July Filings Show Illinois Insurance Carriers Hiking Rates

Policyholders in Illinois may be looking for inexpensive car insurance quotes after state regulators there released their latest rate filings, showing that more than a dozen insurers hiked their rates.

All of the following rate changes are on average and related to personal policies.

Travelers Home and Marine was one of the largest insurance underwriters hiking rates in the latest rate filings. The insurer’s hikes, effective Sept. 14 for all business, will increase personal liability rates by 6.4 percent and physical damage rates by 2.1 percent on average. The insurer currently writes about $97.6 million liability and physical damage premiums in the state.

Travelers Commercial, a related insurer, also hiked personal liability rates by 6.5 percent, although physical damage rates will drop by about 1.84 percent

Three Progressive-affiliated companies hiked their rates in July:
– Progressive Northern, the largest underwriter of the three, increased liability rates by 13.1 percent and physical damage rates by 8.3 percent. That section of the company writes about $119.6 million in premiums.
– Progressive Universal increased liability rates by 9.6 percent and physical damage rates by 7.7 percent. Progressive Universal writes about $90 million in premiums.
– Progressive Direct raised its liability rates 5.8 percent and physical damage rates by 5 percent.

Auto Club increased its personal liability rates by 4.7 percent, effective Sept. 15 for new business and Oct. 1 for renewing business. It also decreased personal physical damage policies by an average of 5.5 percent. The insurer writes about $38 million annually in liability and physical damage policies.

More minor underwriters also hiked rates, including Horace Mann Property & Casualty, which got approval for increases that will be effective Oct. 1 for all business. The insurer is hiking personal liability rates by 6.7 percent and physical damage rates by 3.1 percent.

Teachers Insurance, writing more than $3.5 million total in personal policies, hiked liability rates by 3.5 percent and physical damage rates by 1.4 percent.

Three companies under the Infinity banner also hiked their rates in July:
– Infinity Auto hiked personal liability rates by 1.4 percent and physical damage rates by about 0.5 percent
– Infinity Assurance hiked rates for personal liability policies by 1.2 percent and physical damage policies by .02 percent
– Infinity Casualty increased personal liability rates by 2.4 percent and personal physical damage policies by .6 percent

Six 21st Century programs will hike personal liability and physical damage rates to varying degrees, all of which already took effect on Aug. 6. The largest single-program hike will increase personal liability rates by an average of 5 percent and personal physical damage rates an average of 5.1 percent. The program writes $1.7 million in personal liability policies and $1.3 million in personal physical damage policies.

21st Century Centennial, which writes a significantly higher volume of insurance premiums than its sister companies, will hike liability rates by 3.5 percent and physical damage rates by 3.1 percent.

About Charles Nguyen
Charles Nguyen is an enterprising journalist who reported for Patch.com and the Desert Dispatch and was the editor in chief of the Guardian (the twice-weekly newspaper at the University of California, San Diego) before coming to Online Auto Insurance News.

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