You can get classic car insurance in Illinois by purchasing it from a traditional insurance company that offers classic coverage, like Geico or State Farm, or from a specialty insurer like Hagerty. When shopping for classic car insurance in Illinois, you need to make sure that your vehicle meets each insurer’s requirements for coverage, including age specifications and annual mileage caps. Additionally, some insurers only allow you to purchase classic car insurance if you drive fewer than a certain number of miles each year.
Classic car insurance is specialty coverage for antique, exotic, and super-performance vehicles that are driven for pleasure rather than everyday use. This type of insurance is typically cheaper than standard car insurance, since classic cars are driven less than commuter vehicles. Classic car insurance also accounts for the fact that classic cars may appreciate in value over time, which is not the case for standard vehicles.
Classic car insurance costs less than regular car insurance because a classic spends less time on the road than a vehicle used for commuting or errands. The average classic car insurance policy costs between $400 and $1,000 per year.
Like with any auto insurance policy, each driver’s classic car insurance premium will vary based on individual risk factors such as location, driving history, the driver’s age, and the vehicle’s value. Classic car insurance usually applies to antique vehicles as well as to old, high-performance cars. Requirements and prices vary by company, though.… read full answer
Why Classic Car Insurance Costs Less Than Normal Car Insurance
Almost every classic car insurance provider forbids regular use of the vehicle, which reduces the risk for the insurer and keeps costs low. Classic cars are generally limited to parades, car shows, and pleasure driving up to a mileage limit stated in the policy. As a result, you may need to provide proof that you own a regular car for daily use when purchasing classic car insurance.
Another key difference is that most classic car insurers pay the vehicle’s “agreed value” if it is totaled. This amount is decided when the policy is purchased and reflects the fact that classic cars maintain their worth over time. On the other hand, standard car insurance policies usually pay a vehicle’s actual cash value in the event of a total loss, accounting for depreciation.
How to Lower the Cost of Classic Car Insurance
You can lower the cost of a classic car insurance policy by comparison-shopping for quotes and taking advantage of discounts. Many discounts will be the same as those for regular car insurance, such as discounts for having an anti-theft device or taking a defensive driving course. Some companies also offer discounts for membership in certain car clubs or for switching from a different insurer.
Car insurance in Illinois costs $55 per month, on average, or $662 per year. The average cost of car insurance in Illinois is 8% lower than the national average auto insurance premium, and Illinois ranks 28 out of 50 for the most affordable car insurance rates in the U.S.
There are several factors that affect how much you’ll pay for car insurance in Illinois, including your driving record, age, location, the amount of coverage that you purchase, and the insurance company you buy it from. On average, the cheapest insurance companies in Illinois are Geico, Country Financial, and Pekin Insurance. But every insurer has their own way of calculating premiums, so it’s a good idea to get quotes from at least three different companies to make sure you find the best deal.
Finally, it’s worth noting that car insurance premiums in Illinois are high, compared to the cost of coverage in neighboring states like Wisconsin and Missouri. You can find more details in the table below.
Cost of Car Insurance in Illinois vs. Neighboring States
In Illinois, drivers need $25,000 of bodily injury liability insurance per person, up to $50,000 per accident, and $20,000 of property damage liability insurance. Illinois requires uninsured motorist protection, which replaces the liability coverage an at-fault driver should’ve had and pays for your costs up to your policy limits. Coverage like MedPay or personal injury protection pays for medical expenses for you and your passengers, and MedPay is optional in Illinois. PIP is not available.… read full answer
Here’s How Much Car Insurance Drivers Need in Illinois:
If you lease or finance your car, you may be required to carry coverage types that are not mandatory under Illinois law. Lenders usually require comprehensive and collision insurance. Collision insurance covers repairs to your car when you hit another car or object. If the damage to your vehicle was caused by something other than a collision—like a natural disaster, vandalism, falling objects, or animals—it is most likely covered by comprehensive insurance. You might also have to get gap insurance, which covers the difference between what you owe on your loan and what the vehicle is worth at the time of a total loss.
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