Sangamon Sun

The insurance marketplace in Illinois has long been recognized as one of the most competitive in the nation, providing residents with the advantage of lower monthly premiums compared to national averages. While personal factors such as age play a role in determining insurance rates, there are other influential factors tied to an individual's place of residence, such as population density, weather conditions, crime statistics, and claim data.

Among the various types of insurance, car insurance stands out as particularly competitive in Illinois. Age and driving history significantly impact the cost of car insurance, with rates being higher for younger drivers and gradually becoming more affordable as one reaches the age of 30. However, rates may increase for drivers over the age of 70 or those with a recent accident history or DUI. Comparisons with other states indicate that Illinois car insurance rates are approximately 37 percent lower than the national average. Nevertheless, it is crucial for insured drivers to remain vigilant and regularly seek out competitive rates in the face of recent rate increases.

Representative Rosenthal acknowledges the benefits of a competitive insurance market in Illinois, stating, "Having a competitive Insurance market benefits Illinois residents and keeps costs down. Maintaining lower rates and premiums without major regulations offers consumers the opportunity to shop the market for the best policies that fit their lifestyle."

Insurance rates in other categories also demonstrate competitiveness in the Illinois market. Homeowners insurance, for instance, costs an average of $1,720 per year or around $143 per month for a $300,000 home, slightly lower than the national average. Health insurance rates in Illinois align with the national average of $560 per month, with a four percent increase from 2022 for a 40-year-old. The cost of health insurance in the state is determined by factors such as age and the age of family members covered under the policy. Life insurance rates, on the other hand, are influenced by lifestyle, health, state regulations, age, and the length and benefit amount of the policy. Women generally enjoy lower life insurance rates due to their longer lifespan, and purchasing a policy at a young age is known to yield cost savings. Illinois falls somewhere in the middle in terms of average life insurance rates.

In conclusion, Illinois residents can take advantage of the state's competitive insurance marketplace, which leads to lower premiums compared to national averages. Whether it is car insurance, homeowners insurance, health insurance, or life insurance, Illinois offers residents the opportunity to find policies that suit their needs and budget. By maintaining a vigilant approach and continuously exploring the market for the best rates, insured individuals can secure the most favorable insurance options available to them.

Source:

"Blue Collar Jobs Act launches in Illinois with incentive programs." Rep. Rosenthal, https://reprosenthal.com/2023/07/06/blue-collar-jobs-act-launches-in-illinois-with-incentive-programs/.

To learn more, click on this link: https://reprosenthal.com/2023/10/10/insurance-costs-are-frequently-lower-in-illinois/