This articles discusses the different coverages that are available for used car dealers. Certain coverage or limits discussed here may be suitable for the used car dealers in Illinois. There are thousands of used car dealers in Illinois with about 700 registered used car dealers in the City of Chicago. Coverage types and limits may vary according to state.
Generally speaking, used car dealer insurance is expensive because of the fact that the insurance company has no idea of who will be sitting behind the wheel during test drives. Also, liability coverage limits for used car dealers are higher than those in personal auto insurance. In the State of Illinois used car dealers must maintain a minimum liability limits of $100,000 for bodily injury per person, $300,000 for bodily injury per accident, and $50,000 property damage per accident (100/300/50). The State of Illinois does not require more than the statutory limits of $20,000 bodily injury per person, $40,000 bodily injury per accident for the uninsured motorist. Continue reading »