Inflation sends Illinois auto insurance higher by as much as 30 percent

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Drivers can still find opportunities for savings if they compare plans and watch for discounts. Motorists in Illinois can expect to be paying auto insurance premiums that are as much as 30 percent higher next year than they were this year as a result of inflation. Many drivers are seeking ways to save money by comparing quotes and spotting discounts. With expenses rising on all fronts due to inflation, consumers are struggling to make ends meet while still battling with ongoing pandemic-related supply chain issues. Therefore, at the same time…

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Auto insurance companies could face another wonky year in 2022

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According to a recent LexisNexis Risk Solutions report, the industry is showing “signs of revolution”. As 2022 reaches the point that its well underway, new analyses are starting to identify trends suggesting that auto insurance companies could be facing another bumpy ride. The trends appear to indicate that both shopping volatility and increased claims severity will continue. The analysis was conducted by LexisNexis Risk Solutions, which released a report indicating that auto insurance companies and the industry as a whole is facing a critical phase. Both heightened claims severity and…

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Allstate hikes auto insurance rates as it leans on telematics

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The insurer has announced that drivers “just about everywhere” will be paying more for coverage. Allstate has announced that it is increasing its auto insurance rates “just about everywhere” while it adjusted its focus on boosting returns in the car policy market following a drop in its net income during Q3 2021. The insurer shared this information during a recent earnings conference call with analysts. The fall in Allstate’s underwriting income was associated with higher loss costs from settling car claims, said company officials. Now, Allstate has raised its auto…

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How do warnings affect my car insurance rates?

Traffic warnings shouldn’t affect your car insurance, as they usually don’t go on your driving record. Any citation that appears on your driving record may have an impact on your insurance rate; however, getting a warning is just that – a warning and not a violation or citation. In this article, we will highlight everything you need to know about traffic warnings and how they affect your car insurance rates. Why do police officers give out warnings? Police officers are usually faced with a hard choice of either issuing a…

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A State Farm car insurance rate increase coming to 8 states

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Over the summer, the insurer issued decreases since people weren’t driving as much in the pandemic. Drivers in at least 8 states may see a State Farm car insurance rate increase, according to recent filings the insurer made with state regulators. These higher premiums will follow months of decreases due to reduced miles driven. Over the summer, State Farm cut its auto policy rates across many states in the US to reflect the lower risk of coverage due to the pandemic. When the COVID-19 crisis struck, lockdowns, workers staying at…

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Pandemic-reduced Progressive auto insurance rates are getting hiked

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As more drivers head back out onto the road again, the insurer is increasing the cost of coverage again. When the pandemic hit, sending drivers across Illinois home and leaving their cars in their driveways, Progressive auto insurance rates were lowered by about 10 percent. That said, drivers are heading back out again, and their premiums are also starting to rise. The insurer is increasing its rates by 4.2 percent for the majority of its customers in Illinois. The new Progressive auto insurance rates were filed with the Illinois Department…

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Another State Farm Louisiana auto insurance rate reduction ahead

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The insurer has already slashed its rates earlier this year due to the reduced claims during the pandemic. More Louisiana auto insurance rate cuts are on their way from the largest car insurer in the state. The reason for the latest reduction in State Farm premiums is the same as the last. The pandemic lockdowns have taken many cars off the roads, shrinking claims rates. State Farm currently covers about one in every three private vehicles in the state. State Farm provides car insurance to almost one third of all…

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