Auto Dealership Insurance in Illinois: A Comprehensive Guide
Our team is here to help you find an affordable auto dealers insurance policy!
Operating an auto dealership in Illinois requires careful attention to various insurance requirements set by state regulations. At Auto Dealership Insurance Group (ADIG), we specialize in offering comprehensive insurance solutions that meet Illinois’s licensing standards.
This article will guide you through the necessary coverage requirements for obtaining an Illinois auto dealership license and how ADIG can help you secure the right insurance efficiently and affordably.
Illinois Auto Dealership Insurance Requirements
To obtain or renew an Illinois Auto Dealers License, auto dealerships must meet certain insurance requirements set by the Illinois Secretary of State. Here’s a detailed overview of what insurance coverages your car dealer needs:
- Garage Liability: $350,000 CSL (Combined Single Limit)
- Uninsured/Underinsured Motorist: $100,000 CSL
- Auto Dealers Surety Bond: $50,000
Illinois Auto Dealers Bond
If you’re an auto dealer in Illinois, securing an Illinois Auto Dealer Bond is a crucial step in obtaining or renewing your dealer license. The state mandates this Designated Agent Bond to ensure compliance with Illinois motor vehicle dealer regulations and to protect consumers from fraudulent practices.
For individuals with good credit, a one-year auto dealer bond in the required amount of $50,000 is priced at just $410, while some dealers who may be required to carry a three-year bond can secure it for $1,100. Whether you’re opening a new dealership or renewing your license, this bond is essential to meeting state requirements and operating legally in Illinois.
Certificate of Liability Insurance
When renewing or applying for an Illinois auto dealership license, you must submit a certificate of insurance.
This certificate verifies that you have the required garage liability insurance and uninsured and underinsured motorist coverage. It must accurately reflect the coverage limits and be issued by a licensed insurance provider.
Understanding Illinois Auto Dealership Insurance Costs
The cost of auto dealership insurance in Illinois depends on several factors, including:
- Type of coverage requested
- Limits of insurance
- Location
- Dealership size and related or non related operations
- Number of drivers and dealer plates
- Prior insurance experience, history or claims
For auto dealers with favorable rating conditions, dealerships can expect to pay $255 to $375 per month for basic garage liability coverage to meet the Illinois Secretary of State requirements to obtain dealers licensing.
Read more: Key Factors Affecting the Cost of Car Dealers Insurance.
Why Choose Auto Dealers Insurance Group?
Our experienced agents at ADIG specialize in helping Illinois auto dealerships get the coverage they need. Here’s why you should choose us:
- Expertise: Our team knows Illinois auto dealership regulations inside and out.
- Competitive Rates: We offer affordable coverage options to fit your budget.
- Fast Service: We deliver your certificate of insurance and bond quickly to help you complete the licensing process without delays.
Get Your Illinois Auto Dealership Insurance Quote Today
Ensure your Illinois auto dealership is fully covered with the right insurance from ADIG. Contact us today for a personalized quote and to meet state insurance requirements.
Contact Us Now to Get Started!
Ready to secure your auto dealership insurance in Illinois? Reach out to ADIG today for a fast and reliable quote. We’re here to help you meet Illinois’s insurance requirements and keep your business protected.
