You have surely seen all the catchy advertisements from companies like GEICO and Nationwide that make claims of the cheapest rates, so drivers just need to pick the one with the catchiest commercial, right?
Unfortunately, it's not that simple as there are a whole bunch of unknown elements such as whether you just need liability insurance, your marital status, if you are a homeowner or renter, and if you are a man or woman. This article will detail some of these topics and will give you a good beginning to your search for cheaper coverage.
Trying to buy cost effective insurance is confusing at best, and determining which company offers the lowest-priced car insurance rates for high school students calls for additional perseverance.
Each auto insurance company has a different process to set premium rates, so we'll go over the car insurance companies with the overall cheapest rates in Chicago.
Best Cheap Insurance Rates for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $753 |
| 2 | Rockford Mutual | $813 |
| 3 | Titan | $860 |
| 4 | Erie | $887 |
| 5 | Cincinnati Insurance | $924 |
| 6 | SECURA | $965 |
| 7 | State Farm | $972 |
| 8 | Utica National | $975 |
| 9 | USAA | $979 |
| 10 | Travelers | $990 |
| 11 | Auto-Owners | $1,064 |
| 12 | Amica | $1,087 |
| 13 | Safeco | $1,095 |
| 14 | GEICO | $1,107 |
| 15 | Farmers | $1,135 |
| 16 | Esurance | $1,185 |
| 17 | California Casualty | $1,197 |
| 18 | Progressive | $1,219 |
| 19 | MetLife | $1,244 |
| 20 | State Auto | $1,273 |
| Compare Rates Now Go | ||
The Hartford offers some of the best car insurance rates in Chicago at around $753 each year. This is $596 less than the average premium paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance also make the cut as some of the cheapest Chicago, IL insurance companies.
In this example, if you currently buy coverage from Rockford Mutual and switched to The Hartford, you might see annual savings of about $60. Policyholders with Titan could save as much as $107 a year, and Erie insureds might realize rate reductions of up to $134 a year.
Be aware that those rates are averages for all drivers and vehicles and and are not figured with a specific vehicle garaging location for high school students. So the insurer that fits you best may not even be in the list above. That affirms the importance of why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
The vehicle model to be insured is one of the largest factors when quoting affordable insurance for high school students. Vehicles with limited top-end speed, a great safety record, or low incidents of liability claims will cost much less to insure than higher performance models. The information below presents auto insurance prices for a selection of the most affordable automobiles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $6,822 |
| Honda CR-V EX 4WD | $6,897 |
| Toyota Prius | $7,435 |
| Ford Edge SE 2WD | $7,559 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $7,635 |
| Volkswagen Jetta 2.0T Station Wagon | $7,894 |
| Chevrolet Impala LS | $8,022 |
| Ford Focus S 4-Dr Sedan | $8,027 |
| Jeep Grand Cherokee Laredo 2WD | $8,097 |
| Toyota RAV4 Sport 4WD | $8,105 |
| GMC Sierra SL Extended Cab 2WD | $8,097 |
| Chevrolet Equinox LS 2WD | $8,106 |
| Dodge Grand Caravan Crew | $8,172 |
| Ford F-150 Lariat Super Cab 4WD | $8,177 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $8,172 |
| Ford Explorer Eddie Bauer AWD | $8,182 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $8,172 |
| Hyundai Elantra Blue 4-Dr Sedan | $8,481 |
| Toyota Corolla S | $8,556 |
| Toyota Camry XLE | $8,564 |
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Table data assumes single female driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, and safe-driver. Price estimates do not factor in specific location which can change insurance rates substantially.
Looking at the rates, you can conclude that vehicles like the Ford Escape, Honda CR-V, Toyota Prius, and Ford Edge are most likely to be a few of the more affordable vehicles to insure for teenagers. The cost of auto insurance will be more costly just due to the fact that there is more claim risk for high school students, but in general those particular vehicles will have the cheapest auto insurance rates possible.
The example below demonstrates how deductible levels can raise or lower annual premium costs when researching cheap insurance for high school students. The price estimates are based on a married female driver, comp and collision included, and no discounts are applied.
A 30-year-old driver could cut expenses by $206 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $312 by choosing a $1,000 deductible. Youthful drivers, such as the Age 20 example, could reduce their rates $442 annually just by choosing higher deductibles.
When choosing a higher deductible, it will be necessary to have enough spare savings to offset the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Get discount Chicago car insurance rates
Auto insurance companies that provide policies for high school students may have price discounts that can reduce rates by as much as 40% or more if you qualify. Larger car insurance companies and their offered discounts are included below.
- State Farm discounts include student away at school, accident-free, driver's education, safe vehicle, and multiple policy.
- Liberty Mutual includes discounts for preferred payment discount, new graduate, exclusive group savings, hybrid vehicle, teen driver discount, new move discount, and multi-policy.
- American Family may offer discounts for Steer into Savings, accident-free, TimeAway discount, bundled insurance, and early bird.
- Progressive has discounts for multi-vehicle, online signing, continuous coverage, online quote discount, homeowner, and good student.
- Farmers Insurance has savings for homeowner, early shopping, mature driver, multi-car, good student, and distant student.
- Auto-Owners Insurance may have discounts that include anti-lock brakes, good student, anti-theft, teen driver, and paperless.
- SAFECO offers discounts for homeowner, multi-car, accident prevention training, teen safety rewards, and safe driver.
The illustration below visualizes the comparison of auto insurance costs with and without discounts applied to the policy rates. The data is based on a female driver, no violations or claims, Illinois state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with continuous coverage, paid-in-full, vehicle safety, passive restraint, good student, and anti-theft discounts applied. In this example, theaverage amount saved on car insurance for high school students is 28% or $526.
Comparison of full coverage and liability-only policies
Lowering the price of car insurance is probably important to most drivers, and one easy way to lower the cost of insurance for high school students is to buy liability only. The illustration below illustrates the comparison of insurance costs with and without full coverage. Data assumes no claims or driving violations, $500 deductibles, single status, and no discounts are applied to the premium.
If we average the cost for ages 20 through 70, physical damage coverage costs $1,353 per year more than carrying just liability coverage. Many people question if physical damage coverage is worth the money. There isn't a written rule to drop full coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is more than around 10% of the replacement cost minus the deductible, then it's probably a good time to buy liability coverage only.
How to find low-cost car insurance for high school students
It is possible to find better rates, and here are a few penny-pinching ideas that can help you get lower-cost coverage.
- Safer vehicles cost less to insure
- Save money by bundling your home and auto policies
- Maintain a clean driving record
- Claim-free drivers earn discounts
- Drive attentively and avoid accidents
- Compare prices frequently to find the best deal
That final tip is extremely crucial, as we hit on in the prior information. Auto insurance prices can be modified anytime, so don't be tentative to buy from a new company if you can save money.
Brand loyalty is great, but it's not a good idea if that dedication is costing thousands of dollars over the life of your policy. If you have a few minutes, now is a great time to compare rates to find cheaper auto insurance for high school students in Chicago.
The agencies below are willing to help you decide which auto insurance policy would work best for you, as some drivers wish to get some guidance when trying to find the best insurance rates for teenagers. It can be complicated to find the best rates on your own, and agents can give comfort knowing your policy gives you suitable coverage if you ever need to use it. To locate an agency close to where you live, click the button following the list or click here to compare price quotes now.
- Tamika Echols - State Farm Insurance Agent
1611 N Clybourn Ave - Chicago, IL 60614 - (312) 944-9700 - Gus Andrade - State Farm Insurance Agent
4355 W 26th St - Chicago, IL 60623 - (773) 521-0216 - Lincoln Auto Insurance
855 W Washington Blvd - Chicago, IL 60607 - (312) 666-8800 - Jim Mays Jr - State Farm Insurance Agent
4465 N Milwaukee Ave - Chicago, IL 60630 - (773) 282-1500