As the largest city in Illinois and the third most populated city in the United States, Chicago tends to have insurance rates higher than the state average. One of the reasons is due to location, as the percentage of uninsured motorists and the rate of car thefts is high. Auto insurance rates in Illinois are rising with inflation, and some people pay up to 30 percent more for car insurance. Gap insurance is really insurance for your loan or lease, not for your car, and any reputable lender or landlord will require that you maintain it.
CHICAGO (WLS) — Your car insurance bill may have increased significantly lately and some consumers may pay up to 30% more. In most cases, you can't take out coverage insurance or file a coverage insurance claim if you don't have collision or full risk coverage. State laws govern how much insurance coverage drivers must have, and no-fault laws affect insurers' risks. The cost of an auto insurance policy can vary depending on factors such as age, gender, and driving history.
For a big city, Chicago typically has car insurance rates that are actually on the affordable end of the spectrum. If you bought term insurance from a dealer but allowed your car insurance to expire, you're likely in violation of your contract. Many factors affect car insurance costs, from your credit history and zip code to the type of vehicle you drive. While liability insurance is necessary, experts say that if your car isn't worth much, you might want to consider leaving your comprehensive and collision insurance to reduce your bill.
There are several unique reasons why car insurance is also increasing every year in Illinois, even if your details remain the same. Below, you can see 10 popular auto insurance companies ranked based on their average minimum coverage costs in Chicago. In addition to the population and the number of uninsured drivers, other factors affecting car insurance costs include state laws, crime rates, and special weather hazards. In reality, car insurance in Illinois isn't very expensive compared to the national average, thanks to safe drivers with fewer accidents than average and affordable auto repair options across the state.
The cheapest states for car insurance are Iowa, Vermont and Nebraska, according to the WalletHub cheap car insurance study.