Want to learn the secrets to finding lower-priced Chevy Traverse insurance in Chicago? Feel like you’re a prisoner to an overpriced car insurance policy? Believe me, there are lots of Chicago residents who feel the same.
A recent car insurance study revealed that the majority of drivers have purchased from the same company for at least the last four years, and approximately 38% of consumers have never quoted car insurance rates at all. Chicago insurance shoppers could pocket $590 a year, but they feel it’s too difficult to compare other rate quotes. Many insurers vie for your insurance dollar, so it’s not easy to compare every company to get the lowest rate on Chevy Traverse insurance in Chicago.
If you have insurance now or just want cheaper rates, you can learn to reduce premiums while maximizing coverage. Buying affordable car insurance in Chicago is actually very simple if you learn how to start. Drivers just have to understand how to shop from many different companies online.
Do you qualify for discounts on Chevy Traverse insurance in Chicago?
Car insurance can cost a lot, but there could be significant discounts to reduce the price significantly. Certain discounts will be applied when you get a quote, but lesser-known reductions have to be asked about prior to getting the savings.
- Driver Training Discounts – Participating in a class that teaches safe driver techniques could save 5% or more and also improve your driving technique.
- Discount for Home Ownership – Owning your own home or condo can get you a discount since owning and maintaining a home shows financial diligence.
- Student Discounts – Maintaining excellent grades may save you up to 25%. The discount lasts up until you turn 25.
- Early Signing – A few larger companies allow discounts for renewing your policy early. It’s a savings of about 10%.
- New Car Discount – Adding a new car to your policy may earn a small discount due to better safety requirements for newer models.
- Paperless Signup – A handful of insurance companies will provide an incentive just for signing your application on the internet.
- No Claims – Drivers with accident-free driving histories pay much less as compared to policyholders that have many claims.
- Early Payment Discounts – If paying your policy premium upfront instead of paying each month you may reduce your total bill.
- Drive Safe and Save – Drivers who don’t get into accidents can pay as much as 50% less compared to accident prone drivers.
It’s important to understand that most of the big mark downs will not be given to the entire policy premium. The majority will only reduce individual premiums such as liability, collision or medical payments. Despite the appearance that you can get free auto insurance, you aren’t that lucky.
A partial list of companies who might offer these discounts include:
If you need lower rates, check with all the companies the best way to save money. Discounts might not apply in every state. To see a list of insurance companies with significant discounts in Chicago, follow this link.
The companies shown below provide comparison quotes in Chicago, IL. If multiple providers are shown, we recommend you get rates from several of them in order to find the cheapest rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Traverse LS 2WD||$98||$150||$214||$12||$64||$538||$45|
|Traverse LS AWD||$218||$326||$232||$14||$70||$860||$72|
|Traverse LT 2WD||$248||$384||$268||$16||$80||$996||$83|
|Traverse LT AWD||$260||$340||$290||$18||$88||$996||$83|
|Traverse LTZ 2WD||$182||$316||$268||$16||$80||$862||$72|
|Traverse LTZ AWD||$140||$214||$222||$14||$66||$656||$55|
|Get Your Own Custom Quote Go|
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Premium amounts do not factor in vehicle location which can revise coverage rates considerably.
Should you buy full coverage?
The diagram below illustrates the difference between Chevrolet Traverse insurance rates with full coverage compared to only the Illinois minimum liability coverage. The data assumes no violations or claims, $250 deductibles, single male driver, and no discounts are factored in.
When to drop comp and collision
There is no exact formula for dropping physical damage insurance, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your Chevrolet Traverse settlement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would receive is $2,000 after paying your deductible. If it’s costing you more than $200 a year for your policy with full coverage, then it might be time to buy liability only.
There are some circumstances where dropping full coverage is not in your best interest. If you haven’t paid off your loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should keep full coverage in place.
Careless drivers pay higher rates
The example below demonstrates how speeding tickets and at-fault claims can affect Chevrolet Traverse insurance rates for different age categories. The information is based on a single female driver, full coverage, $250 deductibles, and no discounts are applied to the premium.
Physical damage deductibles
The information below highlights how deductible selection and can impact Chevrolet Traverse yearly insurance costs for different age groups. The price estimates are based on a married female driver, comp and collision included, and no discounts are taken into consideration.
There’s no such thing as the perfect car insurance policy
Always remember that when buying the right insurance coverage for your personal vehicles, there isn’t really a cookie cutter policy. Your needs are unique to you so this has to be addressed.
For example, these questions can help discover whether your personal situation may require specific advice.
- Is motorclub coverage worth it?
- Am I covered if I back into my garage door?
- Do I really need UM/UIM coverage?
- Am I covered by my spouse’s policy after a separation?
- Do all my vehicles need collision coverage?
- Is upholstery damage covered by car insurance?
If it’s difficult to answer those questions but one or more may apply to you, you may need to chat with a licensed insurance agent. To find lower rates from a local agent, fill out this quick form or you can go here for a list of companies in your area. It’s fast, free and can help protect your family.
Shop online but buy locally
Many people prefer to have an agent’s advice and that is OK! Most agents can help determine the best coverages and help in the event of a claim. One of the benefits of getting online price quotes is that you can obtain lower rates and also buy local.
To make it easy to find an agent, after completing this simple form, your coverage information gets sent to local insurance agents in Chicago who can give free rate quotes for your business. You never need to contact any insurance agencies because quoted prices will be sent to you directly. If you have a need to get a comparison quote from a particular provider, you just need to go to their quote page and submit a quote form there.
Finding the right insurance company is decision based upon more than just the premium amount. A good agent in Chicago will have answers to these questions.
- Do they make recommendations based only on price?
- Does the company use OEM repair parts?
- How often do they review coverages?
- Will their companies depreciate repairs to your car based on the mileage?
- Are they giving you every discount you deserve?
- Will the quote change when the policy is issued?
- Will they give you a referral list?
Pick the best auto insurance agent in Chicago for you
If you would like to find a reliable insurance agent, there are a couple of different agency structures to choose from. Agents can be classified as either independent or exclusive depending on the company they work for. Both types of agents can handle car insurance, but it’s worth mentioning how they differ since it can impact the kind of agent you use.
Agents that choose to be exclusive can usually just insure with one company and examples are Allstate, Farmers Insurance, State Farm, and AAA. They generally cannot provide rate quotes from other companies so always compare other rates. Exclusive agents are very knowledgeable on their company’s products and that can be a competitive advantage.
Shown below is a list of exclusive agents in Chicago willing to provide price quotes.
Independent Agents (or Brokers)
Agents of this type can quote rates with many companies and that allows them to write policies with multiple insurance companies and get you the best rates possible. If premiums increase, they simply move the coverage in-house without you having to go to a different agency.
When comparison shopping, we highly recommend that you include price quotes from at a minimum one independent agency in order to have the best price comparison.
Below are independent insurance agents in Chicago willing to provide price quote information.
Get the best coverage at the lowest price
When shopping online for auto insurance, make sure you don’t buy lower coverage limits just to save a few bucks. There have been many cases where someone dropped comprehensive coverage or liability limits to discover at claim time that the few dollars in savings costed them thousands. Your goal is to buy the best coverage you can find at an affordable rate while not skimping on critical coverages.
In this article, we presented many ways to lower your Chevy Traverse insurance rates in Chicago. The key concept to understand is the more price quotes you have, the better your chances of lowering your car insurance rates. Consumers may even find the best rates are with a smaller regional carrier. They may cover specific market segments cheaper than the large multi-state companies such as Allstate and Progressive.
Some auto insurance companies may not offer rate quotes online and these regional carriers provide coverage only through independent insurance agents. Cheaper auto insurance in Chicago is definitely available both online in addition to local insurance agencies, and you need to price shop both in order to have the best price selection to choose from.
Additional information is available at these links:
- What is Full Coverage? (Allstate)
- How Much is Chicago Auto Insurance for a 20 Year Old Female? (FAQ)
- What is Covered by GAP Insurance? (Allstate)
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)