Best Cheap Auto Insurance Quotes for College Graduates in Illinois

When writing about auto insurance, the words cheap or affordable should not be used anywhere to describe car insurance prices. The fact is, cheap auto insurance for college graduates is not easy to find. But don’t let us ruin your dream, because we will show you how you can quote and buy coverage that is more affordable.

Finding out which companies have the best car insurance rates for college graduates involves a little more sweat in order to find the lowest price. Every insurance provider uses their own method to determine premium rates, so we need to take a look at the most budget-friendly car insurance companies in Illinois.

It’s a good idea to know that Illinois car insurance rates are based on many factors that can increase the price you have to pay. Simply getting older, marrying your spouse, or getting a DUI can produce rate changes resulting in some companies being more affordable than before.

Best Cheap Insurance Rates for Grads

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The Hartford has some of the best car insurance rates in Illinois at around $776 per year. Rockford Mutual, Titan, Erie, and Cincinnati Insurance also rank well as some of the cheapest Illinois auto insurance companies.

As illustrated above, if you currently buy coverage from Erie and switched to Rockford Mutual, you might see an annual premium reduction of upwards of $58. Drivers with Cincinnati Insurance could save as much as $77 a year, and USAA insureds might lower prices by $103 a year.

Remember that these premium estimates are averaged across all ages of drivers and types of vehicles and do not take into consideration a rate discount for college graduates. So the car insurance company that has the cheapest price for you may not even be shown in the above rate chart. That is why you need to compare prices as often as possible using your own driver and vehicle profiles.

The make and model of vehicle you are insuring is a large factor when trying to find the best cheap car insurance for college graduates in Illinois. Vehicles with lower acceleration and performance, excellent safety ratings, or a low likelihood of having liability claims will cost less to insure than high performance models. The data below illustrates insurance prices for a handful of the more afforable vehicles to buy coverage for.

Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Premium amounts do not factor in vehicle location which can revise price quotes significantly.

Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Table data does not factor in specific garaging location which can influence coverage rates significantly.

Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Illinois minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Premium costs do not factor in vehicle location which can lower or raise premium rates greatly.

How accidents and tickets impact rates

A great way to enjoy the best cheap car insurance for college graduates in Illinois is to be a careful driver and have a clean driving record. The information below illustrates how traffic citations and fender-benders increase insurance prices for each different age group. The rate quotes are based on a single female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.

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In the previous chart, the average cost of auto insurance in Illinois per year with no accidents or violations is $1,054. Factor in one speeding ticket and the average cost increases to $1,195, an increase of $140 each year. Then add two accidents along with the one speeding ticket and the 12-month cost of car insurance for college graduates jumps again to an average of $2,519. That’s an increase of $1,465, or $122 per month, just for not driving safely!

Full coverage rates compared to liability only

Finding the best cheap car insurance for college graduates in Illinois is important to the majority of people, and one of the best ways to pay lower rates for insurance is to buy liability only. The example below shows the comparison of insurance rates when comparing full coverage to liability only. The premiums are based on no driving violations, no at-fault accidents, $250 deductibles, marital status is single, and no discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $250 Deductibles’, ‘Liability Only’],[‘Age 20’, 2343,797],[‘Age 30’, 1233,441],[‘Age 40’, 1213,409],[‘Age 50’, 1107,385],[‘Age 60’, 1069,379],[‘Age 70’, 1301,503]]);var options = {title: ‘Comparison of Full Coverage and Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Illinois’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

Averaged for all age groups, comp and collision coverage costs $1,378 per year more than just buying liability insurance. That may make you wonder if buying full coverage is a waste of money. There isn’t a steadfast formula to stop paying for full coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than about 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.

For example, let’s pretend your vehicle’s book value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $6,000 after the policy deductible has been paid. If premium cost is more than $600 annually for full coverage, the it may be a good time to stop paying for full coverage.

How to get the best cheap car insurance for college graduates in Illinois

Here are some of the better thrifty suggestions that can help you find lower-cost coverage.

• If your vehicles are older, consider dropping full coverage
• Drive vehicles with five-star safety ratings
• Clean up your credit rating
• Insure your home and auto with the same company
• Accidents can significantly increase rates
• Comparison shop at least once a year

The last tip in the list is remarkably necessary, as we emphasized in the prior article. Coverage rates in Illinois can be changed at any time, so don’t hesitate to buy a policy from a new company if you can find a cheaper rate.

Having a favorite company is great, but is isn’t recommended if your bullheadedness ends up costing you potentially thousands of dollars a year. Take a couple minutes and compare rates to find cheaper auto insurance for college graduates.