Illinois Car Insurance State Minimums Not Nearly Enough to Cover Most People
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Ron Trumbo
Insurance Editor
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Like nearly every state, Illinois requires that every driver have car insurance coverage. Given that car insurance can be expensive, many Illinoisans elect to simply purchase the bare minimum coverage levels. In Illinois, these state required minimums include Auto Liability Coverage and Uninsured/Underinsurance Coverage.
Illinois Auto Insurance State Minimum Requirements
Illinois’ auto liability coverage comes in two forms: A. Bodily Injury coverage of at least $20,000 for every person involved in an accident, up to $40,000 per accident, and B. Property Damage coverage of at least $15,000 for every accident. As you compare different car insurance quotes from different licensed Illinois insurance agents, you may see Illinois state minimums referred to as 20/40/15.
For Uninsured and Underinsured Motorist Coverage, Illinois requires that you have the same minimums as your liability coverage minus the property coverage; hence $20,000 per passenger, per accident, up to $40,000 per accident. Uninsured and underinsured motorist coverage is like having an insurance policy for any car that could hit you that either doesn’t have insurance or enough coverage to pay for you medical bills. According to the Insurance Research Council, 15% of all Illinois cars are uninsured!
Why Having Only Illinois’ Minimum Car Insurance Levels May Hurt You
Sure it’s a good thing that you have car insurance, but in many cases only having the lowest coverage levels is essentially the same thing as not have car insurance at all. Consider the average price of a car, as well as the average cost of a hospital visit. If you are found to be responsible (liability insurance) for an accident, the cost of making the other car and driver whole (returning to the same condition as before the accident) is going to be expensive. If your car insurance only covers up to a certain amount (i.e. $40,000), everything else is going to come from your assets in the form of a good ol’ fashion lawsuit from the other party’s insurance company. Like the game of Monopoly, prepare to have all your property liquidated!
Cheapest Car Insurance Rates in Illinois — Above State Minimum Levels
If you’re reading this and trying to find the cheapest car insurance in Illinois, do yourself a favor and compare car insurance quotes from at least 5 different licensed Illinois insurance agents. Ask them for different car insurance rates for different coverage amounts. Don’t simply buy from the first Illinois agent you speak with. Say, “I’m price shopping for the most coverage my money will buy and I will get back to you after I compare at least five different quotes.”
Beyond Illinois Auto Insurance Requirements
If you’re financing or leasing a car or truck in Illinois, your lender may require that you have a minimum amount of Comprehensive and Collision coverage. If you’re uncertain what may be expected of you, give your lender a call and ask, “I’m shopping for car insurance and need to know what insurance coverage I’m required to have to satisfy my loan agreement.”
Illinois Car Insurance the Easy Way
Don't wait: Start looking for experienced and licensed Illinois insurance agents and start shopping. Remember, to find the best price for the best coverage, you need to compare at least 5 different quotes from 5 different agents. Ask the same questions of every Illinois agent and write everything down.
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