For many, paying off a car loan or lease is a huge relief. The financial sacrifices you make to pay off a car loan or lease can be difficult. As a result, many breathe a massive sigh of relief to be free from this financial obligation. Our team at NCIB Group Inc. is committed to helping Chicago, IL drivers get the coverage they need.
What is Auto Liability Insurance?
Auto liability insurance is the minimum required for all drivers by state law. Liability insurance covers you as a driver if you are found responsible for an accident while driving. Liability auto insurance provides coverage for injuries you may cause to others and property damage coverage. Illinois requires all drivers to carry $25,000 for personal injury coverage per person and $50,000 per accident. Illinois drivers must also carry $20,000 in property damage coverage.
I own my car. Should I invest in more than auto liability coverage?
If you don’t have a car loan and aren’t leasing your car, you can carry liability insurance and nothing more. However, this may not be a wise choice. Auto insurance has the liability to save drivers a lot of money. Often, the rule of thumb is to drop full coverage auto insurance once your premium is greater or equal to the appraised value of your car. In short, when your vehicle is worth less than the cost of your full coverage auto insurance, it may be a good idea to discontinue. If you have questions about auto insurance, call us. We’d be happy to answer all of your questions and help you explore your options.