By Jim Talamonti | The Center Square
Vehicle owners in Illinois can expect to pay even more for insurance before the end of this year.
An insurance quotes comparison platform released a report that projects a total increase of 31% in auto insurance premiums in Illinois this year.
Chase Gardner is the data insights manager for Insurify.
“In Illinois, we’ve seen rates go up already 21% this year through August. The average cost of a policy for full coverage just broke $2,000 a year there,” Gardner said.
Gardner said that Insurify estimates that rates will rise another 10% before Jan. 1, 2025.
Illinois State Sen. Craig Wilcox said proposals by Illinois Democrats would push rates even higher, if insurance agencies could no longer check credit scores or zip codes.
“If you want to talk about being penalized for absolutely having been a responsible citizen for a while, that would be devastating to just about everybody in Illinois’ premium rates,” Wilcox said.
Earlier this year, Illinois State Rep. Will Guzzardi proposed House Bill 4767, which would force insurance companies to apply for state approval to change rates.
Illinois Secretary of State Alexi Giannoulias supported the measure, saying it would give the state Department of Insurance broad authority to regulate rate hikes.
State Rep. Jeff Keicher opposed the legislation, saying that insurance companies do not consider race, national origin, or religion when setting rates.
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