As people drive less during the pandemic, manycarInsuranceThe company once slashed insurance rates or gave policyholders partial refunds, but as many people started driving after the pandemic, Illinois’ top three auto insurers have raised their rates this year.
The top three insurers in Illinois, in that order, State Farm, Allstate and Progressive, have all applied for higher rates this year. Have applied to the Illinois Department of Insurance to increase it again from June.premium3%, so the annual premium will be paid 59 yuan more for each car.
State Farm slashed auto insurance rates for Illinois residents by 13.7% in 2020, and began increasing premiums by 4.2% in February last year. Angie Harrier, a spokeswoman for the company, said the higher rates had to go up because of higher car claims costs due to factors such as higher employee wages, auto repair materials and supply chain imbalances. Nevertheless, Harrier said the overall premium is still cheaper than in 2019.
Northbrook-based Allstate Insurance issued a total of $1 billion in “home shelter refunds” to auto insurance customers (shelter-in-place payback) nationwide in the spring of 2020 when the outbreak began, according to Illinois government data. , The premium was increased by 5% in January last year and by 2.5% in September 2021. It was again increased by 12% in January this year. It was extended again on 17 February. Allstate’s current car insurance premiums are higher than they were before the pandemic. High.
Allstate said it expects to grow even higher this year as inflationary pressures persist, and broader efforts to improve the company’s bottom line, including higher premiums, lower expenses and claims handling, to meet revenue targets. taking action.
Company spokeswoman Mallory Vasquez said policyholders who work remotely can opt for a pay-per-mile plan that reduces premiums.
Progressive, an Ohio-based insurance company, in January raised its rates for individual policyholders by 6.3 percent but for those going through an intermediary by 10.1 percent.
As the auto industry has been hit by supply chain fluctuations, labor shortage, inflation etc., people spend half the price of refueling and buying a car after the pandemic compared to a year ago.
Inflation since the pandemic, along with a 3% increase in medical bills from a year earlier, and 11% more spares for auto repairs, have boosted auto insurance claims, according to Bankrate.com analyst Sarah Foster. As the expenses increase, the insurance premium for the policyholders is bound to increase.
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