Reader’s Question:

What is the cheapest auto insurance a driver can buy in the State of Illinois?

Richard

Chicago, IL

The state of Illinois requires all of its motorists to be able to pay for any damages following an accident they may cause while driving on the public roads. All residents who own vehicles are obligated to buy at least the minimum liability insurance as proof of this capacity to pay for any damage to personal or private property. This is the cheapest auto insurance purchase Illinois drivers can make. This requirement is strictly implemented by the Illinois Department of Financial and Professional Regulation Division of Insurance. Failure to comply may mean revoked driver’s license, revoked vehicle’s registration, impounded car, payment of enormous fines and attorney’s fees, and/or incarceration. Other assets might also be at risk of government confiscation to collect for damages especially if your negligence caused serious injuries or claimed lives. So not only is auto insurance a sound financial investment, it safeguards other people from the life-changing consequences of road accidents, as well.

In Illinois, minimum liability means having the coverage to pay for medical payments and property damage. This insurance is, in general, called 20/40/15 coverage. The numbers stand for $20 thousand for bodily injury to one person, $40 thousand for bodily injury to all persons in the vehicle, and $15 thousand for any private or public property damage at any one incident and may involve the other party’s car.

But the cheapest alternative isn’t always the best alternative. It could turn out that the cost to repair one’s car following an accident you caused could be way beyond your reach. So having collision and comprehensive insurance can save you from this worry. Additionally, availing of the uninsured/underinsured motorist insurance protects you from financial ruin if the other driver happens to be responsible for the accident is unable to pay for your medical care and vehicle repair.

Tags: auto insurance, auto insurance coverage, cheap auto insurance, liability insurance