Illinois residents face increased insurance rates for home and auto

Illinois insurance rates on the rise According to the March state filings by a number of insurance companies, some residents of Illinois will soon be receiving the unwelcome news that the coverage that they require for their homes and vehicles will soon be rising. For example, Hanover Insurance has filed a proposal to increase their rates for homeowners’ insurance by an average of 4.9 percent. This rise will go into effect for the renewals on July 11, 2012. Similarly, the filing from Unitrin Preferred Insurance Co., has shown that they…

Read More

Illinois introduces heavier penalties for uninsured motorists

Following a battle that was started by one woman in Illinois who was almost killed in an accident with an uninsured driver, the state has now introduced stricter penalties for motorists without insurance. Recent data from a survey by the Insurance Research Council has showed that 15 percent of drivers within the state don’t have insurance. The accident that started the ball rolling on the change in regulation occurred in June 2010. The woman in question was Ashley Lacey, who was in an accident with a car that didn’t have…

Read More

Illinois legislative committee investigating the effects of health insurance exchanges

The Illinois Health Benefits Exchange Legislative Study Committee, a panel comprised of senators who have been investigating the possible effects an insurance exchange could have on the state’s insurance market, will be submitted its recommendation on the establishment of an exchange to the Senate by the end of this month. Thus far, the committee has remained tight-lipped regarding its findings, but some light may have been shed on the possible outcome of the committee’s research. According to the Chicago Tribune, the state’s insurance industry has been pouring money into the…

Read More

State Farm uses telematics to help drivers obtain better car insurance rates

State Farm has announced that it has partnered with Hughes Telematics Inc. in order to give its car insurance customers the opportunity to use an in-vehicle device so that they may lower their auto insurance rates. State Farm is calling the program In-Drive, and uses technology developed by the Atlanta-based telematics company to give its Illinois policy holders a chance to take part in the program starting in September. Other states may also be offered this program in 2012. The features of the technology are comparable to some of those…

Read More

Auto insurance rates going higher

Across the nation, auto insurance premiums have increased by an approximate 1.7% this year according to the Insurance Information Institute despite Americans using their car less due to gasoline prices. For example, in New York they’ve seen a 5 to 7% proposed increase, while in North Carolina it’s 11 to 13% and Illinois already raised theirs by 3 to 13%.  With people driving less, the number of road accidents are lessened which results to fewer claims and in turn is beneficial to the auto insurance providers. However, rates are going…

Read More