Best Ways to Save on Chicago Audi Q5 Insurance

Audi Q5 insurance image courtesy of QuoteInspector.com

Being forced to pay for high-priced auto insurance premiums can bottom out your monthly budget and put a big crunch on your finances. Shopping your coverage around is recommended to lower your monthly bill.

It's astonishing, but nearly 70% of drivers kept their coverage with the same auto insurance company for a minimum of four years, and virtually 40% of consumers have never even compared rates from other companies. Consumers in Illinois can save hundreds of dollars each year by just comparing quotes, but most tend to underestimate the rate savings if they just switched companies. Since you have so many insurance providers from which to choose, it is very difficult to choose the best auto insurance company.

Finding more affordable Audi Q5 insurance quotes is actually easier than you may think. All you need to do is invest a few minutes to compare rate quotes to find out which insurance company has low cost Chicago auto insurance quotes.

Comparing free rate quotes online is easy and it, replaces the need to drive to insurance agencies in your area. Shopping for insurance online makes this unnecessary unless your situation requires the extra assistance of a local agency. You can, however, obtain prices from the web but have a local agent actually write the policy.

The companies shown below are our best choices to provide price quotes in Chicago, IL. If multiple providers are shown, it's highly recommended you visit as many as you can in order to get a fair rate comparison.

Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Premium costs do not factor in Chicago location which can decrease or increase premium rates noticeably.

Deductible comparison

The information below demonstrates how choosing different deductibles and can affect Audi Q5 insurance costs for different ages of insureds. The rate quotes are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.

An analysis of deductible level

One frequently asked question is how high should the physical damage deductibles be. The rates below determine the differences in price of buying low and high comp and collision deductibles. The first set of prices uses a $250 deductible for comprehensive and collision coverage and the second set of prices uses a $1,000 deductible.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Illinois minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Estimates do not factor in specific zip code location which can raise or lower prices noticeably.

We can estimate from the data above that using a $250 deductible costs approximately $25 more each month or $300 every year than buying the higher $1,000 deductible. Due to the fact that you would have to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go at a minimum 30 months between claims, you would save money if you opt for a higher deductible.

Insurance premiums for males and females

The diagram below shows the difference between Audi Q5 car insurance costs for male and female drivers. The rates are based on no claims or driving citations, comprehensive and collision coverage, $250 deductibles, drivers are single, and no discounts are applied to the premium.

Auto insurance just makes sense

Despite the high insurance cost for a Audi Q5 in Chicago, insurance may not be optional for several reasons.

• Just about all states have minimum liability requirements which means the state requires specific limits of liability coverage if you don't want to risk a ticket. 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 your Audi has a loan, almost every bank will stipulate that you have physical damage coverage to protect their interest in the vehicle. If the policy lapses, the lender may have to buy a policy to insure your Audi at a much higher premium rate and force you to pay much more than you were paying before.
• Insurance safeguards not only your car but also your assets. Insurance will pay for medical bills for yourself as well as anyone injured by you. Liability coverage will also pay attorney fees if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, your auto insurance policy will pay to repair the damage.

The benefits of buying enough insurance more than cancel out the cost, specifically if you ever have a liability claim. But the average driver in Illinois is overpaying more than $825 a year so it's important to compare rates at every renewal to be sure current rates are still competitive.

Companies offer many discounts on Audi Q5 insurance in Chicago

Car insurance can be pricey, but you might already qualify for some discounts that can dramatically reduce your bill. A few discounts will automatically apply at the time of quoting, but a few need to be asked for before you will receive the discount. If you do not double check each discount you qualify for, you are throwing money away.

• One Accident Forgiven - Not really a discount, but companies like GEICO and Allstate will let one accident slide without the usual rate increase so long as you haven't had any claims for a certain period of time.
• Homeowners Savings - Just being a homeowner can save a few bucks since home ownership is proof that your finances are in order.
• Defensive Driver Discount - Taking time to complete a course teaching driver safety skills can save you 5% or more if you qualify.
• New Car Discount - Insuring a new Q5 is cheaper because new vehicles keep occupants safer.
• Anti-lock Brake Discount - Vehicles equipped with ABS or steering control have fewer accidents and qualify for as much as a 10% discount.
• Discount for Swiching Early - A few larger companies offer discounts for signing up early. It can save you around 10%.
• Pay Early and Save - By paying your policy upfront instead of paying each month you could save 5% or more.
• Paper-free Discount - Many companies may give you up to $50 for buying your policy on their website.
• Theft Deterrent - Anti-theft and alarm system equipped vehicles are stolen with less frequency and can earn a small discount on your policy.
• Government Employee Discount - Being employed by or retired from a federal job can save as much as 8% with select insurance companies.

Consumers should know that some credits don't apply to the whole policy. Some only apply to individual premiums such as comp or med pay. Just because you may think all the discounts add up to a free policy, nobody gets a free ride.

A list of companies and some of the premium reductions they offer are outlined below.

• 21st Century may include discounts for student driver, anti-lock brakes, defensive driver, automatic seat belts, theft prevention, early bird, and driver training.
• State Farm offers discounts for multiple policy, multiple autos, good driver, good student, accident-free, Drive Safe & Save, and safe vehicle.
• AAA may have discounts that include education and occupation, pay-in-full, multi-policy, good student, AAA membership discount, good driver, and multi-car.
• Liberty Mutual may offer discounts for new graduate, teen driver discount, good student, hybrid vehicle, newly married, safety features, and new vehicle discount.
• Progressive has discounts for good student, continuous coverage, online signing, multi-vehicle, and homeowner.

Before purchasing a policy, check with each company or agent which discounts can lower your rates. Depending on the company, some discounts may not apply to policyholders in Chicago. If you would like to choose from a list of providers that provide some of the discounts listed above in Chicago, click here to view.

Do I just need basic coverages?

When it comes to insurance from an agent or online for your vehicles, there really is not a one-size-fits-all type of policy. Everyone's situation is unique.

For example, these questions can help discover if your situation will benefit from professional help.

• Does my policy cover me when driving someone else's vehicle?
• Do I benefit by insuring my home with the same company?
• How do I file an SR-22 for a DUI in Illinois?
• When can I cancel my policy?
• Is my teenager covered with friends in the car?
• Does coverage extend to my business vehicle?

If it's difficult to answer those questions, you might consider talking to an agent. To find an agent in your area, take a second and complete this form. It is quick, free and can help protect your family.

When to have guidance from a local insurance agent

A lot of people just want to sit down with an agent. Most agents are very good at helping people manage risk and help in the event of a claim. The best thing about comparing rate quotes online is that drivers can save money and get lower prices and still have an agent to talk to.

For easy comparison, once you complete this form (opens in new window), your information is immediately sent to agents in your area who will return price quotes for your coverage. It simplifies rate comparisons since you won't have to do any legwork as quotes are delivered to you instantly. In the event you want to quote rates for a specific company, you just need to jump over to their website to submit a rate quote request.

Selecting an provider should depend on more than just the price. Below are some questions you should ask.

• Does the agency support the community they serve?
• Do they specialize in personal lines coverage in Chicago?
• Which companies do they recommend if they are an independent agency?
• Is there any savings for paying the full premium?
• Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
• Did they already check your driving record and credit reports?
• Do they carry Errors and Omissions coverage?
• Are all drivers listed on the coverage quote?

Auto insurance 101

Learning about specific coverages of car insurance can be of help when determining the right coverages and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and even agents have difficulty translating policy wording.

Comprehensive coverage (or Other than Collision) - Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things such as vandalism, hail damage, damage from getting keyed and damage from a tornado or hurricane. The maximum payout a car insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle's value it's probably time to drop comprehensive insurance.

Collision - This covers damage to your Q5 caused by collision with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims like colliding with another moving vehicle, damaging your car on a curb, hitting a mailbox, hitting a parking meter and rolling your car. This coverage can be expensive, so you might think about dropping it from lower value vehicles. It's also possible to increase the deductible on your Q5 to get cheaper collision coverage.

Liability auto insurance - Liability coverage will cover damage or injury you incur to other people or property that is your fault. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 20/40/15 which stand for $20,000 bodily injury coverage, a limit of $40,000 in injury protection per accident, and a limit of $15,000 paid for damaged property.

Liability can pay for things like medical expenses, funeral expenses and attorney fees. The amount of liability coverage you purchase is up to you, but buy as large an amount as possible. Illinois state minimum liability requirements are 20/40/15 but you should consider buying more coverage.

Insurance for medical payments - Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses such as dental work, doctor visits, funeral costs and nursing services. The coverages can be used in conjunction with a health insurance plan or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. PIP is not universally available and gives slightly broader coverage than med pay

Uninsured Motorist or Underinsured Motorist insurance - Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for hospital bills for your injuries and damage to your Audi Q5.

Since many Illinois drivers carry very low liability coverage limits (which is 20/40/15), their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked.

Find cheap rates by being thorough

Insureds leave their current company for any number of reasons including extreme rates for teen drivers, lack of trust in their agent, delays in paying claims and even not issuing a premium refund. Regardless of your reason, choosing a new insurance company is less work than it seems.

We covered many ways to lower your Audi Q5 insurance car insurance rates in Chicago. It's most important to understand that the more rate comparisons you have, the more likely it is that you will get a better rate. You may even be surprised to find that the best car insurance rates are with a lesser-known regional company.

When getting Chicago auto insurance quotes online, do not buy less coverage just to save a little money. There have been many cases where someone sacrificed collision coverage and discovered at claim time that their decision to reduce coverage ended up costing them more. Your objective should be to buy a smart amount of coverage for the lowest price while still protecting your assets.

More learning opportunities

• How to shop for a safer car (Insurance Institute for Highway Safety)
• Who Has Cheap Chicago Auto Insurance for Drivers with a Bad Driving Record? (FAQ)
• What Car Insurance is Cheapest for Immigrants in Chicago? (FAQ)
• What Insurance is Cheapest for a Chevrolet Malibu in Chicago? (FAQ)
• Understanding Your Insurance Deductible (Insurance Information Institute)
• Safety Belts FAQ (iihs.org)
• Vehicle Insurance in the U.S. (Wikipedia)