Elgin's average annual car insurance cost is $1,448 for full coverage and $498 for minimum coverage, which is higher than the state average. In Illinois, the average driver pays $1,485 for full coverage insurance and $442 for minimum coverage insurance. This is slightly less than the national average for full coverage, which is $1,674.
It is critical to look beyond price when comparing cheap car insurance companies in Illinois.
State Farm and Geico both provide extremely limited coverage options. All of these businesses offer discounts, but the amount of money saved varies. In terms of third-party ratings, Erie and State Farm were the only two companies rated above-average for overall customer satisfaction by J.D. Power. Nationwide and Geico received below-average ratings, while Mercury received no rating at all.
Insurance requirements in Elgin
Elgin drivers must comply with Illinois' minimum car insurance laws, which are abbreviated as 25/50/20. Personal liability insurance and uninsured motorist liability insurance are required, with the following coverage limits:
Each person is liable for $25,000 in bodily harm.
Per accident, bodily injury liability is limited to $50,000.
Property damage liability of $20,000 per accident
Uninsured motorist bodily injury liability of $25,000 per person
Uninsured motorist bodily injury coverage is $50,000 per accident.
While minimum coverage insurance is the cheapest option, insurance companies do not recommend it. There is no guarantee that a policy with the bare minimum of coverage will cover the full cost of an at-fault accident. If you cause an accident and your financial responsibility exceeds the policy's limit, you must pay the difference out of pocket. If you do purchase higher coverage limits, Illinois law requires you to have underinsured motorist bodily injury coverage on your auto policy as well.
Another thing to keep in mind is that most drivers who lease or finance their vehicle are required to maintain comprehensive and collision coverage until their loan is paid off. You have the option to cancel these coverages once the loan is paid off.
Elgin auto insurance discounts
Most car insurance companies in Illinois provide discounts to help drivers save money on their premiums. Although the exact discounts vary by insurer, here are some of the most common ones in Elgin:
Multi-vehicle discount: If you insure more than one vehicle on your car insurance policy, you may be eligible for a discount.
Multi-policy discount: Drivers who insure their home and vehicle with the same insurance company may be eligible for a bundle discount.
Drivers who have not filed a claim in the last few years may be eligible for a policy discount.
Pay in full discount: Paying your auto premium in one lump sum rather than in monthly instalments can sometimes result in a lower rate.
When comparing car insurance companies, look for discounts if you want to find a low-cost policy. You should also keep an eye on the percentage savings offered by each company. For example, multi-policy discounts can frequently result in savings of up to 20%, whereas paying your premium in full usually results in a much smaller discount.
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