Trying to come up with a payment for high-priced auto insurance can consume your savings account and make it tough to pay other bills. Doing a rate analysis is recommended to make sure you’re not throwing money away.
Unbelievable but true, the vast majority of auto insurance customers have bought auto insurance from the same company for at least four years, and approximately 40% of consumers have never even compared rates from other companies. Chicago consumers could save nearly 40% every year just by getting comparison quotes, but they don’t invest the time required to shop their coverage around. Big companies like GEICO and Progressive constantly blast consumers with fancy advertisements and it is difficult to see past the corporate glitz and do the work needed to find the best deal.
It is always a good idea to price shop coverage once or twice a year since prices change quite often. Despite the fact that you may have had the lowest rates on Lexus GS F insurance in Chicago on your last policy a different company probably has better rate quotes today. Ignore everything you know about auto insurance because you’re about to find out the fastest and easiest way to reduce your cost while improving coverage.
Finding cheaper Chicago car insurance prices is not rocket science. Just spend a little time comparing free Chicago auto insurance quotes provided by online insurance companies.
Doing online rates comparisons is so easy that it makes it obsolete to waste gas driving to and from local Chicago insurance agencies. Quoting Lexus GS F insurance online makes this process obsolete unless you’re the type of person who wants the advice and guidance that only a licensed agent can provide. Although, it is possible obtain prices from the web and still use a local agent.
The car insurance companies shown below can provide quotes in Chicago, IL. If several companies are displayed, we recommend you compare several of them in order to find the most affordable rates.
Insuring your Lexus vehicle just makes sense
Even though Chicago GS F insurance rates can get expensive, insurance serves an important purpose.
- The majority of states have minimum liability requirements which means you are required to carry a specific minimum amount of liability if you don’t want to risk a ticket. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you bought your Lexus with a loan, most lenders will require that you have comprehensive coverage to guarantee payment of the loan. If you cancel or allow the policy to lapse, the lender will be forced to insure your Lexus at a significantly higher premium and force you to pay for it.
- Insurance protects not only your vehicle but also your financial assets. It will also cover hospital and medical expenses for you, your passengers, and anyone else injured in an accident. Liability coverage, the one required by state law, will also pay to defend you in the event you are sued. If your Lexus gets damaged, comprehensive and collision coverage will cover the repair costs.
The benefits of carrying adequate insurance definitely exceed the cost, especially when you need to use it. According to a survey of 1,000 drivers, the average driver is overpaying over $865 each year so compare quotes from several companies each time the policy renews to ensure rates are competitive.
Smart Choices Result in Lower Insurance Rates
Many different elements are part of the equation when pricing auto insurance. Some are obvious like a motor vehicle report, but other criteria are not quite as obvious like where you live or how safe your car is.
The following are some of the things used by your company to calculate premiums.
- Don’t cut corners with liability insurance – The liability section of your policy is the protection if you are determined to be liable for causing damage or personal injury in an accident. Your liability coverage provides legal defense which can cost thousands of dollars. This coverage is very inexpensive as compared to coverage for physical damage, so insureds should have plenty of protection for their assets.
- Maintain car insurance coverage – Driving any period of time without insurance can get your license suspended and you may have a hard time finding new coverage because you let your coverage cancel without a new policy in place. In addition to paying higher premiums, failure to provide proof of insurance might get you fines or a revoked license. You may need to submit proof of financial responsibility or a SR-22 with the Illinois motor vehicle department.
- Safer cars are cheaper to insure – Vehicles with high crash test scores tend to have better insurance rates. The safest vehicles help reduce the chance of injuries in an accident and lower rates of occupant injuries means less money paid by your insurance company and thus lower rates.
- Insure your auto and home with one company – Most companies allow discounts to insureds that buy multiple policies, otherwise known as a multi-policy discount. Even if you’re getting this discount it’s in your best interest to comparison shop to guarantee you are still saving the most. You may still save more without the discount even if you have your coverage with different companies
Lower-cost Chicago insurance rates with discounts
Insurance is expensive, but you can get discounts to reduce the price significantly. Some discounts apply automatically when you purchase, but lesser-known reductions have to be specifically requested prior to receiving the credit.
- Active Service Discounts – Having a family member in the military could qualify you for better premium rates.
- One Accident Forgiven – Not really a discount, but companies like GEICO, State Farm, and Progressive permit an accident before your rates go up so long as you haven’t had any claims for a particular time prior to the accident.
- Early Payment Discounts – By making one initial payment instead of monthly or quarterly installments you could save 5% or more.
- Data Collection Discounts – Chicago drivers who agree to allow driving data submission to look at vehicle usage by using a telematic data system such as Progressive’s Snapshot and State Farm’s In-Drive could save a few bucks if their driving habits are good.
- Discount for Home Ownership – Simply owning a home can help you save on insurance because owning a home demonstrates responsibility.
- Defensive Driver Discount – Taking time to complete a course teaching defensive driving skills could possibly earn you a 5% discount and easily recoup the cost of the course.
- Early Renewal Discounts – Some insurance companies reward drivers for signing up before your current coverage expires. It’s a savings of about 10%.
- Seat Belt Usage – Requiring all passengers to buckle their seat belts may be able to save a few bucks off the medical payments premium.
- College Student Discount – Kids who are attending college and don’t have a car may be able to be covered for less.
- Accident-Free Discounts – Chicago drivers who stay claim-free pay much less in comparison to bad drivers.
Consumers should know that most discount credits are not given to the entire policy premium. Most only reduce the cost of specific coverages such as comprehensive or collision. So when it seems like it’s possible to get free car insurance, you’re out of luck. But any discount will cut the premium cost.
Companies and their possible discounts are shown below.
- State Farm has discounts for student away at school, Drive Safe & Save, passive restraint, good driver, Steer Clear safe driver discount, and accident-free.
- American Family includes discounts for TimeAway discount, accident-free, early bird, air bags, bundled insurance, multi-vehicle, and defensive driver.
- GEICO may include discounts for good student, anti-lock brakes, anti-theft, membership and employees, emergency military deployment, and driver training.
- 21st Century offers discounts for student driver, good student, defensive driver, homeowners, anti-lock brakes, teen driver, and theft prevention.
- Progressive may have discounts that include online signing, multi-policy, online quote discount, homeowner, continuous coverage, good student, and multi-vehicle.
Before you buy a policy, ask each insurance company how many discounts you can get. Some of the earlier mentioned discounts might not be offered on policies in Chicago. To find companies who offer insurance discounts in Illinois, follow this link.
There’s no such thing as the perfect insurance policy
When it comes to buying coverage online or from an agent, there is no perfect coverage plan. Your financial needs are unique.
For example, these questions may help highlight whether or not you might need an agent’s assistance.
- When should my teen driver be added to my policy?
- Are my company tools covered if they get stolen?
- Am I covered by my employer’s commercial auto policy when driving my personal car for business?
- What does PIP insurance cover?
- Am I missing any policy discounts?
- How can I get my company to pay me more for my totalled car?
- Will my Lexus GS F be repaired with OEM or aftermarket parts?
- How much will a speeding ticket raise my rates?
- What is covered by UM/UIM coverage?
If it’s difficult to answer those questions but one or more may apply to you then you might want to talk to an agent. To find an agent in your area, take a second and complete this form. It only takes a few minutes and can help protect your family.
Shop online but buy locally
A small number of people still like to get professional advice from a licensed agent and that can be a great decision Licensed agents are trained risk managers and help in the event of a claim. The biggest benefit of comparing rates online is the fact that drivers can get cheaper premium rates and still buy from a local agent.
To find an agent, once you fill out this quick form, your information is emailed to local insurance agents in Chicago that can provide free Chicago auto insurance quotes for your business. You won’t need to search for any insurance agencies since price quotes are sent straight to your inbox. If you have a need to quote rates from a specific company, just jump over to their website to submit a rate quote request.
Picking the best insurer should depend on more than just the bottom line cost. Any agent in Chicago should be willing to answer these questions.
- Are you getting all the discounts the company offers?
- Do the agents have professional certifications like CPCU or CIC?
- Do they specialize in personal lines auto insurance in Chicago?
- Will a damage claim use OEM or aftermarket replacement parts?
- Do they see any coverage gaps in your plan?
- Does the agency have a positive business rating?
Choose an insurance agent wisely
If you want to use a reliable insurance agency, you must know there are a couple different agency structures and how they are distinctly different. Auto insurance agents are considered either independent or exclusive. Both insure your vehicles properly, but we need to point out why they differ since it can impact which agent you choose.
Agents in the exclusive channel normally can only provide a single company’s rates such as Allstate, State Farm and Farm Bureau. Exclusive agents are unable to give you multiple price quotes so they are skilled at selling on more than just price. They are usually quite knowledgeable on what they offer which helps offset the inability to provide other markets.
Below is a list of exclusive insurance agents in Chicago who may provide you with price quote information.
Greg King – State Farm Insurance Agent
5508 S Lake Park Ave – Chicago, IL 60637 – (773) 643-6200 – View Map
Independent Agencies or Brokers
Agents in the independent channel do not work for one specific company and that allows them to write policies through many companies depending on which coverage is best. If you are not satisfied with one company, the business is moved internally and you stay with the same agent.
If you are trying to find cheaper rates, it’s a good idea to include multiple independent agents for the best price selection.
Shown below are independent insurance agencies in Chicago willing to provide rate quotes.
The lowest rates come from being thorough
Some insurance companies may not offer the ability to get a quote online and most of the time these regional insurance providers provide coverage only through independent insurance agencies. Low-cost Lexus GS F insurance in Chicago is possible online as well as from insurance agents, and you should be comparing both in order to have the best chance of saving money.
Insureds switch companies for many reasons like unfair underwriting practices, high rates after DUI convictions, delays in paying claims or even denial of a claim. No matter why you want to switch, finding a new company is easier than you think.
You just learned some good ideas how to get a better price on Lexus GS F insurance in Chicago. The key thing to remember is the more price quotes you have, the higher the chance of saving money. You may even discover the best rates are with a lesser-known regional company.
More detailed auto insurance information is available at these sites:
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- What Auto Insurance is Cheapest for Infrequent Drivers in Chicago? (FAQ)
- What Car Insurance is Cheapest for Immigrants in Chicago? (FAQ)
- How Much are Car Insurance Quotes for 19 Year Olds in Chicago? (FAQ)
- Who Has Affordable Chicago Car Insurance Rates for a Toyota Corolla? (FAQ)
- Child Safety Seats (Insurance Information Institute)
- Auto Insurance Basics (Insurance Information Institute)
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)