Lake Forest Car Insurance

Lake Forest, Illinois is located on the north shore of Lake Michigan and south of Waukegan. Lake Forest is a part of the Chicago metropolitan area. In 2010, the population was 19,375 people.

Western Lake Forest is in the process of growing to fit the pressure of population in the area.

Eastern Lake Forest is still a relatively secluded area. Eastern Lake Forest is significant for its architecture, scenic features, and historical buildings dating back to the town's earliest development in 1857.

The town is home to a number of innovative pharmaceutical companies and tech companies.

Public and private schools are available and the main college is Lake Forest College, listed as one of Forbes' top colleges. Six nature preserves exist in the town with hiking trails and protected habitat.

Because many families and individuals are moving to the area in response to excellent job opportunities, educational facilities, and proximity to the advantages of the Chicago area, insurance is a valid consideration for both existing residents and newcomers to the area.

Insurance can be a valuable investment tool, protecting both the investments in homes and vehicles already made as well as supporting further growth of assets.

Knowing about insurance and being aware of how to search for insurance is an important skill.

For that reason, it is important to begin by focusing upon auto insurance. Almost all states require that individuals purchase a certain amount of liability insurance to drive and license a vehicle in the state. Within the framework of car insurance, there exist a few different types of insurance.

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Liability Insurance

This type of insurance protects your assets from being levied upon if you are at fault for an automobile accident resulting in injury or death to another driver or pedestrian or the property of others such as fences, buildings, utility posts, or other cars.

The bodily injury or property damage must be to others than your family. Typically, limits are stated in thousands of dollars.

In Illinois, the following minimum limits of liability are required:

• $20,000 Bodily Injury per person per accident
• $40,000 Bodily Injury per accident
• $15,000 Property Damage per accident
• Uninsured or underinsured motorists coverage
• Medical payments coverage

Be aware that you may wish to purchase higher limits of liability to further protect yourself.

Due to increases in costs, an injury to even one person can result in costs far above $20,000 and automobile damage can cost more than $15,000 when a new vehicle can cost more than $50,000.

Property Damage Insurance for Your Own Vehicle

You have a substantial investment in your own car and need to protect that investment. Furthermore, if you have borrowed the funds to purchase the automobile, you may still owe money on the vehicle and need to pay off the loan.

Insurance can be purchased to defray the cost of this expense:

• Collision insurance – This pays for damage to your own vehicle from collision with another car or a fixed object whether or not the accident is your fault or not.
• Comprehensive insurance – This pays for other types of damage: theft, vandalism, fire, hail, falling objects, glass damage, and collision with birds or animals. (Remember the deer that dived across the road and you barely missed?)

A deductible is usually required for both comprehensive and collision. This deductible is subtracted from the cost of repairing the vehicle.

Deductibles range from $0 to $1,000 and a credit is usually applied to the premium for this coverage depending upon the size of the deductible. Be cautious to make certain that you will be able to afford the cost of the deductible.

Compare the amount of the credit to the amount of the deductible to be sure larger deductibles are cost-effective.

Saving Money on Insurance

There are a number of ways to save on insurance premiums, but here are a few of them:

• Get at least three comparison quotes to ensure you are getting the best rates
• Get the biggest deductible you can afford
• Keep a good driving record
• Examine vehicles before you purchase them
• Maintain a good credit history
• Ask about discounts and combine types of insurance with the same company

Choosing the Best Insurance Company

Insurance companies and agencies must be licensed within the state of Illinois to legally sell insurance. The state has an insurance website to give you information with regard to licensing.

An excellent idea is also to check on the credit ratings and complaint ratios for selected insurance companies. Here are some places to get this information:

• National Association of Insurance Commissioners (NAIC)
• A. M. Best Ratings Service for credit ratings
• Standard and Poor's rating service

In addition to checking these sites, do an informal check with your neighbors, relatives, and co-workers to determine the name of their insurance companies and their experience with them.

Choosing the Best Coverage

Recommended coverage to provide more protection for you and your family is as follows:

• $100,000 per person bodily injury liability/$300,000 per accident bodily injury liability
• $50,000 to $75,000 property damage liability
• $5,000 at least for medical payments coverage
• $100,000 per person/$300,000 per accident bodily injury applying to underinsured and uninsured motorists coverage
• $500 deductible collision
• $500 deductible comprehensive

Desirable coverage to add at an additional premium:

• Accidental death benefit – to pay if an insured dies as a result of an auto accident
• Customized coverage - if you have non-factory additions to your car
• Gap coverage - for leased vehicles and financed vehicles to insure the cost of the lease or loan if the insurance payments will not cover the property.
• Physical damage repair and replacement coverage - for a new vehicle if the cost to repair your car is more than half the cost of a new car.
• Rental reimbursement – to pay to rent a vehicle while yours is being repaired
• Towing – to pay for towing your vehicle to a repair shop

If you have a substantial net worth, it may be necessary to purchase an umbrella policy to provide additional liability coverage in the event it is needed. Umbrella policies are considerably broader in scope than auto policies, but check with your insurance agent about this coverage.

Getting Quotes

To get quotes from several insurance companies, you will have to contact either their agents or local representatives and provide the following information to obtain quotes:

• Make, model, and VIN number for all owned automobiles
• Name, date of birth, marital status, and driver's license number for all drivers
• Usage for all vehicles
• Assign drivers to their usual vehicles driven
• Exact coverage you wish to purchase

Processing Quotes

Request that the quotes be provided to you in a hard copy with details of each quote to allow you to compare the variables carefully. Examine them carefully and compare the companies with the information you have acquired about credit ratings and complaint ratios to make your decision.

Plan to keep the paperwork in a file for reference for next year. Insurance rates may increase subtly over the years and a wise consumer makes himself or herself aware of these changes.

Enter your zip code now to explore car insurance rates from the top providers in Lake Forest today!