Trying to understand the various types of auto insurance available in Chicago can be a challenging thing. Determine what is required, what you need, and how to save money are all things that might come up. Having a basic knowledge of the most common types of automotive insurance policies in Chicago can go a long way toward answering all of those questions. We’ll look at a few of them now.
Liability Insurance
This type of insurance is what covers and protects you if you end up in a vehicle accident and it was caused by your own actions. Liability insurance will cover medical bills and any cost of repairing property that was damaged in the accident. In Illinois, you are required to have the following minimums to legally operate a vehicle.
*Injury or death of one person – $25,000
*Death or injury of more than one person – $50,000
*Damage to another person’s property – $20,000
While this is the minimum, it’s often a good idea to have a policy that has addition insurance. This gives you extra protection in an accident where you are declared at fault. The more insurance coverage you have, the less you may end up paying out on your own.
Collision Coverage
Collision insurance is one of many automotive insurance policies in Chicago and it focuses on paying for repairs to your own car in an accident. In the case where your vehicle is totaled, this insurance will pay you the value of the car. Some people may not need this type of insurance with an older car, but it’s an extremely good idea to have it for a new or expensive vehicle.
Comprehensive Coverage
Comprehensive coverage offers protection if something happens outside of a covered accident. Some examples might be hail damage, hitting a large animal, or having your vehicle stolen. This insurance should be tailored to your own budget. It can be costly but you can knock down the price some depending on the coverage you need.
Personal Injury Protection
Personal injury protection is another of the common automotive insurance policies in Chicago and is often best to have. If you are in an accident, it’s not uncommon for the costs to be high. Personal injury protection means your medical bills and those of your passengers are paid for. It doesn’t matter if the accident was your fault or not.
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