UPDATED: Mar 13, 2020
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Cheap Car Insurance in Peoria, IL
Are you trying to get cheap auto insurance in Peoria, IL? It may seem difficult, but it is not impossible! Our website has helped thousands of people just like you get great coverage at the right price from some of the strongest and most reliable car insurance providers in the industry today.
And if you really want the best deals available in Peoria right now, we will help you find them. Just use our FREE quote tool to compare insurance rates now!
Peoria holds the distinguished title of being the largest city located on the Illinois River. It’s been around since the late 1600s and, if the name seems like it’s spelled a little funny to you, that’s because it was founded by French explorers.
It’s also the 2nd oldest European settlement within the state, placing runner-up behind Chicago.
- Fun fact: Did you know that up until 2018, Peoria, IL was the hometown of Caterpillar Inc – a financial powerhouse which holds a position on both the Dow Jones Industrial Average and the top Fortune 100 companies? Learn more interesting facts about Peoria here.
Auto Insurance Coverage Requirements in Illinois
Driving legally in Peoria requires:
|Bodily Injury Liability||20,000/40,000||100,000/300,000|
|Property Damage Liability||15,000||100,000|
|Uninsured Motorist Bodily Injury||Not required||20,000/40,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||250 deductible|
Keep in mind that this chart only shows the bare minimum coverage you must purchase in order to drive legally. The suggestions on the far right are usually what most drivers end up buying, but it will be notably more expensive than just the bare minimum legal requirements in the middle column.
However, the recommendations don’t necessarily apply to every driver. It’s a good idea to sit down with your insurance agent and ask them for advice based on things like the age of your vehicle and how much you can afford.
It’s easier to find a good deal on your auto insurance premiums in Illinois than in other states. For example, recent data shows that it costs about $65 a month to stay insured on average.
But you may not be the average Illinois motorist. In fact, you may be an ideal customer to certain insurance providers – which could save you a ton on your premiums. And we can show you how to find those companies.
As you can see in this graph, Safe Auto and Cincinnati Insurance are outperforming the competition as far as pricing is concerned. But what this chart doesn’t reflect are things such as customer service or financial stability.
When you’re thinking about switching insurance companies, you should consider all facets of the company’s overall performance – not necessarily just the price tag alone.
When it comes to finding appropriately priced Illinois auto insurance, the struggle is real. But just by visiting this site, you will have a trick up your sleeve.
Once you finish reading this page and know everything you need to know about how to get the lowest rate, you can take advantage of our services even further by typing your zip code into our search box so that you can get the best deals available near here.
Major Car Insurance Factors in Peoria
Lots of people get confused by how insurance companies calculate their monthly premium. So we are going to dismantle the process for you right here and now. Let’s start with the most important topics, like your zip code, your location, and your age, among other things.
Yes, we realize it is difficult or impossible to alter some of these circumstances in your favor. But just knowing about them can give you the leverage you need to negotiate a more affordable monthly rate.
Your Zip Code
As of the most recent surveyed data, the population of Peoria, IL is 115,588 people taking home an average household income a $47,369. This information, along with other things like crime rates and accident statistics, can tell your insurance company how likely you are to get into an accident.
Even if you are the safest driver that has ever existed in the history of time, bad demographics mean that you are more likely to get into an accident than if you lived in the smaller town further away from the big city. And this reality will be reflected in your monthly premiums.
Speaking of automotive accidents, let’s take a look at serious accident statistics for Peoria. The numbers in the graph below are slightly lower than the similarly-sized cities nearby.
But even the fact that most of those numbers are in the double digits can make your insurance company nervous.
If you happen to have been accident-free for the last several years, this may help you avoid a rate spike despite these statistics (more on that below). However, you should keep these numbers in mind when you talk to your insurance agent.
Auto Thefts in Peoria
Here’s another statistic which could make your insurance provider less confident about insuring you: auto theft. Certain vehicles carry a higher risk of theft than others, even if you live in a relatively safe neighborhood.
Likewise, every vehicle will carry some risk of theft, especially if you live in an area where such incidents are high. The most recent data shows that auto thefts in Peoria nearly doubled between 2015 and 2016.
You might want to talk to your current insurance provider about getting a passive alarm installed in your vehicle or maybe even shopping around for a lower profile car, truck, or SUV in order to make sure that auto theft isn’t making it more expensive for you to drive in Peoria.
Your Credit Score
Credit scores are a tricky thing in general. When it comes to your car insurance, this is certainly no exception. Obviously, you want to do everything you can to make sure your credit score is as high as possible because it will help you get a substantially less expensive rate.
Unfortunately, this is easier said than done for many drivers. If you haven’t paid attention to your credit score lately, you should definitely use one of the free sites to check and see what your score is now.
If it is lower than 720, you’re going to want to take steps to raise your credit score so that you can get a lower monthly premium. Or you could see if there are companies that don’t consider credit in their decision when determining your premiums, like Elephant.
Your age has a lot to do with how experienced you are as a driver. The more driving experience you have, the less statistically likely you are to get into an accident, which means that insurance providers will charge you a lower rate.
If you are a teenage driver, or if you are the parent of a teenage driver who is struggling to pay for adequate coverage, consider bundling everyone together on a family policy.
Young drivers should also do everything they can to get good grades and to prove that they are confident behind the wheel with some driver’s education training in order to get some extra discounts.
Your Driving Record
The cleaner your driving record, the more confident your insurance company is that you will not get into an accident. Like many of the factors we discussed so far, this will get you a cheaper monthly premium.
If you do have recent tickets, accidents, or other blemishes on your driving record, the good news is that your insurance company will no longer factor them in once they are 3 – 5 years old or more.
The bad news is that the more recent these infractions are, the longer you will have to wait until they are erased from your record to get safe driver discounts for you.
The type of vehicle you drive doesn’t just get factored in based on how likely it is to get stolen. The age of your vehicle, as well as its overall price tag, will have a major impact on your final premium.
Gap coverage for a brand new vehicle will cost more, but it will protect you from being stuck upside down on a new car loan if you get into a vehicle-totaling accident.
On the other hand, older vehicles which won’t cost much to repair or replace will automatically qualify you for lower monthly insurance premiums.
Minor Car Insurance Factors in Peoria
Of course, tweaking some of the factors below can add up to some extra savings over time:
Your Marital Status
Most newlyweds may not know that they can bundle together under the same auto insurance plan as their spouse in order to take advantage of some decent discounts. Some insurance companies even allow this bundling if you qualify for domestic partnership status.
It’s good to talk to your insurance agent and see whether or not living under the same roof and parking in the same driveway as your significant other can get you a decent discount off your premiums.
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How much stock do insurance companies put into charging male and female drivers different premiums? The truth is that many insurance companies don’t really practice this anymore. Some, however, may still charge different rates based on gender alone.
You should definitely ask your insurance provider whether or not this is the case with their company. Depending on if so – and by how much – you make it a better deal with a provider who does not factor gender into their premium calculating equation.
Your Driving Distance to Work
Commute times in Peoria, IL can be a little iffy. If you’re lucky, it may only take you about 10 minutes to get to work; on the other hand, most drivers could end up spending around 20 minutes behind the wheel.
And keep in mind you’ll be driving in rush-hour traffic, which increases the likelihood of an accident. About 82 percent of residents will brave this traffic alone in their own vehicle, with far less than 20 percent of people trying to carpool or use public transportation.
Have you thought about using one of those plug-in devices to track your mileage in order to get a discount from your insurance company? The average motorist drives around 15,000 miles a year.
If you think you drive less than that – especially if you avoid driving during rush hour traffic and/or driving during dangerous times, such as late at night on the weekend – you may be able to save upwards of 30 percent or more.
It all depends on whether your car insurance provider offers such discounts though, so be sure to ask them before you make a decision on an auto policy.
Your Coverage and Deductibles
The amount of money you could potentially save on your monthly premiums is inversely related to the amount of money you pay for your deductible. Raising your deductible as high as $1,000 or $2,000 could save you a decent chunk of money in the long run – provided you stay accident-free, of course.
Before you decide to make the change, though, make sure you put that deductible money away in a safe place so that you can get back on the road quickly if you do get into an accident.
Lots of people can’t get to work or make that deductible money if they don’t have a vehicle. And your insurance provider may not provide you with a replacement one to get around in until after your deductible is paid.
Education in Peoria, IL
Peoria is a fairly well-educated city compared to the rest of the state. It exceeds the state average for degrees such as bachelor’s degrees, professional school degrees, and doctorates degrees. It’s about even when it comes to master’s degrees.
It also has a higher number of residents who at least attempt some college credit instead of settling for a high school diploma or equivalent. Only about 32 percent of adult residents in Peoria have a high school education or less.
If you want to get a higher education somewhere within the city limits of Peoria, you have a handful of private and technical schools to choose from. Bradley University and Methodist College have the highest enrollment rates, where has the Regency Beauty Institute-Peoria and the Saint Francis Medical Center College of Nursing are much more specialized.
You could also venture a little farther out if you’re interested in a place like Illinois State University or Illinois Central College.
If you’re less than satisfied with your current insurance provider for any reason, then you owe it to yourself to shop around for a better deal. If the customer service is bad, there’s a good chance there’s another provider near you who will care more about what you need as a customer.
If their rates are too high, insurance companies are always competing for more business – there’s a good chance the competition is trying to undercut your provider right this minute.
Compare rates with us today and stop tolerating your disappointing car insurance company.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34-year-old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home.
Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.