New Minimum State Requirements For Chicago Auto Insurance Quotes

By Cathy Wilson Posted in Car Insurance News

Chicago auto insurance quotes are governed by the Illinois state law. As an insured motorist you should be familiar with all of the laws that are applicable to you as a driver. Shopping for insurance quotes can be a way to save money on your coverage. Being familiar with the laws that govern the insurance companies as well as the insurance holders is the best way to negotiate an auto insurance rate that suits you.

Optional Insurance Coverage

~No fault vehicle insurance is optional coverage. No fault insurance is not a mandatory requirement in Illinois.
~Comprehensive and collision insurance is optional, there is no requirements that you carry either coverage on your vehicle.
~Insurance coverage over the outlined state minimums is optional, however if the cost of damages exceeds the amount of the coverage the motorist is responsible for the additional costs.

Mandatory Coverage

~Auto insurance is mandatory requirement for all drivers.
~Liability insurance coverage is mandatory. This covers the driver for injuries to person, vehicle and property.
~The minimum liability is $20,000 per person involved in a vehicle accident. The maximum coverage is $40,000 regardless of the number of people involved in the accident. Property damage excluding the vehicle caps at $15,000.
~Motorists who are not insured or not insured according to the state minimum will be responsible for the costs associated with injuries up to the state minimum liability amounts as described above. Out of state drivers who are not insured according to Illinois minimums may also be responsible for damages that are not covered.

Factors That Determine Insurance Quotes

The methods that are used by insurance carriers in Chicago and across Illinois are governed by the same new minimum state requirements. The difference in quotes in Chicago ranges significantly depending on the insurance carrier. Insurance carriers base their premium quotes on a wide range of factors including but not limited to the following:
~Population of the area,
~Crime rate in the area
~Individual driving records
~The vehicle being insured
~The need for insurance and the availability of carriers in the area.

These are a few of the common factors that can cause quotes to fluctuate in the same city. Factors such as credit rating, age, and occupation may also be considered when you are shopping for an insurance quote. Knowing the state minimums and the risks and benefits that you have as driver can assist you in shopping for the best Chicago auto insurance quotes for your auto insurance needs.

Related posts:

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  2. What Are The Minimum State California Auto Insurance Laws?
  3. New Minimum State Requirements For Houston Auto Insurance Quotes
  4. New Minimum California State Requirements For San Diego Auto Insurance
  5. New Minimum State Requirements For Los Angeles Auto Insurance Quotes

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