SPRINGFIELD, Ill. (WTVO) — A new bill introduced in the Illinois House would force car insurance companies to get approval from the state before changing their coverage rates.
House Bill 4767, or the Motor Vehicle Insurance Fairness Act, was introduced by Rep. Will Guzzardi (D-Chicago).
Illinois Secretary of State Alexi Giannoulias said the law would give the Department of Insurance the ability to regulate rate hikes.
Illinois car insurance rates have risen by over $2.4 billion since 2022, according to a new study.
The Illinois Public Interest Research Group found that rates jumped by $1 billion in 2022 and $1.259 billion in 2023.
State Farm and Allstate, which represent 40% of the Illinois car insurance market, raised rates the most.
The Illinois Coalition for Fair Car Insurance Rates is pushing for regulators to have a bigger say in what insurers can charge.
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