IILINOIS (WGN) — Illinois has found itself inside the top 5 states with the fastest-growing car insurance rates since this time last year, according to a new report.
Insurify senior editor Chris Safer sat down with WGN’s Ben Bradley and Lourdes Duarte to talk about how Illinois found itself among the top five states with the fastest-growing car insurance rates, and what Illinois consumers can do to find the best rate for themselves, despite the trend.
Shafer said the factors that contributed toward Illinois being tied for the third-highest car insurance rate hike since last year are how many cars are stolen in the state, Illinois drivers’ high exposure to wind and hail storms, and the rising costs of maintenance and repairs due to inflation around the country.
According to the National Insurance Crime Bureau (NICB), Illinois ranked fifth in the number of cars stolen per state in 2023, while car maintenance and repair costs have risen by 40% nationwide since last year.
To combat this trend, Shafer advised consumers to shop around and compare rates from different insurers. It’s common sense, sure, but Shafer said each insurance company reviews and weighs details on driving records differently and the more policy factors differ between companies, the more likely it is for consumers to find varying (and cheaper) car insurance rates.
For more information on Insurify’s car insurance report and how insurance rate spikes could affect Illinois drivers, you can read the report on their website: https://insurify.com/car-insurance/report/
