Sick and tired of sacrificing to make your auto insurance payment? Your situation is no different than most other people in Illinois.
A study showed that a large majority of drivers renewed their policy with the same company for more than four years, and about 40% of consumers have never compared rates to find lower-cost insurance. Consumers in Illinois could save roughly 40% every year by just comparing rate quotes, but they just assume it takes a lot of time to compare rates. Many car insurance companies vie for your hard-earned dollar, and because of this it can be hard to compare car insurance companies to discover the definitive cheapest price on Toyota Matrix insurance in Chicago.
If you have coverage now or just want to save money, use these cost-cutting techniques to lower your rates without reducing protection. Finding affordable car insurance coverage in Chicago is really not that difficult. Smart shoppers just have to use how to compare company rates instantly.
Auto insurance providers offering competitive prices in Illinois
The providers in the list below can provide price comparisons in Chicago, IL. If multiple providers are shown, it’s a good idea that you compare several of them to get the lowest price.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Matrix S 2WD||$194||$468||$294||$18||$88||$1,062||$89|
|Matrix S AWD||$182||$398||$352||$20||$106||$1,058||$88|
|Matrix XRS 2WD||$174||$412||$294||$18||$88||$986||$82|
|Get Your Own Custom Quote Go|
Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Rate information does not factor in Chicago location which can decrease or increase auto insurance rates considerably.
How violations and accidents impact rates
The example below demonstrates how traffic citations and fender-benders drive up Toyota Matrix car insurance rates for each age group. The premium estimates are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied.
Comparison of policy deductibles
The example below demonstrates how deductibles and can raise or lower Toyota Matrix premium costs for different insured age categories. The prices are based on a married male driver, full physical damage coverage, and no discounts are applied to the premium.
Cost comparison with and without full coverage
The information below shows the difference between Toyota Matrix auto insurance rates with and without full coverage. The prices are based on no tickets, no at-fault accidents, $250 deductibles, single male driver, and no discounts are applied to the premium.
Are you wasting money paying for full coverage?
There is no set guideline to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let’s say your Toyota Matrix settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $8,000 after the policy deductible has been paid. If premium cost is more than $800 annually for your policy with full coverage, then you might want to consider buying only liability coverage.
There are a few cases where buying only liability insurance is not in your best interest. If you haven’t paid off your loan, you have to keep full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
Affordable Toyota Matrix insurance quotes in Chicago
Companies that sell car insurance don’t necessarily list every policy discount very well, so the below list has some of the best known in addition to some of the lesser obvious discounts you could be receiving when you buy Chicago car insurance online. If you don’t get every credit possible, you’re just leaving money on the table.
- No Claims – Insureds with no claims or accidents get the best auto insurance rates when compared to drivers with a long claim history.
- Safety Course Discount – Passing a defensive driver course could possibly earn you a 5% discount and easily pay for the cost of the class.
- Discount for Life Insurance – If the company offers life insurance, you could get a discounted price on car insurance if you buy auto and life insurance together.
- Multiple Vehicles – Buying insurance for multiple cars on one policy can reduce rates for all insured vehicles.
- Air Bag Discount – Factory options such as air bags and/or automatic seat belt systems may get savings as much as 30%.
- Discounts for Federal Employees – Employees or retirees of the government can save as much as 8% depending on your company.
- Memberships – Being in qualifying employment or professional organizations can get you a small discount on your next renewal.
- Student Discounts – Maintaining excellent grades could provide a savings of up to 20% or more. Earning this discount can benefit you up to age 25.
Discounts lower rates, but most discount credits are not given to your bottom line cost. A few only apply to the cost of specific coverages such as liability, collision or medical payments. Even though the math looks like you could get a free auto insurance policy, you’re out of luck.
Insurance companies who may offer most of the discounts above include:
When comparing rates, check with every insurance company to give you their best rates. Savings might not be offered on policies in every state. To choose insurance companies that offer the discounts shown above in Illinois, click here to view.
Situations that may require an agent’s advice
When choosing the right insurance coverage for your personal vehicles, there really is not a “perfect” insurance plan. Everyone’s needs are different and a cookie cutter policy won’t apply.
Here are some questions about coverages that may help highlight whether or not you may require specific advice.
- Should I drop comprehensive coverage on older vehicles?
- Do I have any recourse if my insurance company denies a claim?
- Can I use my car for my catering business?
- Do I have ACV or replacement cost coverage?
- Does my Toyota Matrix qualify for pleasure use?
- Are rental cars covered under my policy?
- Can I rate high risk drivers on liability-only vehicles?
If you don’t know the answers to these questions, then you may want to think about talking to an agent. To find lower rates from a local agent, take a second and complete this form or click here for a list of car insurance companies in your area. It’s fast, doesn’t cost anything and may give you better protection.
Insurance agent or online?
Some consumers still like to get advice from a local agent and that is not a bad decision Insurance agents will help you protect your assets and help submit paperwork. An additional benefit of comparing rate quotes online is you can get cheap rate quotes but also keep your business local. Buying from and supporting small agencies is especially important in Chicago.
To find an agent, once you fill out this form (opens in new window), your insurance data is emailed to local insurance agents in Chicago who will return price quotes for your business. It simplifies rate comparisons since you won’t have to drive around due to the fact that quote results will go straight to your inbox. If you need to get a comparison quote from a specific company, just find their quoting web page and give them your coverage information.
Choosing an company is decision based upon more than just a low price. Below are some questions you should ask.
- How long have they been in business?
- Are aftermarket or OEM parts used to repair vehicles?
- Does the agency have a good rating with the Better Business Bureau?
- Are they able to provide referrals?
- Is vehicle mileage a factor when determining depreciation for repairs?
- Did they already check your driving record and credit reports?
- How is replacement cost determined on your vehicle?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
Information about specific coverages
Learning about specific coverages of your policy helps when choosing appropriate coverage for your vehicles. The coverage terms in a policy can be confusing and reading a policy is terribly boring. Shown next are the normal coverages offered by auto insurance companies.
Coverage for medical expenses
Coverage for medical payments and/or PIP pay for short-term medical expenses for dental work, pain medications, funeral costs and nursing services. The coverages can be utilized in addition to your health insurance policy or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. PIP is not an option in every state but can be used in place of medical payments coverage
Coverage for uninsured or underinsured drivers
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries to you and your family and damage to your Toyota Matrix.
Since a lot of drivers only purchase the least amount of liability that is required (20/40/15), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea. Frequently the UM/UIM limits are similar to your liability insurance amounts.
This provides protection from damages or injuries you inflict on other’s property or people in an accident. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see liability limits of 20/40/15 that translate to $20,000 in coverage for each person’s injuries, $40,000 for the entire accident, and $15,000 of coverage for damaged property. Another option is one limit called combined single limit (CSL) that pays claims from the same limit rather than limiting it on a per person basis.
Liability coverage protects against claims like emergency aid, legal defense fees, medical services, repair costs for stationary objects and repair bills for other people’s vehicles. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford. Illinois requires minimum liability limits of 20/40/15 but you should consider buying more coverage.
Comprehensive auto insurance
Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for claims such as a broken windshield, damage from flooding and hail damage. The maximum payout your auto insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
This will pay to fix damage to your Matrix resulting from a collision with another car or object. A deductible applies and then insurance will cover the remainder.
Collision insurance covers things such as crashing into a building, hitting a mailbox, sideswiping another vehicle, colliding with a tree and sustaining damage from a pot hole. This coverage can be expensive, so consider removing coverage from lower value vehicles. Another option is to bump up the deductible on your Matrix to save money on collision insurance.
What is YOUR best insurance company?
There are still a few companies who do not offer online rate quotes and these smaller providers prefer to sell through independent agents. More affordable car insurance in Chicago is attainable both online and with local Chicago insurance agents, so compare prices from both so you have a total pricing picture.
We just showed you many ways to reduce Toyota Matrix insurance prices online in Chicago. The key concept to understand is the more rate quotes you have, the better likelihood of getting affordable Chicago car insurance quotes. Consumers could even find that the most savings is with an unexpected company. These companies may often insure only within specific states and give better rates than the large multi-state companies such as Progressive or GEICO.
Helpful learning opportunities
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