Are you a victim of high-priced Jeep Cherokee insurance in Chicago? It’s quite common and you’re not alone.
A recent survey discovered that the vast majority of Illinois auto insurance customers kept their policy with the same company for at least four years, and approximately 40% of consumers have never even compared rates from other companies. Many drivers in the United States can save hundreds of dollars each year by just comparing rate quotes, but they mistakenly think it’s difficult to find cheap rates by getting comparison quotes. Insurance companies such as State Farm and GEICO increase brand awareness with catchy ads and it is challenging if not impossible to avoid their marketing magic and effectively compare rates to find the best deal.
If you have coverage now or just want cheaper rates, you will benefit by learning to cut your premiums while maximizing coverage. Locating the most cost-effective insurance policy in Chicago is actually quite easy if you know where to start. Vehicle owners just have to know the quickest way to get comparison quotes from many different companies online.
How to get Chicago Jeep Cherokee insurance rate quotes
Reducing your insurance rates is pretty simple and can save money. All that’s required is to spend a little time getting comparison quotes online from several insurance companies.
Getting free quotes online is quite simple, and it replaces the need to drive to each insurance agency near you. The ability to quote Jeep Cherokee insurance online reduces the need to sit down with an agent unless your situation requires the trained advice that you can only get from talking to an agent. It is possible with some companies compare the best prices online but purchase the actual policy in an agency.
The companies shown below provide price comparisons in Illinois. If more than one company is shown, we suggest you visit two to three different companies in order to find the most affordable rates.
It may be expensive, but it’s not optional
Despite the potentially high cost of Jeep Cherokee insurance, insurance serves an important purpose.
- The majority of states have minimum liability requirements which means it is punishable by state law to not carry specific minimum amounts of liability in order to drive the car. 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 your Jeep has a loan, most lenders will require you to buy full coverage to ensure they get paid if you total the vehicle. If the policy lapses, the bank may buy a policy for your Jeep at a more expensive rate and force you to pay a much higher amount than you were paying before.
- Insurance preserves not only your vehicle but also your financial assets. It will also pay for medical transport and hospital expenses that are the result of an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If your Jeep gets damaged, your insurance policy will pay to have it repaired.
The benefits of carrying enough insurance more than cancel out the cost, especially with large liability claims. Despite what companies tell you, the average driver overpays more than $865 each year so you should quote and compare rates at every renewal to save money.
You Can Change Your Insurance Prices
Smart consumers have a good feel for the different types of things that help calculate your policy premiums. When you understand what determines base rates, this empowers consumers to make smart changes that may reward you with cheaper rates. Multiple criteria are taken into consideration when you quote your car insurance policy. Some factors are common sense such as your driving history, but other factors are less apparent like your continuous coverage or your financial responsibility.
The list below includes some of the factors insurance companies consider when setting your rates.
- Raising physical damage deductibles saves money – The deductibles define how much you are willing to pay out-of-pocket in the event of a claim. Insurance for physical damage, also called ‘full coverage’, insures against damage to your car. Some examples of covered claims could be colliding with a stationary object, collision with a deer, and having a roll-over accident. The more damage repair cost you pay before a claim is paid (deductible), the less your company will charge you for insurance.
- Always keep your insurance in place – Not having insurance is not a good idea and insurance companies will penalize you for letting your insurance lapse. In addition to paying higher rates, getting caught without coverage could earn you fines or a revoked license. You will then be forced to file a SR-22 with the Illinois motor vehicle department to get your license reinstated.
- Does auto insurance cost less for women? – Statistics show that females take fewer risks when driving. It does not mean females are better at driving than males. Females and males get in auto accidents at about the same rate, but the male of the species get into accidents with more damage. In addition to higher claims, males also get cited for more serious violations such as DWI and reckless driving. Young males are several times more likely to be in an accident and therefore are the most expensive to insure.
- How much liability coverage – Liability coverage provides coverage in the event that you are ruled to be at fault for damages from an accident. Liability insurance provides you with a defense in court which can be incredibly expensive. Liability insurance is pretty cheap when compared to the cost of physical damage coverage, so do not cut corners here.
- Do you need those incidental coverages? – There are many additional coverages that you can buy when buying insurance. Insurance for things like rental car reimbursement, high-cost glass coverage, and Farm Bureau memberships could be just wasting money. They may seem good initially, but your money might be better spent on other coverage so get rid of them and save.
- Be proud to be claim-free – Car insurance companies in Illinois award the best rates to policyholders who only file infrequent claims. If you file claims often, you can definitely plan on higher rates. Your car insurance is intended for more catastrophic claims.
- Jeep Cherokee insurance loss probability – Insurers take into consideration historical loss data for every vehicle to calculate a rate that will offset losses. Models that the statistics show to have higher number or severity of losses will cost more for coverage. The table shown below demonstrates the collected loss data for Jeep Cherokee vehicles.
For each type of coverage, the loss probability for all vehicles, regardless of make, model or trim level, is represented as 100. Numbers under 100 imply a favorable loss record, while numbers that are greater than 100 indicate a higher chance of having a claim or statistically larger losses.
Jeep Cherokee Insurance Claim Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Jeep Cherokee 4dr 2WD 76 105 77 87 90 109 Jeep Cherokee 4dr 4WD 78 115 82 75 79 103
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Lower-cost Chicago car insurance rates with discounts
Some companies don’t always list every policy discount very well, so the below list has some of the more common as well as some of the hidden credits available to you.
- Discounts for Federal Employees – Being employed by or retired from a federal job could cut as much as 10% off but check with your company.
- Defensive Driver Discount – Successfully completing a driver safety course could cut 5% off your bill and easily recoup the cost of the course.
- Membership in Organizations – Having an affiliation with a civic or occupational organization in Chicago could trigger savings when shopping for car insurance.
- Safety Restraint Discount – Requiring all passengers to wear their seat belts can save a little on the premium charged for medical payments and/or PIP.
- Good Student Discount – Excelling in school can earn a discount of 20% or more. Many companies even apply the discount to college students up to age 25.
- Student in College – Youth drivers who are enrolled in higher education away from home and do not have access to a covered vehicle can be insured at a reduced rate.
- 55 and Retired – Mature drivers can possibly qualify for a discount up to 10%.
- Full Payment Discount – If you can afford to pay the entire bill rather than paying monthly you could save up to 5%.
Policy discounts save money, but most of the big mark downs will not be given to the entire policy premium. Some only apply to the cost of specific coverages such as medical payments or collision. So when it seems like having all the discounts means you get insurance for free, you aren’t that lucky.
A list of companies and some of the discounts are outlined below.
- GEICO may include discounts for multi-policy, seat belt use, air bags, membership and employees, military active duty, multi-vehicle, and anti-theft.
- Mercury Insurance includes discounts for age of vehicle, location of vehicle, multi-policy, annual mileage, accident-free, good driver, and ease of repair.
- Farmers Insurance has discounts for pay in full, switch companies, business and professional, multi-car, and homeowner.
- Auto-Owners Insurance may have discounts that include student away at school, good student, anti-theft, air bags, safe vehicle, and paid in full.
- Liberty Mutual offers premium reductions for preferred payment discount, exclusive group savings, newly married, safety features, and new move discount.
- SAFECO has savings for drive less, bundle discounts, accident prevention training, teen safe driver, anti-lock brakes, and teen safety rewards.
- Progressive discounts include good student, online quote discount, continuous coverage, multi-policy, and homeowner.
- USAA policyholders can earn discounts including driver training, new vehicle, good student, defensive driver, and multi-vehicle.
Before purchasing a policy, check with all the companies to apply every possible discount. All car insurance discounts might not be offered in Chicago.
When in doubt talk to an agent
When quoting and comparing the best insurance coverage, there really is not a “perfect” insurance plan. Your needs are unique to you and your policy should reflect that.
These are some specific questions may help highlight if your insurance needs would benefit from professional advice.
- What is glass protection for?
- When would I need rental car insurance?
- Is my cargo covered for damage or theft?
- What does medical payments cover?
- Do I need an umbrella policy?
- At what point should I drop full coverage?
- If I use my vehicle for business use is it covered?
If it’s difficult to answer those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. To find an agent in your area, simply complete this short form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and can provide invaluable advice.
Local Chicago insurance agencies
Certain consumers would rather have an agent’s advice and often times that is recommended Professional insurance agents can answer important questions and help you file claims. An additional benefit of getting online price quotes is you can get the best rates and also buy local. And buying from local insurance agents is important particularly in Chicago.
After filling out this short form, your insurance data is immediately sent to agents in your area who will give competitive quotes for your coverage. It simplifies rate comparisons since you won’t have to visit any agencies due to the fact that quote results will go to you. In the event you want to compare prices for a specific company, you would need to go to their quote page and submit a quote form there.
Two types of car insurance agents
When searching for a local agent, you must know there are a couple different agency structures that you can choose from. Agents in Chicago are considered either exclusive agents or independent agents. Both sell and service insurance coverage, but it’s important to know how they differ because it can factor into the selection process.
Independent agencies do not work for one specific company and that gives them the ability to insure through many different insurance companies and find the cheapest rate. If they quote lower rates, your agent can switch companies and you stay with the same agent.
If you are comparing insurance prices, you will definitely want to get some free quotes from independent agents for maximum quote selection.
Shown below is a short list of independent agencies in Chicago that can give you comparison quotes.
Exclusive Insurance Agents
Exclusive agencies can only write with one company and some examples include State Farm, Allstate and AAA. Exclusive agencies are unable to give you multiple price quotes so they have no alternatives for high prices. They are usually well trained on their company’s products and that allows them to sell at a higher price point.
Below is a list of exclusive agencies in Chicago that are able to give rate quotes.
Finding the right insurance agency shouldn’t rely on just a cheap price quote. Here are some questions you might want to ask.
- Are aftermarket or OEM parts used to repair vehicles?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- How does the company pay claims for a total loss?
- How are claims handled?
- Is the agency active in community causes in Chicago?
Insurance savings summarized
More affordable insurance in Chicago is available from both online companies in addition to many Chicago insurance agents, so you should compare both to get a complete price analysis. Some insurance companies may not provide price quotes online and most of the time these regional carriers prefer to sell through independent insurance agents.
We just presented a lot of ways to save on Jeep Cherokee insurance in Chicago. The key concept to understand is the more providers you compare, the more likely it is that you will get a better rate. Consumers may even find the lowest priced insurance comes from a small local company. These companies may have significantly lower prices on certain market segments compared to the large companies like State Farm, GEICO and Nationwide.
As you shop your coverage around, do not buy lower coverage limits just to save a few bucks. In too many instances, an accident victim reduced uninsured motorist or liability limits and learned later that a couple dollars of savings turned into a financial nightmare. Your strategy should be to buy the best coverage you can find at the lowest possible cost, but do not skimp to save money.
Even more information can be read at these sites:
- Vehicle Insurance in the U.S. (Wikipedia)
- Who Has Cheap Auto Insurance for Drivers with Accidents in Chicago? (FAQ)
- How Much is Chicago Auto Insurance for a 20 Year Old Female? (FAQ)
- What Auto Insurance is Cheapest for Teachers in Chicago? (FAQ)
- Who Has the Cheapest Chicago Auto Insurance for Government Employees? (FAQ)
- What is Covered by GAP Insurance? (Allstate)
- Automakers compete to add autobraking (Insurance Institute for Highway Safety)
- Determing Auto Insurance Rates (GEICO)
- Booster Seat Ratings (iihs.org)