Nobody I know fancies paying their premiums for auto insurance, especially when they could find lower prices if they just compared rates.
Sadly, the vast majority of auto insurance customers have been with the same company for at least the last four years, and almost half have never even compared rates from other companies. Drivers in Chicago could save an average of up to $586 each year just by shopping around, but they don’t know how much savings they would realize if they swap their current policy for a cheaper one. People have so many insurance companies to insure vehicles with, and although it’s nice to have multiple companies, it makes it harder to find the best rates for Lexus ES 300h insurance in Chicago.
Buying the cheapest auto insurance in Chicago is actually not that difficult if you follow our advice. If you are insured now or just want cheaper coverage, you can use this information to cut your premiums while maintaining coverages. Smart shoppers just have to know how to buy auto insurance from many different companies.
Best companies for Lexus ES 300h insurance
The auto insurance companies shown below are our best choices to provide free rate quotes in Chicago, IL. If multiple companies are listed, we suggest you get rates from several of them to get the best price comparison.
Smart Buyers Save Every Year
Lots of factors are part of the calculation when premium rates are determined. A few of the factors are predictable such as your driving record, although others are more obscure such as your credit history or your financial responsibility. When buying car insurance it’s important to understand a few of the rating criteria that help calculate the level of your policy premiums. If you understand what determines premiums, this allows you to make educated decisions that could help you find lower rates.
Listed below are some of the most rate-impacting factors used by companies to determine rates.
High deductibles reduce prices – Deductibles for physical damage are how much you are willing to pay if a claim is determined to be covered. Coverage for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your car. Examples of covered claims would be colliding with a stationary object, hail damage, and having a roll-over accident. The more you choose to pay out-of-pocket, the lower your rates will be.
Consolidate home and auto and save – Lots of insurance companies give better rates to people who carry more than one policy such as combining an auto and homeowners policy. Discounts can amount to ten percent or more. Even though this discount sounds good, it’s still a good idea to compare other company rates to confirm you are receiving the best rates possible.
Vocation and insurance rates – Occupational choices like military personnel, architects and accountants usually pay higher premiums than the average policyholder in part from job stress and lots of time spent away from family. Other occupations like farmers, historians and retirees have the lowest average rates.
Younger vs. experienced drivers – Teen drivers in Illinois are proven to be careless and easily distracted behind the wheel so car insurance rates are higher. Older people tend to be more responsible, tend to file fewer claims, and get fewer tickets.
Alarms and GPS tracking lower car insurance rates – Purchasing a vehicle that has a built-in theft deterrent system can save you a little every year. Anti-theft features such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all hinder your vehicle from being stolen.
Insurance losses for a Lexus ES 300h – Car insurance companies factor in historical loss data when they set coverage costs for each model. Vehicles that are shown to have higher claim frequency or loss amount will cost more for specific coverages. The data below shows the actual insurance loss data for Lexus ES 300h vehicles.
For each coverage category, the claim amount for all vehicles, as an average, is considered to be 100. Numbers under 100 suggest a positive loss record, while values that are 100 or greater point to more claims or statistically larger claims.
Lexus ES 300h Insurance Loss Statistics
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus ES 300h Hybrid 4dr||138||80||186||79||89||89|
Statistics from IIHS.org for 2013-2015 Model Years
Discounts for lower-cost insurance rates
Some insurance providers don’t list all available discounts in a way that’s easy to find, so the next list breaks down some of the more common as well as the least known insurance savings.
- Savings for New Vehicles – Buying insurance coverage on a new vehicle can get you a discount since new vehicles are generally safer.
- Student Discounts – A discount for being a good student could provide a savings of up to 20% or more. Most companies allow this discount well after school through age 25.
- Paperwork-free – Some insurance companies give back up to $50 for buying your policy digitally online.
- Multiple Cars – Insuring more than one vehicle with the same company could earn a price break for each car.
- Bundle and Save – When you combine your homeowners and auto insurance with one insurance company you will save 10% to 20% off each policy.
- Include Life Insurance and Save – Select insurance companies reward you with a discount if you purchase a life insurance policy as well.
- Discounts for Government Workers – Active or retired federal employment can earn a discount up to 10% with certain companies.
- Switch and Save Discount – A few insurance companies allow discounts for buying a new policy prior to the expiration date on your current ES 300h insurance policy. This discount can save up to 10%.
While discounts sound great, it’s important to understand that some of the credits will not apply to all coverage premiums. A few only apply to individual premiums such as liability, collision or medical payments. So even though you would think all those discounts means the company will pay you, company stockholders wouldn’t be very happy. But all discounts should definitely cut the amount you pay for coverage.
A list of companies and their offered discounts are outlined below.
- Farm Bureau offers premium reductions for multi-vehicle, 55 and retired, driver training, renewal discount, and good student.
- Liberty Mutual includes discounts for teen driver discount, good student, new move discount, new graduate, new vehicle discount, and newly married.
- State Farm has savings for good driver, accident-free, Steer Clear safe driver discount, multiple policy, and Drive Safe & Save.
- Auto-Owners Insurance may include discounts for multi-policy, mature driver, good student, company car, air bags, student away at school, and anti-theft.
- GEICO may have discounts that include anti-lock brakes, multi-policy, air bags, good student, and multi-vehicle.
- SAFECO may offer discounts for teen safe driver, safe driver, accident prevention training, anti-lock brakes, multi-car, homeowner, and teen safety rewards.
Check with every prospective company which discounts you qualify for. Some of the earlier mentioned discounts might not be offered in Chicago. If you would like to see a list of providers who offer online Lexus ES 300h insurance quotes in Illinois, click this link.
Compare rate quotes but work with a local Chicago insurance agent
Some consumers just prefer to talk to a local agent and that is a personal choice. Agents are highly skilled in risk management and help in the event of a claim. An additional benefit of getting online price quotes is the fact that drivers can get cheap auto insurance quotes and also buy local.
After completing this form (opens in new window), your insurance coverage information is instantly submitted to agents in your area that can give you free Chicago auto insurance quotes and help you find cheaper coverage. There is no need to find an agent because prices are sent to you. If you have a need to compare rates for a specific company, you can always find their quoting web page and complete a quote there.
Picking the best insurance company requires you to look at more than just the premium amount. Some important questions to ask are:
- Will the agent or a CSR service your policy?
- Will the quote change when the policy is issued?
- Does the agency have a positive business rating?
- Where are claims handled?
- Do they offer rental car reimbursement?
- What kind of financial rating does the company have?
- Does the agent help file claims?
- Is the agent and/or agency licensed to do business in Illinois?
If you need to find a reputable insurance agent or broker, it helps to know the two types of insurance agents and how they differ in how they can insure your vehicles. Agents in Chicago are categorized either independent agents or exclusive agents depending on their employer. Either one can provide auto insurance policies, but it’s worth mentioning the difference between them because it can influence your selection of an agent.
These agents normally can only provide a single company’s rates and examples are Farmers Insurance, Allstate, or State Farm. They are unable to compare rates from other companies so always compare other rates. Exclusive agents are highly trained on their company’s products and that allows them to sell at a higher price point.
Shown below is a short list of exclusive agents in Chicago that are able to give rate quotes.
Independent Auto Insurance Agencies
These agents often have affiliation with several companies and that gives them the ability to insure through many companies depending on which coverage is best. To transfer your coverage to a different company, an independent agent can move your coverage and you won’t have to switch agencies.
If you need lower rates, you absolutely need to get some free quotes from at a minimum one independent agency to get the best comparison.
Shown below are independent agencies in Chicago who can help you get price quote information.
Can you really save $426 a year?
Illinois drivers can’t ignore all the ads that claim the best prices by companies like State Farm, Allstate and GEICO. All the ads advertise claims that you can save if you get a free Chicago auto insurance quote and switch your policy.
It sounds good, but how can they all charge lower premium rates?
Companies give the cheapest rates for the type of driver that earns them the most money. For instance, a preferred risk may be over the age of 50, owns their home, and drives less than 7,500 miles a year. A customer getting a price quote who fits those characteristics will get the preferred rates in Chicago and will also cut their Lexus ES 300h insurance rates if they switch.
Drivers who fall short of these criteria will probably have to pay more expensive rates which translates to the customer buying from someone else. The ad wording is “people who switch” not “everyone that quotes” save that much. This is how insurance companies can confidently make it sound like they have such great car insurance rates. Because of these techniques, you need to get Chicago auto insurance quotes from several different companies. It is just not possible to predict with any certainty which company will have the best Lexus ES 300h insurance in Chicago.
Lower-priced Lexus ES 300h insurance in Chicago can be found from both online companies and from local insurance agents, and you should compare price quotes from both in order to have the best chance of saving money. There are still a few companies who do not provide online price quotes and many times these regional insurance providers sell through independent agencies.
In this article, we presented many ideas to save on Lexus ES 300h insurance in Chicago. The key thing to remember is the more rate quotes you have, the better chance you’ll have of finding affordable Chicago auto insurance quotes. You may even discover the lowest car insurance rates are with the least-expected company. These smaller insurers can often insure niche markets at a lower cost than the large multi-state companies such as State Farm and Allstate.
As you go through the steps to switch your coverage, don’t be tempted to sacrifice coverage to reduce premiums. Too many times, drivers have reduced physical damage coverage and found out when filing a claim that the small savings ended up costing them much more. The aim is to purchase a proper amount of coverage at an affordable rate while still protecting your assets.
For more information, link through to the following helpful articles:
- Distracted Driving Extends Beyond Texting (State Farm)
- Who Has Cheap Auto Insurance with Multiple Speeding Tickets in Chicago? (FAQ)
- How Much are Chicago Auto Insurance Quotes for Used Cars? (FAQ)
- Who Has Cheap Auto Insurance Rates for Veterans in Chicago? (FAQ)
- Who Has Cheap Chicago Auto Insurance Quotes for Handicapped Drivers? (FAQ)
- How Much are Car Insurance Quotes for 19 Year Olds in Chicago? (FAQ)
- Who Has the Cheapest Chicago Auto Insurance for a Chevrolet Silverado? (FAQ)
- Who Has Affordable Auto Insurance for Drivers Under 25 in Chicago? (FAQ)
- Who Has Cheap Chicago Auto Insurance for Young Drivers? (FAQ)
- Understanding Rental Car Insurance (Insurance Information Institute)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)