Whether you’re looking for car insurance in Illinois or another state, it’s important to know that there are several key factors that affect the cost of your policy. By evaluating these factors, you’ll be able to make an informed decision.
The amount of coverage that you need in order to drive legally in the state of Illinois is one of the biggest factors that determines the price of your car insurance. In order to be legal in the state, you must have at least $25,000 of bodily injury liability coverage per person and $50,000 of coverage for all people involved in a single accident. If you don’t have this amount of insurance, you could face stiff fines and legal action.
A car insurance calculator is a great way to see how much you’re going to have to pay for your policy. The best one will allow you to enter in information about your vehicle and your driving habits and will then calculate a figure that you can use to determine your monthly premium. You can also adjust your deductible to lower your rates.
The cost of car insurance in Illinois is higher than in neighboring states. The average premium for a driver in the state is $1,578 annually. However, if you live in the most expensive parts of the state, you’ll have to spend an extra $1,500 a year on your car insurance. You may want to consider usage-based insurance, which is a type of policy that offers discounts based on how often you drive.
The age of the driver is a big factor in the cost of car insurance in Illinois. Young drivers are considered high-risk because they’re less experienced on the road, and they’re more likely to get into a vehicle accident. Having a teen on the road can raise your insurance rates by 3.6 times.
The age of the insured party is also a major factor in your premiums. For example, a good driver who has been married for at least five years may be able to receive a discount. A student, veteran, or homeowner may also be eligible for a discount. You may be able to save up to 40% by bundling multiple policies with the same insurer.
Aside from your own age and gender, the other factors that influence your premiums are the type of car that you own and the location that you live in. If you own a luxury vehicle, your rate will likely be a lot higher than the national average.
Other factors that can help you save on your car insurance include adding a driver, increasing your deductible, and choosing to take out comprehensive and collision coverage. While not all Illinois insurance companies use credit in their calculations, it is worth knowing that having negative credit can raise your insurance rate by an additional two and a half times.
While the price of your car insurance is definitely a matter of personal choice, you should know that the majority of Illinois insurance companies base their premiums on a number of different factors. These factors include your age, your marital status, the amount of coverage you need, and your own driving habits.