Gov. Pat Quinn on Thursday signed legislation that will increase minimum auto liability insurance coverage mandatory coverage for property damage, bodily injury and death.
The current levels were set in the late 1980’s. Opponents say the new law will lead to even higher car insurance rates. It’s estimated premiums could go up around 75 bucks a year as a result.
The new levels, which applies to policies issued after Jan. 1, 2015, increases the minimum mandatory coverage for property damage, bodily injury and death: Death or bodily injury for any one person injured or killed, $25,000 (up from $20,000); Death or bodily injury to two or more persons, $50,000 (up from $40,000); and property damage, $20,000 (up from $15,000).
Illinois currently has the lowest requirements for car insurance in the Midwest. State Rep. Laura Fine (D-Glenview) sponsored the measure.
Fine experienced the situation first-hand when he husband was hit by a distracted driver, and had to have his arm amputated. The driver’s liability insurance covered only $20,000 of the $500,000 cost.
“The insurance companies say the yearly increase (in premiums) will be minimal. I can’t put a figure on it but somebody threw around maybe $75 a year,” Fine said.