Illinois Auto Insurance
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Illinois Auto Insurance Requirements
If you’re shopping for auto insurance in Illinois, it’s important to know that Illinois law requires drivers to carry specific types and amounts of coverage. Any coverage you choose beyond this is considered optional. To be sure you’re quoted the lowest rates know what Illinois requires and how your financial situation might benefit from any optional coverage.
Illinois Liability Insurance
Like most other states, Illinois requires drivers to possess liability insurance. This is broken down into two categories: bodily injury (BI) and property damage (PD) with state mandated minimums of 20/40/15. If you operate a vehicle negligently and cause an accident, BI liability pays $20,000 towards the medical expenses the other person incurs as a result and up to $40,000 towards combined expenses per accident when multiple individuals are affected. PD liability pays up to $15,000 for property damage caused by your negligent operation of a vehicle.
Illinois Uninsured/Underinsured Motorist
Illinois is one of the few states requiring vehicle operators to possess Uninsured (UM) Motorist and Underinsured Motorist (UIM) bodily injury insurance. Minimum required UM limits are 20/40 ($20,000 per person/$40,000 per accident). UM/UIM covers your bodily injury expenses when you’re injured in an accident cause by a hit-and-run driver or a driver that does not have liability insurance. In situations where the at-fault driver has liability insurance but it’s insufficient to cover your expenses, your UIM insurance may help cover the difference.
Other Illinois insurance
Illinois does not require Comprehensive/Collision coverage, but if you finance or lease your vehicle, your lender may require it. Comprehensive and collision cover your vehicle’s repair costs if it collides with another vehicle or fixed object (like a tree), or is damaged by theft, weather, and other reasons beyond your control. You’ll have to satisfy your deductible before this insurance takes over. And, the amount the insurer pays won’t exceed the vehicle’s current market value. When repair costs are higher, the insurer will declare the car totaled and issue a check for the vehicle’s value. If you have an older vehicle, paying for this coverage may not be a sound financial decision.
Illinois Department of Financial and Professional Regulation, Division of Insurance
This article is designed to provide an overview of Illinois auto insurance laws. Should you want more information, please visit http://www.idfpr.com/. Or call either the Springfield or Chicago branch of the Illinois Department of Financial and Professional Regulation, Division of Insurance, at 217-782-4515 or 312-814-2420 respectively.