The car, truck, or SUV you are buying coverage for is one of the biggest factors when comparing quotes for economical car insurance for low credit scores. Vehicles with high performance, poor passenger safety features, or a high likelihood of having liability claims will cost substantially more to insure than safer models.
The information below estimates insurance premiums for some of the most cost-effective automobiles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$2,045|
|Ford Escape Limited 4WD||$2,167|
|Volkswagen Jetta S 2.5 Station Wagon||$2,174|
|Ford F-150 STX Regular Cab 2WD||$2,199|
|Ford Edge SE AWD||$2,321|
|Toyota RAV4 2WD||$2,366|
|Chevrolet Impala LT||$2,372|
|Honda Accord EX-L 4-Dr Sedan||$2,485|
|Hyundai Elantra SE 4-Dr Sedan||$2,491|
|Kia Optima LX||$2,536|
|Dodge Grand Caravan CV||$2,571|
|Jeep Wrangler Rubicon 4WD 2-Dr||$2,577|
|Chevrolet Silverado 3500HD LTZ Crew Cab 2WD||$2,629|
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Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Estimates do not factor in Chicago, IL location which can revise coverage rates substantially.
Based upon the rates shown, we can expect makes and models like the Honda CR-V, Ford Escape, and Volkswagen Jetta will be some of the more affordable vehicles to insure for bad credit.
For bad credit, one of the largest criteria that are looked at to determine the annual cost of car insurance is where you live in Chicago. Regions with larger populations or more claims are more likely to pay higher prices, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The information below lists the highest-priced places in Illinois for low credit scores to purchase auto insurance in. Chicago makes the list at #1 with an annual cost of $1,544 for the average insured, which is around $129 monthly.
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Price information shown is approximated as the specific area where the vehicle is garaged can change prices noticeably.
Trying to buy affordable insurance is easier said than done, and figuring out which companies quote the best insurance rates for low credit scores will involve even more diligence. Each company uses their own calculation for determining rates, so we need to take a look at the most affordable insurance companies in Chicago, IL.
Cheap Insurance Rates in Illinois
|Rank||Company||Cost Per Year|
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The Hartford generally has some of the most affordable car insurance rates in Chicago at around $746 per year. Rockford Mutual, Titan, Cincinnati Insurance, and Erie also rank well as some of the most economical Chicago, IL insurance companies.
As the example above demonstrates, if you are insured with Cincinnati Insurance and switched to The Hartford, you may see an annual savings of in the vicinity of $142. Illinois drivers with Erie might save as much as $159 a year, and Utica National customers might lower prices by up to $229 a year.
Be aware that those policy rates are averaged for all drivers and vehicles and do not take into consideration an exact vehicle garaging location for low credit scores. So the insurer 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 rates from multiple companies using your own personalized driver profile and vehicle information.
Difference between liability only and full coverage rates
Saving money on insurance is the goal of most people, and one way to lower the cost of insurance for low credit scores is to buy only liability coverage. The chart below illustrates the difference between insurance costs with and without physical damage coverage. The premium estimates are based on no violations or accidents, $1,000 deductibles, single status, and no policy discounts are applied.
As an average for all age groups, comp and collision coverage costs $1,103 per year more than insuring for liability only. Lot’s of drivers question if you should buy full coverage at all. There isn’t a steadfast formula of when to drop physical damage insurance, but there is a broad guideline. If the annual cost of coverage is about 10% or more of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s replacement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $4,500 after paying your deductible. If you are paying over $450 annually for your policy with full coverage, then you might want to consider buying only liability coverage.
The illustration below demonstrates how choosing different deductibles can change insurance costs when searching for cheap insurance for low credit scores. The information is based on a married female driver, comp and collision included, and no additional discounts are factored in.
The chart above illustrates that a 30-year-old driver could save $278 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $420 by switching to a $1,000 deductible. Even younger drivers, like the age 20 example, can cut $596 or more just by using higher deductibles.
When insureds make the decision to increase the deductibles on their policy, it is essential to have enough in a savings account to offset the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Here’s why you should compare rates often
Chicago, IL insurance rates are calculated based on many things that can increase the cost of a policy. Simply getting older, moving to a new city, or getting into an accident can trigger changes in premium that may make certain companies more affordable than others.
Not only may your situation change, but auto insurance companies change prices without warning in order to maintain liquidity for claims. Significantly higher claims can cause additional price hikes, while less frequent claims can cause lower-priced Chicago car insurance rates.
The bar chart below shows rates for the cheapest car insurance in Chicago, IL for a 45-year-old male driver with no violations or accidents, and good credit. When comparing rates based on his current situation, The Hartford may offer the best car insurance rates in Chicago at $1,234 annually. This is $115 less than the average premium paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance are the remaining top five cheapest Chicago, IL auto insurance companies.
Now we will pretend the driver in the first example a claim surcharge, a lower credit rating, and a couple of points charged on his driving record. Since each auto insurance company uses a different method to determining premium rates, analyzing rate quotes may result in a different list of the cheapest car insurance companies in Chicago as shown below.
Utica National now has the best price on car insurance in Chicago with USAA, SECURA, State Farm, and Auto-Owners also being competitive. This example proves why it is critical to shop around to find the most budget-friendly auto insurance quotes for low credit scores.
Rates are calculated by many different factors and can increase or decrease at any time, so the best price the last time you compared rates may now be an over-priced policy.
The agents shown below are willing to answer your questions and help you decide which coverage meets your needs best, since lots of drivers aren’t clear which coverage they need and would like to have a little guidance when comparing insurance rates for low credit scores. It can be hard to find the best coverage yourself, and agents can bring comfort knowing you have adequate protection in case of an accident or claim.
To find a Chicago insurance agency close to where you live, click the button at the bottom of the list or click here to get price quotes now.
- American Auto Insurance
3201 N Harlem Ave #1 – Chicago, IL 60634 – (773) 286-3500
- Mike Matkowskyj – State Farm Insurance Agent
2452 W Chicago Ave – Chicago, IL 60622 – (773) 486-4444
- Rhea Joyer – State Farm Insurance Agent
4911 N Lincoln Ave c – Chicago, IL 60625 – (773) 878-8883
- Angela Roudez – State Farm Insurance Agent
1505 S State St – Chicago, IL 60605 – (312) 663-1820
- GEICO Insurance Agent
8549 S Cicero Ave – Chicago, IL 60652 – (773) 582-2886