Sick and tired of not being able to scrape enough together to buy insurance? Your situation is no different than many other vehicle owners in Illinois.
It’s hard to believe, but most insurance buyers have stayed with the same insurance company for a minimum of four years, and almost half have never compared rates with other companies. Chicago drivers can save hundreds of dollars each year just by shopping around, but most undervalue the rate savings if they switched.
With so many insurance providers from which to choose, it’s difficult to find a more affordable insurance company.
Finding quotes for the most affordable auto insurance in Chicago is not as difficult as people think. Essentially every vehicle owner who is looking for cheaper auto insurance will more than likely be able to lower their premiums. Although Illinois car owners do need to learn how the larger insurance companies price online insurance.
Cheapest companies for Chevy Corvette insurance in Illinois
The companies shown below offer free rate quotes in Chicago, IL. If multiple companies are listed, we recommend you compare several of them to get the cheapest price.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Corvette 2-Dr Coupe||$298||$704||$224||$14||$68||$1,308||$109|
|Corvette GS 2-Dr Coupe||$176||$358||$194||$12||$58||$798||$67|
|Corvette 2-Dr Convertible||$358||$682||$226||$14||$68||$1,348||$112|
|Corvette GS 2-Dr Convertible||$308||$630||$250||$14||$76||$1,278||$107|
|Corvette Z06 2-Dr Coupe||$220||$404||$172||$10||$52||$858||$72|
|Corvette ZR1 2-Dr Coupe||$526||$886||$226||$14||$68||$1,720||$143|
|Get Your Own Custom Quote Go|
Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Rates do not factor in garaging location in Chicago which can increase or decrease premium rates noticeably.
Does full coverage make sense?
The example below examines Chevrolet Corvette insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on no violations or claims, $100 deductibles, married female driver, and no other discounts are factored in.
Should you pay for full coverage or liability only?
There is no written rule that is best for determining when to drop physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s assume your Chevrolet Corvette book value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $7,000 after the deductible is paid. If it’s costing you more than $700 annually to have full coverage, then you may want to consider only buying liability coverage.
There are a few cases where eliminating full coverage is not advised. If you still have a loan on your vehicle, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Get cheaper rates on Chevy Corvette insurance in Chicago with these seven insurance discounts
Some insurance providers do not advertise all discounts very well, so we break down both the well known and also the more inconspicuous credits available to you. If you don’t get every credit available, you could be getting lower rates.
- Bundled Policy Discount – If you combine your home and auto policies and insure them both with the same insurance company they may give you a discount of approximately 10% to 15%.
- Senior Citizen Rates – If you’re over the age of 55, you may qualify for better insurance rates.
- Good Driver Discounts – Drivers who don’t get into accidents can pay as much as 50% less than their less cautious counterparts.
- Anti-theft Discount – Cars equipped with tracking devices and advanced anti-theft systems are less likely to be stolen and that can save you a little bit as well.
- Pay Early and Save – If paying your policy premium upfront instead of paying each month you may reduce your total bill.
- Chicago Homeowners Discount – Being a homeowner can help you save on insurance because of the fact that having a home shows financial diligence.
- Professional Organizations – Being a member of a qualifying organization is a good way to get lower rates on your next insurance statement.
Discounts save money, but please remember that some of the credits will not apply to your bottom line cost. Some only reduce the price of certain insurance coverages like liability and collision coverage. Just because it seems like you would end up receiving a 100% discount, nobody gets a free ride. Any qualifying discounts will reduce your overall bill.
Car insurance companies that have many of the previously listed discounts include:
If you are trying to find low cost Chicago car insurance quotes, ask all companies you are considering which discounts can lower your rates. Depending on the company, some discounts may not apply in Chicago. To find companies with the best Chevy Corvette insurance discounts in Illinois, click here.
Are insurance agents used anymore?
A lot of people would rather sit down and talk to an agent and that is recommended in a lot of cases One of the benefits of getting online price quotes is that you can find the best rates and still have an agent to talk to. And supporting local agents is still important in Chicago.
By using this form (opens in new window), your insurance data is instantly submitted to insurance agents in Chicago who will give you quotes for your insurance coverage. There is no need to search for an agent as quotes are delivered to you instantly. Get lower rates without a big time investment. If you want to get a rate quote from a specific company, don’t hesitate to jump over to their website and give them your coverage information.
Exclusive and independent Chicago car insurance agents
If you are wanting to purchase insurance from an insurance agent, you must know there are a couple types of agencies and how they are slightly different. Agents in Chicago are considered either independent or exclusive depending on the company they work for.
Independent Insurance Agents
Agents that elect to be independent are not required to write business for one company and that is an advantage because they can write policies with multiple insurance companies and find the cheapest insurance rates. If prices rise, your agent can switch companies and the insured can keep the same agent. If you are comparing rate quotes, it’s a good idea to get rate quotes from a few independent agents so that you have a good selection of quotes to compare.
Featured below is a list of independent insurance agents in Chicago that may be able to provide comparison quotes.
W.A. George Insurance Agency
155 N Michigan Ave #300 – Chicago, IL 60601 – (312) 729-5265 – View Map
Exclusive Insurance Agents
Agents in the exclusive channel have only one company to place business with like Allstate, State Farm and Farmers Insurance. Exclusive agents cannot provide prices from multiple companies so they really need to provide good service. They are well trained in insurance sales which can be an advantage.
Shown below are exclusive agents in Chicago willing to provide price quotes.
Finding a good car insurance agent requires you to look at more than just the bottom line cost. The questions below may impact your decision as well.
- Will you get a loaner vehicle if you car is being repaired?
- Does the agent help file claims?
- Are there any discounts that you might be missing?
- Who is covered by the car insurance policy?
- Do they specialize in personal lines auto insurance in Chicago?
- Is the agent properly licensed in Illinois?
Are car insurance companies telling the truth?
Well-known car insurance companies like Allstate and Progressive consistently run television and radio advertisements. All the companies make an identical promise that you can save just by switching to them. That’s great but how can every company save you money on Chevy Corvette insurance in Chicago? Here is the trick they use.
Different companies have specific characteristics for the driver that earns them a profit. An example of a desirable risk may be over the age of 35, owns their home, and drives a car with an anti-theft system. Someone who matches that profile will qualify for the lowest rates in Chicago and as a result will probably cut their Chevy Corvette insurance rates if they switch.
Consumers who don’t qualify for the “perfect” profile will be quoted a more expensive rate and the prospect going elsewhere. The wording the ads use say “drivers that switch” not “everybody who quotes” save that kind of money. That’s why companies can truthfully make claims that they all have the best auto insurance rates.
Because of this risk profiling, it is so important to get Chicago car insurance quotes as often as possible. Because without a comparison, you cannot know which company will fit you best based on your risk profile.
Insurance coverage options for a Chevy Corvette
Knowing the specifics of your insurance policy helps when choosing the best coverages at the best deductibles and correct limits. Insurance terms can be impossible to understand and reading a policy is terribly boring. Listed below are typical coverages found on most insurance policies.
Liability auto insurance
Liability coverage provides protection from damage that occurs to other’s property or people in an accident. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 20/40/15 which stand for $20,000 in coverage for each person’s injuries, $40,000 for the entire accident, and property damage coverage for $15,000. Some companies may use one number which is a combined single limit that pays claims from the same limit with no separate limits for injury or property damage.
Liability insurance covers things like structural damage, repair bills for other people’s vehicles and loss of income. How much liability should you purchase? That is your choice, but buy as high a limit as you can afford. Illinois state minimum liability requirements are 20/40/15 but it’s recommended drivers buy more coverage.
Comprehensive coverage (or Other than Collision)
Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. A deductible will apply and then insurance will cover the rest of the damage.
Comprehensive can pay for claims such as a tree branch falling on your vehicle, damage from getting keyed, hitting a bird, vandalism and theft. The highest amount you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.
Insurance for medical payments
Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses such as funeral costs, surgery, prosthetic devices, pain medications and X-ray expenses. The coverages can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. They cover both the driver and occupants in addition to getting struck while a pedestrian. Personal Injury Protection is not an option in every state and may carry a deductible
Uninsured Motorist or Underinsured Motorist insurance
Uninsured or Underinsured Motorist coverage provides protection from other drivers when they do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your Chevy Corvette.
Since a lot of drivers carry very low liability coverage limits (20/40/15), their limits can quickly be used up. This is the reason having UM/UIM coverage should not be overlooked. Usually these limits are set the same as your liability limits.
Coverage for collisions
Collision insurance will pay to fix damage to your Corvette caused by collision with another vehicle or an object, but not an animal. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for things such as crashing into a ditch, rolling your car, hitting a mailbox, colliding with another moving vehicle and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. You can also raise the deductible on your Corvette to get cheaper collision coverage.
Quote. Compare. Save.
Cheap Chevy Corvette insurance in Chicago is definitely available online and with local Chicago insurance agents, so you should be comparing quotes from both in order to have the best chance of saving money. Some companies don’t offer the ability to get quotes online and many times these smaller companies sell through independent insurance agencies.
As you restructure your insurance plan, do not buy poor coverage just to save money. In many instances, an insured cut liability limits or collision coverage to discover at claim time that saving that couple of dollars actually costed them tens of thousands. Your goal is to buy a smart amount of coverage at a price you can afford while still protecting your assets.
Much more information about auto insurance in Illinois is located at these links:
- Child Safety Seats (Insurance Information Institute)
- Who Has the Cheapest Chicago Car Insurance Rates for Business Use? (FAQ)
- What Car Insurance is Cheapest for Immigrants in Chicago? (FAQ)
- How Much is Chicago Car Insurance for a Honda Accord? (FAQ)
- Teen Driver Licensing Information (iihs.org)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Older Drivers FAQ (iihs.org)
- Auto Insurance Basics (Insurance Information Institute)