Do I Need Gap Auto Insurance in Illinois?

Reader’s Question:

Is the gap auto insurance coverage already included if I loan my car here in Illinois or do I have to buy it separately along with my car insurance?

Irvin

Decatur, IL

Lots of lease agreements already have auto gap insurance coverage; however, you need to be completely in conformity with the agreement to be able to have the gap coverage paid out. Majority of gap coverage incorporated with a lease agreement need you to keep making monthly payments pending the receipt of the gap payment. In case you have finance for your car out of a bank in Illinois, you may not have an agreement that gives you with instant gap insurance coverage. A lot of car insurance companies offer gap insurance coverage but do not publicize the fact. Also, some of the large insurers do not market it at all.

Some car insurance companies offer gap coverage but it would only be for brand new vehicles that have never been titled and for those who have purchased a policy with collision and comprehensive insurance. Car insurance experts suggest that gap insurance should be bought when the vehicle is initially purchased since this is the time the gap is the biggest. Some insurers would let you buy gap insurance up to 11 months after you buy the vehicle, or if the vehicle is in the model year wherein the coverage is bought.

Auto Liability Insurance in Illinois Can Reduce Your Annual Premiums

Reader’s Question:

I’ve been doing my best to save on just about anything and now, I’ll focus on my auto insurance here in Illinois. Do you think it will be better for me to reduce my auto liability insurance just to save some money?

LaTrell

Evanston, IL

It may not be a good idea to reduce the liability limits on your auto insurance in Illinois. Most of the auto insurance premiums that you pay normally go toward the legally-mandated liability part of your auto insurance policy. If you’d like to save some money and lessen your auto liability limits, you would be accountable for any costs of damages over the limits of your auto insurance policy.

But even though other types of coverage are normally helpful, you may opt to eliminate them for you to have lower premiums on your auto insurance. If what you drive is a lower value, older model vehicle, you will not have any trouble paying for a new vehicle so you can just drop the comprehensive and collision coverage of your auto insurance policy. This way, you may be able to slash some dollar amount on your auto insurance premiums. And there is also one other way for you to be able to save money on your auto insurance. You may opt to agree in paying for a bigger portion of the damages in an accident by increasing your deductibles. The auto insurance provider will be assured that they won’t have to pay that much once you file a claim.

Drunk Driver Insurance in Chicago Illinois

Reader’s Question:

I got into an accident because I was drunk while driving my friend’s vehicle here in Chicago, Illinois. If I have full coverage and he only has liability insurance, will my insurance cover the accident since I was the one driving the car?

Aaron

Chicago, IL

The phrase “full coverage” is being utilized by most of us when we point out to Physical Damage coverage. This means that a person has Liability insurance and Physical Damage, at times besides other insurance combination’s to be fully covered. Physical damage coverage comprises Collision and Comprehensive coverage. Typically, collision insurance covers damage to only your vehicle caused by collision with another object or by upset. On the other hand, comprehensive insurance covers damage to only your vehicle from theft, vandalism, glass breakage or anything other than Collision.

Most mortgage holders, loss payees and rental companies demand Physical Damage coverage if you are financing or leasing your automobile. This coverage doesn’t extend to other automobiles and they won’t cover your friend’s car or become secondary insurance behind another car’s primary insurance. His liability coverage in Chicago, Illinois will be “primary,” and your liability coverage would be “excess or secondary” to the liability coverage.