(WBBM NEWSRADIO) — It appears motorists in Illinois are taking an even greater hit, again, when their car insurance bills come due.
For the second year in a row, car insurance rates have gone up in Illinois among the state’s 10 biggest car insurance companies, which account for 81% of the Illinois car insurance market.
According to the Illinois PIRG Education Fund, rates increased by $1.259 billion in 2023 for five million vehicle owners.
In 2022, rates jumped more than $1 billion.
The largest increases came from the state’s two biggest car insurance companies: State Farm and Allstate, which researchers said represent 40% of the Illinois car insurance market.
The Illinois Coalition for Fair Car Insurance Rates said it is working with the state legislature to allow the state to have some control over excessive car insurance rate increases.
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