With annual average rates for 2011 of only $981 compared to the national average which is $1,440, Illinois drivers presently are able to obtain auto insurance coverage at rates that are among the very lowest in the nation.
Annual Changes
Between the beginning of 2010 and the beginning of 2011, the average annual premium in Illinois was reduced by 24%. This follows a 6% rise in premiums between 2009 and 2010. Insurers in Illinois are able to set rates according to their own formulas as the market for auto insurance is not subject to state regulation. As rates in Illinois do not follow a particular pattern from year to year, it is highly advised to use this site to monitor prices and trends as well as to obtain multiple quotes from Illinois auto insurers.
Seasonal Changes
In 2010, auto insurance rates rose steadily every month until August, when rates began to fall until hitting a low of $951 in October, which remained almost steady through the winter, rising to only $981 where it remained as of January 2011. It is not possible to predict any pattern for auto insurance rates in Illinois for future months and years, so that frequent monitoring of prices and trends is the best way to obtain the lowest rates.
Insurance Requirements
The minimum insurance requirements in Illinois include personal liability coverage of $20,000 per person and a $40,000 limit per accident, and the minimum property damage liability coverage is only $15,000. There is also a mandatory uninsured and underinsured motorist coverage requirement with a limit of $20,000 per person and $40,000 per accident. In Connecticut, the tort system is in effect so that one party is judged responsible for all damages that result from an accident. Therefore, higher limits for all forms of auto coverage are highly recommended to preserve assets in the event of a lawsuit.
Advice for Getting the Best Deals
The Illinois auto insurance market is served by both national and regional insurers. There is no way to recommend a single company or even a type of company as each company uses different means of setting annual premiums for different situations Obtaining multiple quotes from reliable insurance companies that are rated A or higher by A. M. Best is highly recommended. In addition, it is advised to check the J. D. Power consumer satisfaction ratings for each insurance company.
Getting the lowest rates for auto insurance in Illinois is a matter of using this site to check prices and to request multiple quotes from top insurers.
