Best 5 Cheap Online Car Insurance Illinois to Get With Full Coverage for Turo Hosts and Businesses

Finding affordable and comprehensive auto insurance is crucial for Illinois Turo hosts and other peer-to-peer car-sharing businesses. The right policy needs to provide liability and physical damage protection for rental vehicles, often at a fleet rate. While costs are important, coverage from a reputable insurer with strong financial backing also matters.

This guide reviews the top insurers that balance price and quality for rideshare and rental car coverage in Illinois. We’ll explain what factors impact insurance rates, how to optimize costs, and the minimum state requirements. Read on for tips from insurance industry experts on getting the most suitable protection at the best available price.

Best 5 Car Insurance Companies in Illinois with Cheap Quotes and Full Coverage Options

• State Farm : Offers competitive rates and online quotes for new and young drivers seeking affordable full-coverage car insurance.
• Geico : Known for cheap car insurance quotes online and excellent customer service, making it a top choice for Illinois residents.
• Allstate : Provides a range of coverage options including full coverage for drivers near me, with the convenience of managing your policy online.
• Country Financial : Offers personalized car insurance rates and quotes, catering to both new drivers and those seeking the best full coverage policies.
• Liberty Mutual : A reliable choice for young drivers and those looking for car insurance with no deposit requirements, providing competitive quotes and rates.

Key Factors That Influence Auto Insurance Costs

Car insurance premiums depend on multiple risk criteria evaluated by insurance providers. Here are some major factors that can increase or decrease what Turo hosts pay in Illinois:

Driving Record

Insurers closely examine motor vehicle reports (MVRs) for past violations and accidents. A clean driving history with no tickets, at-fault crashes, DUIs, or other infractions results in the lowest rates. Incidents stay on Illinois records for 3-5 years and contribute to premium hikes. Maintaining a safe driving pattern is the #1 way Turo hosts control insurance expenses.

Vehicle Use

Insurers categorize vehicles as private passenger or commercial. Regular private use gets lower premiums than commercial rental or rideshare use, which carries more risk. Turo hosts must get commercial policies that explicitly cover short-term rentals. Rental cars see more drivers, mileage, wear & tear. Insurers account for that in higher commercial premiums.

Car Make, Model, and Age

Premiums partly depend on the vehicle insured. Sports cars, luxury brands, and high-performance models cost more due to repair costs and theft risk. Older cars are generally cheaper to insure than newer ones. But very old cars are considered classics or collectibles with rising value, so premiums increase. Finding the car insurance sweet spot involves balancing age, repair costs, and technology.

Covered Territory

The geographic radius where a policy provides coverage affects risk exposure and rates. A local Illinois-only policy costs less than one, allowing rentals across state lines. Some insurers charge more for rentals in metro Chicago due to higher theft and accident rates. Turo hosts can lower premiums by limiting covered territory to regions with less risk.

Usage Frequency

Insurers ask how often vehicles are rented out. Daily rentals represent a higher risk than occasional use and warrant increased premiums. Turo hosts can save on insurance by being selective about rental frequency versus trying to maximize booked days. Setting minimum rental periods also helps limit turnover and insurance claim exposure.

Credit History

Illinois allows insurers to use credit-based insurance scores derived from applicants’ credit reports to set rates. People with very good credit quality (scores above 760) tend to file fewer claims and get better insurance rates. If you have poor credit, improving your score before shopping for coverage may help lower premium quotes.

Coverage Limits and Deductibles

Higher liability coverage limits cost more than lower ones. However, a minimum 25/50/20 liability may not be adequate for larger rental fleets. Also, lowering deductibles (like comprehensive and collision) raises premiums. Finding an optimal balance between premiums and coverage involves choosing suitable limits and deductibles.

How Illinois Turo Hosts Can Optimize Auto Insurance Costs

The best way to save money on Turo rental insurance is by optimizing all those rate factors insurers evaluate. Here are some smart tactics hosts in Illinois can use:

Maintain a Clean Driving Record

This is absolutely vital! Traffic violations, at-fault accidents, and impaired driving quickly earn penalty rate hikes. Safely operating rental vehicles protects your record. If incidents occur, take defensive driving to offset some penalties. Monitoring your MVR for errors also guards against erroneous markups.

Choose Rental Cars Strategically

Opt for mid-range passenger vehicles over expensive sports cars or luxury brands, which boost premiums. Well-maintained models around 5-10 years old balance acquisition costs with lower insurance rates. Limit rented territories to safer regions. Set reasonable rental frequency instead of overexposing vehicles.

Raise Your Credit Score

Having Very Good or Exceptional credit earns the lowest auto insurance rates. Check reports for errors. Pay bills on time. Lower credit card balances. Avoid new loan/credit applications when possible. Building your score over 760 before getting quotes can really pay off.

Adjust Coverage Limits Judiciously

Only boost liability limits beyond minimums when justified by potential lawsuit exposure. Buy enough to protect your assets, but don’t overbuy. Similarly, don’t skimp on physical damage coverage essential for rental fleets. Review deductibles and exclude unnecessary extras.

Ask About Discounts

Inquire with insurers about discounts for safety features, anti-theft devices, good student drivers, ensuring multiple cars/homes, paperless billing, pay-in-full, new customer savings, affiliate groups, and defensive driving courses. Finding applicable ways to save helps offset premium costs.

Compare Quotes From Multiple Insurers

Rates vary among top insurers. Getting quotes from several providers ensures you find the best match for your particular situation. Compare them annually at renewal time. As your driving history and credit improve, shop around again for lower pricing.

Illinois Minimum Auto Insurance Requirements

Under state law, all motor vehicles operated or used on Illinois roads must carry minimum liability coverage amounts of:

• $25,000 per injured person
• $50,000 per accident bodily injury
• $20,000 per accident property damage

Additionally, Illinois requires minimum uninsured motorist coverage equal to liability limits. These state minimums are a starting point but may not sufficiently cover risks for Turo rental businesses. Agents can provide guidance on recommended higher limits.

Illinois does NOT require rental companies to carry physical damage coverage. But having collision and comprehensive is strongly advised to fix or replace damaged rental vehicles. Set deductibles at levels comfortable for your budget. Ask agents what deductible levels other peer-to-peer hosts use.

Top Illinois Auto Insurers for Turo Hosts & Rental Fleets

Now let’s review some of the leading insurance choices in Illinois for Turo hosts’ specialized coverage needs:

State Farm

The largest auto insurer nationwide and in Illinois, State Farm has no peer when it comes to financial strength, resources, and reputation. For nearly a century, they have covered cars comprehensively. State Farm writes rideshare and rental fleet policies that bundle coverage for liability claims, medical payments, physical damage, and rental reimbursement. They recently rolled out a Rideshare Driver Coverage endorsement in Illinois that covers liabilities from the first pickup through the last dropoff. Their 17,000 local agents provide personalized service and policy guidance. State Farm offers several billing and payment options for convenience. Turo hosts can easily manage fleet policies through State Farm’s digital platforms and apps. State Farm is an ideal one-stop-shop for Illinois rental car needs.

Geico

Known for low rates and clever marketing, Geico holds nearly 20 million auto policies nationwide. They actively pursue rideshare drivers and emerging vehicle-sharing platforms. Turo hosts can get rental fleet coverage at competitive pricing, often with discounts for safety features, anti-theft devices, and multi-car policies. Geico’s streamlined direct model with only limited local agents focuses heavily on their website and mobile apps. These provide convenient 24/7 account access to manage covered vehicles, payments, claims reporting, and documentation. For Turo hosts regularly adding/removing vehicles, Geico makes updates easy through online service menus. Geico combines wide coverage with digital convenience at budget-friendly rates.

Allstate

With over 58,000 agents across America, Allstate provides recognized brand power alongside localized service. Allstate Commercial Insurance includes programs tailored specifically for auto rental businesses. Their Flexyfleet program bundles commercial liability, collision/comprehensive, and rental reimbursement tailored to peer-to-peer rental needs. Allstate agents have experience setting appropriate liability limits and physical damage deductibles based on fleet size and use frequency. Discounts for responsible driving and safety features help control premium costs. Turo hosts can also bundle commercial insurance for homes, properties, and assets with integrated payroll and tax filing services through Allstate’s Business Market program. For a one-stop personalized insurance and business solutions, Allstate delivers.

Country Financial

Country Financial offers its Quantum Auto program for rental car fleets and carsharing services in all 50 states. It combines general liability with hired/non-owned auto coverage. Policy terms vary from 30 days to a full year, with specialized products for newer ventures still establishing operations. Country Financial has deep experience with GPS fleet tracking, usage-based options, seasonal fluctuations, specialized livery, and covering drivers using their own cars for deliveries. Discounts for safety features and driver training apply. With superior financial strength ratings and 150+ years of insurance expertise, Country Financial brings specialized solutions, flexibility, and stability to Illinois Turo hosts.

Liberty Mutual

This leading property/casualty insurer offers both independent and exclusive agent distribution. Liberty Mutual writes flexible commercial auto policies for taxi services, ridesharing, rental fleets, and carsharing operations. Their commercial insurance menu has options combining liability, collision, towing, rental reimbursement, etc, at various limit levels with deductible choices. Discounts for safety features like airbags and anti-theft devices help control premium costs. Liberty’s Agents and online resources can educate hosts on state regulations, usage-based options, seasonal coverage, fleet management tools, and safety/loss prevention. With 1,100+ agents in Illinois, Liberty Mutual brings accessibility, expertise, and choice.

Expert Tips for Finding the Best Rental Car Insurance Rates

Insurance professionals recommend using the following strategies when shopping for Illinois Turo rental coverage:

Bundle Home and Auto Insurance

Insurers often discount premiums 10-15% for bundling multiple policies. See if your home or tenant insurance provider offers competitive fleet terms to maximize savings.

Take Safety Courses

Defensive driving and accident prevention courses earn premium reductions. Also install dash cams, GPS trackers, antitheft devices for additional discounts.

Lower Liability Limits

Consider state minimum 25/50/20 limits if assets are low. Discuss adequate coverage with agents to avoid underinsuring.

Raise Deductibles

Ask agents what deductible levels other peer-to-peer fleets carry. Weigh higher deductibles against lower premiums.

Limit Rented Territory

Don’t pay for coverage you won’t use. Stick to local if you only rent in-state. Avoid high-risk cities inflating premiums.

Check Group Discount Eligibility

See if any professional, alumni, association, or employer groups you belong to offer special plans.

Enroll in Telematics Programs

Some insurers discount premiums for sharing vehicle data that shows lower-risk driving habits.

Frequently Asked Questions

How much liability insurance do I need for a 5-car Turo fleet in Illinois?

• The state minimum is 25/50/20 ($25,000 per injured person, $50,000 per accident, $20,000 property damage), but agents recommend higher limits from 100/300/100 to 250/500/250 for larger fleets to better cover potential lawsuit judgments.

Should I get rideshare insurance or commercial insurance for my Turo cars?

• Commercial policies specifically covering regular short-term rentals better match the risk exposure of a Turo fleet versus occasional ridesharing use. Discuss options with agents.

Can I use regular private passenger car insurance for Turo rentals?

• Generally, regular private policies exclude commercial rental use. Make sure your insurer knows you are renting out vehicles to avoid denial of claims for lack of proper coverage.

What deductibles should I get for physical damage coverage on rental cars?

• $500 to $1,000 deductibles are common for collision and comprehensive depending on your budget flexibility. Higher deductibles bring lower premiums.

Will my personal car insurance rates increase if I rent vehicles through Turo?

• Your personal policy premium shouldn’t change because commercial Turo coverage is separate. Just verify your insurer is aware of the commercial rentals.

What happens if my Turo renter gets in an accident without proper rideshare coverage?

• The accident would likely fall under your Turo fleet policy’s liability coverage for bodily injury or property damage claims by third parties. Collision coverage would address damage to your rented vehicle. But the driver’s personal policy might still deny their own collision/comp claims without explicit rideshare coverage. Make sure your renters verify their policies cover Turo usage.

Should I insure each Turo car separately or get a fleet policy?

• Insurers prefer issuing one fleet policy for multiple rental vehicles instead of individual car policies. It streamlines billing, servicing, and is often more cost effective.

Can I suspend Turo insurance when vehicles aren’t being rented out?

• Yes, some insurers like Country Financial offer seasonal fleet policies perfect for tempering off-season costs. But there are administration fees for turning coverage on/off repeatedly. Weigh cost/benefit.

How much more does commercial insurance cost than private passenger car insurance?

• Expect commercial policies to run 20% to 50% higher than private insurance since commercial use carries greater risk. But business write-offs can defray the net expense.

The Bottom Line

Finding affordable insurance for your Illinois Turo rental business involves reviewing multiple provider options, weighing coverage needs versus risks, considering discounts and cost reductions, and choosing optimal limits plus deductibles. Investing time upfront to understand key determinants of premium pricing allows informed decision-making.

With a clean driving history, reasonable vehicle types, strategic usage limits, and the ability to qualify for discounts, Turo hosts can obtain sufficient protection from highly-rated insurers at very competitive rates in Illinois. We hope this guide provides a great insurance overview and cost-saving tips so your Turo venture can cruise smoothly from the start. Drive safely out there!

Disclaimer: The reviewed car insurance products are stand-alone services, and we have no direct involvement in their quotes or influence over rates and terms. Requesting a car insurance quote does not guarantee approval, and some products may perform other checks. Some car insurance products may not be available in all states. This article provides general information, and although we strive for accuracy, we are not liable for errors or omissions. Some links may be affiliate links, and we may earn commissions if clicked. Verify information independently and seek professional advice before making decisions; use of this article implies acceptance of these terms.