Magnum Insurance A Detail Guide for You to Understand

magnum insurance

magnum insurance


Magnum Insurance is a company specialized in the sale of auto, health and home insurance packages; This insurer offers independent services in Illinois and Indiana. Also, it is characterized by offering quality coverage that suits your budget and needs. Would you like to know more information? Then we invite you to continue reading…

Magnum Insurance Customer Service Telephone Numbers

First of all, Insurance Magnum has a Call Center available 24 hours a day. You can communicate through: ( +1-888-539-2102 ) or send an email through the contact form .

It is important to mention that the Call Center is only available in English ; but you can request to communicate with a bilingual agent to facilitate your experience.

Now, to file a claim, make payments, obtain identification (ID) cards, you need to download the insurer’s mobile APP.


The state of Illinois is a territory where you must have car insurance if you want to move freely on the streets. In fact, the minimum requirement in the state of Illinois is liability coverage ; policy that covers the damages and injuries that you cause to third parties. It will always be important to know the minimum requirements and what basic liability insurance does not cover. For example, cheap basic liability insurance doesn’t protect your vehicle, nor does it pay for medical bills or other losses. Car Insurance In Spain For Expats.

Currently, the state of Illinois requires:

  • At least $25,000 bodily injury coverage per person.
  • $50,000 bodily injury coverage per incident.
  • At least $20,000 of property damage coverage per occurrence.

Magnum Civil Liability Insurance

Basic liability insurance may not be enough protection for you. Therefore, below we detail the basic coverage offered by Insurance Magnum. Next, we detail all the coverage that you can obtain through this insurer:

Exclusive Protection Coverage

  • Collision Policy . This type of insurance covers your car if you accidentally collide with another car or object; regardless of who is to blame.
  • Full Coverage . This policy offers coverage for your car for accidents not related to a collision. For example, you can cover a tree falling on your car, hail, fire, theft, vandalism
  • Emergency Roadside Assistance Insurance . Emergency roadside assistance is a help when you are stuck. Ideal in emergency situations such as: car failure, gasoline problems, damaged tire, etc.
  • Rental Car Insurance . This type of coverage reimburses you for the cost of your rental car if the insured vehicle is undergoing repairs or is unavailable.

Policies for you and your passengers

  • Medical Payments Insurance. Whether or not you are at fault, medical coverage is available to help pay medical bills in the event you or your passengers are injured in a car accident.

Insurance to Save Money (Civil Liability)

  • Bodily Injury Liability Policy . If you are at fault for injuring someone in an accident (caused by you), this coverage will help pay for costs associated with third party personal injury such as: Lost wages and bodily pain. This is a mandatory requirement required in Illinois.
  • Property Damage Liability Coverage . This type of coverage will cover the cost of repairing someone else’s property; be it a car or a house.
  • Underinsured Motorist Insurance : If an underinsured driver is involved with you in an accident, this type of coverage will cover you and the people inside your car for medical bills, lost wages, pain and suffering.
  • Property damage through an uninsured driver . If another driver hits you, this insurance coverage will help protect your car repair costs if the other driver is uninsured.

SR-22 Magnum Insurance

SR-22 is a certificate of insurance that proves you have auto insurance ; and that you also comply with the minimum coverage regulations required by law. In some cases, it is also known as a Certificate of Financial Responsibility or Form SR-22. Can you have two car insurance policies at the same time?

Important : SR22 is not a type of insurance, but rather a filing issued by your affiliated insurer to the state Department of Licensed Vehicles (DMV) .

The DMV is the only regulatory body that can indicate when an SR22 is required. You may need SR 22 coverage if you have one of the following driving violations:

  • Driving under the influence (DUI) or DWI.
  • Reckless driving of a motor vehicle.
  • At-fault accidents without adequate coverage.
  • Driving without auto insurance coverage.
  • Driving with a suspended license.

SR-22 Considerations with Magnum Insurance

The state of Illinois requires a minimum of 3 years for an SR22 filing. Therefore, if you have a Magnum Insurance policy and that policy lapses or is cancelled, the law requires the company to notify the Illinois Secretary of State immediately. If this happens, your license will be suspended, so it’s important that you make your low monthly payments on time. What types of life insurance exist – learn more of this?.

SR-22 Insurance Requirements in Illinois

When it comes to SR22 insurance , Illinois drivers should make sure their auto insurance policy meets the minimum coverage requirements for the state. Among them we have:

  • $25,000 bodily injury coverage per person.
  • $50,000 bodily injury coverage per incident.
  • $20,000 of property damage coverage per incident.

Magnum Motorcycle Insurance

Motorcycle insurance only groups basic civil liability. If you want to form a complete coverage you can choose to buy the following additional benefits:

  • Collision Coverage . This is a coverage that exclusively includes car accidents against another motorcycle, object or a car.
  • Comprehensive Policy . Comprehensive coverage covers your motorcycle for accidents not related to a collision. For example: Falling from a tree on your bike, hail, fire, theft, vandalism.
  • Roadside Assistance Insurance. Roadside assistance will help you with any inconvenience that may arise along the way.

Other coverages that you can request are:

  • Medical Payments Coverage.
  • Bodily Injury Liability Policy.
  • Property Damage Liability Coverage.
  • Uninsured Motorist Bodily Injury Liability.
  • Motorized Policy without Insurance.

Magnum Motorcycle Policy Prices

Next, we leave you an average price for different motorcycle models and its variation based on the age of the driver.

Motorcycle Type 18 years 21 years 35 years
2017 Yamaha V Star 250 Cruiser $987 $943 $753
2019 Kawasaki Ninja 400 Sporty $1,870 $1,777 $1,413
BMW R1250RT 2018 sightseeing $2,682 $2,471 $1,890

Important : As long as you are not involved in any car accidents, your premiums should decrease as you gain experience. For example, 18-year-old drivers are often charged more for insurance than 21-year-olds, while 21-year-olds tend to have slightly higher rates than middle-aged passengers. What is whole life insurance and how does it works?


Home insurance protects you when bad things happen in your home. Magnum Insurance agents can create policies with custom features so you can tailor your policy to your needs. Here are some common items covered by homeowners insurance. Also known as an HO1, HO2, HO3, or HO8 insurance policy .

Property Damage Policy

Most policies cover damage to your home and any structures. With Magnum Insurance you will have coverage against:

  • Fire.
  • Winds.
  • Water damage.

Personal Property Coverage

Protect damaged or stolen belongings such as:

  • Furniture.
  • Accessories.
  • Clothing.
  • Plates.

Jewelry Insurance

This is limited coverage for jewelry stolen from within your home. This policy is basic, but you can include additional ones to protect various elements such as:

  • engagement rings
  • wedding bands
  • Diamond bracelets.

Personal Responsibility Policy

This is an exclusive policy for medical expenses or property damage to others; whether they are caused by you or a member of your household. It is important to mention that this policy covers pets . Personal liability can also help with legal expenses in the event of a lawsuit.

medical bills

Covers medical payments for minor injuries to people who don’t live with you, but who were injured on your property.

Additional costs

Coverage for additional unexpected costs that may arise when you experience a covered loss; like temporarily living somewhere else while your house is being repaired.

Important : House and home policies can be combined with auto policies to save money. So, if you currently have a home policy with Magnum Insurance, talk to an agent and learn more about combining a home and auto policy.

Magnum Renters Coverage

Renters insurance protects you when bad things happen in your rented home. Below, we show you the main benefits offered by this type of policy , also known as HO4.

Personal Valuables

Common coverage includes: Clothing, electronics, furniture, tools and appliances. This policy covers extraordinary events such as: fire, theft, vandalism, tornadoes, water damage and more. However, if you have jewelry or other expensive items , you may need additional coverage .

Civil Liability

If someone is injured at your residence, liability coverage will help pay the medical bills of others; as well as the costs related to a lawsuit (up to the limits indicated in the policy).

Temporary Living Expenses

If you need to temporarily move after a claim , renters insurance may cover your hotel or other living expenses.

Home and Home Insurance Prices Magnum

Here’s a breakdown of the average cost of home insurance with Insurance Magnum, all based on coverage amounts.

Home Coverage Liability Coverage Deductible Average annual premium
$200,000 $100,000 $1,000 $1,806
$200,000 $300,000 $1,000 $1,824
$300,000 $100,000 $1,000 $2,285
$300,000 $300,000 $1,000 $2,305
$400,000 $100,000 $1,000 $2,694
$400,000 $300,000 $1,000 $2,790


Life insurance policies provide beneficiaries with payments when the insured dies or after a specified period of time has elapsed On the other hand, life insurance provides financial security by replacing lost income and covering expenses.

There are different types of policies , and each of them meets different needs. Next, we describe them

Term Life Coverage:

It covers a limited period of time and does not build cash value. So if you die within the terms (while the policy is still active), your beneficiaries get paid . Among its main features we have:

  • It is active for a specific period of time.
  • You can replace income.
  • It generally covers some other particular expenses.
  • You may be eligible for a policy without a medical exam.

Permanent Life Insurance:

This insurance is the most common that exists. This policy costs more than term life , but offers additional features like cash value. Among its main characteristics we have:

  • Coverage for life, as long as the terms of the policy are met.
  • Help with income replacement.
  • Provides supplemental income.
  • Help with estate planning.
  • You can offer an additional cash pool that builds up over time.

Price of Magnum Life Insurance

The final cost of life insurance depends on many factors including: Age, health and the length of the policy. Next, we show you an average quote with Magnum Insurance and their respective annual values ??for healthy men and women of different ages; all this with coverage valued at $500,000 .

age and gender 20-year term life average value Average 30-year term life rate Average Value of Permanent Life
30 year old man. $227/year $458/year $4,015/year
30 year old woman $193/year $471/year $3,558/year
40 year old man. $341/year $712/year $6,042/year
40-year-old woman $289/year $497/year $5,413/year
50 year old man. $842/year $1,710/year $9,432/year
50 year old woman $645/year $1,420/year $8,840/year


Currently, Magnum Insurance has 6 health policies that are:

Individual and Family Health Insurance Plans

The individual health insurance and family helps pay the cost of medical care; including medical emergencies, routine medical appointments, preventive care, and inpatient/outpatient treatment. On the other hand, with a family insurance plan , you, your spouse or partner, and your eligible children (under the age of 26) are covered. You generally pay a monthly premium plus a deductible or copay.

dental insurance

Dental insurance generally covers preventive and basic care , such as: Oral exams, cleanings, fillings, and X-rays.

Vision Policy

Vision insurance can lower your out-of-pocket costs for routine exams, as well as glasses and/or contacts . It is important to mention that vision plans are personalized and some do not include routine vision care.

Collective Medical Coverage

As a small business owner, you can purchase group health, dental, and vision insurance for your employees. This benefit generally earns you discounts on premiums.

Illinois Critical Compensation

If you have a health emergency, you may be able to receive financial protection through a program called Critical Illness Compensation. So thanks to this benefit, Magnum Insurance offers up to $50,000 to treat a covered unexpected illness .

Short Term Medical Policy

This type of coverage provides temporary protection for unexpected times with no enrollment periods; which means you can enroll in the program whenever you need to. Magnum Insurance can offer you and your insured a temporary coverage of 6 months at a competitive rate with low deductibles.

Price of Magnum Health Insurance

Health insurance plans are divided into different metal levels; all based on the proportion of health care costs that the insurance plan is expected to cover.

Catastrophic and Bronze plans cover the smallest proportion and have higher deductibles, copays, and coinsurance. At the other end of the spectrum, Platinum plans offer the most coverage; in fact Platinum plans are expected to cover 90% of all costs.

The average rates paid by health insurance plans are inversely related to the amount of coverage they provide. Therefore, the Platinum plans are the most expensive and the Bronze and Catastrophic plans are the cheapest.

The following table shows the average Magnum Insurance rates for a 32-year-old person for individual health insurance according to plans at different levels.

metal level 2021 monthly premium Annual fee 2021 2020 monthly premium change over year
Catastrophic $313 $3,757 $328 -3.04%
Bronze $387 $4,638 $415 -7.01%
extended bronze $414 $5,017 $433 -2.01%
Silver $527 $6,387 $541 -3.56%
Gold $594 $7,125 $617 -4.02%
Platinum $709 $8,504 $732 -3.19%


Get a full quote today using our quote engine! Still don’t know which insurance company to choose? We invite you to visit Cost U Less Insurance and  Freeway Insurance; both insurers offer services similar to Magnum Insurance United States. Remember that at we can help you choose a policy that suits your needs and family budget.


Magnum Insurance is a leading company in Illinois that offers a wide variety of insurance such as: Auto, home and health. Among the main opinions that we can find on the web about this insurer we have:

  • The financial strength of Magnum Insurance in United States is A+ “Excellent”, according to the AM Best rating agency .
  • On the other hand, according to consumer websites such as WalletHub , this insurer has a score of 4.5/5.
  • For 2018, the National Association of Insurance Commissioners  listed Magnum Insurance as ” The Best Insurer in Chicago .”
  • Currently, this insurer is known for offering excellent customer service in terms of claims and policy sales.
  • On its official Facebook, Magnum Insurance USA.
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