Recent Illinois Insurance Filings Show Dozens of Rate Changes

The latest batch of rate-filing summaries made public by Illinois regulators shows various insurers raising rates this month and next month while a few are instituting rate decreases.

Consumers who see their insurers hiking rates may want to take the time to retrieve auto coverage quotes online for free to make sure they’re still getting the best deal available.

Hikes to Go into Effect This Month

This week, on Nov. 15, Conifer will be hiking its personal auto rates for physical damage by 14.3 percent for new customers; renewing customers will see the new rates in January.

Also this week, Pekin will hike its auto liability and physical damage rates by 7.4 percent and 4.2 percent, respectively, for new customers; renewing customers will see the increased rates on Dec. 19.

New members of the VIP program at Farmers Automobile Insurance Association will see hikes beginning Wednesday, with about a 1.6 percent increase to liability rates and 1.7 percent increase to physical damage rates. The insurer writes a relatively large amount of business in the state, reporting more than $75 million in annual premium volume.

Some Hikes Already in Effect

Several insurance companies reported rate changes in the latest set of filings that are already in effect.

At Direct National, rate increases went into effect at the end of September and increased liability rates by an average of 8 percent while physical damage rates went up an average of 10 percent.

At the end of October, Financial Indemnity instituted relatively large renewal premium hikes of 23.2 percent to liability insurance policies while raising physical damage insurance policies by an average of 6.4 percent.

Elephant’s hikes also went into effect in October, raising liability rates by an average of 12.7 percent and physical damage rates by an average of 14.1 percent.

Hikes of 7.1 percent to liability policies and 6.4 percent to physical damage policies at Omni Indemnity went into effect earlier this month.

Also earlier this month, a rate increase kicked in at First Chicago that raised liability rates by 8.6 percent. However, the insurer also reduced physical damage rates by an average of 4.7 percent.

Regulators Also Approve Rate Decreases

In the latest batch of filings, a number of insurers also reported rate decreases.

In October, Viking reduced liability rates by an average of 0.1 percent while raising physical damage rates by an average of 2 percent.

American Alliance Casualty will be reducing liability rates for current customers under its Allied Program in the Chicago area by an average of 2.45 percent. The reduction took effect in October for new business but takes effect on Dec. 15 for renewing business.

Also next month, Westfield will be decreasing rates for incoming customers. Westfield will be reducing liability rates by 2.2 percent and physical damage rates by 2.5 percent.

Additional Changes Coming in December

Various changes to commercial rates at State Farm were approved in September filings set to take effect on Dec. 3.

State Farm Fire & Casualty will drop commercial liability rates an average of 0.2 percent while raising commercial physical damage rates by an average of 2.6 percent.

State Farm Mutual will drop its commercial liability rates by 0.7 percent and raise commercial physical damage rates by 2 percent.

An even earlier rate filing from August showed other rate changes scheduled to take effect in December.

Harleysville Lake States will raise liability rates by 5.6 percent and physical damage rates by 1.6 percent on Dec. 9 for renewing customers.

Meridian Security will hike liability insurance rates by 8.1 percent and physical damage insurance rates by 3.2 percent on Dec. 1.

State Auto Mutual and State Auto Property and Casualty will both raise liability insurance rates by an average of 4.3 percent beginning Dec. 1 for all customers.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in reporting breaking news in the auto insurance industry. John brings his extensive knowledge...Read more

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