Illinois Insurance Regulators Approve 13 Rate Increases in May

The latest rate filings in Illinois show some significant upcoming premium increases in both personal liability and personal physical damage policies at several insurers.

For shoppers, a look at auto insurance quotes in the state might show rates impacted by the latest filings, but that impact will differ between policyholders because of several factors, including their location, discounts on their current policy and their vehicle.

The largest insurance company reporting rate changes in the recent filings was Illinois Farmers, which has annual premium volume of $218 million in personal liability and physical damage policies. Farmers implemented 0.7 percent increases for both liability and physical damage rates that went into effect May 22, according to the filings.

Some Insurance Carriers Plan Major Increases

One of the larger increases in the latest filings came at First Acceptance, with a 12.5 percent hike to personal liability policies. The change went into effect in May for all policyholders.

Central Mutual reported a 7.8 percent hike to personal liability policies that goes into effect Aug. 1. The insurer also reported a 1.4 percent drop in personal physical damage rates.

Selective of South Carolina reported other relatively high rate increases in the latest filings, with increases of 9.7 percent for personal liability policies and 7.6 percent for personal physical damage policies. The changes go into effect at the beginning of August.

Shelter General will hike personal auto liability insurance rates by almost 15 percent, the largest increase in the filings. The insurer writes $10.7 million annually in those policies. Rates of physical damage policies will decrease by 1.6 percent. The changes come from new base rates for liability, uninsured motorist, collision and comprehensive coverage, with an estimated revenue increase of 7.4 percent, or about $1.5 million, according to the filings.

Westfield Reports Rate Changes to Three Programs

Westfield is dropping rates in its personal auto and Wespak Estate programs and increasing rates under its Wespak program. All Westfield rates will be effective July 23 for new business and Sept. 26 for renewals.

The personal auto program, which writes $1.4 million in liability policies and $1.1 million in physical damage policies annually, will drop liability rates by 3.4 percent and physical damage rates by 5.8 percent.

The Wespak Estate program, which writes about $560,000 for both liability and physical damage policies, will decrease liability rates by 4.6 percent and physical damage rates by 3.3 percent.

The Wespak program writes comparably more for Westfield that the other two mentioned programs, with $3.1 million in liability policies and $2.7 million in physical damage policies annually. The program will increase liability rates by 1.1 percent and physical damage rates by 1.7 percent.

Rates at Three Infinity Companies Increase

Three companies under the Infinity banner filed increases to liability and physical damage insurance coverage that all went into effect in May:

–Infinity Casualty reported a 3.4 percent increase in liability and a 1.25 percent increase in physical damage.

–Infinity Assurance reported 2.9 percent increases in both liability and physical damage.

–Infinity Auto will see a 9.1 percent increase in liability and 2.3 percent increase in physical damage.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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