You own and drive a car in Chicago? Chances are, you're paying a high premium for your auto insurance!
According to research just completed by the Independent Insurance Agents of Illinois, as reported in the Chicago Tribune by Reporter Kiah Haslett, the average IL driver forks out $1,679.15 each year to keep insurance-legal (basic liability coverage is required of all IL Drivers - although most drivers also keep expensive collision and comprehensive vehicle coverage, many for multiple vehicles).
High insurance bills are something we Chicago Drivers have lived with - albeit reluctantly - for years.
As a novice driver in Chicago, about the time Richard Nixon was President (really, folks!), my coverage for my Royal Blue '68 Chevy Nova tipped the scales at nearly $1,500/year for basic coverage - but I was 16 at the time, and they say we Young Bucks are, statistically risky drivers! (Hey . . . how did they know!)
These days, full coverage on my 2008 Honda Accord sets me back about $1,200/year. My brother Randy, in Grayslake IL, far distant from Chicago, but still a Chicago Suburb, pays about $800 annually for a similar car, with a comparable driving record.
Why higher rates in Chicago? You may have guessed it - higher statistical incidences of accidents, of car theft. Higher dollar potential property damage with increased, often strangling, traffic, according to Dennis Garrett of the Independent Insurance Agents organization. And potentially higher liability payouts as well, with the heightened likelihood of a collision here.
Several states across the U.S. have higher average car insurance premiums than IL. Drivers in Louisiana, for example, pay an annual average of $2,510.87. The average yearly auto premium in Michigan - $2,098.29.
On the other end of the spectrum, with the lowest auto rates annually, were Vermont, at 968.58, and Maine, with an average premium each year of $902.85. These states have reduced populations, and fewer miles per driver. This keeps the average number of commuting miles per driver low, and collision statistics in check.
But here in Chicago - traffic seems to only get worse, and insurance costs likely to remain high!
Please read our post today via BlogChicagoHomes.com.
DEAN MOSS & DEAN'S TEAM CHICAGO
Why does that surprise me one bit? It's ridiculous. Most importantly, it was great to see you on Monday Dean. Fun hanging with you. Let's have some more drinks soon!!!!
Larry -
Thanks for the comment!
Would love to have another beer or two with you! But for now, I have to save that money toward my auto insurance premiums!
Perhaps you can buy the first round!
DEAN MOSS & DEAN'S TEAM CHICAGO
I'll let you use my St. Charles address if that would help (just kidding, no intent to commit fraud). I wonder if there areally are higher accident rates in the city? I guess I thought that the individual driving record was more important.
I'm sure the Illinois and Cook County Governments' cut are are built into the high rate. Usually somewhere in every foodchain they are skimming money.