Which Company Has the Lowest Cost of Car Insurance in Peoria?

Peoria is a city of 110,417 residents as of a 2019 estimate. It’s big enough that many residents feel the need to take precautions with their vehicles to prevent theft.

Despite its size, the average travel time for workers commuting to their jobs from home is only 17.0 minutes. Considering that the national average is closer to 27 minutes, that’s considerably less time spent on the road for most of the workers in Peoria. This may actually lead to lower insurance premiums if an insurance company puts greater weight on the amount of time a customer spends in their vehicle each week, which can increase the risk of accidents.

In 2018, the city experienced 603 vehicle thefts, which made the rate of theft 163.69 per 100,000 vehicles and it ranked #223 of all US cities in thefts. While Peoria is almost in the center if Illinois, away from the large city of Chicago, it still sees its share of crimes, accidents, and property damage. This can affect annual insurance rates for the entire city.

Location, commute, and theft aren’t the only factors. The type of vehicle a person drives, their driving record, driving violation points and other factors are all combined to help create your final insurance quote.

How Much Car Insurance Coverage Do I Need in Peoria

You need to choose an insurance plan that gives you enough coverage. You want to be financially protected without buying a plan that costs much more than you can afford. At the same time, you don’t want a bare-bones plan that won’t cover your costs if you are in an accident or hurt.

The state also has some requirements for insurance customers, and you cannot legally drive on the roads unless you hold at least the minimum, required insurance coverage. This includes coverage for injury liability: $25,000 for one person injured in an accident and $50,000 per accident to cover multiple possible injuries or deaths. You are also required to hold at least $20,000 of coverage for property damage.

Most Expensive and Least Expensive Insurance Rates by Zip Code

Cheap Car Insurance in Peoria by Insurer

Your instinct may be to buy the cheapest plan available from any insurance company in Illinois. After all, no one plans on getting into an accident. However, many would say that this is a mistake. While you don’t want coverage you won’t need, you also don’t want to pay for a policy that’s essentially useless, meaning you’re going to pay out even more in the event of an accident and injury to someone in the other vehicle if you are at fault. The lowest amount of coverage also won’t cover many other unexpected events such as tornados or a vehicle theft. It’s a delicate balance.

Use our pro guide to find the best cheap car insurance quotes.

Low Cost Auto Insurance for Bad Credit in Peoria

For drivers with bad credit, it’s important to note that the state of Illinois does allow insurance companies to use your credit in determining your annual premium for insurance. However, bad credit or not, you are required to keep your vehicle insured. Luckily, the best way to combat this is to research various insurers and ask for multiple quotes. Some insurers don’t weigh your credit score as heavily when deciding what your premium will be and some provide special offers to those with lower credit ratings in order to remain competitive in the market.

Use our bad credit guide to find companies that offer lower premiums for bad credit drivers.

Difference Between Liability and Full Coverage

What is Liability Only Insurance Coverage?

Liability-only policies cover any damage you do as a driver, or which results from your automobile. These policies meet the minimum requirement for drivers in Fresno, California and are generally the cheapest. That is because the policy does not cover your car. Thus, if an uninsured driver hits your car, and is at fault, any damage you incur must be repaired at your expense. You will also be unable to make a claim if your car is damaged due to weather or as a result of some other non-driving incident.

What does Full Coverage Insurance Cover?

Full coverage is not a category used by insurance companies. Rather, it is a colloquial term used to describe policies that cover both you and other drivers. Thus, if you are in a collision with an uninsured motorist, you can make a claim to repair damage to your car. If your car is injured by some other sort of accident or even vandalism, you can claim those repairs, too.

When you purchase a car on a financing plan, your lender will probably insist that you cover the car with a comprehensive policy that will cover any damage. Even if you purchase a car outright you might want to purchase a comprehensive policy so that your beautiful car remains pristine for as long as possible.

Top Factors and Differences Between the Types of Coverage

Liability coverage kicks in when you back up and hit a kid on a skateboard you did not see. It will also pay for a gate you run into and damage.

Collision insurance pays out when you back into a large rock at a campground, denting your pickup’s tailgate. It will pay to get the tailgate repaired.

Comprehensive coverage will pay for the repair costs when something flies out of the back of a semi-truck and you end up with a cracked windshield.

Average Annual Car Insurance Rates in Illinois by City

Additional cities in Illinois you can check out.


Take Advantage of These Car Insurance Discounts

Find additional ways to save on your Peoria car insurance premiums with these insurance discounts:

  • Shop around:

    It could not be clearer. The smallest difference in our driver demographics between the most expensive and the bargain insurance rate was over $1,100 yearly. It is a good idea to shop around yearly, especially if your policy rate goes up, since insurance carriers can change their rates whenever they feel it’s necessary.

  • Avoid accidents and moving violations:

    These will increase your rate, sometimes substantially.

  • If you have an accident or moving violation:

    It is often a good idea to spend a little bit of money now and attend traffic school, rather than have these violations stay on your driving record for years.

  • Insure your home and car with the same company:

    If you can insure your home or apartment and your vehicles with the same insurance carrier, you can also save money, as there is often a discount for bundling multiple services.

  • Look for discounts :

    Often, there are good driver rates for those with no moving violations or student driver rates. Sometimes, your insurance agent will not tell you about these discounts, but you can find them online.

  • Rates are influenced by the type of vehicle :

    Insurance rates are much higher if you carry full liability and have a vehicle you are paying off. Sometimes it is best to buy a new car and just maintain it thoroughly. Eventually, you will have no car payment, and you can eventually drop the collision insurance. When cars get to a certain age, you will not receive enough back from the insurance company if your car is totaled in an accident to justify buying the collision insurance each year.

Are you looking for car insurance discounts? Learn more here.

Reasons that Affect Your Automobile Insurance Rates in Peoria IL

Peoria drivers are likely to see their insurance rates change over time. There can be many factors, both positive and negative, that impact your regular premiums. One key thing that all drivers face is aging. As you mature as a person and as a driver, your insurance rates are likely to fall. Typically, older drivers are safer drivers. They are less likely to drink and drive, speed, or take unnecessary risks on the road.

Your rates are also dependent, in part, on the type of car you drive. Drivers who love high-powered sports cars will likely spend more for automobile insurance than those who drive less-exciting SUVs and sedans.

Rates are also tied to the deductible on the policy. If you carry collision or comprehensive (full) coverage and opt for a higher deductible, your premiums could be lower. That is, if a tree hits your car, you will pay more up front for the damage to offset the lower premiums you’ve been paying over time.

Learn how citations can affect your insurance premiums here.

Helpful Peoria, Illinois Vehicle Resources:

Live Traffic and Accidents

DMV (Find Locations, Vehicle Registration, Titles and Insurance Info)


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