Liability Insurance in Illinois History
The history of the US automobile insurance goes back to the mid 1920s, and much was about the States of Maine and Connecticut. Connecticut imposed certain financial laws known as Financial Responsibility Statute in 1925. Connecticut was the mother state of the insurance industy, while Maine was more of a pro-cosnumers State. Then came New York which intensified its regulatory efforts in 1956.
Liability Insurance in Illinois, Its the Law
Not until 1990 when the State of Illinois imposed its mandatory auto insuranc laws. At that time there were many states that have not mandated the auto insurance laws, but rather made it as an option for good drivers. However, States that did not madante liability auto insurance made it mandatory for drivers with serious violations to obtain liability auto insurance before their driving privelages are extended.
Liability Insurance in Illinois, Mandatory Limits.
Mandatory car insurance in the State of Illinois was enforced beginning January 1, 1990. The Illinois auto liability laws made it compulsory for all motor vehicles to have a minimum level of liability insurance coverage. The State of Illinois liability insurance is required for all registered motorized vehicles which display license plates and which utlize public roads and highways.
The Laws apply to all personal and business vehicles, SUVs, vans, motorcycles, recreational vehicles, commercial trucks and buses.
The laws do not apply to non motorized vehicles such as trailers and other vehicles that do not require registrations.
Minimum Liability Limits
Illinois auto liability insurance laws are met with the following minimum limits: $20,000 bodily injury coverage per person, $40,000 bodily injury coverage per accident, and $15,000 property damage coverage per accident.
Auto insurance policies in Illinois must also contain a minimum uninsured motorist coverage of $20,000 bodily injury coverage per person, $40,000 bodily injury coverage per accident.
There are some pending proposal in the Illinois House to increase the liability limits, which are deemed by many as too low. Other States adopted different variations of these limits. People who are concerned about the personal or business wealth and assets are encouraged to take higher auto liability insurance limits.