IL HB5575

Increases arbitration binding limits for uninsured motorist bodily injury claims from $50,000 to $75,000 per person and from $100,000 to $150,000 for multiple persons in a single accident.

Requires all motor vehicle liability insurance policies issued or renewed in Illinois to include uninsured and hit-and-run motorist coverage with limits set by the Illinois Vehicle Code Section 7-203.

Establishes arbitration procedures for disputes over uninsured motorist coverage, allowing parties to select arbitrators or submit to American Arbitration Association with specific rules for presenting medical opinions and other evidence.

Mandates uninsured motorist property damage coverage for private passenger and recreational vehicles at actual cash value or $15,000 (whichever is less) with a $250 deductible, unless collision insurance is provided.

Applies these changes to all insurance policies amended, delivered, issued, or renewed on and after the effective date of the 98th General Assembly amendatory act.