Citing the inflation of restore and substitute costs, GEICO shall be elevating auto insurance coverage charges in Illinois by a median of 6%.
The brand new fee hike – which raises the common annual premium of drivers in Illinois by $103 – was filed March 11, and made public on March 22. A submitting revealed that the brand new charges will go into impact on Might 30, 2022.
Crain’s Chicago Enterprise reported that this fee hike comes lower than six months after GEICO had filed for a separate 6% auto insurance coverage fee enhance, which took impact final December. Citing knowledge from the Illinois Division of Insurance coverage, the information outlet additionally mentioned that the variety of insurance policies written by GEICO’s major auto unit within the state dropped 9% throughout the final six months.
US auto insurers have been submitting for fee will increase as extra drivers return to the roads. In Arizona, Allstate, Farmers, Progressive and even GEICO have enacted auto insurance coverage premium fee will increase since mid-2021. For its half, GEICO – thought-about Arizona’s largest non-public passenger auto legal responsibility insurer – had posted an 8% fee enhance final November.