Ask an Agent
If you have a question on your car insurance, life insurance, motorcycle insurance, or commercial insurance, please contact us at 1-800-680-0707 or we can call you.
Q. Which Company is Cheapest?
Over the 50 years that Urban Insurance has been selling Car Insurance in Chicago, the single most frequent question we are asked is “Why dose the cost of insurance vary so much from on person to the next? The second most common question is “Which Company has the cheapest rates”? Both questions require a brief understanding of the factors that determine the cost any insurance company will charge to insure your car. With that in mind, you need to understand Car insurance Rates are based on 3 factors.
The Over-all operating expenses of the insurance company, the potential cost of a claim and The likelihood of the company having to pay that claim. First, in terms of the Over-all operating cost of the insurance company, clearly if the Insurance company is housed in a building with marble floors, silk drapes and executives with seven figure salaries, those cost are going to have to be passed on to the consumers. If a company spends millions of dollars sponsoring a racing boat, or Nascar team- policyholders are going to end up paying for those extravagances. This also holds true for companies spending millions on the “Naming-rights” to a stadium, or tens or in the case of Geico, over $610 million dollars spent on advertising. At Urban Insurance we search for strong companies that have a reputation for keeping their costs low and passing those saving on to their customers.
The potential cost of a claim, recognizes that a $250,000 Ferrari is going to cost more to replace or repair, than a $15,000 Chevy. If you have selected “Higher-Limits” of liability insurance, then in the event of a loss, the company will have greater exposure. Everything else being equal, Auto insurance Companies are going to need to charge more money on those risks that have a higher possible loss.
But all risks are NOT equal. Drivers that have demonstrated a pattern of accidents, tickets, and who find themselves categorized as High-Risk will see their insurance quotes reflect this higher risk. This is particularly true of young or “Student Drivers”
It is for this reason that for over 50 years Urban Auto insurance has been working so had to find Illinois and Indiana drivers the best company to fit their needs. We understand no one want to buy car insurance, but since it is a needed expense, we will work with Illinois Drivers to get them the lowest rate on their car insurance.