Cheapest Insurance Quotes for a Honda CR-V in Illinois
Whether or not you can find cheaper insurance for a Honda CR-V in Illinois depends on a complicated rating formula that uses factors like the mileage of your daily commute, whether you are claim-free, and any past driving violations you may have had. Drivers on average pay around $460 annually to insure their CR-V, but that rate is a projection calculated using a 50-year-old married male that purchased comprehensive and collision coverage and $1,000 physical damage deductibles.
It’s highly likely that you aren’t exactly 50 years old or even a male, you might be single instead of married, or maybe you rent instead of own your home. What seems to be a minor change in policy rating criteria or coverages can make a huge difference in the cost of insuring your CR-V.
This shows why your best chance at finding affordable rates for your Honda is to just take the time to do a thorough rate comparison. Price quotes are quick and you will receive rate quotes from top-rated companies around.
The trim level of your Honda will be a contributing factor to the annual cost of coverage, so the price you will pay to insure a CR-V LX 2WD trim level will cost $14 less than the cost to insure the fancier CR-V EX-L 4WD version, as shown in the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|CR-V LX 2WD||$84||$150||$214||$12||$64||$524||$44|
|CR-V EX 2WD||$84||$150||$214||$12||$64||$524||$44|
|CR-V LX 4WD||$84||$150||$214||$12||$64||$524||$44|
|CR-V EX 4WD||$98||$150||$214||$12||$64||$538||$45|
|CR-V EX-L 2WD||$98||$150||$214||$12||$64||$538||$45|
|CR-V EX-L 4WD||$98||$150||$214||$12||$64||$538||$45|
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Price data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Rate quotes do not factor in specific garaging location which can affect premium rates significantly.
Choosing the top insurer can be difficult considering how many choices there are in Illinois. The ranking information listed below could help you analyze which companies to look at comparing rate quotes with. The rankings below include companies with a nationwide focus, so companies with more of a regional focus are not included in this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Do you need full coverage?
Finding the cheapest insurance for a Honda CR-V in Illinois should be important to most vehicle owners, and one way to find cheaper insurance is to only buy liability coverage. The chart below compares insurance premiums with full physical damage coverage compared to only buying liability only. The data is based on no claims or driving citations, $100 deductibles, single marital status, and no discounts are factored in.
On average, physical damage coverage on your policy costs $1,539 per year over having just liability coverage. At some point, almost every driver questions if buying full coverage is worth the money. There is no specific rule of when to stop paying for physical damage coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
There are a few cases where dropping physical damage coverage is not advised. If you still owe money on your vehicle, you have to carry full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage in place.
Chances are good that you’re overpaying for CR-V insurance
Illinois car insurance rates are impacted by many factors that will increase or decrease the cost of your policy. Improving your credit score, buying a different home, or getting a couple of tickets can cause premium changes that can cause some rates to be cheaper in comparison to the competition.
Not only may your risk profile change, but car insurance companies amend premium rates as often as every three months to adjust for gains or losses. Unexpectedly high claims can cause price increases, while less frequent claims may result in lower-priced CR-V insurance rates.
To illustrate this example, the bar chart below shows rates for the cheapest car insurance in Illinois for a 35-year-old female driver with no violations or accidents, and good credit. If we estimate prices based on her current risk profile, The Hartford may offer the best car insurance rates in Illinois at $776 each year. This is $573 less than the average rate paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Cincinnati Insurance, and Erie are the remaining cheapest Illinois auto insurance companies.
In this example, we will give the driver in the first example a claim or two, a lower credit score, and an imperfect driving record. Since each auto insurer uses their own calculation to establish rates, getting updated rate quotes could now result in a significantly different list of companies as shown below.
Travelers now has the lowest car insurance rate in Illinois with SECURA, Utica National, State Farm, and Safeco now rounding out the top five. This illustrates why it is so important to do a thorough rate comparison to get the lowest auto insurance rates for a Honda CR-V. Car insurance prices can be altered by many risk factors and change dramatically, so the lowest-price company two years ago may now be one of the higher cost companies.
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