Pretty sure you bought an expensive auto insurance policy? Say no more because there are lots of Chicago residents who feel the same.
Surprisingly, a recent survey revealed that a large majority of consumers kept buying from the same company for well over three years, and just short of a majority have never taken the time to shop around. Illinois insurance shoppers could save nearly 40% each year, but they just feel it’s too hard to do a rate comparison.
Companies like State Farm, GEICO and Farmers Insurance all claim big savings, bombarding you with advertising and it is difficult to avoid their marketing magic and find the best price available.
It’s smart to check auto insurance prices once or twice a year due to the fact that insurance prices are constantly changing. Even if you think you had the best rate on Tesla Model S insurance in Chicago on your last policy you will most likely find a better premium rate today. Block out anything you think you know about auto insurance because you’re about to find out the only way to properly buy coverages while reducing your premium.
To find more affordable rates, there are a couple of ways to obtain and compare prices from different Chicago insurance companies. The quickest method to comparison shop is to use the internet to compare rates.
Comparing free quotes online is easy and it, makes it a waste of time to go to each insurance agency near you. Quoting and buying Tesla Model S insurance online makes this process obsolete unless you have a complicated situation and need the advice and guidance that you can only get from talking to an agent. If you prefer, some companies allow you to obtain prices from the web and still use a local agent. When price shopping your coverage, obtaining a wide range of quotes will increase your chances of finding the best offered rates. Not every company provides Chicago Model S insurance quotes over the internet, so it’s important to also get rates from the smaller companies as well.
The following companies provide free quotes in Illinois. If multiple providers are shown, we suggest you click on several of them to find the lowest auto insurance rates.
Three reasons to not skimp on car insurance
Even though it can be expensive, paying for car insurance may be required and benefits you in several ways.
- The majority of states have mandatory insurance requirements which means the state requires specific minimum amounts of liability insurance coverage if you drive a vehicle. 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 Tesla with a loan, almost every bank will require that you carry insurance to ensure they get paid if you total the vehicle. If you cancel or allow the policy to lapse, the bank may buy a policy for your Tesla at a much higher premium rate and force you to pay for the expensive policy.
- Insurance protects not only your vehicle but also your assets. It will also cover hospital and medical expenses for not only you but also any passengers injured in an accident. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If you have damage to your Tesla as the result of the weather or an accident, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of carrying adequate insurance are without a doubt worth the cost, particularly for liability claims. According to a recent study, the average American driver is overpaying over $850 per year so it’s recommended you shop around once a year at a minimum to help ensure money is not being wasted.
Chicago car insurance discounts
Some companies do not list every policy discount in a way that’s easy to find, so the following is a list of both well-publicized and the harder-to-find credits that you can use to lower your rates.
- Membership in Organizations – Having an affiliation with certain professional organizations may earn a discount when getting a Chicago auto insurance quote.
- Student Discounts – A discount for being a good student may save you up to 25%. The good student discount can last up until you turn 25.
- No Accidents – Good drivers with no accidents have much lower rates in comparison to frequent claim filers.
- Defensive Driver – Taking part in a course teaching safe driver skills could possibly earn you a 5% discount and also improve your driving technique.
- ABS and Traction Control Discounts – Vehicles with anti-lock braking systems are safer to drive so you can save 10 percent or more.
- Anti-theft System – Anti-theft and alarm system equipped vehicles prevent vehicle theft and can earn a small discount on your policy.
- Federal Employees – Having worked for a branch of the government could qualify for a slight premium decrease with certain companies.
- Early Payment Discounts – By paying your entire bill at once rather than paying monthly you may reduce your total bill.
- More Vehicles More Savings – Purchasing coverage when you have several vehicles on one policy can get a discount for every vehicle.
As a disclaimer on discounts, most of the big mark downs will not be given to the whole policy. Some only reduce specific coverage prices like physical damage coverage or medical payments. Despite the appearance that it’s possible to get free car insurance, car insurance companies aren’t that generous.
If you would like to see a list of companies with discount car insurance rates in Illinois, click here.
Compare rate quotes but buy from a local neighborhood Chicago car insurance agent
Many drivers still prefer to talk to an insurance agent and that is a personal choice. An additional benefit of getting free rate quotes online is that drivers can save money and get the lowest rates and still have a local agent. Putting coverage with local insurance agencies is still important in Chicago.
For easy comparison, once you complete this short form, your insurance data is emailed to local insurance agents who can give free rate quotes for your insurance coverage. It makes it easy because there is no need to even leave your home due to the fact that quote results will go immediately to your email address. You can find lower rates without requiring a lot of work. If for some reason you want to compare prices for a specific company, you can always visit that company’s website and submit a quote form there.
Different types of auto insurance agents in Chicago
If you want to use an insurance agent, you need to know there are two different agency structures and how they can quote your rates. Car insurance agents are either independent agents or exclusive agents depending on their employer.
Independent Car Insurance Agencies
Agents that elect to be independent are not required to write business for one company so as a result can place your coverage amongst many companies and find you cheaper rates. If you want to switch companies, your policy is moved internally and you can keep the same agent. When shopping rates, you will want to get quotes from several independent insurance agents for the best price selection.
The following is a small list of independent agencies in Chicago who can help you get comparison quotes.
Exclusive Car Insurance Agencies
These agents can only place business with one company and some examples include AAA, State Farm, Farmers Insurance, and Allstate. Exclusive agents cannot compare rates from other companies so you might not find the best rates. Exclusive agents are usually well trained on their products and sales techniques and that enables them to sell even at higher rates.
The following is a short list of exclusive insurance agencies in Chicago willing to provide price quotes.
Deciding on an car insurance agent requires more thought than just a cheap price quote. Agents should be asked these questions:
- Is the agent CPCU or CIC certified?
- Are they full-time agents?
- Will you work with the agent or an assistant?
- If you raise deductibles, how much can you save?
- Is there a 24/7 contact number?
- Who are their largest clients?
- What is the financial rating for the quoted company?
Upon receiving acceptable answers as well as an affordable premium quote, it’s possible that you found an insurance agency that is a good match to provide car insurance coverage. Just remember policyholders can terminate your policy at any time so never feel that you are obligated to a specific company for a certain time period.
Throughout this article, we presented a lot of tips how to compare Tesla Model S insurance rates in Chicago. It’s most important to understand that the more providers you compare, the better your chances of lowering your auto insurance rates. You may even discover the lowest rates are with an unexpected company. Smaller companies may often insure only within specific states and give better rates than their larger competitors like Progressive and GEICO.
When you buy Chicago auto insurance online, it’s a bad idea to buy lower coverage limits just to save a few bucks. In many instances, an insured dropped uninsured motorist or liability limits only to find out that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to get the best coverage possible at a price you can afford, but do not sacrifice coverage to save money.
More detailed car insurance information is located in these articles:
- Car Insurance: When not to Skimp (BankRate.com)
- What Auto Insurance is Cheapest for Infrequent Drivers in Chicago? (FAQ)
- What Insurance is Cheapest for a Toyota Tacoma in Chicago? (FAQ)
- Who Has Cheap Chicago Car Insurance Quotes for Low Mileage Drivers? (FAQ)
- Who Has Affordable Chicago Car Insurance Rates for a Hyundai Santa Fe? (FAQ)
- Who Has Affordable Car Insurance Quotes for a Ford Fusion in Chicago? (FAQ)
- Who Has Affordable Chicago Car Insurance Rates for Good Students? (FAQ)
- Who Has the Cheapest Chicago Auto Insurance for a Nissan Altima? (FAQ)
- Who Has Affordable Chicago Auto Insurance Quotes for a Toyota RAV4? (FAQ)
- Learn About Car Insurance (GEICO)
- Auto Insurance for Teen Drivers (Insurance Information Institute)
- State Laws for Cellphones and Texting (iihs.org)