$107/1 month

Why is West Garfield the worst neighbourhood for car insurance in Chicago and Illinois?

What do you think is the solution to the problem of high insurance rates in West Garfield? Do insurance companies need to file lawsuits against governments for not controlling crimes in West Garfield Park? Such a precedent has already been set by Farmers Insurance Co., which filed class-action lawsuits against local governments in Chicago in May 2014 contending that their failure to prepare for heavy rainfall was leading to climate change. Legal action by auto insurance companies against the government is definitely a plan that is worth considering!

Location-related factors such as property crimes, number of insurance claims, population density, road infrastructure and other factors will play an important role in deciding insurance premium. One of the factors affecting auto insurance rates in West Garfield is the property crime rate. On a scale of 1 (low) to 10 (high), West Garfield has a rating of 8.8 as compared to the state average of 4.2 and the US average of 4.4. Property crimes include the offenses of burglary, larceny-theft, motor vehicle theft, and arson.

There are many factors that determine your car insurance premium, such as your coverage limits, your loss history, age, gender, marital status, and vehicle safety features. But one of the most important factors that go into the calculation is where you live or where you keep your car. Insurance companies consider some places as higher risks than others, and as a result, they require drivers in those places to pay higher premiums for car insurance.

The West Garfield Park neighborhood of Chicago has the highest average auto insurance rates in Illinois, with an average annual rate of $1,675 in 2014 – 103% more than that of Bloomington, the cheapest city in Illinois. Also, this works out to be 29% more expensive than the state average.

The ‘high insurance average vs. low median price’ dilemma of the used Chevrolet Silverado in Chicago

The price of a vehicle is a one-time investment, while its insurance is a recurring cost. So, what do you do when your dream car has a low price but very high insurance costs?

If live in Chicago, and are considering buying a used Chevrolet Silverado, this might be your prime concern. While the price of this full-size pickup truck is considerably low in Chicago, its insurance percentage is a whopping 7% of its cost.If you are going for a used Chevrolet Silverado, make sure you consider the insurance rates and median prices in advance.

If you are going for a used Chevrolet Silverado make sure you consider the insurance rates and median prices in advance. Since the insurance rates and median prices are different for different cities, you might miss out on a good deal just because you did not know the right place to purchase it from.

You might not have the choice of buying the cheapest insurance, but with a little research, you can still save on your upfront costs.

Let us take a look at how purchasing a used Chevrolet Silverado could be affordable in the state of Illinois. The figures below are of a used Chevrolet Silverado within the year range of 2005 and 2012.

State City Median Price ($) Insurance Average ($) Insurance % Illinois Chicago 18,885 1,471 7 Illinois Peoria 25,000 932 3

If you take a look at the table above, Chicago has the highest insurance average in Chevrolet Silverado in Illinois. However, the median price is really low compared to the city of Peoria. If you live in Chicago, your best bet would be to buy your used Chevy Silverado from here. You could reduce your insurance costs by adding an anti-theft device, adding teen drivers to your policy, maintaining a clean driving record, etc.

Peoria, on the other hand, has a high upfront cost. However, if you live in Peoria you can save a lot on insurance premiums when compared to the other cities in the state. You also have the option of buying the car from Chicago and having it shipped to Peoria. This would help you save up to $6,000!