The Chicago area online quotes you receive may or may not specify options for different types of coverage. If not, they are likely assuming Chicago minimums plus comprehensive and collision (the most common coverage choice). In any case, it is helpful to have a handle on all the different coverage types that are out there:
This type of auto insurance is required in Illinois. It protects you liability that you have in an accident – in other words, if you are at fault, you are protected up to the limitation of the policy. You can optionally increase your coverage beyond what is required by the state.
Liability coverage required in Illinois covers both bodily injury and property up to certain limits..
No-fault insurance, an alternative to liability, is mandated in some states - but is not mandatory in Illinois. With this form of auto insurance, your own insurance covers damages to you often for bodily injury only, up to a limit no matter who is at fault in the accident. It is good in that it ensures coverage for you, but it generally limits your ability to sue someone responsible for an accident that involves you.
This form of insurance covers medical payments you may incur from an accident. Weigh the value of medical payment insurance against the coverage that your health insurance provides (including deductibles), keeping in mind that your health insurance would generally not cover injured parties in your car outside of your own family.
This type of auto insurance is mandatory in Illinois. In the event of a car accident caused by a motorist who does not have liability insurance, your damages are covered up to a limit by this form of auto insurance.
Comprehensive and collision cover damage to your car. Neither is mandatory in Illinois. Generally, there is a deductible associated with these – you can choose your deductible amount, which will in turn affect the amount of your premium.
Comprehensive: Comprehensive covers damage to your vehicle by non-accident-related events, such as theft or acts of God (hail, flood, etc.).
Collision: As the name implies, collision insurance covers damage to your vehicle due to a collision with another car or object.
If your vehicle is stolen, totaled, or in the shop due to an accident, this type of coverage provides you with a rental car for a limited number of days.
You may have this coverage through a credit card or AAA coverage, but if not, you may want to consider obtaining it through your auto insurance provider. Generally speaking, it covers you for mishaps that leave you stranded at the side of the road, including charges for towing, flat tire repair, etc.
If you total a car, your insurance company will pay you for the current value of the car – not the amount you paid for it. So, if you’re still making payments on the car, you’re stuck for the difference – unless you have GAP insurance, which usually guarantees coverage for the remainder of your payments.
A common misconception is to assume that your Illinois-state-mandated liability insurance covers you 100%. Check into the limits of this coverage. Anything above those limits is your out-of-pocket responsibility. If the limits are low, weigh the benefits of increasing this type of coverage against the effect on your premium.