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If you know where and how to shop for car insurance in Illinois, you can save money. You can calculate your car insurance rates quickly and easily with MoneyGeek's simple and easy-to-use car insurance calculator.
We investigated how Illinois's insurance companies arrive at their rates. In this guide, we'll explain how Illinois auto insurance rates are calculated and what factors go into them.
Illinois Car Insurance Calculator: How it Gets You an Instant, Free Estimate
A finalized car insurance quote in Illinois takes 10 to 15 minutes to receive after providing the required personal information. MoneyGeek's car insurance calculator for Illinois estimates your annual or monthly car insurance costs based on your age, driving record, vehicle type and coverage levels.
According to our calculator, adding a teen driver to your policy, the age of the driver and the coverage levels you choose have the biggest impact on car insurance rates in Illinois. However, the most important factor for you may depend on your driver profile.
Several variables go into determining the cheapest insurer. Our calculator can help you calculate insurance premiums in Illinois. For MoneyGeek’s default driver, Mercury's $395 a year premium is the cheapest average quote.
While pricing isn't everything, it's important to choose a company offering great customer service and coverage options.
- If you're curious about what your premiums will be, you can use our car insurance calculator or look through our list of sample drivers with the cheapest car insurance in Illinois.
- Using data from various states, we calculated how much Illinois' average car insurance cost compared to those of the other states.
- MoneyGeek also ranked Illinois' best car insurance providers for those looking for a balance of affordability and quality service.
How Car Insurance Premiums are Calculated in Illinois
Auto insurance companies in Illinois base their premiums on a variety of factors. The addition of a teen driver, the driver's age and the coverage levels can all affect the cost of car insurance in the state.
In Illinois, adding a teen to a family policy can result in a 3.6x increase in car insurance rates. This makes it the most influential factor in determining premiums in Illinois.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Illinois
Adding a teen driver to your policy will result in higher car insurance premiums, regardless of where you live. This is due to the inexperience of young drivers making them riskier to insure since they have a higher chance of getting into an accident.
Adding a teen driver to your policy is the most expensive factor impacting your car insurance premiums in Illinois. It has the potential to increase your auto insurance costs by 3.6x.
How Much The Age of the Driver Matters in Calculating Car Insurance in Illinois
In Illinois, your age is the second important factor affecting your car insurance premiums. As a general rule, insurance premiums for young drivers and seniors are higher than that of the average adult.
Your insurance premiums can increase by up to 2.5x if you are 19 to 20 years of age as compared to someone who is 40 years of age.
How Much Coverage Levels Matters in Calculating Car Insurance in Illinois
The amount of coverage you get will also affect the cost of your car insurance in Illinois. Getting extra coverage provides you with more protection, but it also means paying more premiums.
In Illinois, the highest annual premium is for full coverage car insurance with liability limits of 100/300/100 and a $500 deductible. On the other hand, a liability-only policy in Illinois with state minimum limits is the cheapest option.
Your coverage level can increase your rates by up to 2.2x in Illinois.
How Much Credit Score Matters in Calculating Car Insurance in Illinois
Maintaining a good credit score is essential to securing low car insurance premiums in Illinois. With good credit, Illinois's motorists can expect to pay less for their car insurance, while those with poor credit can expect to pay more for their policy.
Having a low credit score versus an excellent one in Illinois can result in a 2.1x increase in the cost of your car insurance.
How Much Car Model Matters in Calculating Car Insurance in Illinois
Depending on your car’s make and model, your insurance premiums will change. Premiums for luxury cars are higher because they are expensive to fix and have a higher replacement value. Additionally, some models are more susceptible to theft and damage and may need additional safety accessories. The same can be said about sports cars.
If you drive a luxury car model in Illinois, you can expect to pay up to 2x more in insurance.
How to Calculate How Much Car Insurance You Need in Illinois
The level of coverage you purchase in Illinois has a significant impact on your car insurance premiums. When you know how much coverage you need, it is easy to find the right balance of cost and protection.
The state of Illinois requires bodily injury liability insurance, property damage liability coverage and uninsured/underinsured motorist coverage. However, your circumstances may cause you to consider purchasing additional comprehensive and collision coverage.
Understand Illinois car insurance requirements
Understanding Illinois's state minimum requirements is critical to determining your coverage needs. The state minimum policy only covers $25,000 in bodily injury liability per person, $50,000 in bodily injury liability per accident and $20,000 in property damage liability per accident.
Note that Illinois law does not mandate collision or comprehensive coverage. For added protection, increasing your liability limits or adding comprehensive and collision coverage is best.
Consider Purchasing Additional Liability Insurance
The state minimum liability insurance limits only provide basic protection against expenses and losses caused in an accident. However, if you are involved in a serious accident, you may need more liability insurance to protect yourself against the higher costs involved.
In Illinois, the average cost of minimum liability insurance is $589 per year. Increasing your bodily injury liability coverage to $300,000 will increase the average annual cost to $730.
Decide whether or not to buy comprehensive and collision insurance
In Illinois, you don't have to buy collision and comprehensive insurance. However, car leasing and financing companies frequently require these coverages. A driver may need a full coverage policy that will protect them in the event of any kind of loss or damage to their vehicle.
Comprehensive and collision insurance with a $1,000 deductible costs, on average, an additional $470 per year in Illinois. However, note that paying hundreds of dollars a year for a car that's only worth a few thousand dollars in insurance may not be worth the money.
Consider buying additional protection besides these core coverages
Uninsured/underinsured motorist coverage is required by law in Illinois, helping to guard against collisions caused by drivers who aren't insured or have inadequate coverage. Illinois's uninsured motorist rate is at 11.8%. You need $25,000 in uninsured/underinsured motorist coverage per person with up to $50,000 in uninsured/underinsured motorist coverage per accident in Illinois.
Additional protection against medical costs incurred in a crash can be purchased in the form of Personal Injury Protection (PIP) or medical payments coverage (Medpay).
Frequently Asked Questions About How Car Insurance is Calculated in Illinois
Here are a few frequently asked questions about car insurance in the state of Illinois. You can make more informed decisions about your auto insurance if you are aware of the factors that influence your premium.
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Illinois. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick