The increase in the rates of some carriers is not the trend. It is not insignificant in either the percentage of the change or the weight of the changing premiums in the total auto insurance marketplace.
Palos Hills, Illinois (PRWEB) November 14, 2012
While some Illinois auto insurers are filing for auto insurance rate decrease, other insurers are filing rate increase as well. Analysis of the changes reveal that there is no significant increase or decrease in auto insurance rates in Illinois.
Three insurers are filing for auto insurance rate increase this month; Conifer, Farmers and Pekin insurance companies. Conifer will hike their rates by little less than 15% effective November 15, 2012. Pekin's hike will range from 4.2% to 7.4% while Farmers will take a minimal increase of less than 2%.
Few others have recently announced decreasing their rates including Westfield, Viking, and American Alliance Casualty companies. The rates of the decrease ranged from 0.1% to less than 3% for these carriers. Most insurers have not reported any changes for the month of November.
"We do not see significant changes in the auto insurance rates in Illinois. Most of important players have taken minor changes in their rates, little higher or little lower," said Fadi Snenneh, Spokesman of Insurance Navy, a leader in the markets of auto insurance in Chicago. "The increase in the rates of some carriers is not the trend. It is not insignificant in either the percentage of the change or the weight of the changing premiums in the total auto insurance marketplace," Mr. Snenneh added.
Changing rates for up or down can be taken by companies for several reasons, including carrier's experience in a specific market, competitive forces, controlling the carrier's reserves, or a combination of these and other factors. Only few numbers of insured people in Illinois will be affected by these changes.
About Insurance Navy
Insurance Navy Agency retains one of the top positions in the Chicago auto insurance markets. The agency represents a number of standard and non standard auto insurance carriers in Illinois, with several locations to serve the Chicago area customers. The agency markets Illinois SR22 insurance, tow truck insurance, and used car dealers insurance.
Business Name: Insurance Navy
Address: 10338 S Harlem Ave, Palos Hills, Illinois 60465
Phone: (708) 237-0400