Illinois Auto Insurance Laws
Auto Insurance Laws and Trends in IL
In Illinois, auto insurance is a definite and important necessity. Without it, not only do motorists run the risk of accumulating heavy fines and suspensions, they also run the risk of finding themselves in deep financial trouble. If involved in a motor vehicle accident without auto insurance, a driver will be responsible for paying all expenses out of their own pocket. This could add up to extraordinary costs.
Mandated limits for auto insurance in Illinois
By law, drivers in Illinois must carry the following minimum amounts of liability insurance:
- Bodily injury: $20,000 per person, $40,000 per accident
- Property Damage: $15,000
Illinois is one of the most expensive states for auto insurance premiums. This is partly due to congestion. The large number of drivers on the road contributes to a high number of traffic accidents. In fact, according to the National Highway Traffic Safety Commission's 2008 crash statistics, Illinois is rated as number 6 for the highest number of traffic fatalities of children between the ages of 3 and 13 years.
The good news, however, is that more people are using safety seats and that is significantly reducing the number of traffic fatalities among infants (-71%) and toddlers under the age of 3 (-54%).
Auto theft statistics in Illinois
Auto thefts are also a huge problem in Illinois. In 2005, there were 32, 799 car thefts reported in the state. Comprehensive insurance is an optional coverage; however, it covers such perils as fire, theft, vandalism, and animal collision. Without this coverage, many motorists in Illinois would have to pay for their loss out of pocket.
Another coverage that benefits those who are at risk for car theft is loss of use auto insurance. If your car is stolen, this coverage will provide the use of a rental car without a waiting period. This will help to relieve the strain of having to find a way to work or to run errands. Keep in mind that the loss of use coverage is up to a certain dollar or time limit.