Are you regretting the purchase of high-priced Tesla Model 3 insurance in Chicago? Don’t sweat it because many Chicago consumers feel financially strained by their car insurance policy.
Amazlingly, a recent NerdWallet.com study showed that the majority of drivers have bought car insurance from the same company for a minimum of four years, and 38% of drivers have never compared rate quotes at all. The average driver in the U.S. could pocket almost 47% a year by just comparing rate quotes, but they don’t understand how simple it is to save money by comparing rate quotes.
Many car insurance companies vie for your insurance dollar, and because of this it can be hard to compare insurance companies to find the lowest rate possible on Tesla Model 3 insurance in Chicago.
If you are paying for car insurance now, you should be able to lower your rates using this strategy. Finding the cheapest auto insurance coverage in Chicago is not that difficult. But Illinois car owners can benefit by having an understanding of how the larger insurance companies price online insurance and take advantage of how the system works.
To get affordable Tesla Model 3 insurance quotes, there a variety of ways to compare prices from many available insurance companies in Illinois. The easiest way by far to find the cheapest insurance rates is to perform an online rate comparison.
It’s so simple to compare insurance price quotes online makes it obsolete to waste gas driving to insurance agencies in your area. Quoting Tesla Model 3 insurance online has reduced the need for local agents unless your situation requires the extra assistance of an agent trained in personal lines coverage. Some companies do allow you to find lower rates online but buy from a local insurance agent. Keep in mind that more quotes provides better odds of finding a better price.
The following companies are our best choices to provide quotes in Illinois. If more than one company is shown, we recommend you compare several of them to find the lowest auto insurance rates.
Cheaper Chicago auto insurance rates with discounts
Insuring your vehicles can cost a lot, but there may be some discounts that you may not know about. Most are applied at the time of purchase, but less common discounts must be specially asked for prior to getting the savings. If you don’t get every credit you deserve, you could be saving more on your auto insurance.
- Sign Early and Save – Some larger companies reward drivers for renewing your policy before your current expiration date. You can save around 10% with this discount.
- Driver Safety – Successfully completing a safe driver class can save you 5% or more and make you a better driver.
- Military Discounts – Being deployed with a military unit could trigger a small discount.
- Claim-Free Discount – Drivers with accident-free driving histories are rewarded with significantly better rates on Chicago auto insurance quote as compared to bad drivers.
- Good Student – This discount may save you up to 25%. The good student discount can last up until you turn 25.
- Drivers Education – It’s a good idea to have your young drivers participate in a local driver’s education class in school.
Discounts save money, but please remember that most discounts do not apply to your bottom line cost. Most only cut individual premiums such as liability, collision or medical payments. Just because it seems like you would end up receiving a 100% discount, company stockholders wouldn’t be very happy.
To locate insurance companies who offer auto insurance discounts in Illinois, follow this link.
What if I want to buy from local Chicago car insurance agents?
Many people just want to talk to an insurance agent and doing that can be a smart decision The best thing about comparing insurance prices online is the fact that drivers can get cheap insurance quotes and still choose a local agent.
By using this form (opens in new window), the coverage information gets sent to participating agents in Chicago that give free quotes for your coverage. You won’t need to contact an agency since price quotes are sent immediately to you. It’s the lowest rates and a licensed agent to work with. If you wish to compare rates from a particular provider, feel free to jump over to their website and complete a quote there.
Choosing the best insurer is decision based upon more than just a cheap price quote. Here are some questions you might want to ask.
- Do they feel the quoted coverages are adequate?
- If you have an accident, will your rates go up?
- Is working in the agency their full-time job?
- Do you work with a CSR or direct with the agent?
- Do they write coverage based solely on cost?
- Do the agents have professional certifications like CPCU or CIC?
Choose the right auto insurance agent
If you want to use a reputable agency, you need to know there are two different types of agencies and how they are distinctly different. Insurance agencies in Chicago can be classified as either exclusive or independent.
Exclusive Insurance Agents
Agents in the exclusive channel generally can only insure with one company and examples are State Farm, Allstate, or Farmers Insurance. Exclusive agents are unable to give you multiple price quotes so it’s a take it or leave it situation. These agents receive extensive training on the products they sell which aids in selling service over price.
Shown below is a list of exclusive agents in Chicago who may provide you with rate quotes.
Agents that choose to be independent are not restricted to one company so as a result can place your coverage with lots of companies and possibly get better coverage at lower prices. If you are not satisfied with one company, they simply switch companies in-house without you having to go to a different agency. When shopping rates, you need to get several quotes from several independent insurance agents so that you can do a thorough price comparison.
Listed below are independent insurance agents in Chicago that can give you price quotes.
W.A. George Insurance Agency
155 N Michigan Ave #300 – Chicago, IL 60601 – (312) 729-5265 – View Map
How do I know if I need professional advice?
Always remember that when buying insurance from an agent or online, there really is not a one-size-fits-all type of policy. Everyone’s situation is unique.
For example, these questions may help highlight whether your personal situation could use an agent’s help.
- What is the ISO rating for a Tesla Model 3?
- How much liability do I need to cover my assets?
- Do I pay less for low miles?
- Is my custom stereo system covered?
- Should I get collision insurance on every vehicle?
- How can I force my company to pay a claim?
- Is rental equipment covered for theft or damage?
If you can’t answer these questions, you might consider talking to a licensed agent. If you want to speak to an agent in your area, fill out this quick form.
Eight Things That Determine Your Insurance Costs
Lots of factors are part of the equation when quoting car insurance. Most are fairly basic like your driving record, but other factors are more obscure like where you live or your commute time. One of the most helpful ways to save on car insurance is to to have a grasp of some of the factors that play a part in calculating your car insurance rates. When consumers understand what impacts premium levels, this enables you to make decisions that could result in big savings.
The factors shown below are a few of the things utilized by car insurance companies to help set rates.
Car features can affect car insurance rates – Purchasing a vehicle with a theft deterrent system can save you some money. Systems that thwart thieves such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can thwart vehicle theft.
Improve your credit rating and save – Your credit history will be a significant factor in determining what you pay. Consumers who have excellent credit scores tend to be better risks to insure than drivers with poor credit. If your credit can be improved, you could potentially save money when insuring your Tesla Model 3 if you improve your credit rating.
Rates increase with driving citations – How you drive has a huge affect on how much you pay. Attentive drivers pay lower auto insurance prices than bad drivers. Only having one citation can increase rates twenty percent or more. Drivers who have received multiple citations such as DUI or reckless driving may be required to submit a SR-22 form with their state’s department of motor vehicles in order to legally drive.
With age comes lower premiums – More experienced drivers are viewed as being more responsible, statistically cause fewer accidents, and are generally more financially stable.Drivers with little experience are statistically proven to get distracted easily when behind the wheel and because of this, their car insurance rates are much higher.
How many coverages with the same company – The majority of insurers apply lower prices to customers that buy multiple policies such as combining an auto and homeowners policy. Even though this discount sounds good, you may still want to get quotes from other companies to confirm you are receiving the best rates possible.
More miles driven equals more premium – The more you drive your Tesla in a year the higher your rate. The majority of insurers apply a rate based on how the vehicle is used. Cars that have low annual miles qualify for better rates than vehicles that are driven to work every day. Verify your car insurance coverage states how each vehicle is driven. A policy that improperly rates your Model 3 can cost quite a bit.
Getting married can save on car insurance – Having a spouse can actually save you money on car insurance. Marriage generally demonstrates drivers are more stable financially and statistics prove drivers who are married are more cautious.
Adjust deductibles and save – Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, is used to repair damage to your Tesla. Some coverage claims would be a broken windshield, hitting a deer, and damage caused by flying debris. Comprehensive and collision coverage deductibles are the amount of money you are required to spend out-of-pocket in the event of a claim. The more money you have to pay, the better rate you will receive.
Choosing the best vehicle insurance in Illinois is an important decision
Even though Chicago Model 3 insurance rates can get expensive, insuring your vehicle may not be optional for several reasons.
- Most states have mandatory insurance requirements which means you are required to carry a minimum amount of liability in order to drive the car legally. 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, most lenders will have a requirement that you have comprehensive coverage to ensure loan repayment if the vehicle is totalled. If you default on your policy, the bank will be required to insure your Tesla for a much higher rate and force you to pay for the expensive policy.
- Insurance protects both your assets and your Tesla. It will also cover medical expenses that are the result of an accident. One policy coverage, liability insurance, also pays expenses related to your legal defense if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, collision and comprehensive coverages will pay to repair the damage minus the deductible amount.
The benefits of insuring your car are definitely more than the cost, especially for larger claims. According to a 2015 survey, the average American driver is overpaying more than $869 every year so smart consumers compare quotes every year to ensure rates are inline.
Persistence is the key to cheaper rates
We just presented some good ideas how to save on Tesla Model 3 insurance in Chicago. The most important thing to understand is the more providers you compare, the better likelihood of getting inexpensive Chicago auto insurance quotes. Consumers may even find the lowest priced auto insurance comes from a company that doesn’t do a lot of advertising.
Some auto insurance companies do not provide internet price quotes and most of the time these small insurance companies only sell coverage through independent insurance agencies. Discount Tesla Model 3 insurance is attainable both online and also from your neighborhood Chicago agents, so you should compare both to get a complete price analysis.
When searching for the cheapest Tesla Model 3 rate quotes, don’t be tempted to buy poor coverage just to save money. There have been many situations where someone dropped collision coverage to discover at claim time that it was a big error on their part. Your aim should be to buy a smart amount of coverage at a price you can afford, but do not skimp to save money.
For more information, take a look at the resources below:
- Auto Theft Statistics (Insurance Information Institute)
- What Auto Insurance is Cheapest for Infrequent Drivers in Chicago? (FAQ)
- Who Has Affordable Car Insurance Rates for a Hyundai Elantra in Chicago? (FAQ)
- Who Has Affordable Chicago Car Insurance Rates for Good Students? (FAQ)
- How do I File a Claim? (Insurance Information Institute)
- If I File a Claim will My Insurance Go Up? (Insurance Information Institute)