Auto Insurance

Some factors play a larger role in someone’s premium and disproportionately affect older adults, low-income and working families, according to a new study commissioned by the Illinois secretary of state’s office.

The Illinois House has passed a bill requiring insurance companies get approval for rate increases and give a 60-day notice to customers if they increase rates more than 10%. Insurance companies said this could raise rates in the long term and does not address the real cause of the rate increases.

State Farm is announcing the largest dividend in company history, a $5 billion giveback to auto policyholders. CEO Jon Farney told reporters the dividend works out to an average of $100 per vehicle for 49 million vehicles.

Bloomington-Normal leaders are calling for better dialogue between lawmakers, Gov. JB Pritzker, and insurance companies such as Bloomington-based State Farm.

State Farm Insurance is removing electric vehicle charging stations from its parking decks at Corporate and Corporate South headquarters in Bloomington, and at hubs throughout the nation.

State Farm posted a net loss of $6.3 billion in 2023, driven largely by a "significant increase" in catastrophe claims by homeowner policyholders, the Bloomington-based company reported Thursday.

A Chicago man sued when his insurance company refused to pay for injuries his son suffered when he was hit by a driver while riding a bicycle.

In two weeks, State Farm’s auto insurance customers in Illinois will see their rates go up again – for the fourth time in less than a year. Together they’ve raised the average cost about $200.

Last summer, Fitch Ratings projected Geico and Progressive would overtake State Farm in auto insurance premium volume in 2023.

A consumer advocacy group says newly disclosed data show that auto insurers made excessive profits during the pandemic – and that it’s proof that Illinois needs to regulate the industry more tightly.