Local News

Car Insurance Options – Are You Covered?

There’s almost nothing worse than getting into an accident and realizing your car insurance policy doesn’t cover what you thought it did! So with the advent of a new season, we encourage you to double check your policies and make sure they cover what you want them to cover. Here is a brief list and description of six car insurance options. Bodily injury liability: This policy pertains to the injuries that the policyholder and those covered under the insurance inflict on someone else. In the event of litigation, this policy can help protect personal assets. Medical Payments or Personal Injury Protection: This policy offers coverage for injures sustained by the […]

New Illinois Leasing Law Cuts Taxes in Half

On January 1, 2015, leasing a vehicle in Illinois became quite a bit more attractive (by 50%, if you look at the numbers). The new Illinois Leasing Law reduces the amount of tax that a customer would pay while leasing a car. Prior to 2015, a customer would pay tax on the purchase price of the car, even though a lease acts as a long-term rental. This made leasing a car unappealing. Nationally the lease rate is right around 26%, but in Illinois it has been only 14%. Chicago is even lower than that, at only 8% of all vehicle sales being leases. New York, for example, has a nearly […]

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