Understanding Car Insurance Rates in Illinois
Being a prudent driver in Illinois means getting informed before purchasing your car insurance coverage. Understanding car insurance rates can help you get the best coverage at the lowest rate. To start, let’s look at what factors play a role in determining insurance premiums.
Factors for Car Insurance in Illinois
Car insurance companies consider a variety of factors when calculating rates, including but not limited to:
Your Age. Generally speaking, younger drivers are considered to be riskier and may receive higher rates than drivers who are more established in years.
Vehicle Type. Sportier cars often get charged a higher premium due to the assumption of higher risk. Meanwhile, those with family vehicles or smaller, slower cars may see lower prices.
Location. Urban areas tend to have higher rates, because of the number of drivers and the frequency of traffic.
Drive. How many miles are you driving per year? The more you’re on the road, the more exposure you’ll have to risks like teen drivers, and consequently, higher rates.
Driving History. If you have had a driving violation within the last five years (DUI, speeding ticket, etc), you may experience increased rates.
While these considerations are standard in many states, individuals within Illinois should take extra attention to the bodily injury and property damage covers related to automobile insurance, as these are affected by state regulations.
Illinois Requirements for Automobile Insurance
Illinois requires automobile insurance for all registered vehicles, regardless of whether coverage is for personal or work use. Generally, the minimum bodily injury and property damage coverage are:
$25,000 for injury or death of one person
$50,000 for injury or death to two or more persons
$20,000 for property damage
These are the minimum requirements and do not take into account any additional costs, such as medical expenses and lost wages. All automobile owners must also have uninsured motorist insurance coverage, with a minimum $15,000/$30,000 policy, with the numbers representing minimums for single/multiple person injury or death and $15,000 for property damage.
Understanding Your Rate
Not all insurance companies offer the same rates nor offer them in the same manner. The details of an affordable policy can vary from company to company and even from agent to agent. Therefore, it’s best to get several quotes before deciding. It’s also important to understand what type of discounts and coverage options are available to you.
One of the best ways to get an accurate and comprehensive analysis is to research online. Consider getting quotes from several different companies, then compare them all. Some websites, such as The Zebra, have online tools that allow you to compare quotes within minutes.
Getting Discounts
Discounts are a great way to save money on car insurance rates. Most companies offer discounts to encourage good driving habits and to reward safe drivers. Examples of discounts include:
Good student discounts
Multi-policy discounts
Safety equipment discounts
Driver training class discounts
Low-mileage discounts
Insurance companies also offer discounts for drivers who purchase multiple policies from the same company or for those who have been with the same company for a long period of time.
Additional Considerations for Illinois
If you ever have to file a claim in the event of an accident, you should be sure to keep all information related to the incident, including photos, witness statements, and documents related to the damage. Also, remember that the speed limit is the maximum speed that you are allowed to drive, not the minimum speed.
Finally, be conscious of the safety of other drivers while on the road. Always obey the law and be aware of your surroundings. Taking these steps can help you to avoid an accident and can also lead to lower car insurance rates in the long run.
Conclusion
Car insurance rates in Illinois are determined by a variety of factors and may vary from policy to policy. Taking the time to compare quotes and understand your coverage options can help you find the best rate possible. Additionally, many insurance companies offer discounts for good drivers and those who purchase multiple policies. It’s also important to be aware of Illinois law regarding minimum coverage and costs associated with a claim to ensure you are fully protected.
