How to get auto insurance from a state that your college is in ...
I live in New Jersey where the auto insurance is relatively expensive. However, I go to college in South Carolina where the auto insurance is a lot cheaper than in New Jersey. How can I get the cheaper South Carolina auto insurance? Do I need a South Carolina driver’s license to do this? Should I buy a car from a South Carolina dealership?
Required CoverageIf you are attending school in another state, check with your insurance company or agent to make sure you have enough coverage to comply with any minimum insurance requirements in that state. If you get caught driving without auto insurance in Illinois, you face a fine and suspension of your license plates. Illinois law requires all motor vehicle owners to have the following coverage:
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Liability insurance – Pays for bodily injury to another person or property damage you cause due to the negligent operation of a vehicle. Required amounts are; $20,000 per person, $40,000 per occurrence, and $15,000 for property damage. If affordable, higher liability limits of at least 100/300/100 are better. *
Uninsured motorist bodily injury (UM) – Pays for your bodily injury caused by a hit-and-run driver or an at-fault driver who has no liability insurance. Required amounts are $20,000 per person and $40,000 per accident. If affordable, higher limits are available.
Note: If you purchase larger amounts of UM coverage, underinsured motorist bodily injury coverage (UIM) is also required. Other Coverage
* Medical payments – Covers medical and funeral expenses for you or your passengers if injured or killed in an accident in your vehicle. It also covers you and your family members if struck by a vehicle while walking or riding in another vehicle. This coverage pays even if you cause the accident.
* Physical damage – Pays for damage to your auto. You may have to pay for part of the loss, called a deductible. Illinois law doesn’t require physical damage coverage, but your lender may. Depending on the value of your car, you may decide the cost of physical damage coverage is not worth the additional premium.