Live in Illinois? Your Car Insurance Rates are Going Up!

Posted in Auto Insurance , State Farm

June 9th, 2009

Because liability claims are increasing in Illinois, State Farm insurance is being forced to raise their rates for the third time in less than a year. The most recent spike in costs averages 2.5% and is set to occur with the first wave of renewal notices being issued on June 29, 2009. This latest wave of increases is expected to generate $40 million in revenue for the company.

State Farm previously raised rates 3 % in August of 2008 and and 3.2 % in December of the same year. Combined with the most recent policy costs, State Farm policy holders are paying a total of 8.7% for their car insurance compared to the same time last year.

The overall rate increase will ultimately vary depending on a variety of factors such as vehicle type, coverage amounts, drivers of car, applicable discounts and where the car is registered. Illinois residents should not feel bad as rates are going up for everyone across the country.