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Location is often one of the biggest factors that come into play when choosing insurance.
Where you live affects your premiums because your driving environment also affects your driving safety, which is one factor in computing your auto insurance premiums. Aside from that, premiums are also affected by population, driving-related statistics, and average insurance rates.
Thus, it’s crucial to investigate the place you live and how it impacts your insurance rates. In this article, we’ll talk about auto insurance in Illinois and the factors that might affect your premiums if you live in the area.
Auto Insurance in Illinois
Illinois used to have the lowest minimum auto insurance requirements in the country, but that has changed in recent years. Today, Illinois has matched the rest of the US in their mandatory minimum requirements for car insurance.
Chicago, the capital city of Illinois, is the third most populated city in the country. With this many people, driving carries more risk compared to sparsely populated rural areas.
That’s why it’s important to get good auto insurance when you’re living in Illinois, particularly if you live in Chicago. However, this isn’t always easy to do. You need to find an insurance company that:
- Has the industry expertise to help you
- Makes your policy shopping easier for you
- Offers competitive market rates that work for your specific situation and needs
- Has a high rate of availability to assist if you have questions or concerns at any time
Fortunately, Magnum Insurance checks all those boxes.
Factors Affecting Illinois Auto Insurance Premiums
As mentioned above, Illinois is a highly populated state, which makes auto insurance premiums high for everyone.
Other than that, there are a few key numbers that affect car insurance premiums in Illinois, such as:
- Estimated 15% of uninsured motorists on the streets
- Ranked 9th most number of vehicle thefts in NCIB’s 2019 statistics
- Frequently experiences extreme weather conditions such as tornadoes, thunderstorms, and floods
- Car crash fatalities at 0.95 per 100m residents compared to 1.13 for the rest of the country.
Illinois Auto Insurance Requirements
The state’s most basic requirement is liability coverage. This insurance coverage pays for the cost of driving accidents that you cause. In Illinois, these are the minimum amounts your liability coverage must have:
- $25,000 single-person bodily injury coverage
- $50,000 per occurrence for multiple people bodily injury coverage
- $20,000 property damage coverage.
In addition to liability coverage, the State also requires drivers to have uninsured and underinsured motorist insurance coverage.
According to official data from the Insurance Information Institute, one out of seven drivers is uninsured. If you get into an accident with an uninsured or even underinsured driver, it could mean financial ruin.
Illinois recognizes this and requires their drivers to have uninsured and underinsured motorist coverage and basic liability coverage. This way, legal drivers are protected from the worst financial disasters.
Here are the minimum amount requirements for uninsured and underinsured motorist coverage in Illinois.
- $20,000 per person for injury and $40,000 per accident from uninsured motorist
- $15,000 with a $250 deductible for property damage by an uninsured motorist
- $25,000 per person for injury and $50,000 per accident from underinsured motorist
With extreme weather conditions, albeit low crash-related fatality rates, you are more likely to be injured while driving than you are to die. That’s why aside from the required coverages, you might also want to avail personal injury coverage.
Personal injury covers a certain percentage of the medical expenses you incur from a vehicular accident, regardless of which party is at fault. More than that, some personal injury policies can also cover lost wages because of the injury you sustained.
Illinois Vehicle Insurance
The streets of Illinois may not be the most dangerous, but driving on these roads still carries risks. To stay protected, you must at least comply with the local Illinois car insurance requirements.
Although the requirements seem pretty straightforward, picking the right auto insurance coverage often isn’t. Without a trusted and customer-focused insurance agent, you could end up with substandard coverage with premiums that work against you.
But Magnum Insurance is here to help. We’ll do all the legwork in navigating the basic state insurance requirements and more, matching you with the right coverages and premiums best for your situation. With Magnum Insurance, all you have to do is sit back, relax, and drive.
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