Inflation, supply chain disruptions, changes in driving habits, and labor shortages are the reasons given by several big insurance firms as the reasons for the multiple rate rises that will be implemented for Illinois auto insurance in 2022. In May, Geico increased prices by 6%, and now they’ve announced a 34% increase! In March, State Farm raised rates by 4.5 percent; in June, they hiked them by 3 percent; and now, in September, they’ve announced an additional rise of 8.5 percent. Earlier this year, Allstate also had a 12% hike to its rates.

In light of these developments, we have outlined some strategies to assist you in lowering your premiums without sacrificing adequate coverage.

In order to better understand your policy, it is a good idea to review it with your agent and familiarize yourself with the coverage limits, deductibles, discounts, and premium. If you want to know why your premium went up, you could look at your previous renewal. Perhaps there was an error in recording your driving patterns, a change to your coverage, or the elimination of a discount.

One of the greatest techniques to reduce your premium is to review discounts. You can significantly affect your rates by reviewing your present discounts and asking your agent about potential additional savings. Incentives for safe driving and real miles driven are now offered by most insurance providers through telematics discounts. Discounts may be available from certain businesses based on your profession or membership in a certain organization. Many insurance companies now provide digital policies and paperless discounts as well.

Change your insurance provider if you want to know if your rates are realistic given the state of the industry. Although most auto insurers provide essentially the same protections, each has its own set of regulations, rating system, discounts, and policy choices. Finding a better rate and coverage that suits your needs could be easier if you get estimates from many carriers. Some insurance companies even give discounts for getting quotes and buying policies one to two weeks before your renewal if you do it early enough.

If you want to save money on insurance overall, bundling your vehicle, home/condo/renters, umbrella, and life policies with the same company is a good idea. Significant savings might be yours when you bundle all of your insurance policies into one.