How to Find the Best Auto Insurance Rates in Illinois - Know How Illinois Rates are Determined
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Ron Trumbo
Insurance Editor
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We’re glad that you found us and hope that you’re ready to find your lowest Illinois car insurance rates! Almost like snowflakes and fingerprints, every driver in Illinois is different in the eyes of Illinois insurance companies. By different, we mean that every driver has a certain level of risk and corresponding insurance rate. Only the savviest of shoppers will find the lowest car insurance quote in Illinois.
How Illinois Car Insurance Rates are Determined
Every car insurance company in Illinois is different and specializes in different types of consumers. For example, some of the larger brand name insurance companies that you see on TV in Chicago for example will have nothing to do with Illinois drivers that have more than one or two speeding tickets or accidents in Springfield. When you compare different auto quotes online, you’ll find that some insurance companies will either say that they are unable write an insurance policy for you, or the auto insurance premium you’re given is extraordinarily higher than it should be — you’ll know.
Car Insurance Companies in Illinois
According to the Illinois Department of Insurance, there are over 100 car insurance companies that sell car insurance policies in Illinois. If you have time, feel free to compare prices from each one, but InsuranceLoco believes that all you need is five different rates in Illinois to find the best rate. The difference between each Illinois car insurance company is the way they determine your rates based on a handful of factors. Some of these factors may seem obvious, but some are certain to surprise you.
How Illinois Insurance Rates are Determined
In Illinois, car insurance companies are allowed to base your rates on:
1. Where you live in Illinois: Illinois is beautiful state with both town and country. Car insurance rates are most likely to be higher in Chicago than Springfield because of the obvious difference in risk.
2. Your age: Teen drivers are super dangerous, middle-aged drivers tend to be more responsible. Questions to consider: Have you recently added a teen driver? Is it cheaper for your child to get a separate policy? Are you a senior driver now and worthy of a discount?
3. Your gender: Let’s just say women and men have different levels of risk.
4. Your marital status: Every insurance company is different with this one.
5. Your auto insurance coverage levels: In many cases, the more coverage you purchase, the more you’ll pay. InsuranceLoco believe that price comparing Illinois consumers can find more coverage without paying more by simply shopping around and comparing at least 5 different quotes.
6. Your Illinois driving record: If you have a ticket or accident on your Illinois driving record, insurance companies will probably believe you’re more inclined to get in an accident and file a claim. If it's been 3 years since one of your tickets, you may be able to find a cheaper insurance rates.
7. Other drivers in your house on your policy: Insurance companies believe that if there are other drivers in your house, they may eventually drive your car. If they have any accidents, tickets, or are a teenager for example, your rates may be affected. Who else is on your car insurance policy?
8. The make and model of your cars: The value of your car and how much you pay for car insurance in Illinois is huge. Consider the fact that repairing a new sports car vs. an old used economy sedan can be a lot more expensive to repair for the insurance claim. Additionally, consider that people who owns fast cars, sometimes drive them fast and insurance companies bake that into the insurance rates.
9. How much you drive in Illinois: For every mile you drive, you have a mile where you have to get in and accident. Insurance companies believe the more you drive, the higher risk you present. Has your commute become shorter? Are you driving less? See if you benefit from a rate reduction.
10. Your credit history: Believe it or not, Illinois car insurance companies are allowed to use credit scores to determine your car insurance rates. Insurance companies have found that your credit score can accurately determine your likelihood of paying your car insurance bill on time and even the chances of you getting in an accident. The use of credit scores in car insurance rates is very controversial and some states like California don’t even allow the practice.
There you have it, 10 different factors that affect how much you pay for car insurance in Illinois. In order to save hundreds of dollars on your insurance policy (which you can), ask your Illinois insurance agent how each one of these factors affects how much your pay. InsuranceLoco is confident that you'll find a cheaper auto policy in Illinois if you just compare five different quotes online and compare different insurance rates online.
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