For example, you could reduce costs by 10% if you switch to electronic invoices or set up automatic payment. In addition, you could save 50% on your car insurance if you make more important changes, such as improving your credit or trying usage-based insurance. These car insurance discounts could save you up to 10%, according to the insurer. However, most insurance companies have a limit on how much you can save with discounts, or they only offer enrollment discounts on your first bill in six or 12 months.
Many car insurance companies offer 2 to 10% discounts on car insurance to drivers who are members of certain affinity groups or who work in specific professions. For example, Geico offers drivers a 3% discount for hundreds of professional and alumni organizations. This includes fraternities, sororities, academic and honor societies, and business and professional groups. You can save between 5% and 18% on your insurance bill if you combine your insurance with a single company for multiple policies.
In addition to the packages, you can also combine all your vehicles with the same policy and save up to 25% with a discount on the multi-vehicle policy. You can still customize coverage for each vehicle, even if they're on the same policy. Usage-based insurance is a great option for safe drivers who don't drive much and want to save 30 to 50% on their annual contributions. Raising your credit score to the next level saves most drivers an average of 16 to 17% on their annual car insurance rates.
You can get the most savings if you improve your credit rating from regular to good. It's a good idea to get new quotes after milestones such as getting married, moving, or turning 18, 21, or 25, as those changes can lower your rates. You can switch car insurance at any time without most companies charging you, as long as you don't have any period of coverage when you switch to your new policy. Prices vary from company to company, so it's worth comparing prices.
Get at least three price quotes. You can call companies directly or access information on the Internet. Your state's insurance department can also provide price comparisons for major insurers. Comparing quotes to find the cheapest policy can save you up to 50% on your annual car insurance costs compared to average rates.
People who combine their auto and home insurance policies typically get the highest discounts from insurers. A number of car insurance companies offer a discount of around 3% for vehicles with safety devices, including airbags and anti-lock brakes. MoneyGeek found that Mercury offers the most affordable car insurance in Illinois for families, while GEICO has the best rates for most people. On average, drivers in these professions can get up to 10% off the cost of their car insurance in Illinois.
MoneyGeek compares rates to help you find affordable car insurance for low-income people in Illinois, whether you have good or bad credit scores. People with identical driver profiles but with very different income levels can pay the same premiums for their car insurance. MoneyGeek found that Mercury and GEICO policies offer the cheapest car insurance for low-income families and individuals in Illinois. Illinois insurance companies offer a loyalty discount of up to 8% to their repeat customers after a certain period of time, and some companies may increase the discount the longer you remain an active customer.
MoneyGeek calculated the cost of car insurance for low-income drivers in Illinois using quotes obtained in partnership with Quadrant Information Services. The factor that increases the cost of car insurance in Illinois is adding a teenage driver to your policy. If you haven't had accidents or fines for the past three years, you can get a discount for safe drivers on your car insurance rates in Illinois. To help you, MoneyGeek compared all the state's insurance providers with different driver profiles and found the cheapest car insurance for people with low incomes in Illinois.