You have most likely seen the captivating commercials from insurers like Liberty Mutual and GEICO that make promises of dirt cheap rates. So drivers just need to pick the one with the best commercial, right?
It's just not that easy, however, as there are a ton of unknown aspects such as the performance level of your vehicle, whether you just want liability only, if you have maintained coverage continuously, and if you have a tendency to get into accidents, that all impact the price you pay. Car insurance is kind of a dry topic, but this article will explain the best ways to find cheap auto insurance and will hopefully give you a good start to your coverage search.
Deciphering which companies offer the cheapest car insurance rates for college students will take more time in order to find the lowest price quote. Every insurance company uses a little different formula for filing rates in each state, so let's take a look at the lowest cost car insurance companies in Chicago.
Cheap Insurance Rates for College Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $769 |
| 2 | Rockford Mutual | $822 |
| 3 | Titan | $878 |
| 4 | Cincinnati Insurance | $888 |
| 5 | Erie | $914 |
| 6 | Utica National | $946 |
| 7 | USAA | $959 |
| 8 | Travelers | $961 |
| 9 | State Farm | $982 |
| 10 | SECURA | $1,005 |
| 11 | Auto-Owners | $1,033 |
| 12 | Safeco | $1,063 |
| 13 | Amica | $1,076 |
| 14 | GEICO | $1,085 |
| 15 | Farmers | $1,170 |
| 16 | California Casualty | $1,197 |
| 17 | MetLife | $1,207 |
| 18 | State Auto | $1,223 |
| 19 | Esurance | $1,233 |
| 20 | Progressive | $1,243 |
| Get a Custom Quote Go | ||
The Hartford offers some of the best car insurance rates in Chicago at around $769 annually. This is $580 less than the average policy premium paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Cincinnati Insurance, and Erie also rank well as some of the more affordable Chicago, IL car insurance companies.
As shown in the rates above, if you have coverage with Rockford Mutual and switched to The Hartford, you might achieve annual savings of around $53. Insureds with Titan might save as much as $109 a year, and Cincinnati Insurance policyholders might reduce prices by as much as $119 a year.
To get a quick, customized rate comparison, click here to start a quote or feel free to get quotes from the companies below.
Remember that these premium estimates are averages for all drivers and vehicles and do not take into consideration an exact zip code location for college students. So the car insurance company that can offer you the best price may not even be in the list above. That emphasizes why you need to compare rates from multiple companies using your own individual information.
For students in college, one of the big factors that aid in calculating the annual cost of car insurance is where your car is garaged in Chicago. More densely populated places tend to have more expensive auto insurance rates, whereas more rural areas benefit from lower coverage costs.
The information below ranks the highest-priced places in Illinois for college students to buy auto insurance in. Chicago is listed at #2 with the yearly price of $1,544 for the average policyholder, which is about $129 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Cicero | $1,573 |
| 2 | Chicago | $1,544 |
| 3 | Berwyn | $1,449 |
| 4 | Skokie | $1,433 |
| 5 | Des Plaines | $1,286 |
| 6 | Evanston | $1,264 |
| 7 | Oak Lawn | $1,243 |
| 8 | Mount Prospect | $1,205 |
| 9 | Waukegan | $1,188 |
| 10 | Orland Park | $1,184 |
| 11 | Joliet | $1,180 |
| 12 | Rockford | $1,141 |
| 13 | Elgin | $1,139 |
| 14 | Tinley Park | $1,132 |
| 15 | Schaumburg | $1,123 |
| 16 | Bolingbrook | $1,116 |
| 17 | Palatine | $1,109 |
| 18 | Arlington Heights | $1,095 |
| 19 | Peoria | $1,092 |
| 20 | Aurora | $1,075 |
| Start a Quote Go | ||
Rates are estimated as specific Chicago zip code can modify price quotes substantially.
The vehicle to be insured is one of the main factors when looking for the most economical car insurance for college students. Vehicles with high performance engines, a lack of modern safety features, or an increased likelihood of liability claims will cost much more to insure than safer, lower-performance models.
The data below showcases insurance rates for some of the most economical vehicles to buy insurance for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $4,412 |
| Ford Escape XLT 2WD | $4,418 |
| Honda CR-V LX 2WD | $4,412 |
| Honda Accord LX-P 4-Dr Sedan | $4,417 |
| Jeep Wrangler Sport 4WD 2-Dr | $4,601 |
| Toyota Prius | $4,826 |
| Dodge Grand Caravan SE | $4,952 |
| Toyota Tacoma 2WD | $5,167 |
| Toyota RAV4 Limited 4WD | $5,234 |
| Chevrolet Equinox LT AWD | $5,240 |
| Chevrolet Malibu LS | $5,234 |
| Ford F-150 XLT Crew Cab 4WD | $5,299 |
| Ford Explorer Limited 4WD | $5,306 |
| Honda Odyssey EX-L W/Navigation | $5,517 |
| Chevrolet Impala LTZ | $5,524 |
| Ford Edge Sport AWD | $5,517 |
| Toyota Camry SE | $5,523 |
| Toyota Corolla XLE | $5,517 |
| GMC Sierra SLE Crew Cab 2WD | $5,581 |
| Ford Fusion SE 4-Dr Sedan | $5,586 |
| Jeep Grand Cherokee SRT-8 4WD | $5,581 |
| Volkswagen Jetta SE 4-Dr Sedan | $5,591 |
| Nissan Rogue S 2WD | $5,639 |
| Compare Cheap Rates Go | |
Prices above based on single female driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, and safe-driver. Price information does not factor in vehicle location which can modify premium rates greatly.
Looking at the numbers, you can see that vehicles like the Hyundai Elantra, Ford Escape, Honda CR-V, Honda Accord, and Jeep Wrangler will be some of the cheaper vehicles to insure for students in college. The price for an auto insurance policy will be higher anyway because of the fact that there is more exposure for college students, but generally speaking those particular vehicles will tend to have the lowest prices compared to other types of vehicles.
The chart below illustrates how choosing a deductible can impact annual premium costs when getting quotes for cheap insurance for college students. The costs are based on a single female driver, comp and collision included, and no discounts are taken into consideration.
As shown above, a 40-year-old driver could reduce rates by $288 a year by changing from a $100 deductible to a $500 deductible, or save $434 by switching to a $1,000 deductible. Even younger drivers, like the Age 20 category, could drop their prices up to $734 or more just by choosing higher deductibles. When increasing deductibles, it is a good idea to have enough savings to enable you to cover the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Impact of violations and accidents on rates in Chicago
The best way to enjoy the cheapest car insurance rates in Chicago for students in college is to be a cautious driver and maintain a clean driving record. The illustration below shows how speeding tickets and at-fault fender-benders can influence insurance rates for different age groups. The premiums assume a single female driver, full coverage, $500 deductibles, and no discounts are applied.
In the example above, the average cost of a car insurance policy in Chicago per year with no violations or accidents is $1,568. Factor in one speeding ticket and the average cost swells to $1,779, an increase of $211 each year. Now include one accident along with the one speeding ticket and the yearly cost of car insurance for college students increases to an average of $2,369. That's an increase of $801, or $67 per month, just for being a less-than-perfect driver!
Finding the highest-rated car insurance provider can be rather challenging considering how many companies sell insurance in Chicago. The company rank data in the lists below could help you decide which auto insurance companies you want to consider shopping your coverage with. These rankings are for large, nationwide insurance companies, so companies that may only write in Illinois will not be included in the list.
Top 10 Large Auto Insurance Providers in Chicago Ranked by Value
- USAA
- GEICO
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- Allstate
- 21st Century
- Travelers
Top 10 Large Auto Insurance Providers in Chicago Ranked by A.M. Best Rating
- USAA - A++
- GEICO - A++
- Travelers - A++
- State Farm - A++
- Titan Insurance - A+
- Progressive - A+
- Erie Insurance - A+
- Mercury Insurance - A+
- The Hartford - A+
- Nationwide - A+
Tips for finding cheaper insurance for college students
Here are many thrifty ideas that can help drivers quote lower-cost coverage.
- Safe vehicles cost less to insure
- Bundle home or renters insurance to earn a discount on car insurance
- Do not get into accidents that are your fault
- Pay lower rates with good credit
- On older vehicles, drop full coverage
- Compare rates once a year for cheaper prices
That last piece of advice is particularly vital, as was discussed in the prior article. Coverage prices in Chicago vary greatly, so don't be unwilling to buy from a different company if a lower-cost policy is available.
Many consumers stick with the same company and that's fine, but it's not a good idea if it's costing you a small fortune year after year. If you have a few minutes, now is a great time to compare rates and find cheaper car insurance for college students.
If you have questions and prefer to have a little guidance when shopping around for cheaper insurance for college students, the agents below can aid you in deciding which coverage fits your budget. To find a Chicago insurance agent closest to you, click the button following the list or click here to compare price quotes.
- W.A. George Insurance Agency
155 N Michigan Ave #300 - Chicago, IL 60601 - (312) 729-5265 - Bill Dillard - State Farm Insurance Agent
516 W Diversey Pkwy - Chicago, IL 60614 - (773) 549-2605 - Talro Insurance Agency
4900 W Belmont Ave - Chicago, IL 60641 - (773) 205-8255 - Great Northern Insurance Agency
5632 S Pulaski Rd - Chicago, IL 60629 - (773) 838-3900