8 Top Tricks to Reduce Auto Insurance Costs in Elgin
If shopping for auto insurance online is new to you, you may be overwhelmed by the large number of online companies offering insurance in Elgin.
If you have a policy now or are shopping for new coverage, you can use this information to find the best rates and still get good coverage. This information will help educate you on how car insurance quotes work and some money-saving tips. Illinois drivers just need to learn the tricks to compare price quotes over the internet.
How to Compare Auto Insurance Quotes in Elgin
There are several ways you can shop for auto insurance but one way is less time-consuming than others. You can waste a lot of time driving to insurance companies in Elgin, or you can stay home and use online quoting for quick rates.
Many of the larger companies are enrolled in a marketplace where prospective buyers send in one quote, and each company can give them a price. This prevents consumers from doing repetitive form submissions for each company. To participate in this free quote system, click here (opens in new window).
One minor caviat to comparing rates this way is buyers cannot specifically choose the insurers to get pricing from. So if you prefer to pick from a list of companies to request quotes from, we put together a list of auto insurance companies in Illinois. Click to view list.
Whichever way you use, make absolute certain that you use apples-to-apples coverages and limits on every quote you get. If the quotes have different deductibles it will be next to impossible to find the best deal in Elgin.
Verify you’re getting all your discounts
Companies don’t always list all their discounts very well, so we break down some of the best known and the more hidden discounts you could be receiving. If you don’t get every credit possible, you’re just leaving money on the table.
- Defensive Driving Course – Successfully completing a course in driver safety could possibly earn you a 5% discount if your company offers it.
- Drivers Ed for Students – Cut your cost by having your teen driver successfully complete driver’s ed class if it’s offered in school.
- Senior Citizens – If you’re over the age of 55, you may be able to get reduced rates.
- Fewer Miles Equal More Savings – Driving fewer miles could qualify for discounted rates on garaged vehicles.
- Accident Free – Good drivers with no accidents can save substantially when compared with accident-prone drivers.
- Seat Belts Save more than Lives – Requiring all passengers to use their safety belts can save up to 15% on the medical payments or PIP coverage costs.
- More Vehicles More Savings – Buying insurance for multiple cars or trucks on one policy can get a discount on all vehicles.
- Payment Method – If paying your policy premium upfront instead of making monthly payments you could save up to 5%.
Drivers should understand that most discounts do not apply to the entire policy premium. The majority will only reduce individual premiums such as physical damage coverage or medical payments. So despite the fact that it appears having all the discounts means you get insurance for free, you won’t be that lucky.
To see a list of insurers with discount auto insurance rates in Elgin, click here.
Do you really save 40% when you switch?
Illinois drivers can’t get away from ads for the lowest price auto insurance from the likes of Allstate, GEICO and Progressive. All the ads make the same claim that you’ll save big if you change your coverage to them.
How does each company say the same thing?
Insurance companies have a certain “appetite” for the type of customer that makes them money. For example, a preferred risk could be between the ages of 40 and 55, has no tickets, and has great credit. A customer who fits that profile will get the preferred rates and therefore will save a lot of money.<img class="alignright" style="padding-top:15px;" src="https://www.findnewcarinsurance.com/wp-content/uploads/ci175-63.jpg" alt="Elgin Illinois car insurance prices”/>
Drivers who don’t qualify for the requirements will be quoted a more expensive rate and ends up with the customer not buying. The ads say “customers that switch” not “people who quote” save money. That’s the way insurance companies can advertise the way they do. This emphasizes why drivers must get as many comparisons as possible. It’s not possible to predict which company will give you the biggest savings.
Auto insurance 101
Understanding the coverages of auto insurance can be of help when determining the right coverages and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring.
Liability car insurance
Liability coverage will cover damage or injury you incur to a person or their property by causing an accident. This coverage protects you against claims from other people. Liability doesn’t cover damage to your own property or vehicle.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have policy limits of 50/100/50 which stand for a limit of $50,000 per injured person, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property.
Liability coverage protects against claims like legal defense fees, pain and suffering and medical expenses. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible. Illinois state law requires minimum liability limits of 20,000/40,000/15,000 but it’s recommended drivers buy more liability than the minimum.
Comprehensive coverage
This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive coverage pays for things such as falling objects, hail damage and hitting a deer. The maximum payout you’ll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.
Collision coverage
This pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.
Collision can pay for claims like crashing into a ditch, crashing into a building, scraping a guard rail and sideswiping another vehicle. Paying for collision coverage can be pricey, so consider dropping it from lower value vehicles. It’s also possible to increase the deductible to bring the cost down.
Uninsured/Underinsured Motorist coverage
This gives you protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include medical payments for you and your occupants and damage to your vehicle.
Since many Illinois drivers only purchase the least amount of liability that is required (20/40/15 in Illinois), their limits can quickly be used up. So UM/UIM coverage should not be overlooked.
Medical payments coverage and PIP
Med pay and PIP coverage reimburse you for short-term medical expenses for things like chiropractic care, prosthetic devices and funeral costs. They are utilized in addition to your health insurance plan or if you do not have health coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
Affordable insurance is out there
When buying insurance coverage, never buy lower coverage limits just to save a few bucks. In many cases, someone dropped comprehensive coverage or liability limits only to regret they didn’t purchase enough coverage. Your focus should be to get the best coverage possible at the best price.
Budget-conscious auto insurance is definitely available from both online companies in addition to many Elgin insurance agents, and you need to comparison shop both to have the best selection. There are still a few companies who do not provide online price quotes and most of the time these small, regional companies sell through independent agents.
Drivers switch companies for many reasons like policy cancellation, denial of a claim, delays in responding to claim requests or even high rates after DUI convictions. It doesn’t matter why you want to switch finding a new company is not as difficult as it may seem.
Additional detailed information is available at the Illinois Department of Insurance website. Visitors are able to read state legal mandates and laws, find out industry alerts, and download brochures.
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