Car insurance is required by law in Illinois, and with rates constantly changing, getting quotes is an important part of maintaining adequate coverage. This guide will help you understand the car insurance quote process in Illinois and make an informed decision for 2024.
What Goes Into an Illinois Auto Insurance Quote?
When getting quotes, insurers will evaluate several elements that determine your overall risk level and estimated costs. The more you understand these rating factors, the easier it will be to get an accurate picture of your rate options.
Driving History
Your driving history is one of the biggest determinants of insurance rates. Companies will review your motor vehicle reports (MVRs) for accidents and violations like speeding tickets from the past 3-5 years. Having a clean record usually qualifies you for better rates, while at-fault accidents or multiple tickets will increase costs. Maintaining a good driving record over time is the best way to keep rates low.
Credit-based Insurance Score
Most insurers also use your credit-based insurance score (CIS) in rating calculations. This number is derived from information in your consumer credit report and measures how you pay other bills and accounts. Better credit generally correlates to better rates, as those with higher scores are statistically less of an insurance risk. You can check your credit reports regularly from annualcreditreport.com to ensure accuracy.
Vehicle Use and Details
The type of vehicle you drive is an important rating factor. Higher performance or luxury cars tend to have higher repair costs if damaged, so their insurance rates are also higher. Vehicles with added safety features may qualify for discounts too. Insurers also consider how you use your vehicle – whether it’s for commuting, personal use, rideshare driving, etc. Usage type impacts estimated risk and mileage.
Location
Where you garage your vehicle(s) affects rates significantly. Urban areas with higher traffic and higher crime rates mean greater accident/claim risks, resulting in higher auto insurance costs on average. Rural locations tend to have better rates. Your address is also tied to local market conditions, fees, and state-specific insurance regulations.
Marital Status
Being married has long been associated with lower risk and could qualify you for better auto insurance rates. Statistically, married drivers tend to have fewer accidents and claims. Single or never-married often face higher premiums as a group. However, actual rates are unique to individual driving profiles and histories.
Policy Limits and Deductibles
The level of coverage and protection you select makes a difference in rates. For example, choosing a higher bodily injury liability limit provides more financial security in serious injury cases but costs more in premiums. Opting for a higher deductible lowers premium costs but increases your out-of-pocket costs if filing a claim customizing coverage levels to your needs and budget leads to the most cost-effective policy.
How to Get Auto Insurance Quotes in Illinois
Now that you understand key rating factors, here are the steps to get tailored quotes from top Illinois insurers:
Gather Your Information
Have details like your name, address, VIN, marital status, driving history, vehicle use/details ready when contacting insurers. You may also need your homeowners/renters insurance policy number if bundling policies. Run a free auto insurance report to access your complete driving record at once.
Contact Multiple Companies
Get quotes from 5-7 highly rated insurers in Illinois. Reputable carriers include State Farm, Geico, Progressive, Allstate, Farmers, Liberty Mutual, and more. Contact agents online, by phone, or in-person to discuss your coverage needs. Ask about discounts up front too.
Compare Comprehensive Quotes
Look at the total premium cost including all fees, not just base rates. Also consider coverage details like limits, deductibles, additional services, and financial strength ratings. Financial stability matters if needing claims payouts. Request quotes be emailed for easy comparison side by side.
Ask Questions
Thoroughly assess each quote by verifying coverage specifics and asking representatives to explain anything unclear. Inquire about additional discounts and how rates may change over time. Make sure apples-to-apples comparisons by keeping consistent your details and needs across insurers.
Choose the Best Value
Select high-quality coverage at competitive pricing based on factors important to you like customer service, carrier reputation, bundling options, and flexibility to make changes as needed. Make sure to finalize your policy in writing before the chosen effective date.
By gathering several options, you’ll find an auto insurance quote tailored to your specific financial needs and risk profile in Illinois. With diligent research up front, you can save money all year long on premium costs.
Auto Insurance Discounts in Illinois
While rates consider your individual risk characteristics, smart policyholders can qualify for multiple discounts to lower premium costs further. Understanding available reductions is key to maximizing savings. Here are some of the most common auto insurance discounts in Illinois:
Good Student Discount
Insurers reward students who maintain excellent GPAs, usually a B average or higher. This discount applies up until age 25 typically. Proof-like report cards is needed.
Multi-Policy Discount
Bundling your auto and homeowners/renters insurance with the same company earns premium reductions of 15-25% often. It’s more convenient to pay one bill too.
Passive Restraint Discount
Vehicles with front airbags and passive anti-theft devices may save 5-10% on rates. Safety tech reduces injury risks and damages.
Anti-Theft Device Discount
Adding dashboard cameras, immobilizers or GPS tracking yields discounts of 5-15% generally by deterring theft and aiding recoveries.
Auto Pay Discount
Setting up automatic monthly payments earns 2-5% off in many cases. It’s more convenient than manual payments too.
Safety Course Discount
Taking driving safety education programs can qualify drivers for 5-10% discounts, especially younger motorists. Courses promote defensive practices.
Mileage Discount
Low annual mileage drivers saving under 7,500, 10,000 or 12,500 miles may save $50-100 with verifiable odometer statements. Low use means lower risks.
Be sure to inquire about all available ways to save when getting quotes. Combining discounts creates the most affordable auto insurance for your needs.
Understanding Illinois Auto Insurance Coverage Types
Standard auto policies provide liability, medical payments, and sometimes uninsured/underinsured motorist coverage minimums required by Illinois law. But full coverage options give enhanced protection in other situations too:
Bodily Injury Liability
Covers medical bills and settlements for people injured in your accident, up to the limits you choose like $100,000 per person/$300,000 per accident. Required Coverage.
Property Damage Liability
Pays for damages to other vehicles and property you damage in an at-fault crash, up to $50,000 limit. Required Coverage.
Medical Payments (MedPay)
Helps pay reasonable medical bills for you and passengers injured in any accident regardless of fault, up to a coverage amount selected of $1,000-5,000 usually. Not required but offers benefits.
Collision Deductible:
Reimburses repairs to your vehicle after an accident. Higher deductibles lower premiums but more out of pocket if claiming. Not required.
Comprehensive Deductible:
Covers non-collision losses like theft, vandalism, floods, falling objects, and more. Comprehensive operates the same as Collision coverage. Not required.
Uninsured/Underinsured Motorist
Pays for your injuries and damages caused by hit-and-run drivers or others who don’t have enough insurance or none at all. Mandatory minimums are lower but higher options offer better protection. Required Coverage.
Thoroughly understanding policy types helps choose the combination that meets your risk tolerance and budget needs for full protection on the road. Reevaluate selections annually or during life changes.
Getting an Accurate Auto Insurance Quote in 2024
With inflation, driver shortages impacting accident rates, and insurers analyzing new risk factors, auto insurance rates are always fluctuating year over year in Illinois according to independent analysts. Here are some considerations when getting quotes for 2024 specifically:
Review Your Driving History
With quotes utilizing information from the past 3-5 years, now is a good time to check your full motor vehicle report for accuracy. Dispute inaccuracies to ensure fair rating.
Update Policyholder Details
Verify your name, address and other biographical information is current. Carrier records must match your real-world situation for accurate quotes.
Check Your Credit Reports
Review all three major credit bureaus and dispute any errors that may impact your credit-based insurance score used in rating. Address issues now rather than pay inflated premiums.
Adjust Deductible Levels
Consider raising collision/comprehensive deductibles to lower premium costs, especially if financial position allows covering higher out-of-pocket costs if claims arose.
Ask About New Discounts
Inquire about any additional offerings from carriers for 2024. Some may have introduced new usage-based programs, telematics options, or bundling savings to remain competitive. Ask about emerging technologies and individualized services too that could further customize coverage to suit your situation.
Compare Multiple Quotes
With economic and underwriting changes year-over-year, it’s best to request at least 5-7 auto insurance quotes for 2024 to ensure you aren’t overpaying. Seeing rate differences across insurers helps find the best-priced adequate protection.
By taking proactive steps like these, Illinois drivers can get the most accurate auto insurance quotes possible as they enter the new year. With diligent shopping, informed choices, and continuing good habits, keeping rates low remains achievable. Now is the optimal time for policy reviews and premium savings assessments going forward.
