundai Elantra GLS 4-Dr Sedan||$2,306|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$2,326|
|Chevrolet Equinox LTZ AWD||$2,339|
|Jeep Grand Cherokee SRT-8 4WD||$2,349|
|Ford F-150 FX2 Super Cab 2WD||$2,373|
|Chevrolet Silverado 3500HD LTZ Crew Cab 2WD||$2,425|
|Chevrolet Silverado Crew Cab Hybrid 2WD||$2,453|
|Ford Edge SEL 2WD||$2,459|
|Chevrolet Silverado 2500HD LTZ Crew Cab Diesel 4WD||$2,496|
|Kia Optima SX||$2,499|
|Toyota RAV4 Sport 2WD||$2,505|
|Dodge Ram 3500 Mega Cab Laramie 2WD||$2,539|
|Dodge Grand Caravan CV||$2,547|
|Chevrolet Malibu LT||$2,551|
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Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Information does not factor in specific garaging location which can decrease or increase price quotes greatly.
Based on these rates, you can infer that cars like the Honda Accord, Ford Explorer, Ford Escape, and Honda CR-V are a few of the less-costly vehicles to insure for college grads.
The illustration below highlights how deductible choice can affect yearly insurance costs when trying to find cheap insurance for college graduates. The data assumes a single female driver, comprehensive and collision coverage, and no policy discounts are applied.
The data above shows that a 40-year-old driver could pocket $206 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $312 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old category, have the ability to save up to $526 every year by using a higher deductible. When raising deductibles, it is important to have enough in a savings account to offset the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Get discounts on Chicago car insurance rates
Insurers that provide policies for college graduates may provide policy discounts that could reduce prices by 40% or more if you are eligible for them. A few of the larger companies and a selection of discounts can be read below.
- Farm Bureau offers premium reductions for 55 and retired, multi-policy, multi-vehicle, good student, renewal discount, driver training, and safe driver.
- Liberty Mutual discounts include teen driver discount, new vehicle discount, preferred payment discount, safety features, and exclusive group savings.
- State Farm offers discounts for defensive driving training, driver’s education, anti-theft, multiple policy, and good student.
- Auto-Owners Insurance may offer discounts for group or association, air bags, paid in full, company car, multi-policy, student away at school, and good student.
- GEICO has discounts for military active duty, good student, multi-vehicle, daytime running lights, five-year accident-free, membership and employees, and emergency military deployment.
- SAFECO includes discounts for anti-lock brakes, teen safety rewards, accident prevention training, bundle discounts, and safe driver.
The information below visualizes the comparison of auto insurance rates with and without discounts applied to the premium. The premiums are based on a female driver, a clean driving record, no at-fault accidents, Illinois state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with claim-free, homeowner, safe-driver, accident-free, vehicle safety, and multiple policy discounts applied. In this example, theamount saved on auto insurance for college graduates is 28% or $292.
Picking the highest-rated car insurance company can be difficult considering how many choices drivers have in Chicago. The company ratings in the lists below could help you analyze which coverage providers to look at comparing rate quotes with.
These rankings are only comprised of companies with a national presence, so companies without a large exposure are not taken into consideration for this list. If you wish to compare prices from these and other top-rated companies, click this link.
Top 10 Major Auto Insurance Companies Overall in Chicago
- 21st Century
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- American Family
Top 10 Major Auto Insurance Companies in Chicago Ranked by Claims Service
- Liberty Mutual
- AAA Insurance
- Safeco Insurance
- Mercury Insurance
The insurance agencies below can probably aid you in deciding which coverages are best, as many consumers aren’t sure which coverage to buy and prefer to have a little guidance when shopping for cheaper insurance for college grads. It can be complicated to find the best policy yourself, and insurance agents licensed in the state of Illinois can provide satisfaction knowing you have sufficient protection if you have a claim. To find a Chicago insurance agency closest to you, click the button below the list.
Illinois Vehicle Auto Insurance (Xpert)
1858 W 18th St – Chicago, IL 60608 – (312) 226-1033
Great Northern Insurance Agency
5632 S Pulaski Rd – Chicago, IL 60629 – (773) 838-3900
Talro Insurance Agency
4900 W Belmont Ave – Chicago, IL 60641 – (773) 205-8255
Linda Kuczka – State Farm Insurance Agent
954 W Webster Ave – Chicago, IL 60614 – (773) 975-9111
Greg King – State Farm Insurance Agent
5508 S Lake Park Ave – Chicago, IL 60637 – (773) 643-6200