Did budget coverage turn out to be an underperforming, overpriced insurance policy? It’s quite common and there are lots of Chicago residents who feel the same.
Unbelievable but true, almost 70% of drivers have been with the same company for a minimum of four years, and 38% of drivers have never compared rates with other companies. Many drivers in Chicago can save hundreds of dollars each year by just shopping around, but they don’t believe the amount of money they would save if they switched to a more affordable policy.
Because you have many insurance providers from which to choose, it can be impossible to choose a more affordable insurer.
It’s a good idea to price shop coverage occasionally because insurance prices tend to go up over time. If you had the lowest price on BMW M2 insurance in Chicago six months ago other companies may now be cheaper. You can find a lot of information about M2 insurance online, but in this article, you’re going to get some guaranteed methods to slash your insurance rates in Chicago.
Our objective is to help you learn how insurance works and also save some money in the process If you are paying for car insurance now, you will surely be able to buy cheaper auto insurance using the concepts you’re about to learn. But Illinois consumers can benefit from knowing how big insurance companies sell insurance online because it varies considerably.
Cheap Chicago auto insurance rates with discounts
Companies that sell car insurance don’t always publicize every discount available in an easy-to-find place, so the list below details some of the best known in addition to some of the lesser obvious credits that you can use to lower your rates.
- Home Ownership Discount – Owning a home in Chicago can help you save on auto insurance since owning and maintaining a home is proof of financial responsibility.
- Payment Method – By paying your entire bill at once rather than paying monthly you can actually save on your bill.
- No Claim Discounts – Claim-free drivers pay much less when compared to bad drivers.
- Save over 55 – Older drivers could receive a slight reduction on a Chicago car insurance quote.
- Discounts for Multiple Vehicles – Buying coverage for several vehicles with the same auto insurance company can get a discount for every vehicle.
- Distant College Student Discount – Kids who live away from home at college without a vehicle on campus could qualify for this discount.
- New Vehicle Savings – Insuring a vehicle that is new can save you some money since new vehicles are generally safer.
- Defensive Driver Discounts – Passing a course teaching defensive driver skills could save 5% or more depending on where you live.
As a footnote on discounts, most credits do not apply to all coverage premiums. The majority will only reduce the cost of specific coverages such as liability, collision or medical payments. So even though it sounds like all those discounts means the company will pay you, nobody gets a free ride.
Large auto insurance companies and some of the premium reductions they offer are detailed below.
- Progressive offers discounts for multi-vehicle, continuous coverage, online signing, good student, and homeowner.
- SAFECO has savings for anti-lock brakes, safe driver, drive less, multi-car, bundle discounts, teen safety rewards, and accident prevention training.
- American Family may offer discounts for accident-free, early bird, good student, multi-vehicle, defensive driver, good driver, and mySafetyValet.
- MetLife may have discounts that include good driver, accident-free, defensive driver, multi-policy, and good student.
- GEICO offers premium reductions for multi-policy, daytime running lights, anti-lock brakes, anti-theft, good student, and five-year accident-free.
- The Hartford may include discounts for bundle, anti-theft, good student, air bag, vehicle fuel type, and defensive driver.
When getting free Chicago car insurance quotes, it’s a good idea to every insurance company which discounts you may be entitled to. Discounts might not be offered on policies everywhere. To find providers who offer discounts in Illinois, click here to view.
Just keep in mind that getting more free quotes will increase your chances of finding the best rates.
The companies shown below provide quotes in Illinois. If multiple providers are shown, we suggest you visit as many as you can to get the best price comparison.
When do I need an agent’s advice?
Always keep in mind that when comparing the right insurance coverage for your personal vehicles, there is no one size fits all plan. You are unique so this has to be addressed.
These are some specific questions can help discover whether or not you may require specific advice.
- How can I force my company to pay a claim?
- Does my policy cover me when driving someone else’s vehicle?
- Is my babysitter covered when using my vehicle?
- Does coverage extend to a rental car in a foreign country?
- Am I covered when pulling a rental trailer?
- Does coverage extend to my business vehicle?
- When can my company non-renew my policy?
- How can I get high-risk coverage after a DUI?
- Is my custom stereo system covered?
- What is GAP insurance?
If you’re not sure about those questions but a few of them apply, you may need to chat with a licensed agent. To find lower rates from a local agent, take a second and complete this form or you can also visit this page to select a carrier
Local insurance agents
Many drivers still prefer to talk to a local agent and that is just fine! An additional benefit of comparing rate quotes online is that you can find lower rates but also keep your business local. Buying from and supporting neighborhood insurance agencies is important especially in Chicago.
To help locate an agent, after submitting this simple form, your insurance coverage information is sent to insurance agents in Chicago who will give you bids to get your business. There is no need to search for any insurance agencies because quoted prices will be sent immediately to you. You’ll get the best rates and work with a local agent. If you need to quote rates from a specific company, don’t hesitate to search and find their rate quote page to submit a rate quote request.
Two different types of auto insurance agents
If you are searching for a reputable insurance agent or broker, it helps to know the two different types of agents and how they can write your policy. Insurance agencies in Chicago can be classified as either exclusive or independent agents depending on their company appointments.
Independent Insurance Agencies or Brokers
Independent agencies can sell policies from many different companies so they can insure your vehicles with multiple insurance companies and potentially find a lower price. To move your coverage to a new company, they simply move your policy to a different company without you having to go to a different agency. If you are comparing insurance prices, it’s recommended you get quotes from independent agents to have the best price comparison.
Listed below is a partial list of independent insurance agents in Chicago that can give you free insurance quotes.
Exclusive Insurance Agencies
Agents in the exclusive channel work for only one company such as State Farm, Allstate, or Farmers Insurance. These agents are not able to give you multiple price quotes so if the price isn’t competitive there isn’t much they can do. Exclusive agencies are usually quite knowledgeable on sales techniques and that allows them to sell at a higher price point.
Below are Chicago exclusive agents who can help you get rate quotes.
Finding the right insurance agent requires you to look at more than just the bottom line cost. The answers to these questions are important, too.
- How much experience to they have in personal lines coverages?
- Is insurance their full-time profession?
- Is every driver in your family covered?
- Does their agency support local causes in Chicago?
- Can glass repairs be made at your home?
- What kind of financial rating does the company have?
- What insurance companies do they recommend if they are an independent agent?
Insurance coverage considerations
Learning about specific coverages of a insurance policy aids in choosing which coverages you need at the best deductibles and correct limits. Insurance terms can be impossible to understand and reading a policy is terribly boring. Below you’ll find the normal coverages found on the average insurance policy.
Medical payments and PIP coverage – Coverage for medical payments and/or PIP pay for bills for dental work, EMT expenses, surgery and funeral costs. The coverages can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. They cover you and your occupants and also covers if you are hit as a while walking down the street. PIP coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
Collision – This coverage covers damage to your M2 resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for things like hitting a parking meter, sideswiping another vehicle, backing into a parked car, sustaining damage from a pot hole and crashing into a ditch. Collision is rather expensive coverage, so consider removing coverage from lower value vehicles. It’s also possible to bump up the deductible on your M2 to get cheaper collision coverage.
Comprehensive auto coverage – Comprehensive insurance covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage protects against things such as damage from flooding, damage from a tornado or hurricane, hitting a deer and falling objects. The most you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Liability auto insurance – This coverage can cover damages or injuries you inflict on other’s property or people. It protects you against claims from other people, and does not provide coverage for your injuries or vehicle damage.
Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 20/40/15 that means you have a $20,000 limit per person for injuries, $40,000 for the entire accident, and property damage coverage for $15,000. Another option is a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.
Liability coverage pays for claims like court costs, repair bills for other people’s vehicles, structural damage, medical expenses and pain and suffering. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase higher limits if possible. Illinois state law requires minimum liability limits of 20/40/15 but it’s recommended drivers buy more coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage – Your UM/UIM coverage gives you protection when other motorists either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family as well as your vehicle’s damage.
Since a lot of drivers only purchase the least amount of liability that is required (20/40/15), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is a good idea. Normally the UM/UIM limits do not exceed the liability coverage limits.
Compare. Compare. Compare.
As you shop your coverage around, it’s very important that you do not buy lower coverage limits just to save a few bucks. There are many occasions where drivers have reduced comprehensive coverage or liability limits and learned later that saving that couple of dollars actually costed them tens of thousands. Your goal is to purchase plenty of coverage for the lowest cost but still have enough coverage for asset protection.
Throughout this article, we presented some good ideas how to lower your BMW M2 insurance rates in Chicago. The key thing to remember is the more quotes you get, the better your comparison will be. Consumers may even find the best rates are with some of the smallest insurance companies. They often have lower car insurance rates on specific markets compared to the large companies like Allstate or State Farm.
For more information, take a look at the following helpful articles:
- Older Drivers FAQ (iihs.org)
- Who Has the Cheapest Car Insurance Quotes for High School Students in Chicago? (FAQ)
- Who Has Cheap Auto Insurance Quotes for High Risk Drivers in Chicago? (FAQ)
- Who Has Affordable Chicago Car Insurance Rates for Good Students? (FAQ)
- Who Has Affordable Chicago Auto Insurance for Drivers with Good Credit? (FAQ)
- Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)
- State Car Insurance Guides (GEICO)
- Rental Reimbursement Coverage (Allstate)
- Choosing a Car for Your Teen (State Farm)