IL SB1732

Allows rental car companies to immediately collect insurance deductibles from renters for visible damage exceeding $500 without waiting for the renter's personal insurance company to assess the damage or process claims.

Limits renter liability for vehicles with MSRP of $50,000 or less to the lesser of actual repair costs or fair market value, plus up to $2,000 for theft losses.

Limits renter liability for vehicles with MSRP over $50,000 to the lesser of actual repair costs or fair market value, plus up to $40,000 for theft losses, with annual increases of $2,500 through 2019 and $1,000 annually thereafter.

Requires rental companies to obtain repair estimates and provide copies to renters and insurers before collecting damage claims, and prohibits advance charges on credit cards for damages.

Requires rental companies to provide notice to renters' personal insurance companies for damage claims and theft losses, and mandates mitigation of damages by rental companies.