How many years has it been since you compared low-cost Cadillac SRX insurance in Chicago? Locating the cheapest insurance for a new or used Cadillac SRX in Illinois can be a painful process, but you can follow a few tricks to save time.
There is a right way and a wrong way to find car insurance online so you're going to learn the proper way to price shop coverage for a new or used Cadillac and locate the cheapest rates.
It's smart to check car insurance prices yearly since prices trend upward over time. If you had the best deal on Cadillac SRX insurance in Chicago a couple years back there is a good chance you can find better premium rates now. You'll find quite a bit of inaccurate information about SRX insurance online but you can learn some great ways to buy car insurance cheaper in Chicago.
If you're already insured or need new coverage, you can follow these tips to get lower rates and still get good coverage. Pricing affordable auto insurance coverage in Chicago is easy if you know what you're doing. Smart buyers only need an understanding of the quickest method to compare different rates instantly.
You may qualify for discounts for Cadillac SRX insurance in Chicago
Auto insurance companies don't list every discount very clearly, so the list below gives a summary of some of the more common in addition to some of the lesser obvious discounts you could be receiving when you buy Chicago car insurance online. If you are not receiving all the discounts available, you could be getting lower rates.
- Senior Discount - Drivers that qualify as senior citizens may receive a small discount on rates.
- Military Rewards - Being on active duty in the military may lower your premium rates slightly.
- First Accident Forgiveness - Not really a discount, but companies like Progressive, State Farm and GEICO will allow you to have one accident before they charge you more for coverage if you are claim-free for a specific time period.
- Drive Less and Save - Fewer annual miles on your Cadillac could earn slightly better premium rates than normal.
- Organization Discounts - Being in certain professional organizations could earn you a nice discount on your policy.
- Telematics Devices - Policyholders that allow their insurance company to track where and when they drive by using a telematics device in their vehicle such as State Farm's In-Drive might get better premium rates if they have good driving habits.
A quick disclaimer, some credits don't apply to the whole policy. The majority will only reduce specific coverage prices like comp or med pay. Just because it seems like all those discounts means the company will pay you, companies don't profit that way.
Some companies that possibly offer some of the above discounts possibly include:
If you are trying to find cheaper Chicago car insurance quotes, ask all companies you are considering what discounts are available to you. Discounts might not apply in every state. To find insurers with discount rates in Chicago, click this link.
Reducing your Cadillac SRX insurance rates is a great way to save money. The only requirement is to take the time to compare rate quotes provided by online insurance companies.
The auto insurance companies shown below are ready to provide price comparisons in Chicago, IL. If the list has multiple companies, we recommend you visit as many as you can to get the best price comparison.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| SRX 2WD | $110 | $214 | $250 | $14 | $76 | $664 | $55 |
| SRX Luxury 2WD | $254 | $550 | $262 | $16 | $78 | $1,160 | $97 |
| SRX Luxury AWD | $218 | $520 | $340 | $20 | $102 | $1,200 | $100 |
| SRX Performance 2WD | $152 | $284 | $266 | $16 | $80 | $798 | $67 |
| SRX Performance AWD | $272 | $622 | $340 | $20 | $102 | $1,356 | $113 |
| SRX Premium 2WD | $198 | $392 | $250 | $14 | $76 | $930 | $78 |
| SRX Premium AWD | $242 | $540 | $274 | $16 | $82 | $1,154 | $96 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Premium costs do not factor in vehicle garaging location which can modify coverage prices considerably.
Full coverage rates compared to liability-only
The example below shows the difference between Cadillac SRX insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Illinois. The rate quotes are based on no claims, a clean driving record, $500 deductibles, single female driver, and no discounts are factored in.
When to buy liability coverage only
There is no set rule to stop paying for physical damage insurance, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than 10% of the vehicle's replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let's assume your Cadillac SRX claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $6,000 after paying your deductible. If you are paying over $600 annually for full coverage, then it might be time to buy liability only.
There are some cases where dropping full coverage is not a good plan. If you haven't satisfied your loan, you have to keep full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
Analysis of deductible levels
One frequently asked question is how high should the physical damage deductibles be. The following insurance rates may help you to understand the differences in price between low and high coverage deductibles. The first table uses a $100 physical damage coverage deductible and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| SRX 2WD | $254 | $478 | $262 | $16 | $78 | $1,113 | $93 |
| SRX Luxury 2WD | $254 | $550 | $262 | $16 | $78 | $1,185 | $99 |
| SRX Luxury AWD | $254 | $550 | $262 | $16 | $78 | $1,185 | $99 |
| SRX Performance 2WD | $282 | $550 | $262 | $16 | $78 | $1,213 | $101 |
| SRX Performance AWD | $282 | $550 | $262 | $16 | $78 | $1,213 | $101 |
| SRX Premium 2WD | $282 | $550 | $262 | $16 | $78 | $1,213 | $101 |
| SRX Premium AWD | $282 | $550 | $262 | $16 | $78 | $1,213 | $101 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| SRX 2WD | $186 | $322 | $262 | $16 | $78 | $864 | $72 |
| SRX Luxury 2WD | $186 | $372 | $262 | $16 | $78 | $914 | $76 |
| SRX Luxury AWD | $186 | $372 | $262 | $16 | $78 | $914 | $76 |
| SRX Performance 2WD | $206 | $372 | $262 | $16 | $78 | $934 | $78 |
| SRX Performance AWD | $206 | $372 | $262 | $16 | $78 | $934 | $78 |
| SRX Premium 2WD | $206 | $372 | $262 | $16 | $78 | $934 | $78 |
| SRX Premium AWD | $206 | $372 | $262 | $16 | $78 | $934 | $78 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Illinois minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Estimates do not factor in specific zip code location which can decrease or increase coverage prices significantly.
We can estimate from the data above that using a $100 deductible costs an average of $22 more each month or $264 annually than opting for the higher $500 deductible. Due to the fact that you would have to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you tend to have more than 18 months between claims, you would most likely save money if you choose the higher deductible. Below is an example of how you can do this calculation yourself.
| Average monthly premium for $100 deductibles: | $99 |
| Average monthly premium for $500 deductibles (subtract): | - $77 |
| Monthly savings from raising deductible: | $22 |
| Difference between deductibles ($500 - $100): | $400 |
| Divide difference by monthly savings: | $400 / $22 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 18 months |
One thing to note is that raising deductibles to get cheaper rates means you will have to pay more out-of-pocket when you have a comprehensive or collision claim. You need to make sure you have enough money in the bank in order to pay the deductible.
What Determines Cadillac SRX Insurance Costs?
It's important that you understand some of the factors that go into determining your premiums. If you have a feel for what impacts premium levels, this allows you to make good choices that may result in much lower annual insurance costs. Multiple criteria are used in the calculation when pricing auto insurance. A few of the factors are predictable such as your driving history, but other factors are more transparent such as your credit history or your vehicle rating.
Urban residents pay more - Choosing to live in areas with lower population is a positive aspect when shopping for auto insurance. Lower population corresponds to lower accident rates and also fewer theft and vandalism claims. Drivers who live in large Illinois cities regularly have much more traffic and longer commute times. More time on the road means more chances of being involved in an auto accident.
Rental and towing coverage may not be needed - Insurance companies have many additional coverages that sound like a good idea at the time if you aren't diligent. Add-on coverages like vanishing deductibles, towing coverage, and motor club memberships may be costing you every month. These coverages may sound good when discussing your needs, but your needs may have changed so remove them from your policy.
Higher rates for specific vocations - Did you know your job can affect your rates? Occupations like doctors, architects and accountants tend to have higher rates than average in part from stressful work requirements and long work days. On the flip side, occupations such as farmers, athletes and retirees receive lower rates.
See if your company offers a multi-policy discount - The majority of insurers will award discounts to policyholders who buy several policies from them. It's known as a multi-policy discount. If you currently are using one company, it's always a smart idea to compare other Chicago SRX insurance rates to ensure the best deal. Consumers may save even more than the discount by buying from different companies
Save money with high credit - Having a bad credit score can be an important factor in determining what you pay. Insureds with very good credit scores tend to be more responsible and file fewer claims as compared to drivers with bad credit. Therefore, if your credit can use some improvement, you could pay less to insure your Cadillac SRX by improving your credit score.
Does insurance cost less for gals? - The statistics show women tend to be less risk to insure than men. It does not mean females are better at driving than males. They both get in auto accidents in similar numbers, but the male of the species cause more damage. Men also get more serious tickets such as reckless driving.
Save annual miles and save money - The higher the miles on your Cadillac annually the higher your rates will be. Most companies apply a rate partially by how you use the vehicle. Cars not used for work or commuting qualify for better rates than those used for commuting. Incorrect rating for your SRX may be costing you. Make sure your insurance declarations sheet properly reflects the correct usage.
Cadillac SRX insurance loss probability - Insurers use past loss statistics for each vehicle to help calculate premium prices. Vehicles that the data shows to have a trend towards higher claims will cost more for specific coverages. The table shown below demonstrates the loss history for Cadillac SRX vehicles.
For each coverage type, the claim probability for all vehicles averaged together equals 100. Values that are below 100 suggest a positive loss record, while values over 100 point to more frequent losses or tendency to have larger claims.
Cadillac SRX Insurance Loss Statistics
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Cadillac SRX 4dr 2WD | 103 | 101 | 84 | 80 | 82 | 91 |
| Cadillac SRX 4dr 4WD | 109 | 106 | 103 | 78 | 75 | 83 |
Statistics from IIHS.org for 2013-2015 Model Years
What if I want to buy from local Chicago auto insurance agents?
Certain consumers would prefer to sit down with an agent and that is recommended in a lot of cases Professional agents can make sure you are properly covered and help submit paperwork. A nice benefit of getting free rate quotes online is that drivers can save money and get cheap rate quotes and still have an agent to talk to. And buying from local insurance agents is important particularly in Chicago.
To find an agent, once you fill out this simple form, the coverage information is instantly submitted to insurance agents in Chicago who will gladly provide quotes for your business. You never need to do any legwork since price quotes are sent immediately to your email address. If you want to get a rate quote for a specific company, you would need to visit that company's website and give them your coverage information.
If you're trying to find a reliable insurance agency, you must know there are a couple different types of agencies and how they differ in how they can insure your vehicles. Insurance agencies in Chicago can be classified as either independent agents or exclusive agents. Both types can sell and service auto insurance coverage, but it's important to know why they differ since it may influence your agent selection.
Independent Auto Insurance Agents
Agents that elect to be independent are not employed by one company so as a result can place your coverage with any number of different companies and help determine which has the cheapest rates. If you want to switch companies, they simply switch companies in-house and you don't have to switch agencies.
If you need lower rates, we recommend you get quotes from a few independent agents to maximize your price options. They often place coverage with less well-known companies who may have lower rates.
Featured below is a list of independent insurance agents in Chicago that may be able to give pricing information.
- KSA Insurance Agency
7158 W Grand Ave - Chicago, IL 60707 - (773) 804-9000 - View Map - Active Insurance Agency - Auto Insurance
1034 N Ashland Ave - Chicago, IL 60622 - (773) 286-3473 - View Map - Amigo Insurance Agency
5902 W Fullerton Ave - Chicago, IL 60639 - (877) 999-2644 - View Map
Exclusive Agents
Agents in the exclusive channel can usually just insure with one company like Allstate, Farmers Insurance, State Farm, and AAA. Exclusive agents cannot compare rates from other companies so keep that in mind. Exclusive agents are usually well trained on what they offer and that can be a competitive advantage. Consumers sometimes buy from the same agent for years mainly due to loyalty to the company and solid financial strength.
Shown below is a list of exclusive insurance agents in Chicago that are able to give price quotes.
- Tamika Echols - State Farm Insurance Agent
1611 N Clybourn Ave - Chicago, IL 60614 - (312) 944-9700 - View Map - Glenda Tolentino-Moser - State Farm Insurance Agent
2015 W Montrose Ave - Chicago, IL 60618 - (773) 549-3300 - View Map - Kathleen McKenzie - State Farm Insurance Agent
725 W 31st St - Chicago, IL 60616 - (312) 791-1200 - View Map
Choosing a insurance agency is decision based upon more than just a cheap price. Any agent in Chicago should be willing to answer these questions.
- What is the financial rating for the quoted company?
- Are claims handled at the agent's location?
- Do they offer rental car reimbursement?
- How will an accident affect your rates?
- How experienced are they in personal risk management?
- Do the coverages you're quoting properly cover your vehicle?
- Does their agency support local causes in Chicago?
Why you need insurance
Despite the high insurance cost for a Cadillac SRX in Chicago, paying for insurance is required in Illinois but also provides important benefits.
- Most states have minimum liability requirements which means you are required to carry a minimum amount of liability coverage if you drive a vehicle. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a loan on your Cadillac SRX, more than likely the lender will have a requirement that you have physical damage coverage to ensure the loan is repaid in case of a total loss. If the policy lapses, the bank will be required to insure your Cadillac at a much higher rate and require you to reimburse them for the expensive policy.
- Insurance preserves both your assets and your Cadillac SRX. It will also cover many types of medical costs for both you and anyone you injure as the result of an accident. Liability coverage also pays expenses related to your legal defense if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your car definitely exceed the cost, especially if you ever need it. But the average American driver is wasting up to $750 every year so smart consumers compare quotes every year to help ensure money is not being wasted.
Persistence will pay off
As you prepare to switch companies, don't be tempted to skimp on critical coverages to save a buck or two. In many instances, someone sacrificed physical damage coverage and found out when filing a claim that it was a big mistake. The proper strategy is to find the BEST coverage at the lowest possible cost while not skimping on critical coverages.
Insureds leave their current company for any number of reasons including high prices, policy cancellation, unfair underwriting practices or questionable increases in premium. Regardless of your reason for switching companies, choosing a new insurance company is easier than you think.
Throughout this article, we presented some good ideas how you can lower your Cadillac SRX insurance premium rates in Chicago. The key concept to understand is the more quotes you get, the higher your chance of finding affordable Chicago car insurance quotes. You may even find the best premium rates are with the smaller companies.
Additional detailed information can be read in the articles below:
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Who Has the Cheapest Chicago Car Insurance Rates for Inexperienced Drivers? (FAQ)
- Who Has Cheap Auto Insurance for Teenage Females in Chicago? (FAQ)
- What Car Insurance is Cheapest for a Jeep Wrangler in Chicago? (FAQ)
- Automakers compete to add autobraking (Insurance Institute for Highway Safety)
- Medical Payments Coverage (Liberty Mutual)
- Tread Depth and Tire Safety (State Farm)
- How to shop for a safer car (Insurance Institute for Highway Safety)