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Illinois insurance minimums to stay putPosted On Thu, February 24, 2011
In a decision that's being dubbed a win for the auto insurance industry, Illinois liability coverage minimums will not be increased.
According to the State Journal-Register, the Illinois House Insurance Committee rejected a bill proposed by State Representative David Leitch that aimed to increase the amount of liability coverage motorists would be required to carry.
Had it passed, the paper reports motorists would be required to carry $100,000 of insurance to cover the cost of injury or death of one person, $300,000 for more than one person and $100,000 for property damage. Currently, the minimums are set at $20,000, $40,000 and $100,000, respectively.
Opponents of the bill tell the paper that Leitch's proposed increase would have led to motorists dropping their coverage altogether, as premiums would likely rise.
"The number of uninsured motortists would skyrocket," said Mark Mifflin of the Property Casualty Insurers' Association in an interview with the State Journal-Register. The PCIA joined State Farm, Liberty Mutual, the Illinois Insurance Association and the American Insurance Insurance Association in opposing the bill.
According to the Insurance Research Council, the large number of uninsured motorists on America's roads may be due to the economic downturn in recent years.
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