For hybrids, one of the more important criteria that are looked at to determine auto insurance rates is where you live. More densely populated places are more likely to have higher rates, whereas areas with less people or fewer weather incidents receive better rates.
The next table rates the most expensive places in Illinois for hybrid vehicles in which to purchase auto insurance. Chicago is listed at #1 with an annual cost of $1,544 for the average insured, which is about $129 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Chicago | $1,544 |
| 2 | Cicero | $1,526 |
| 3 | Berwyn | $1,464 |
| 4 | Skokie | $1,405 |
| 5 | Des Plaines | $1,286 |
| 6 | Evanston | $1,276 |
| 7 | Oak Lawn | $1,269 |
| 8 | Mount Prospect | $1,217 |
| 9 | Waukegan | $1,188 |
| 10 | Orland Park | $1,184 |
| 11 | Schaumburg | $1,169 |
| 12 | Palatine | $1,155 |
| 13 | Rockford | $1,153 |
| 14 | Elgin | $1,151 |
| 15 | Joliet | $1,145 |
| 16 | Arlington Heights | $1,139 |
| 17 | Bolingbrook | $1,128 |
| 18 | Tinley Park | $1,120 |
| 19 | Peoria | $1,092 |
| 20 | Aurora | $1,053 |
| 21 | Naperville | $1,042 |
| 22 | Springfield | $1,039 |
| 23 | Decatur | $1,013 |
| 24 | Bloomington | $951 |
| 25 | Champaign | $942 |
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Annual rates are estimated as vehicle location can influence premium rates greatly.
Deciding which companies quote the best insurance rates for hybrid vehicles calls for a little more effort than just comparing rates from one or two companies. Each insurer has a proprietary method to determine premium rates, so let's look at the rankings for the insurance companies that tend to have lower prices in Chicago.
We do need to point out that Chicago insurance rates are impacted by many things that will increase or decrease your annual premium. Getting older, marrying your spouse, or getting into an accident can trigger changes in premium resulting in some companies being more affordable than others.
Find Cheaper Auto Insurance for Hybrids
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $753 |
| 2 | Rockford Mutual | $847 |
| 3 | Titan | $852 |
| 4 | Erie | $887 |
| 5 | Cincinnati Insurance | $888 |
| 6 | USAA | $959 |
| 7 | SECURA | $965 |
| 8 | Utica National | $975 |
| 9 | State Farm | $982 |
| 10 | Travelers | $990 |
| 11 | Safeco | $1,053 |
| 12 | Auto-Owners | $1,064 |
| 13 | Amica | $1,109 |
| 14 | GEICO | $1,118 |
| 15 | Farmers | $1,135 |
| 16 | California Casualty | $1,173 |
| 17 | Progressive | $1,206 |
| 18 | Esurance | $1,221 |
| 19 | State Auto | $1,236 |
| 20 | MetLife | $1,244 |
| Compare Rates Now Go | ||
The Hartford may offer some of the cheapest car insurance rates in Chicago at around $753 annually. This is $596 less than the average policy premium paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance also qualify as some of the lowest-priced Chicago, IL car insurance companies.
As the rates illustrate above, if you currently have coverage with Cincinnati Insurance and switched to Rockford Mutual, you may see an annual savings of in the vicinity of $41. Policyholders with USAA might save as much as $112 a year, and SECURA policyholders might lower prices by $118 a year.
Be aware that those estimates are averages for all ages of drivers and types of vehicles and are not factoring in a specific vehicle garaging location for hybrid vehicles. So the insurer that has the lowest price for you may not even be in the top 36 companies in the list above. That helps illustrate why you need to quote rates from many companies using your own individual information.
How to get discounts on Chicago auto insurance rates
Car insurance companies that provide coverage for hybrid vehicles may additionally offer rate discounts that can reduce rates by as much as 35% or more if you can meet the requirements. Popular insurance companies and their possible discounts are outlined below.
- Esurance may include discounts for renters, claim free, defensive driver, Pac-12 alumni, DriveSense, and good driver.
- The Hartford has savings for driver training, air bag, vehicle fuel type, bundle, good student, anti-theft, and defensive driver.
- AAA includes discounts for good student, AAA membership discount, education and occupation, multi-car, and multi-policy.
- GEICO offers discounts for five-year accident-free, emergency military deployment, anti-lock brakes, good student, multi-vehicle, driver training, and anti-theft.
- State Farm policyholders can earn discounts including multiple policy, Steer Clear safe driver discount, passive restraint, safe vehicle, and defensive driving training.
The example below shows the comparison of insurance costs with and without some available policy discounts. The information is based on a female driver, no claims or driving citations, Illinois state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with homeowner, defensive driving course, claim-free, multiple policy, vehicle safety, and safe-driver discounts applied. When these discounts are applied, theaverage amount saved on insurance for hybrid vehicles is 27% or $396.
The chart below demonstrates how deductibles can increase or decrease premium costs when quoting cheap insurance for hybrid vehicles. The information is based on a married female driver, comp and collision included, and no other discounts are factored in.
The chart above illustrates that a 40-year-old driver could reduce rates by $178 a year by switching from a $100 deductible to a $500 deductible, or save $270 by switching to a $1,000 deductible. Even younger insureds, like the 20-year-old example, could roll back prices as much as $442 annually by choosing a higher deductible. If you do decide to increase your deductibles, it will be important to have enough savings set aside to satisfy the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Difference between liability only and full coverage rates
Saving money when shopping for insurance is the goal of most vehicle owners, and one of the best ways to pay lower rates for insurance for hybrid vehicles is to only pay for liability coverage. The information below shows the difference between auto insurance rates when comparing full coverage to liability only. The premiums assume no accidents, no driving violations, $1,000 deductibles, drivers are single, and no additional discounts are factored in.
Averaged for all age groups, full coverage on your policy costs $1,103 per year more than just insuring for liability. That amount may make you wonder when is it safe to stop buying full coverage. There is no set rule of when to phase out comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
There are some situations where eliminating full coverage is not financially feasible. If you still have a loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don't have enough money to buy a different vehicle if your current one is in an accident, you should not opt for liability only.
How to find cheaper auto insurance for hybrid vehicles
Here are some of the better thrifty ideas that can help you find more affordable coverage.
- Remove physical damage coverage on older vehicles
- Higher deductibles save money
- The safer your car, the less it costs to insure
- Drivers with good credit ratings often pay less
- Keep your driving record clean
- Do not get into accidents
- Compare rates and switch if you can find a better deal
The last item on the list is extremely necessary, as we noted in this write-up. Insurance prices in Chicago can change considerably in a year, so don't be unwilling to switch carriers if a lower-cost policy is available. Brand loyalty is not necessarily bad, but it's not a good idea if that dedication is costing hundreds of dollars a year. Take a few minutes and compare rates to find cheaper insurance for hybrid vehicles.