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Chicago

Chicago Insurance

With 2.7 million residents (9.5 if you count the greater metropolitan area), Chicago, Illinois is the 3rd most populous city in the nation, and the largest city in the Midwest. Chicago is considered one of the most important business centers in the world in terms of wealth and economy. The cost of living in Chicago is 14% higher than the Illinois average, and 12% higher than the national average. This means you probably already feel the need to find cheap insurance like your neighbors.

The city is an international hub for finance, commerce, industry, technology, telecommunications, and transportation. O’Hare International Airport is the second-busiest airport in the world, and the city has one of the world’s largest and most diversified economies with no single industry employing more than 14% of the workforce. Chicago hosts over 54 million domestic and international visitors a year, making it one of the most top visited cities in the nation. Despite having one of the best public transportation systems in the nation, most residents still choose their automobile to get around, so finding the many options for cheap car insurance Chicago offers is a priority.

Public Transportation

As part of the state’s “GreenState” initiative, miles of bike lanes have been added or updated in Chicago and the surrounding areas, making the city the 5th most bike friendly in the U.S. One way to avoid highway delays is to forgo the car commute completely. Fortunately Chicago has some pretty decent public transportation, including the Chicago Transit Authority’s famous “L” trains, which is the third-busiest system in the U.S. after New York City and WashingtonD.C. CTA routes and times can be found on their website. Did you know that commuting on public transportation can actually lower your car insurance rates? That’s because insurance companies rate you, in part, on how many miles per day you drive!

Car Insurance

Every city has its share of traffic congestion, but major US cities like Chicago have some of the worst. With so much stop and go, and so many cars on the road, it’s essential to find all the options for cheap car insurance Chicago can offer. The good part of living in such a major city is that there are more insurance companies to choose from. This guarantees you’ll have plenty of choices. Make sure you have your policy re-quoted at least once a year, as companies are constantly updating their rates based on new data.

Estimates show that traffic delays cost the average Chicago commuter over $1,100 a year. Because the highway system is so unpredictable, most commuters plan for extra time every day to account for possible delays. For real time traffic conditions the Department of Transportation has a map showing current congestion spots. Traffic conditions and frequent delays result in an average of 51 hours of delay per commuter.

Minimum required coverage

  • Chicago’s mandatory minimum coverage for bodily injury or death of one person in an accident is $20,000.
  • The mandatory minimum coverage for bodily injury or death of more than one person in an accident is $40,000.
  • For property damage liability, the minimum is $15,000.

 

The minimum coverage may be all the law requires, but one of the biggest contributors to Chicago’s increased auto insurance premiums is the rate of uninsured motorists, which is more than 15% statewide. This can put you at risk for more than what is covered by just liability. Car repairs and towing can quickly wipe out your savings, so consider adding these options for
the best cheap car insurance Chicago can provide.

  • Collision
  • Towing and labor
  • Comprehensive
  • Rental reimbursement
  • Uninsured motorist bodily injury