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Friday, November 24, 2017
Owning your very own car means freedom, adventure, and no more hassles of relying on public transportation, friends, and family for getting you to your destination. A car of your own also gives you more options when it comes to financially supporting yourself or your family. Now, you have a vehicle that takes you to and from work, school, and lets you attend social activities.
While there are plenty of things to love about car ownership, it is essential that you also know your obligation as an owner. The state of Illinois requires that you carry adequate car insurance. But for the sake of you financial and physical health you need much more than the bare minimum on your car insurance.
Driving without insurance will not only result in a ticket, but will also make you financially liable for any injuries or damages you cause if you are in an accident. Therefore, it is important to have the right amount of coverage.
The state requires that you carry two types of motor vehicle insurance: liability/body and property.
Note that the state only requires minimums for each type of insurance to comply. While you are not required to carry more than the state minimum, doing so could be highly beneficial.
To be compliant, Illinois requires that you purchase:
Your auto insurance broker should know the state minimums and ensure that you purchase the right policies and amounts to meet the minimum requirements.
The state also requires that you carry proof of insurance with you always. Purchasing the minimums is only half the requirement, and law enforcement can ticket you for not having proof of coverage in the vehicle. While your insurance company may have a mobile app so that you can show proof of insurance regardless of where you are, you should still carry a hard copy proving coverage inside your vehicle’s glove box.
Here is where most motorists fall short. They carry the minimums required by the state, but then they neglect the optional insurance that provides them with better security. These voluntary car insurance policies include:
The state does penalize motorists for not having enough insurance coverage. Driving without the state minimum insurance involves a fine, and your driver’s license may be suspended.
In addition to the criminal penalties, you could face harsh civil penalties, such as a judgment being filed against you for the injuries and damages caused by your negligence.
You know the minimums, and you know some of the optional coverages available. But, how do you determine what insurance policies you need? More so, how do you know the value you should put into each policy?
Before you can put a number on each policy, you need to know what each one of these does, and the terms associated with them. More so, you must understand how these policies protect you in the event you need to file a personal injury claim later.
Your primary insurance policies protect you from a lot – including times when you cause an accident. These are the coverages required by the state, which include liability and collision coverage.
When you look at your coverage, you should see them broken down into thirds – these represent the levels of coverage you have purchased. If you bought the minimums, your coverage would look like $25,000/$50,000/$20,000 or 25/50/20.
Financial experts recommend a much higher amount if you are a middle-income earner with assets (such as a home), and a decent savings account. In fact, they recommend that you carry 100/300/100. The cost of the higher coverage will not be an extraordinary monthly burden either. For most people, the price is under $100 per year to add these high coverage limits.
If you own an expensive home, financial experts recommend you up those values to 250/500/100, especially if you are a high-income earner. Also, having a supplemental umbrella policy for at least $1 million could protect your home in the event you are sued for injuries.
If you have health insurance and collision coverage, you may get away without uninsured motorist coverage. However, it is a good move financially to have this coverage, because it will minimize the out-of-pocket costs you experience if you are involved in an accident with an uninsured or underinsured driver.
Uninsured motorist bodily injury coverage handles the medical costs of your catastrophic injuries. The state does require that insurance companies offer this coverage, but you are not required to purchase it. Uninsured motorist coverage is relatively affordable, and barely adds $100 per year to the average driver’s policy.
Comprehensive insurance pays for the damage to your vehicle from a severe event which is not accident-related, such as weather or fire. Collision pays for the damage to your car specific to an accident.
While these are costly portions of your policy, they are critical if you have a vehicle that is less than ten years old, because your vehicle could be worth more than the repairs needed on it. Also, if you have a loan on that car, the lender will require a specific limits to ensure the vehicle is always covered. The coverage amounts depend on the lender, but your lender will verify coverage before approving you for the loan.
Comprehensive and collision require that you select a deductible. The deductible is your out-of-pocket portion. As discussed previously, choose an amount you could quickly pay in the event you must file an insurance claim.
No fault states do require PIP coverage, but Illinois does not require PIP insurance because it is not a no-fault injury state.
Medical payments are a different level of coverage. While not required by the state, it is imperative that you add medical payments to your insurance policy, especially if you do not have health insurance or you have inadequate health insurance. If the other driver’s policy is minimal, you will rely on your automobile and health insurance to pay for your injuries – which could quickly reach policy maximums.
Personal injury protection and medical payments do add a significant portion to your annual costs for automobile insurance, but just one accident can prove how valuable this insurance can be.
The most important item to remember when shopping for insurance is that where your coverage falls short, you pick up the tab personally. Therefore, if you do not have adequate insurance, you will use your finances and assets to pay any remaining portion.
You can avoid this liability by having quality insurance coverage on all vehicles that you own.
Understanding the inner workings of insurance policies is complicated. That is why after an injury you need an attorney. An attorney can review your policy as well as the at-fault driver’s policy so that you can get the medical payments, auto repairs, and compensation you need to recover.
Speak with an attorney from Malman Law today by calling 888-307-7068, or request more information online.
They area very helpful and when it come to getting things done with your case I had the pleasureof working with Jason Kellerman he was awesome I highly recommend them.
- Britany Weaver
I’m very pleased to recommend Malman Law to my friends and relatives! I have to mention how efficient and professional in dealing with my case has been with everyone that I’ve been in contact with at Malman Law. Mrs. Sabo is outstanding as well as her secretary and assistant in responding quickly to any of my questions or concerns. This firm has gone above and beyond to keep me updated and get answers to my questions at any time, weekends included! Malman Law rules in my opinion!
- Cheryl Wagemann
I’ve been knowing about this Law firm for many years through friends, referrals & advertisements , never I thought I would need their services , because I believed things & situations don’t happen to me like this , long story short I was in situation that I needed help & advice!!! The right direction , I connected with the Firm & a very patient , understanding professional woman by the name of Margie assisted me in what I needed 🙂 Thank you I will refer as I was as referred as well This firm really does care !
- Elvira G.
I was rear-ended by a semi-truck on my way to work. I was transported to the hospital and my car was totaled. In the aftermath, Dan Petrich and Anna Schmidt from Malman Law helped me get set up with physical therapy and negotiated with the insurance companies to make sure the resulting settlement would cover my medical bills and a rental car until I could get a new car. I would highly recommend their services.
would do everything they could for me.
- Tony S.
I contacted Malman Law go my work injury. So professional from my first phone call. Mr. Malman’s investigator, Dan, came right out to our home. Everything was explained in detail so I know what to expect during this process. I certainly recommend anyone ever in need of a personal injury lawyer to call Malman Law. Truly the best!! Thanks everyone!
- Devin Jones
Attorney Greg Lamorena was my lawyer when I slipped and fell. He kept me updated throughout the case and was always available to talk when I had questions. He is a great lawyer and could not be happier about my settlement!
- Annie Ong
Alexis was the attorney on my case! She kept me in the loop about everything with my case. If I had any concerns I was able to contact her and she’ll answer my questions right away. If your interested in working with Malman Law I would highly recommend Alexis she was GREAT. I would highly recommend Malman Law if you’re ever in need!
- Eugenia Cathery
They are so efficient and professional.Always available to help.Attoney Boyer was great and very good with my case.I really appreciate mailman law firm. I gave them 5 star because there is nothing higher.
- Omolewa Snyder
I have had an amazing experiences with Malman law so far. From the start Dan was super easy to work with, got me the medical attention I needed and fast. Couldn’t ask for better communication. Neil Kilcoyne has been nothing but the best I could not recommend a better attorney. Malman Law is a 10 out of 10 law firm.
- Trevor Harris
Hi I just want to acknowledge Jay McCarron, Kelly & the Firm at Malman Law for representing me as they continue to work on my case. Thanks for keeping me updated & responding quickly to any of my questions or concerns. I would Highly recommend you and your firm to friends & family. E. P.
- Ernest Pitts
Alexis was the attorney on my case and she was GREAT. She made sure I was updated on everything about my case. I would highly recommend Malman Law if you’re ever in need.
- Ariel Fleming
I had the best experience with Jason and Jay attorneys from Malman Law they really went all the way to settle my case I’m telling you there just the best!! Recommend 100%!
- Carmen Rivera
Adam Meadow acted as the attorney for a family member who was in a car accident. He was highly personable and actively listened to our issues throughout the litigation process. He was able to get us a settlement for the repairations of the accident. We would recommend their services!
- Greg Gustafson
Excellent customer service and great experience. Malman law handled the whole process and it was very smooth. The settlement was a great success. I would choose malman law again in the future.
- Malak St.Clair
Helped me out of a big jam when my auto was hit twice when and the other drivers had no insurance. Adam Meadow is the only Lawyer I will call for helping me an my daughter.
- Devri Lott
I cannot give enough praise to the team at Malman Law, for helping with my case . My children were involved in a auto collision and the attorney Adam along with his paralegal Michelle worked diligently until the matter was resolved and my entire family was happy. I would definitely recommend Malman Law for anybody going through legal troubles.
- Adrian Lopez
A close friend recommended me to Malman Law. I currently have a case with them due to a car accident I had and ever since the accident they have been taking care of everything for me without me having to worry about anything. They took care of the medical bills & helped me get physical therapy right away. I highly recommend them.
- Vanessa Leon
Bella Feinstein, Jason Kellerman, and Terry Davey, have been instrumental in helping me though many difficult situations. Not only did they work to get my mom a settlement, they have continued to help me through the legal process of relocating my mom to a different state. I’m very grateful for their hard work and good advice.