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State Farm raising auto insurance rates in Illinois

 - Photo: Thinkstock
Photo: Thinkstock

By September 04, 2013

State Farm Insurance Cos. is boosting auto insurance rates in its home state of Illinois by between 3 percent and 4 percent.

The Bloomington-based company, by far the largest insurer of cars and homes in the nation and in Illinois, will hike rates by about 3.2 percent for the vast majority of policyholders, according to filings with the Illinois Department of Insurance. For some policyholders, the increase will be closer to 4 percent. The rate changes are effective Sept. 30.

The price hikes come about 18 months after State Farm trimmed auto rates in Illinois for the first time in several years. State Farm insures about one in every three vehicles in Illinois.

"Auto insurance rates for Illinois customers have been adjusted to better reflect changing claim costs," a State Farm spokeswoman said in an email. "Overall, most customers will see an increase in their premium."

But she cautioned that the extent of the increases would vary for each customer based on factors like location, the type of vehicle insured and who is allowed to drive it.

State Farm isn't the only major insurer in Illinois making car insurance more expensive. Geico, the nation's third-largest auto insurer and a growing force in Illinois, also is raising its rates by more than 3 percent, effective Nov. 10 for renewing customers, according to filings with the Illinois Department of Insurance.

Washington-based Geico, an online insurer that spends nearly $1 billion annually on national television ads promoting how much it can save customers, boosted car insurance rates in Illinois by 2.5 percent last year.

Ohio-based Progressive Corp., the third-largest auto insurer in Illinois, is keeping its rates level, according to new filings with the state. Progressive boosted its rates in Illinois by 5.5 percent to 11 percent last year, depending on how customers bought their insurance.

Read More:

http://www.chicagobusiness.com/article/20130904/NEWS01/130909930/state-farm-raising-auto-insurance-rates-in-illinois

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