IL SB3372

Increases maximum liability for vehicle renters in theft cases from $2,000 to the actual and reasonable costs up to the fair market value of the vehicle, as calculated using commonly and commercially accepted valuation methods.

Removes the previous provision that capped theft liability at $2,000 unless the renter or authorized driver failed to exercise ordinary care or aided and abetted the theft.

Maintains existing liability limits for physical or mechanical damage to rental vehicles, including the annual $500 increases for authorized drivers beginning June 1, 2000.

Requires rental companies to obtain repair estimates, provide copies to renters or insurers, and mitigate damages by not exceeding actual repair costs including all discounts and price reductions.

Takes effect January 1, 2013.