The five biggest auto insurers in Illinois have raised automobile insurance rates a whopping $527 million since January, an analysis by two consumer groups shows.
That follows about $1.1 billion in rate increases last year by the top 10 Illinois car insurers.
The analysis by the nonprofit Illinois Public Interest Research Group and Consumer Federation of America looked at auto insurance rate increases by the five largest companies in Illinois: State Farm, Allstate, Progressive, Geico and Country Financial, which together make up 62% of the Illinois market.
Now, state Rep. Will Guzzardi, D-Chicago, has introduced legislation to address those issues and crack down on insurers. Guzzardi’s bill would:
- Require automobile insurers to get prior state approval for rate hikes.
- Ban “excessive” insurance increases.
- Prohibit using gender, marital status, age, occupation, schooling, home ownership, wealth, credit scores or a customer’s past insurance company relationships in setting car insurance rates.
It’s already illegal to use race, ethnicity and religion in setting rates. That would continue under Guzzardi’s proposal.
Author(s): Stephanie Zimmermann | Chicago Sun-Times
Publication Date: 6 May 2023
Publication Site: WBEZ in Chicago
Home ownership rates in Chicago’s Black and Latino communities have been falling, according to information presented by Anthony Simpkins, president and CEO of Neighborhood Housing Services of Chicago.
Citing research by the DePaul Institute for Housing, Simpkins said not only are banks lending less in Black and Latino neighborhoods, they are also filing more foreclosures.
And he said borrowers of color who are able to get a loan are often charged a higher interest rate; in 2019 he said Woodstock Institute found nearly 35% of African American mortgage borrowers in Chicago paid higher rates, 17% of Latino borrowers.
Author(s): Linda Lutton
Publication Date: 27 February 2021
Publication Site: WBEZ
Illinois Gov. JB Pritzker’s 2022 state budget proposal won’t include an income tax hike, but it will seek the elimination of $900 million in business tax credits and aims to hold spending at current levels, the governor’s office said Tuesday.
The Democratic governor will present his budget outline on Feb. 17. It’s Pritzker’s first spending plan since the November defeat of his constitutional amendment to impose a graduated income tax.
The outline he will present to lawmakers for the state fiscal year that begins July 1 includes a $3 billion deficit – less than the $5.5 billion originally forecast.
Author(s): Dave McKinney, Tony Arnold
Publication Date: 9 February 2021
Publication Site: WBEZ