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Illinois Insurance (IL)

Illinois Auto Insurance Facts
Illinois law demands you to have insurance before you drive. On making payment for your policy, your insurance company will send you an insurance card that you need to keep in your vehicle. If you get caught driving without insurance, you have to bear the brunt of a fine and suspension of your license plates. Before you drive anyone's car, be convinced as to the presence of an insurance identification card.

In case you are stopped on another ground, and you're not in possession of an official insurance card to be produced before the police officer, you may be given a citation.

If you are insured and can afterward present a copy of your card to the court, that is generally sees it through. But in case you were not insured at the time you were impeded, you can be found guilty of driving uninsured. You may have to bear the brunt of minimum fine of $500 and also required to pay a compulsory $100 fee to put back your registration.

Auto Insurance Coverage in Illinois -- An overview
Liability Coverage -- Compensates for physical harm to another person or property damage you cause due to the slipshod maneuver of a vehicle. It may also reimburse if the accident was caused by a member of your family living with you or a person using your vehicle with your consent. The coverage may also recompense for a legal protection if you're litigated because of the accident. Liability coverage is often divided into two:

Bodily Injury (BI) - Pays for costs on account of injury or casualty to a pedestrian(s) or person(s) in another car. It may also take care of your passengers injury costs only if they aren't members of your household. Illinois law requires BI restrictions of a minimum $20,000 per person per accident and $40,000 total per accident.

Property Damage (PD) - Pays for harm to another person's car or property such as buildings, fences, signs, trees and utility poles. Illinois law needs PD liability restrictions of a minimum $15,000 per accident.

Note: You may want to mull over purchasing greater limits because the lowest limits stipulated by the state may not be adequate to entirely shield you from lawsuits. Many vehicles today cost more than $15,000 and medical expenses for injuries could easily go beyond $20,000 for one person. If you are found slack in an accident and the indemnities surpass your insurance limits, you can land up in court for those amounts not protected by your insurance.

Uninsured Motorist Bodily Injury Coverage (UM) - Covers you for your physical injury caused by a hit-and-run driver or one guilty of not having auto liability insurance. At present, Illinois law entails uninsured motorist limits of $20,000 per person and $40,000 per accident. For extra premium, you may purchase higher limits to compensate for claims that go above those amounts.

Underinsured Motorist Bodily Injury Insurance (UIM) - Pays the difference between your UIM limits and the liability limits of the guilty driver, if less than your UIM limits. Illinois law calls for this nature of coverage if you obtain higher limits of uninsured motorist bodily injury coverage (UM).

In case you have taken a loan to buy your vehicle, the bank may necessitate you to also take comprehensive and/or collision coverage to defend their monetary interest in your vehicle. In consideration of the age and worth of your car, those coverage may not be advantageous. If your car is older, the premiums for comprehensive and collision coverage may cost.

Illinois Division of Insurance
The Division of Insurance is entrusted with defending the privileges of Illinois citizens in their insurance dealings and keeping an eye on the monetary solvency of all synchronized bodies through effectual management and implementation of the Illinois Insurance Code [215 ILCS 5/1 through 5/1312], the Illinois Pension Code [40 ILCS 5/1-101 through 5/21-109] and associated rules and policies [Title 50, Illinois Administrative Code].

The Illinois Division's Mission Statement runs as follows:

Our mission is to protect consumers by providing assistance and information, by efficiently regulating the insurance industry's market behavior and financial solvency, and by fostering a competitive insurance marketplace.

Contact the Division of Illinois Insurance
b>Springfield Office

320 W. Washington Street

Springfield, IL 62767-0001

MAIN: 217/782-4515
FAX: 217/782-5020 (Main)
FAX: 217/558-2083 (Consumer Grievances)
Chicago Office

James R. Thompson Center
100 W. Randolph St., Suite 9-301
Chicago, IL 60601-3395

MAIN: 312/814-2420
FAX: 312/814-5416