The words "bargain" and "auto insurance" really shouldn't be used together, specifically when searching for the lowest insurance rates for drivers under 21. To help control this cost, let's lead off by showing you a few of the factors that influence auto insurance rates, and see how we can help you cut the cost of your next policy.
For minors, one of the largest criteria that help determine the amount you pay each year for auto insurance is where you choose to live. Cities with larger populations or higher claim trends are more likely to pay higher prices, whereas areas with fewer weather claims and lower vehicle theft rates profit from lower rates.
The illustration below sorts the highest-priced places in Illinois for drivers under 21 to purchase car insurance in. Chicago comes in at #2 with the yearly price of $1,499 for the average policyholder, which is approximately $125 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Cicero | $1,526 |
| 2 | Chicago | $1,499 |
| 3 | Berwyn | $1,406 |
| 4 | Skokie | $1,391 |
| 5 | Des Plaines | $1,286 |
| 6 | Evanston | $1,276 |
| 7 | Oak Lawn | $1,243 |
| 8 | Mount Prospect | $1,217 |
| 9 | Waukegan | $1,188 |
| 10 | Schaumburg | $1,169 |
| 11 | Bolingbrook | $1,162 |
| 12 | Tinley Park | $1,154 |
| 13 | Orland Park | $1,149 |
| 14 | Joliet | $1,145 |
| 15 | Palatine | $1,121 |
| 16 | Rockford | $1,119 |
| 17 | Elgin | $1,105 |
| 18 | Arlington Heights | $1,095 |
| 19 | Aurora | $1,075 |
| 20 | Springfield | $1,070 |
| 21 | Peoria | $1,060 |
| 22 | Naperville | $1,053 |
| 23 | Decatur | $1,013 |
| 24 | Bloomington | $980 |
| 25 | Champaign | $962 |
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Prices are comparative as the specific geographic location can lower or raise premium rates substantially.
The vehicle model requiring coverage is one of the largest considerations when consumers are trying to find the best car insurance for drivers under 21. Vehicles with economical engines, excellent safety ratings, or a positive history of liability claims will cost much less to insure than fast, unsafe models.
The data below ranks car insurance rates for a selection of the most affordable vehicles to insure in Illinois.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 2WD | $7,816 |
| Honda CR-V EX-L 4WD | $7,824 |
| Toyota Prius | $8,420 |
| Ford Explorer Eddie Bauer 2WD | $8,657 |
| Ford F-150 XL Super Cab 4WD | $8,664 |
| Ford Edge SEL 2WD | $9,085 |
| Ford Focus SE 4-Dr Sedan | $9,090 |
| Toyota RAV4 Sport 4WD | $9,173 |
| Chevrolet Impala LT | $9,181 |
| Chevrolet Equinox LT AWD | $9,173 |
| Dodge Grand Caravan Crew | $9,261 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $9,269 |
| Chevrolet Malibu LT | $9,261 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $9,540 |
| Toyota Corolla S | $9,689 |
| Toyota Camry XLE | $9,697 |
| Hyundai Elantra SE 4-Dr Sedan | $9,689 |
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Cost estimates assume single male driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, and claim-free. Information does not factor in specific garaging location which can impact premiums noticeably.
Based upon these rates, you can presume that cars like the Ford Escape, Honda CR-V, and Toyota Prius will definitely be a few of the most economical vehicles to insure for minors. Rates will be more expensive because of the fact that there is more risk for drivers under 21, but overall those particular models will tend to have the lowest insurance rates compared to other types of vehicles.
Tickets and at-fault accidents raise rates
The easiest way to enjoy affordable car insurance prices for minors is to drive cautiously and avoid tickets and accidents. The chart below illustrates how traffic citations and at-fault claims influence insurance costs for different age groups of insureds. The premiums assume a married female driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.
In the chart above, the average cost of car insurance in Chicago per year with no violations or accidents is $918. Get two speeding tickets and the average cost surges to $1,296, an increase of $378 each year. Next add one accident along with the two speeding tickets and the annual cost of car insurance for drivers under 21 increases to an average of $1,681. That's an increase of $763, or $64 per month, just for not maintaining a clean driving record!
The chart below shows how different deductible levels can affect insurance rates when researching cheap insurance for drivers under 21. The costs are based on a married male driver, comp and collision included, and no additional discounts are factored in.
The chart above illustrates that a 50-year-old driver could reduce rates by $248 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $372 by selecting a $1,000 deductible. Younger drivers, like the 20-year-old category, could lower their rates up to $826 every year just by choosing larger deductibles.
When using a larger deductible, it is essential to have enough savings to enable you to pay the extra out-of-pocket expense, which deters some people from using high deductibles.
Why it's important to shop around
Chicago, IL car insurance rates are impacted by many things that will increase or decrease the cost of coverage. Simply improving your credit, moving to a new city, or getting caught speeding can produce rate changes that can now make some companies cheaper in comparison to the competition.
Not only that, but auto insurance companies file new Illinois auto insurance rates without warning to help ensure profitability. An extended period of higher than normal claims may result in higher prices, while profitable underwriting can result in lower-cost Chicago car insurance rates.
As an example, the bar chart below shows the company with the cheapest car insurance in Chicago, IL for a 30-year-old male driver with a clear driving record, no claims, and a good credit rating. If we look at prices based on his personal profile, The Hartford quotes the lowest car insurance rates in Chicago at $1,248 per year. This is $101 less than the average rate paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance are the remainder of the top five cheapest Chicago, IL auto insurance companies.
The next chart shows rates after we give the driver from the above example a couple of claims, a lower credit score, and a couple of points charged on his driving record. Due to the fact that every insurance company uses their own formula for determining prices, getting updated rate quotes could result in a different list of cheap Chicago auto insurance companies as shown below.
Travelers now has the cheapest car insurance in Chicago, IL with SECURA, Utica National, State Farm, and Safeco now being in the top five. This example illustrates why drivers need to shop around with many companies to find the cheapest auto insurance quotes for drivers under 21.
Auto insurance prices are impacted by many risk factors and change frequently, so the most affordable company the last time you compared rates may now be an over-priced policy.
How to find economical auto insurance for drivers under 21
It is possible to find better rates, and here are some of the recommended thrifty solutions that can help Illinois drivers buy cheaper coverage.
- Remain accident-free and save
- Vehicles with good safety ratings have lower liability rates
- Don't waste money on full coverage for older vehicles
- Clean up your credit
- Bundle home and auto and earn a discount
- Compare rates regularly to ensure the best deal
That final tip is remarkably vital, as was emphasized in this article. Prices in Chicago change a lot, so drivers shouldn't be reluctant to change to a new company if you can save money.
Brand loyalty is great, but it's not recommended if that dedication is costing a small fortune. Now is a great time to compare prices to find cheaper car insurance for drivers under 21.
If you like to get some guidance when buying car insurance for drivers under 21, the insurance agencies listed below can aid you in deciding which car insurance policy is best. To locate an agency close to you, click the button link following the list or click here to get price quotes now.
- Tamika Echols - State Farm Insurance Agent
1611 N Clybourn Ave - Chicago, IL 60614 - (312) 944-9700 - Rhea Joyer - State Farm Insurance Agent
4911 N Lincoln Ave c - Chicago, IL 60625 - (773) 878-8883 - KSA Insurance Agency
7158 W Grand Ave - Chicago, IL 60707 - (773) 804-9000 - Linda Kuczka - State Farm Insurance Agent
954 W Webster Ave - Chicago, IL 60614 - (773) 975-9111