You need the minimum liability car insurance in Rockford, IL, to cover the other driver. However, it won’t pay for damages to your vehicle and may not cover uninsured drivers. There are some additional insurance policies you can add to cover these expenses.
Comprehensive and Collision Insurance
Comprehensive insurance covers non-driving damage to your vehicle, such as theft, fire, falling objects, or storm damage. Collision insurance covers driving-related damage, such as from another vehicle or hitting a pole or a fence. While they aren’t usually required by the state, some lenders require these additional policies for the loan duration.
These policies commonly only cover up to the value of your vehicle minus the deductible. This means if the vehicle is several years old, repair costs could exceed the vehicle’s value.
Uninsured and Underinsured Drive
Uninsured/Underinsured Protection provides you coverage for drivers without liability or not enough, including hit-and-run. Illinois requires a minimum of $25,000 per person and $50,000 per accident, but not all states require it. However, if the damages exceed that amount, you’ll have to pay the remainder out-of-pocket, so consider more than the minimum.
A new vehicle depreciates about 10% the minute you drive it off the lot and 20% in one year. This can increase the loan amount because of the depreciation, and it can exceed the value. If your vehicle is totaled or severely damaged, gap insurance pays the difference between the value and the loan amount.
You don’t have to stop at the minimum car insurance in Rockford, IL. Adding additional coverage will give you peace of mind. To find a suitable provider, visit Accurate Auto Insurance.
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