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What are State Requirements for Property & Casualty Insurance

May 15, 2023

MISSOURI AND ILLINOIS STATE MININMUS FOR AUTO INSURANCE-IS THIS FULL COVERAGE?

The minimum auto insurance requirements in Missouri are:

Bodily Injury Liability: $25,000 per person

                                   $50,000 per accident

Property Damage Liability is: $25,000.

The minimum auto insurance requirements in Illinois are:

Bodily Injury Liability: $25,000 per person

                                   $50,000 per accident

Property Damage Liability is: $20,000.

This means that if you or a licensed driver of your auto is involved in an accident and fund to be at fault, you will be responsible for paying for any damages to the other driver's vehicle and any medical expenses incurred by the other driver and their passengers.  You will be liable for any damages that exceed your coverage.

If the other driver is not insured or underinsured then you cannot collect from him and would need to get legal help to recover your expenses.

Many people consider the state minimums full coverage.  The reality is, full coverage means different things to different people. We will be discussing what full coverage should mean to you.

Contact us to create a financial plan to determine if you should consider changing your auto / home/ and liability coverage. 

Topics in the coming weeks:

Do you Really have Full (Enough Coverage)?

How much coverage should I have?

Why Shoud I cary a Liability unbrella?

How can I afford that much coverage?