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
Reader’s Question:
I recently bought a sports car here in the windy city of Chicago, Illinois. Having a hot car makes my auto insurance premiums a bit higher. Are there ways to get cheap premiums?
Ben
Chicago, IL
Well, Ben, what can I say? Hot cars will be hot cars. A sports car is almost always eyed by car thieves. As you may know, sports cars are at the top of a car thief’s list.
This is precisely why auto insurance providers charge higher auto insurance premiums for such cars. Whether you’re in Illinois or in any other state, the fact is that the auto insurance company will have to pay for the value of your sports car if something happens to it, and its value is notably higher than that of a typical commute car.
All is not lost, however, since auto insurers also give incentives and discounts to policy holders that extend efforts in getting extra protection for their very expensive cars. If you let them know that you are making ways to lessen the risk of your car being stolen, you will probably get a shot at staving off some of your auto insurance expenses. You can do this by adding or installing a car theft device.
You can install a kill switch type device, which allows you to shut the car engine off if you happen to be near your car when a robbery attempt is being made. You can also install hood locks, so some parts of your car will be safe. This works well in protecting your car from those who want to take, say, the battery or engine or whatever else it is they can, under the hood.
Tags: auto insurance, auto insurance premium, car insurance cost, cheap auto insurance
Reader’s Question:
Are senior citizens entitled to auto insurance discounts in the State of Michigan?
Sarah
Detroit, MI
It has been mandated in all the states, and Michigan is included, to provide auto insurance discounts to mature drivers. Individuals aged 50 and above may start receiving lower rates. However, these may not be automatic, so a policyholder has to remind his or her local auto insurance agent about possible discounts that may be available to lower the insurance premiums. Moreover, retired individuals who no longer have regular employment are given mature drivers discounts, too. This could mean a decrease of 5 to 10% in monthly insurance rates for this age group of drivers.
Also, driver improvement course is offered to mature motorists by the American Automobile Association (AAA) or can be taken through the American Association of Retired Persons (AARP). This course will be taken for 8 hours within a two day period and may cost from $10 up to $50. Drivers who have successfully finished this will be eligible for a lower auto insurance premium for three years. This discount from taking the course will almost always be given automatically so be sure to remind your agent about it if you indeed took one. This can also save a policyholder up to 10% in his or her insurance rates. To check on what discounts you may qualify for so that would have cheap auto insurance premiums, it would be good to speak with your agent since most insurers do not publicize their promos.
Tags: auto insurance premium, Car insurance discounts, car insurance rate, cheap auto insurance, senior car insurance