If you've never shopped for Chicago car insurance quotes online, it's easy to be bewildered by the large number insurance agents and companies vying for business in Chicago.
Remarkably, a study showed that most Illinois car insurance customers have stayed with the same insurance company for over three years, and nearly the majority have never compared car insurance rates at all. The average driver in America could save themselves as much as $850 a year by just comparing rate quotes, but most tend to underestimate the benefits if they switch to a new company.
You need to get comparison quotes every six months because prices trend upward over time. If you had the best deal on Honda S2000 insurance in Chicago last year a different company probably has better premium rates today. Forget all the misinformation about car insurance because you're going to learn the only way to save on car insurance.
What Determines Honda S2000 Insurance Premiums?
An important part of buying insurance is that you know some of the things that go into determining your premiums. If you have a feel for what determines base rates, this empowers consumers to make smart changes that could result in much lower annual insurance costs. Lots of factors are taken into consideration when you get a price on insurance. Some are pretty understandable like an MVR report, but other factors are less apparent such as whether you are married or how financially stable you are.
The factors shown below are a few of the things used by your company to calculate your premiums.
Being married equates to better premiums - Walking down the aisle may cut your premiums on your policy. It means you're more mature and responsible and insurance companies like that married drivers tend to file fewer claims.
Know your vehicle's safety rating - Cars with five star safety ratings can get you lower premiums. These vehicles reduce injuries and better occupant protection translates directly to fewer claims passed on to you as lower rates.
Be proud to be claim-free - Car insurance companies in Illinois provide discounts to people who do not file claims often. If you frequently file small claims, you can definitely plan on higher premiums or even policy non-renewal. Your car insurance is meant to be used in the event of claims that pose a financial burden.
Rural vs Urban Areas - Residing in less populated areas can save you money when insuring your vehicles. Fewer drivers and short commutes means less chance of accidents in addition to fewer liability claims. Urban drivers have more traffic problems and longer commutes to work. More time on the road statistically corresponds to a higher accident and claim rate.
Policy lapses lead to higher insurance rates - Not maintaining insurance is illegal and your next policy will cost more because you let your coverage have a gap. In addition to paying higher premiums, being ticketed for driving with no insurance can result in a hefty fine and possibly a revoked license. Then you may be required to file a SR-22 with the Illinois motor vehicle department to get your license reinstated.
Age of drivers impacts premiums - Youthful drivers in Illinois are statistically shown to be more careless when driving with friends and because of this, their insurance rates are much higher. Having to add a youthful driver onto a policy can cause a big jump in price. Mature drivers are proven to be safer behind the wheel, tend to file fewer claims, and are generally more financially stable.
When comparing insurance rates, know that comparing more prices provides better odds of finding better pricing. Not every company does Chicago S2000 insurance quotes online, so it's necessary to compare prices from the smaller companies as well.
The car insurance companies shown below are ready to provide quotes in Illinois. If multiple providers are shown, it's a good idea that you click on several of them to get the best price comparison.
Protect more than your Honda S2000
Even though Chicago S2000 insurance rates can get expensive, buying insurance is required by state law in Illinois and it also provides benefits you may not be aware of.
- Just about all states have minimum liability requirements which means you are required to buy a specific level of liability insurance coverage in order to drive the car. 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 vehicle, more than likely the lender will force you to buy full coverage to protect their interest in the vehicle. If you do not keep the policy in force, the bank may buy a policy for your Honda at a significantly higher premium and require you to fork over for the much more expensive policy.
- Insurance protects both your Honda and your assets. It will also cover hospital and medical expenses for you, any passengers, and anyone injured in an accident. Liability insurance also covers legal expenses in the event you are sued. If your Honda gets damaged, comprehensive and/or collision insurance will pay to repair the damage.
The benefits of buying insurance definitely exceed the cost, particularly for liability claims. Unknowingly, the average driver overpays as much as $825 a year so you should quote rates each time the policy renews to help ensure money is not being wasted.
These discounts can lower your insurance quotes
Some insurance providers don't necessarily list all available discounts very clearly, so the list below details a few of the more common and the more hidden insurance savings.
- Include Life Insurance and Save - Some insurance companies give better insurance rates if you take out life insurance from them.
- Telematics Data - Drivers that enable their insurance company to look at when and where they use their vehicle by using a telematics device such as Progressive's Snapshot and State Farm's In-Drive could save a few bucks as long as they are good drivers.
- Switch and Save Discount - A few companies give discounts for renewing your policy before your current S2000 insurance policy expires. This can save 10% or more.
- Active Service Discounts - Having an actively deployed family member could trigger a small discount.
- No Claim Discounts - Drivers who don't have accidents get the best insurance rates when compared with frequent claim filers.
- Save with a New Car - Putting insurance coverage on a new S2000 can save you some money due to better safety requirements for new vehicles.
- Memberships - Joining a civic or occupational organization in Chicago could earn you a nice discount on your next renewal.
- Homeowners Savings - Owning your own home or condo can save you money because of the fact that having a home is proof that your finances are in order.
- ABS Brakes - Cars and trucks that have steering control and anti-lock brakes have fewer accidents and the ABS can save up to 10%.
- Defensive Driver - Passing a course that instructs on driving safety could cut 5% off your bill if your company offers it.
Don't be surprised that some of the credits will not apply to your bottom line cost. The majority will only reduce specific coverage prices like collision or personal injury protection. So when it seems like adding up those discounts means a free policy, it doesn't quite work that way.
To find insurance companies that offer the discounts shown above in Chicago, follow this link.
When to contact an insurance agent
Many people just want to buy from a licensed agent and that is a personal choice. One of the best bonuses of price shopping on the web is that you can find the best rates but still work with a licensed agent.
To find an agent, once you fill out this short form, your insurance coverage information is transmitted to companies in Chicago who can give free rate quotes and help you find cheaper coverage. There is no need to do any legwork since rate quotes are delivered directly to you. You can find lower rates AND an agent nearby. If you want to compare rates from a specific company, just jump over to their website and submit a quote form there.
Finding the right insurer shouldn't rely on just the bottom line cost. Get answers to these questions too.
- Are glass claims handled on-site or do you have to take your vehicle to a repair shop?
- How often do they review coverages?
- Is the agent CPCU or CIC certified?
- How much training do they have in personal risk management?
- Which members of your family are coverage by the policy?
- What kind of financial rating does the company have?
- Does their agency support local causes in Chicago?
If you are wanting to purchase car insurance from a reputable agency, it helps to know the two types of insurance agents and how they function. Agencies in Chicago are classified as either exclusive or independent.
Exclusive Car Insurance Agents
Agents in the exclusive channel can only place business with one company such as AAA, Allstate, State Farm, or Farmers Insurance. Exclusive agencies are unable to provide prices from multiple companies so keep that in mind. Exclusive agents receive a lot of sales training in insurance sales which can be an advantage. Drivers often buy insurance from these agents primarily because of the brand rather than low rates.
Below are exclusive agents in Chicago who can help you get price quote information.
- Mark Mackey - State Farm Insurance Agent
3338 W Foster Ave - Chicago, IL 60625 - (773) 604-4334 - View Map - Dave Rundle - State Farm Insurance Agent
4316 W 63rd St - Chicago, IL 60629 - (773) 735-0135 - View Map - Linda Kuczka - State Farm Insurance Agent
954 W Webster Ave - Chicago, IL 60614 - (773) 975-9111 - View Map
Independent Agents
Independent agencies are not required to write business for one company and that gives them the ability to insure with a variety of different insurance companies and find you the best rates. If you want to switch companies, the agent simply finds a different carrier and that require little work on your part.
If you are comparing car insurance prices, you definitely need to get some free quotes from several independent agencies to get the best comparison. Most also have access to different regional companies which can be an advantage.
Listed below is a list of independent insurance agents in Chicago that can give you price quote information.
- Illinois Vehicle Auto Insurance (Xpert)
1858 W 18th St - Chicago, IL 60608 - (312) 226-1033 - View Map - Eagle Insurance Agency
3517 N Spaulding Ave - Chicago, IL 60618 - (773) 463-7576 - View Map - Lakeview Insurance Agency, Ltd.
3438 N Southport Ave - Chicago, IL 60657 - (773) 871-8000 - View Map
After you get good answers to any questions you may have and cheap S2000 insurance quotes, you've probably found a car insurance agent that meets the requirements to adequately provide car insurance. But keep in mind you are able to terminate coverage at any time so don't think that you are permanently stuck with any particular company for the entire policy term.
Do I just need basic coverages?
When quoting and comparing insurance from an agent or online for your vehicles, there is no perfect coverage plan. Everyone's situation is unique and a cookie cutter policy won't apply.
For instance, these questions can help discover whether or not you would benefit from an agent's advice.
- What is glass protection for?
- Is my son or daughter covered when driving my car?
- Do I need to file an SR-22 for a DUI in Illinois?
- Are my tools covered if they get stolen from my vehicle?
- Am I better off with higher deductibles on my Honda S2000?
- What if I don't agree with a claim settlement offer?
- Is my state a no-fault state?
- Are there companies who specialize in insuring high-risk drivers?
- Is my custom stereo system covered?
If you can't answer these questions but you know they apply to you, you may need to chat with a licensed agent. To find an agent in your area, complete this form or you can also visit this page to select a carrier
Persistence will pay off
In this article, we covered many tips how you can lower your Honda S2000 insurance prices in Chicago. The most important thing to understand is the more quotes you get, the better your comparison will be. You may even discover the lowest prices come from a small mutual company. These smaller insurers may cover specific market segments cheaper compared to the large companies like State Farm and Allstate.
As you restructure your insurance plan, it's a bad idea to buy lower coverage limits just to save a few bucks. There have been many cases where consumers will sacrifice comprehensive coverage or liability limits only to discover later that the few dollars in savings costed them thousands. Your goal should be to buy enough coverage for the lowest cost but still have enough coverage for asset protection.
More detailed auto insurance information is available by following these links:
- Auto Insurance Basics (Insurance Information Institute)
- Who Has the Cheapest Car Insurance Quotes for High School Students in Chicago? (FAQ)
- Who Has Affordable Chicago Auto Insurance Quotes for a Toyota RAV4? (FAQ)
- Auto Insurance FAQ (Farmers Insurance)
- Get the Right Protection (InsureUonline.org)