Finding economical coverage for a Chevrolet Malibu in Illinois depends on a complex formula that considers things such as how many years you have been driving, whether or not you garage your vehicle, and any driving offenses on your record. Drivers will pay on average $815 annually to insure their Malibu, but that amount is a projection calculated using a 30-year-old married male driver with full coverage and $100 deductibles.
There's a good chance you're not a 30-year-old male, you might be single instead of married, or maybe you just want liability only. Having even a minor difference in rating variables could result in a significant change in the policy cost.
Having different needs demonstrates why the only real way to find the most affordable coverage for your Chevrolet is to compare rates from as many companies as possible. In just a few minutes you can get rates from the cheapest companies around.
The specific model of Malibu will most likely have an effect on the insurance rate, so the price you pay to insure a Malibu LS trim level will be $102 less than the price to insure the higher-priced Malibu LTZ trim level, as shown in the table below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Malibu LS | $224 | $406 | $262 | $16 | $78 | $986 | $82 |
| Malibu Hybrid | $224 | $406 | $262 | $16 | $78 | $986 | $82 |
| Malibu LT | $254 | $406 | $262 | $16 | $78 | $1,016 | $85 |
| Malibu LTZ | $254 | $478 | $262 | $16 | $78 | $1,088 | $91 |
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Information does not factor in zip code location which can revise auto insurance rates substantially.
Selecting the best insurance company can be a challenge considering how many companies there are in Illinois. The rank data shown next could help you pick which coverage providers to look at when trying to find cheaper insurance for a Chevrolet Malibu. These ratings are only comprised of the largest companies in America, so smaller regional companies are not included in these rankings.
Top 10 Major Auto Insurance Companies Overall in Chicago
- USAA
- 21st Century
- GEICO
- Nationwide
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- Travelers
- American Family
How to get discounts on Chicago car insurance rates
Insurers that offer quotes for a Chevrolet Malibu may additionally offer premium discounts that could reduce prices by 35% or more if you meet the requirements. Larger auto insurance companies and the discounts they provide are outlined below.
- State Farm may offer discounts for good driver, multiple autos, student away at school, defensive driving training, anti-theft, driver's education, and good student.
- Progressive discounts include multi-vehicle, multi-policy, continuous coverage, online quote discount, online signing, good student, and homeowner.
- Travelers includes discounts for home ownership, new car, student away at school, multi-policy, driver training, continuous insurance, and IntelliDrive.
- American Family has savings for early bird, defensive driver, TimeAway discount, Steer into Savings, multi-vehicle, mySafetyValet, and good student.
- Liberty Mutual may include discounts for safety features, new vehicle discount, multi-car, new move discount, and new graduate.
The diagram below illustrates the difference between auto insurance costs with and without discounts applied to the premium. The rates are based on a male driver, no violations or claims, Illinois state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The second bar shows the rates with vehicle safety, safe-driver, claim-free, defensive driving course, multiple policy, and accident-free discounts applied. When discounts are factored in, the average amount saved each year on auto insurance for a Chevrolet Malibu is 28% or $386.
Why you should be shopping around
Chicago auto insurance rates are calculated based on many things that will increase or decrease the price you pay for coverage. Getting older, buying a different vehicle, or getting a few speeding tickets may prompt premium changes that can now make some companies cheaper than competitors. Not only that, but companies change rates multiple times each year to adjust for gains or losses. Higher than normal claims can cause price increases, while a better claims history can cause lower-priced Malibu insurance rates.
To help illustrate this point, the graph below shows a variety of companies that have the cheapest car insurance in Chicago, IL for a 40-year-old female driver with no prior claims, no tickets, and a good credit rating. When quoting prices based on her personal risk profile, The Hartford offers the lowest car insurance rates in Chicago at $1,164 annually. This is $185 less than the average rate paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance are also on the list of the top five cheapest Chicago, IL auto insurance companies.
Now let's give the driver from the above example an accident claim, poor credit, and a few blemishes on her driving record. Since each auto insurance company has their own guidelines to set premium rates, comparing prices could now result in a completely different list of the cheapest car insurance companies in Chicago as shown below.
USAA now has the lowest car insurance rate in Chicago, IL with Utica National, SECURA, State Farm, and Auto-Owners completing the list. This demonstrates why Illinois drivers need to compare many different companies to find the most affordable car insurance quotes for a Chevrolet Malibu.
Prices can be determined by many risk factors and can change without notice, so the best price the last time you shopped around may now not even be in the top five.
How to find budget-friendly insurance for a Chevrolet Malibu
It's not impossible to find cheaper rates, and here are many money-saving solutions that can help drivers buy cheaper car insurance.
- Keep your driving record clean
- Do not pay for comprehensive and collision coverage on older vehicles
- Do not file small claims
- At-fault accidents can raise rates significantly
- Increase the comprehensive and collision deductibles on your policy
- Shop your coverage around for the best deal
The last suggestion is certainly important, as we discussed in this write-up. Car insurance prices fluctuate constantly, so don't be tentative to buy a different policy if a more affordable price is available. Many drivers tend to have loyalty to a certain company, but we do not recommend it if that stubbornness costs you several hundred dollars every year. In less than five minutes you could shop around to find cheaper car insurance for a Chevrolet Malibu in Chicago.