Who Has the Cheapest Chicago Car Insurance Rates for Business Use?

One of the many components that are looked at to determine the annual cost of car insurance is the neighborhood you call home in Chicago. Areas with increased crime or more people are more likely to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower prices.

The illustration below sorts the most costly cities in Illinois for business use to purchase a policy in. Chicago comes in at #1 with an annual premium of $1,544 for coverage, which is about $129 each month.

How much is car insurance in Chicago?
Rank City Annual Premium
1 Chicago $1,544
2 Cicero $1,526
3 Berwyn $1,421
4 Skokie $1,405
5 Des Plaines $1,286
6 Evanston $1,264
7 Oak Lawn $1,243
8 Waukegan $1,188
9 Mount Prospect $1,181
10 Schaumburg $1,157
11 Palatine $1,155
12 Tinley Park $1,154
13 Rockford $1,153
14 Elgin $1,151
15 Orland Park $1,138
16 Joliet $1,134
17 Bolingbrook $1,116
18 Arlington Heights $1,106
19 Peoria $1,082
20 Aurora $1,075
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Rates are approximated as zip code location can influence auto insurance rates substantially.

The make and model of vehicle on the policy is probably the biggest factor when shopping around for cheap auto insurance for business use. Vehicles with lots of horsepower, poor safety ratings, or a track record of large liability claims will cost significantly more to insure than safer, lower-performance models.

The next table outlines car insurance rates for some of the most economical automobiles to buy coverage for.

Cheapest Vehicles to Insure in Chicago, IL
Make, Model, and Trim Level Estimated Cost for Full Coverage
Hyundai Elantra GLS Touring Station Wagon $2,088
Ford F-150 STX Regular Cab 2WD $2,295
GMC Sierra SLE Crew Cab 2WD $2,468
Jeep Wrangler Unlimited Sport 4WD 4-Dr $2,557
Honda CR-V EX-L 2WD $2,619
Ford Fusion SE 4-Dr Sedan $2,645
Honda Accord LX-S 2-Dr Coupe $2,777
Ford Focus SE 2-Dr Coupe $2,782
Ford Escape Limited 4WD $2,780
Toyota Camry Hybrid $2,826
Toyota Camry Hybrid $2,833
Chevrolet Malibu LS $2,832
Toyota RAV4 Limited 4WD $2,837
Toyota Prius $2,842
Ford Explorer Limited 2WD $2,885
Ford Edge Limited 2WD $2,967
Chevrolet Impala LS $2,977
Dodge Grand Caravan Hero $3,029
Chevrolet Equinox LTZ AWD $3,032
Jeep Grand Cherokee Limited 4WD $3,038
Chevrolet Silverado LT Regular Cab 2WD $3,036
GMC Sierra 3500HD SLE Extended Cab 2WD $3,085
Toyota Tacoma Double Cab TRD Off-Road Package 4WD $3,091
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Information does not factor in specific zip code location which can affect rates significantly.

Based upon the table data, we can conclude that models like the Hyundai Elantra, Ford F-150, GMC Sierra, and Jeep Wrangler will definitely be the cheapest vehicles to insure for using your car for business. The price for an auto insurance policy will tend to be higher because of the fact that there is more liability risk for business use, but in general those particular models will have the lowest prices possible.

The chart below highlights how deductible selection can affect insurance costs when searching for cheap insurance for business use. The rates are based on a married male driver, full coverage, and no other discounts are factored in.

The data above shows that a 30-year-old driver could lower their car insurance rates by $270 a year by changing from a $100 deductible to a $500 deductible, or save $408 by switching to a $1,000 deductible. Even younger drivers, like the Age 20 chart data, could roll back prices as much as $826 or even more by choosing a larger deductible amount.

When increasing deductibles, it is important to have additional funds in a savings account to enable you to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.

Discounts on Chicago insurance rates

Car insurance for using your car for business in Chicago, ILCar insurance companies that provide coverage for business use could also offer rate discounts that can lower rates by as much as 40% or more if you are eligible for them. A few popular companies and their offered discounts are included below.

The diagram below compares auto insurance rates with and without discounts applied. The rates are based on a male driver, no accidents or driving violations, Illinois state minimum liability limits, full coverage, and $1,000 deductibles.

The first bar for each age group shows the price with no discounts. The lower bar shows the rates with defensive driving course, marriage, safe-driver, claim-free, multiple policy, and accident-free discounts applied. In this example, theamount saved on car insurance for business use is 28% or $411.

Why you are probably overpaying for car insurance

Illinois car insurance rates are influenced by many factors that can increase the price you have to pay for coverage. Simply having another birthday, buying a different vehicle, or getting a reckless driving citation can trigger rate changes resulting in some rates now being affordable when they were higher priced.

In addition to those changes, insurers file new rates every year to ensure their profitability. Unexpectedly high claims may cause a rate increase, while less frequent claims can produce cheaper Chicago car insurance rates.

To illustrate this example, the data below shows rates for the cheapest car insurance in Chicago, IL for a 30-year-old female driver with a clean driving record, no accidents, and great credit. If we estimate rates based on her current rating profile, The Hartford quotes the cheapest car insurance rates in Chicago at $1,222 each year. This is $127 less than the average premium paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance are the remainder of the cheapest Chicago, IL auto insurance companies.

In the next rate comparison, we’ll give the driver from the first set of rates some claims, poor credit, and a couple of points charged on her driving record. Because each insurer uses their own method for setting prices, comparing prices may now result in a new list of the cheapest car insurance companies in Chicago as shown below.

Travelers now has the lowest car insurance rate in Chicago with SECURA, Utica National, State Farm, and Auto-Owners now rounding out the top five. This demonstrates why it is important to shop around with many companies when trying to find the most economical insurance rates for business use. Car insurance prices are made up of many different factors and change frequently, so the most affordable company when you last compared rates may now not even be in the top five.

How to find more affordable car insurance for business use

Below you’ll find a few penny-pinching ideas that can help Illinois drivers buy cheap coverage.

That final tip is particularly important, as was pointed out in this write-up. Prices charged by companies go up and down frequently, so don’t be hesitant to switch to a new company if you find a cheaper price. Brand loyalty is great, but is isn’t recommended if that loyalty ends up costing money that could be spent on other things. Now is a great time to compare rates to find cheaper auto insurance for business use in Chicago.

The agents below can most likely help you decide which insurance coverage you need, as some drivers have questions and prefer to have some professional guidance when buying car insurance for using your car for business. It’s not always easy to find the cheapest auto insurance company, so getting advice from a licensed Illinois insurance agent can give you peace of mind knowing you have enough protection.

To find an auto insurance agency closest to you, click the button link following the list or click here to compare prices now.

Russ Spinelli – State Farm Insurance Agent
1525 E 53rd St #727Chicago, IL 60615(773) 955-3133

Mark Mackey – State Farm Insurance Agent
3338 W Foster AveChicago, IL 60625(773) 604-4334

Eagle Insurance Agency
3517 N Spaulding AveChicago, IL 60618(773) 463-7576

Talro Insurance Agency
4900 W Belmont AveChicago, IL 60641(773) 205-8255

Linda Kuczka – State Farm Insurance Agent
954 W Webster AveChicago, IL 60614(773) 975-9111

View more Chicago, IL insurance agents