What Is The Cheapest Auto Insurance Rate For An 18-Year-Old Chicago Auto Insurance Quote Shoppers: Car Insurance Discount Beyond Certain Limits Is Illegal!

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Chicago Auto Insurance Quote Shoppers: Car Insurance Discount Beyond Certain Limits Is Illegal!

This article discusses the possible discounts that are available to car insurance consumers. The article is also about certain discounts that cannot be applied for car insurance consumers. Since insurance laws diverge from state to state, any issues here are specific to the car insurance in the State of Illinois.

Illegal Discount Vs Legal Discounts. Insurance producers are absolutely prohibited from using discounts in their business practice. Discounts offered by insurance companies are fine.

If and when insurance (agents) representatives, not the insurance company, returns any part of their commission to the customers to “encourage” them to buy from the agents then a discount has occurred. For example, when an insurance agent offers a $25.00 gift card for customers who purchase an auto insurance policy from him or her, then this is a discount, and is strictly illegal. If the agent offers a $5 lunch card for anyone getting a car quote, or a nice pen for a home quote, then this is not a discount, no purchase necessary. Any materialistic amount given to the buyers in return for them buying a policy is always a discount. An insurance agent and customer (if he knows) are breaking the law if they make a discount.

It is not classified as a discount if the home office of the insurance company returns a premium or any part of it, or gives the customer a break or compensation on their insurance. The proper term to describe this legal action is discounting. insured Indeed discounting is a common practice in situations with intense competition.

In larger cities like NY or Chicago, competition between auto insurance companies is fierce. There are many insurance companies and thousands of agents and insurance agencies that compete against each other. Customers should never ask for or accept offers of “discounts” beyond what the auto insurance company’s head office allows.

Possible Discounts for Customers of Auto Insurance Companies in Chicago, Illinois (The Legal List of Discounts You Can Claim:

1. Discounts for advance insurance. Customers can receive about 10% if they prove that they have had previous insurance without interruption for at least six months. Depending on the insurance company, your previous policy should not have expired more than thirty days ago. The longer you’ve had your insurance, the higher the discount. You must present proof, official proof, from a previous insurance company. Statements made by your agent or provisional documents are not sufficient. The proof must be in the form of a valid insurance ID card issued by the previous company, not an agency, itself, or a declaration page of your contract.

2. Multi-car policy discount. You get about 10% for having two or more vehicles insured under the same contract. Remember that you cannot insure your next door neighbor or partner under your policy. The named insured on the policy must have an ‘insurable interest’ in the car we insure.

3. Homeowner discount. If you own a home or condo you may qualify for a price reduction. Insurance companies usually ask you for proof (mortgage payment or home insurance) as proof of home ownership. If you own a home under your cousin’s name, that may not qualify you for this discount.

4. Discounts for having several policies (package policy or multi-account discount). Insuring more than one policy with the same insurance company can earn you discounts. For example, if you buy a life policy or condo insurance with the same company, you may be eligible for a discount on your auto insurance. Some insurance companies give a deep discount on these home and auto packages.

5. Discount for part-time drivers. These discounts are normally applicable in scenarios where the number of adult drivers exceeds the number of vehicles, with an additional youth driver under the age of 25. Some companies will allow “occasional” status for the young drivers in these situations, and a discount is given.

6. Good student discounts. This discount is available with standard and preferred carriers for insured students who have a high GPA in their school. The discount is approximately 5% of the liability of the vehicle that is assigned to that specific good student operator.

7. Auto security system discount. This is another limited discount of about 5% on the premium of the comprehensive only (not liability or collision premium). Most companies give this discount automatically because most vehicles come with a security alarm anyway.

8. Other various discounts such as anti-lock braking system, airbags, etc. Most of these are minimal discounts and most rating systems already include them in the final award.

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