Auto insurance in Chicago typically costs $1,134 annually, the same as the annual average in Illinois. The cheapest insurer is GEICO with an average rate of $789. To help you find a rate that fits your profile, MoneyGeek analyzed the cheapest companies by coverage amount and driving history. MoneyGeek also rated the best insurers that balance affordability and quality.
Compare the Cheapest Car Insurance Quotes in Chicago, IL
Car insurance rates may vary depending on your preferences and profile. GEICO is Chicago’s cheapest auto insurance provider for full coverage and state minimum policies, as well as for drivers with a speeding ticket. USAA offers affordable options for drivers who work for the military. MoneyGeek’s top-rated auto insurance provider in Chicago is Erie, as it balances cost and customer service.
The Cheapest and Best Car Insurance in Chicago
The Cheapest Car Insurance Companies in Chicago
A full coverage car insurance policy offers financial protection for most circumstances as it includes liability, comprehensive and collision coverages.
MoneyGeek’s analysis reveals these providers offer Chicago’s cheapest full coverage policies for an average driver:
- GEICO: $789 per year
- Mercury: $860 per year
USAA also offers an affordable rate for drivers who have a military background or are part of a military family at $871 annually.
Our study shows that GEICO, Chicago’s cheapest provider, is 111.5% less expensive than AAA, the city’s most expensive provider.
Cheapest Car Insurance in Chicago
The car insurance rates in this study are for a 40-year-old male driver in Chicago with a full coverage policy based on MoneyGeek’s methodology.
A full coverage auto insurance policy includes comprehensive coverage, collision coverage, and the state’s minimum required coverages. It offers broad financial protections in case of an accident, but it’s more costly than a minimum coverage policy.
- Comprehensive Coverage: Pays for expenses from damages due to the weather, theft, falling objects and other damages not caused by a collision.
- Collision Coverage: Pays for vehicle repairs if you’re in an accident.
If you have an older car, consider that full coverage insurance can be more expensive than your car’s actual replacement worth. A liability-only or state minimum insurance is recommended in this case to obtain the cheapest rates possible.
Cheapest Car Insurance in Chicago for Minimum Coverage
If you’re looking for the cheapest car insurance offers in Chicago, a state minimum policy is your best option. Such policies don’t have comprehensive and collision coverages, making them significantly more affordable than other policies. However, its limited coverage exposes you to financial risks in case of an accident.
These companies present Chicago’s cheapest state minimum policies:
- GEICO: $366 per year
- Mercury: $367 per year
USAA also offers an affordable state minimum coverage policy in Chicago for eligible U.S. military members and veterans at $411 annually.
MoneyGeek’s research found out that Chicago’s cheapest state minimum provider, GEICO, is $486 cheaper than the city’s most expensive state minimum provider, Metlife.
Cheapest Minimum Liability Car Insurance in Chicago
- CompanyState Minimumper year
In Illinois, all drivers must have a minimum coverage policy by law. The coverages are for bodily injury liability, property damage liability, uninsured motorist bodily injury and uninsured motorist property damage.
A state minimum policy is Chicago’s cheapest auto insurance policy — buying it will save you some money on your monthly premiums. However, its limited coverage comes with limited protections, and you may end up paying more in case of an accident.
Liability insurance in Illinois only covers $25,000 for bodily injuries per person. If you’re at fault in an accident and the other party’s medical expenses reach $30,000, you’ll have to pay $5,000 by yourself.
Illinois Minimum Liability Requirements
- Bodily Injury and Property Damage$25,000 per person, $50,000 per accident and $20,000 for property damage. A more protective level is 100/300/100.
- Uninsured Motorist$25,000 per person and $50,000 per incident. The minimum coverage may not be enough if you're in a serious accident.
Cheapest Car Insurance in Chicago if You Have Driving Violations
If you get a speeding ticket, are charged with a DUI, are in an at-fault accident or incur other driving violations, your car insurance premiums will increase. You can seek to improve your driving history and have your rates lowered, but that takes time.
For now, your best option is to compare car insurance offers to find reasonable rates. MoneyGeek’s research shows these companies provide the most affordable car insurance policies in Chicago for drivers with a bad driving record:
- Cheapest after a ticket: GEICO, $960 per year
- Cheapest after an at-fault accident: State Farm, $1,121 per year
- Cheapest after a DUI: State Farm, $1,035 per year
Cheapest Car Insurance in Chicago With a Violation
- CompanySpeeding Ticketper year
Average Cost of Car Insurance in Chicago
Car insurance in Chicago is not cheap. The average car insurance rate in Chicago is $1,134 annually. The average cost in the state of Illinois is also $1,134. In comparison, the national average car insurance premium is $1,424.
Of course, the final car insurance cost varies from person to person. Car insurance in Chicago is calculated depending on different personal factors.
Personalized Quotes to Get You the Cheapest Car Insurance in Chicago
The average insurance rates per company may still increase or decrease depending on your history and personal profile. The riskier your profile is, the higher your premiums will cost. Some of the factors affecting your profile are your driving history, ZIP code and credit score.
It is imperative that you get personalized car insurance quotes in Chicago to get a good read on how your unique circumstances will affect your insurance premiums. Consulting directly with insurance companies will also clue you in on if there are discounts you may qualify for, rebates or other promos that the insurance company may offer.
The Best Car Insurance Companies in Chicago
To help you find a provider that offers affordability and quality service, MoneyGeek ranked the best car insurance companies in Chicago.
On average, the best car insurance companies in the city are:
- Erie: MoneyGeek score of 95 out of 100
- Hartford: MoneyGeek score of 88 out of 100
USAA earned the highest score in Chicago per MoneyGeek’s rating system. However, because it’s only available to active military members, veterans and their families, we did not list it as best overall.
MoneyGeek used several factors to determine scores out of 100, including J.D. Power user satisfaction, affordability and financial stability ratings.
Average Cost of Car Insurance by Postal Code
Your Chicago ZIP code has a hand in determining the average auto insurance premiums you will need to pay. In some areas, it is riskier to own a car due to threats of car theft, accidents and more. In Chicago, the three ZIP codes with the most affordable car insurance are 60657, 60018 and 60625. If you live in 60628, you'll likely be paying the most for auto insurance in Chicago — $1,267.
- Zip CodeState Minimumper year
Factors That Impact Insurance Costs in Chicago
In addition to individual driver needs and history, location-specific factors like the percentage of uninsured motorists and the rate of car thefts also contribute to car insurance rates in Chicago. How Chicago ranks compared to the 300 most populous cities in the United States can have a significant impact on premium costs.
Methodology and Assumptions
MoneyGeek’s average premium rates for Chicago are based on 100/300/100 comprehensive collision coverage with a $1,000 deductible for a 40-year-old male driver. The average driver profiled drives a 2010 Toyota Camry LE and has no tickets or accidents on their record. Additional premiums are added based on coverage type, location and driving record. Learn more about MoneyGeek’s data and methodology here.
About the Author
- GEICO. "Car Insurance Quotes in Chicago, IL." Accessed May 29, 2020.