Having to pay for high-priced auto insurance can empty your savings and force you to make tough financial choices. Comparing rates annually is a fast and free way to tighten up your finances.
Many auto insurance companies compete for your insurance dollar, and it can be difficult to compare rates to get the cheapest price
It’s smart to take a look at other company’s rates every six months due to the fact that insurance prices change regularly. Even if you got the best deal two years ago the chances are good that you can find a lower rate quote today. Forget anything you know (or think you know) about auto insurance because you’re about to learn one of the best ways to lower your rates without sacrificing coverage.
If you have insurance now or are just looking to switch companies, you can learn to find better prices while maintaining coverages. Choosing the best insurance company for you in Streamwood is not that difficult. Illinois drivers just need to learn the most efficient way to shop their coverage around over the internet.
The best way we recommend to compare insurance rates from multiple companies is to know the trick almost all companies will pay a fee to provide you with free rate quotes. All consumers are required to do is spend a couple of minutes providing details like what your job is, an estimate of your credit level, which vehicles you own, and if you went to college. Your information is then submitted to multiple different insurance companies and you will get price comparisons immediately.
To find the cheapest car insurance rates, click here and find out if lower rates are available.
You may qualify for discounts
Auto insurance is expensive, but you may be missing some discounts that you may not even know about. Certain discounts will be applied when you complete an application, but once in a while a discount must be specifically requested before you will receive the discount.
- Streamwood Homeowners Pay Less – Owning your own home or condo can earn you a little savings because maintaining a house is proof of financial responsibility.
- Drivers Education – Reduce the cost of insurance for teen drivers by having them enroll and complete driver’s education in high school.
- Anti-theft Discount – Vehicles that have factory alarm systems and tracking devices are stolen less frequently so companies will give you a small discount.
- Savings for New Vehicles – Insuring a vehicle that is new is cheaper since new model year vehicles are generally safer.
- Full Payment Discount – If you pay your bill all at once rather than paying in monthly installments you may have a lower total premium amount.
- One Accident Forgiven – Not necessarily a discount, but companies like Allstate and Progressive permit an accident without raising rates with the catch being you have to be claim-free for a specific time period.
Don’t be shocked that some of the credits will not apply the the whole policy. Some only apply to individual premiums such as collision or personal injury protection. Despite the appearance that all those discounts means the company will pay you, you won’t be that lucky.
Large auto insurance companies and a summarized list of policyholder discounts are included below.
- Esurance has discounts for anti-lock brakes, online quote, defensive driver, multi-policy, Pac-12 alumni, and paid-in-full.
- The Hartford may include discounts for vehicle fuel type, bundle, anti-theft, air bag, defensive driver, and good student.
- AAA offers premium reductions for education and occupation, multi-policy, good driver, multi-car, pay-in-full, and anti-theft.
- GEICO has savings for defensive driver, air bags, multi-policy, military active duty, five-year accident-free, anti-theft, and emergency military deployment.
- State Farm policyholders can earn discounts including Drive Safe & Save, good driver, anti-theft, student away at school, driver’s education, multiple autos, and defensive driving training.
Before purchasing a policy, check with each company which discounts they offer. Savings might not apply in your area.
How car insurance companies determine prices
Lots of factors are taken into consideration when you quote your car insurance policy. Most are fairly basic like a motor vehicle report, although some other factors are less apparent like where you live or your commute time. One of the most helpful ways to save on auto insurance is to to have a grasp of a few of the rating criteria that come into play when calculating the rates you pay for auto insurance. If you know what impacts premium levels, this enables informed choices that will entitle you to much lower annual insurance costs.
The items below are some of the items used by companies to determine premiums.
- Where you call home plays a part – Choosing to live in less populated areas of the country is a positive aspect when trying to find low car insurance rates. People in densly populated areas have more aggressive driving styles and longer commutes to work. Less people corresponds to lower accident rates in addition to fewer liability claims.
- Influences performance influences auto insurance premiums – The performance level of the vehicle you need to insure makes a huge difference in your rates. Lower cost passenger cars generally have the cheapest insurance rates, but that’s not the only thing that factors into the final price.
- You may save more by bundling policies – Most insurance companies will award lower prices to buyers who have multiple policies with them. It’s known as a multi-policy discount. Even with this discount applied, drivers will still want to check prices from other companies to help guarantee you have the best rates.There is a chance you can save more without the discount by insuring with multiple companies.
- Employer impacts premiums – Jobs such as military generals, executives and medical professionals tend to have the highest average rates because of high stress and lots of time spent at work. Other jobs such as scientists, historians and the unemployed receive lower rates.
- Your liability protection limits – Your policy’s liability coverage is the coverage that protects you if ever a jury decides you are liable for causing personal injury or damage in an accident. Your liability coverage provides for a legal defense to defend your case. It is affordable coverage compared to physical damage coverage, so drivers should buy more than the minimum limits required by law.
- Safer cars save money – Safe vehicles cost less to insure. The safest vehicles reduce occupant injuries and better occupant protection translates into fewer and smaller insurance claims and thus lower rates. If your car, truck, or SUV is rated at least four stars on Safercar.gov or an “acceptable” rating on iihs.org it may cost less to insure.
Persistence pays off
When shopping online for auto insurance, don’t be tempted to skimp on coverage in order to save money. In many instances, someone dropped uninsured motorist or liability limits to discover at claim time they didn’t purchase enough coverage. The aim is to buy the best coverage you can find at an affordable rate, but do not skimp to save money.
Cost effective auto insurance is definitely available online and with local Streamwood insurance agents, and you need to price shop both to have the best chance of lowering rates. Some auto insurance companies may not have online price quotes and these small insurance companies work with independent agents.
More detailed Illinois auto insurance information is located at the Illinois Department of Insurance website. Illinois consumers can view a list of available companies, discover disciplinary actions, and file complaints about a company.