SR22 Insurance In IL
Reader’s Question:
My girlfriend has SR22 insurance in IL because she was convicted of DUI. Now she is moving to another state so she has gotten a new SR22 insurance there. Does she have to maintain her SR22 insurance in IL?
Jake
Chicago, IL
Yes, your girlfriend will have to buy a new SR22 insurance in the new state where she’s living in. She does not have to maintain her old SR22 insurance in IL, though. She has to inform her insurance broker or agent about her new SR22 insurance policy so that her financial responsibilities are in sync with the requirements of the new state where she’s living.
You should also remind your girlfriend that she has to maintain her new SR22 insurance active for three years after her DUI conviction. She must not forget to pay her SR22 insurance premiums, or risk her SR22 insurance coverage being terminated by her insurance company. Insurance companies are not lenient when it comes to delayed payments of SR22 insurance, and they can immediately cancel the SR22 insurance issued to her. The insurer can also immediately inform the state department of motor vehicles about the cancellation of your girlfriend’s SR22 insurance, and risking her into more traffic troubles.
SR22 Insurance In IL
Reader’s Question:
My sister needs SR22 insurance. We’re still looking for the best auto insurance company where we can get that. I just wanna know, how is the SR22 insurance in IL process?
Angel
Joliet, IL
Your sister can definitely get SR22 insurance in IL through a licensed car insurance company in the state of Illinois that is also licensed to write policies for SR22. Once your sister made the payment for the car insurance policy, her car insurance agent will then submit a request for SR22 insurance certificate. This SR22 certificate needs to be submitted to the Secretary of State in Springfield.
The process for submitting SR22 insurance in IL may take about a month. Once it is received at the Secretary of State in Springfield, your sister will then receive a copy of her SR22 insurance.
Your sister needs to maintain her SR22 insurance for a period of three years or that would be for 36 months. Once the SR22 certificate expired or is cancelled, your sister’s car insurance company will notify the Illinois Safety and Financial Responsibility Section through an SR-26 Cancellation Certificate. Once it is received by the said office, your sister’s driver’s license will again be suspended through a Type Action 05 suspension on her driving records. Her driving privileges will not be reinstated as long as her insurance is not reinstated.
One way to avoid getting an SR22 insurance cancellation is to make sure your sister contacts her car insurance company for about 45 days in advance before the SR22 is renewed. Failure to inform her car insurance company for her renewal request may lead to another suspension since her car insurance company needs to inform the Secretary of State 15 days before her insurance expires. During that time, her license suspension process will start.
IL Vehicle Insurance
Reader’s Question:
I’ll be buying my first car insurance policy next month. I heard from a friend that credit information is used by car insurance companies in setting car insurance rates. I have a not-so-good credit score and I’m afraid that this might affect my IL vehicle insurance. Can you help me on what I should do about this? I don’t wanna end up paying so much on my auto insurance premiums so I badly need some help.
Tommy
Springfield, IL
Let me just clarify this first Tommy, as what I’ve learned from the Illinois Division of Insurance, there is a “good chance” that auto insurance companies will look into your credit information as one of the basis in setting IL vehicle insurance rates for you. From what I understand, there is still a possibility that insurers will opt to consider other factors like your driving history for one.
However, before you stress yourself on thinking about this dilemma, the best thing you can do is to first ask your auto insurance agent to know if your insurer uses credit information in setting your car insurance premiums. Make sure to get the necessary information like how they are going to use that and if it will affect your auto insurance coverage, premiums, conditions etc.
It’s also important to consider in getting a copy of your credit report from Equifax, Experian, and Trans Union so you can correct any errors (if there are any).
Plus, make all efforts to improve your credit history. Ask your auto insurance agent on the valuable factors that affect your credit score. If you are able to improve your credit score, inform your car insurance company so they can reassess you.
Lastly, shop around for car insurance rates. Auto insurance companies used different guidelines in setting car insurance rates thus their premiums greatly varies. You may still find car insurance companies who will give you lower IL vehicle insurance rates despite of you not-so-good credit score.
Illinois Vehicle Insurance
Reader’s Question:
I’ll be getting an Illinois vehicle insurance soon. I heard that credit score is one of the basis that car insurance companies used in setting auto insurance rates. I just wanna know, is it legal for car insurance companies to look at my credit information even without my information? I’m just not comfortable about that idea. Please help.
Louie
Chicago, IL
Yes Louie. Auto insurance companies have the rights to look at your credit history even without your permission and that’s according to Fair Credit Reporting Act (FCRA).
One of the reasons why car insurance companies used credit information in setting car insurance rates is because they believed that a person with good credit score is a responsible driver hence will pose lower risk for insuring. So, in most cases, they set lower car insurance rates for a person who has a good credit score. However, it’s important to note that credit information is not the sole basis for setting Illinois vehicle insurance rates.
If you are wondering on what is considered as a good credit score by car insurance companies that still depends on the insurer. For some cases, a credit score of 750 may qualify you to get the cheapest auto insurance rates. However, for some car insurance companies, a credit score of 750 is not sufficient enough.
For more information on how credit information affects your Illinois vehicle insurance, you can contact the Illinois Division of Insurance or even ask your auto insurance agent. You may also want to check with the Federal Trade Commission about your inquiry.
Shopping for New Car Insurance Illinois, IL
Reader’s Question:
I’m from Illinois and am thinking of canceling my current car insurance and purchase a new one. What tips can you give in shopping for car insurance?
George
Wheaton, IL
Before canceling your existing car insurance, call your local auto insurance agent in Illinois first. You never know when they will give you additional discounts just to keep your business.
Since shopping for car insurance can be very tiresome, what with all the snappy commercials and funny mascots just to catch your attention, it is always good to do your own research before falling prey to advertisements. Smart customers know that it pays to do some comparison shopping especially when it comes to car insurance companies, may it be first-time car insurance applications or policy renewals.
First, hit that local phone book. Generally, car insurance companies provide you with quotes right over the phone. Bear in mind the rates for the same type of car insurance coverage. It is important to check the limits, as well. You may be tempted to purchase the one with lower premiums to cut cost now but may be unhappy in the future when filing claims because the actual limits on your coverage are lower than your damages. It is always best to buy as much insurance coverage as you can afford.
Another way to gain valuable information is by visiting car insurance websites. Unlike the traditional way where you would have to wait for an agent to assist you, doing comparison shopping online may be more convenient. You can run quotes your self and can easily print out multiple quotes to easily compare rates. Whether calling or shopping online, it is imperative that you have a good overview of insurance rates of different companies. Knowing all your options in this matter is one way of taking control of your finances.
Tags: auto insurance coverage, auto insurance online, Car insurance discounts, car insurance quotes, First-Time Buyer
Discount, first-time, quotes, coverage, online,
Graded Life Insurance Policy Illinois IL
Reader’s Question:
I find it hard to get a life insurance provider here in Illinois but a friend recommended a “Graded Life Insurance” Policy, could you tell me how this works?
Albs
Cicero, IL
You have a very knowledgeable friend there in Illinois, many people who find it difficult to get a regular life insurance policy have been able to qualify for Graded Life Insurance. Graded Life Insurance is a form of life insurance coverage that does not require undergoing or submitting any form of medical test or records. As long as you do not have a terminal illness or is under a hospice then you can definitely avail of this type of life insurance.
Graded life insurance is mostly taken advantaged of by those who have multiple combinations of medical conditions or illnesses (major or otherwise) that makes it hard or even impossible for them to get quality life insurance coverage. These people are not necessarily dying.
The drawback though is that premiums for this kind of coverage are a bit higher due to higher risks to the life insurance company that these customers represent. Also there may be provisions under the providers contract or agreement stating a reduced or nullified death benefit grant should the insured individual pass away within two or three years into the policy. Even so, it would still be smart to know your options by talking to a broker or getting accurate and timely quotes Online to help you narrow down the best available rates for your circumstance. Just because you have limited options doesn’t mean you have to pay too much to get quality life insurance coverage.
Tags: graded life insurance, cheap life insurance, life insurance information, advise
Affordable Car Insurance For Your Old Car Illinois IL
Reader’s Question:
I’ve been driving my Honda Civic for 3 years now and I think my auto insurance company in Illinois is charging me too much. I want to know if buying a new car and getting it insured will cost me less auto insurance rate or should I just stick to my old Honda civic?
Barry
Chicago, IL
Nowadays, it is practical to acquire affordable car insurance rate. There are different kinds of insurance ranging from health insurance, life insurance home owner insurance and so forth, that’s why finding an insurance company that can offer you less rate is a big help. There are many ways you can bring down the cost of your insurance policy thus saving you money. If you’re planning to buy a new car, look for cars that are low profile and is fitted with safety and security features. Insurance company will likely offer you less auto insurance cost. Take also into consideration that the crime rate in an area reflects to your car insurance cost, but it doesn’t mean you have to move in order to get an affordable auto insurance rate. Before you visit your auto dealership, find out which vehicle is affordable at the same time are preloaded with safety features.
However, if you already own a car, there is still some important information that can save you money on acquiring insurance rate. Installing safety feature such as car alarm, immobilizer or a tracker device so that there is a less chance your car can be stolen or burglarized can bring down your insurance rate. Your way of driving can also affect your auto insurance rate. If you have been into road accidents or you often get driving citations, these auto insurance companies will charge you more. In this case, try to drive tentatively or cautiously in order to get less insurance rate. This will not only save you money but may also save your life.
Tags: auto insurance
Whole Life Insurance Policy Illinois IL
Reader’s Question:
Hi, could you tell me what an accelerated death benefit rider is?
Sarah
Naperville, IL
An accelerated death benefit is one of those benefits that can be added to your whole life insurance policy. This is designed to provide immediate cash to fund the large sum of medical expenses particularly the accumulated expenses because you are seriously ill. In this way, the life insurance company allows you to collect part of your death benefits.
This benefit will be given to the policy holder under a certain condition like diagnosis of a terminal illness, onset of a medically incapacitating condition and a need for confinement to a nursing home or long-term care.
Like any other new products, the accelerated death benefit has many designs and variations. Some life insurance companies make this benefit a rider and charge an additional cost while others offer this benefit as a part of the policy and the additional costs is charged in the death benefit cost. You can contact your life insurance agent to find out the type of accelerated death benefit they offer.
Tags: whole life insurance
Reasons to Get Life Insurance Illinois IL
Reader’s Question:
I am really a skeptic with regards to life insurance. Can you convince me to get one here in Illinois?
Matt
Chicago, Illinois
Well, Matt, I love enlightening people like you. So, off we go.
At first, you might think that life insurance policies are meant to take your hard-earned money to the coffers of multi-billion dollar life insurance companies. But you have to remember that we all will ultimately die as we have a limited life span. Your life insurance company will cover you, provided that you have a whole life insurance policy– meaning, your family, the ones you are intending to protect, will get security in the eventuality of your death.
Now, assuming you have great plans for your children, for instance, going to college, these plans of yours will still be achievable since they will have funds to draw from.
I have to admit that life insurance companies do make money from your premiums, but not because you gave it to them, but rather they invest the premiums you and other policyholders pay. By pooling these premiums collected and working with people who are good with numbers, they can afford to pay you and Joe and Harry and Moe and all other policy holders the amount they guaranteed to pay you or your beneficiary when the conditions of your contract have been met.
And, nowadays, it is not limited to the event of death before a beneficiary can make a claim because there are lots of life insurance products that will give you high returns and at the same time give you life coverage. You can think of it this way, Matt: As much as possible, life insurance companies would want you to live longer because the longer you live, the later your family will file claims.
I hope I got through your skepticism about life insurance and gained a new friend from Texas in you. Have a nice day.
Tags: insurance advice, life insurance
Child Life Insurance Illinois IL
Reader’s Question:
Should I buy a child life insurance for my 7-year old child in Illinois?
Harry
Bloomington, IL
The purpose of life insurance is to provide income for an income that was lost because of death. You probably think that since your child doesn’t provide income, the child life insurance may not be beneficial for you. To answer your question, you can insured your child to cover the final expenses like funeral costs. The right insurance for your child that has this feature is the term insurance policy. The policy covers a specified period only that ranges from 1 to 30 years.
You can find a term insurance policy that has a small face value. You can contact your insurance agent about this.
Eventually, your child will grow and may not wish to continue the policy or want to get their own. There are policies that give the choice if they want to buy insurance. Young adults
can easily get affordable good life insurance.
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