The good news is Illinois drivers pay less than most other drivers around the nation.
The average cost for car insurance nationwide is $1,311. In Illinois, it's only $1,079. You'll get the best rates if you compare quotes from multiple companies before you choose a policy.
Driving on the busy roads in Illinois can be dangerous. Accidents can happen in the blink of an eye. If you find yourself in an accident, here are some ways that your car insurance will help...
Illinois drivers are required to have car insurance, and most states have similar laws in place. This is meant to ensure that drivers are prepared if they cause an accident and have a way to pay for the resultant damage and medical bills.
The driver who caused the accident is responsible for covering the cost of damages.
Even though drivers are supposed to have insurance, some Illinois drivers get behind the wheel without coverage. This can lead to major problems if they cause an accident.
Uninsured motorist coverage gives you an added layer of protection, stepping in to pay for damage and medical bills if you are hit by a driver who isn't insured and cannot afford to cover the cost of your damages.
The average American homeowner pays $1,173 per year for home insurance, but in Illinois, the average annual premium is $1,033. Even though insurance is less expensive for homes in Illinois than it is throughout most of the country, that does not mean you don’t have room for savings. A local independent insurance agent can help you find the right policy at an affordable rate.
Your home insurance gives you a backup plan in case a catastrophe strikes in your neighborhood. Whether it's a fire, heavy winds or a burglary, you're covered if you have a suitable Illinois homeowners insurance policy.
We can’t be 100% certain, but in 2016, insurance companies spent more than $1.96 billion on home insurance claims in Illinois. That's a lot of unfortunate events happening to Illinois homeowners.
Insurance carriers calculate the cost of a home insurance policy by asking "how likely is it that something bad will happen?" The more likely it is that something bad will happen, the more expensive the home insurance policy will be, and vice versa. We call these potential disasters "risk." Let’s take a look at how risky Illinois is compared to the rest of the US.
Even though the crime rate in Illinois is lower than the national average, homeowners still have to be aware of the risk.
Winter weather in Illinois can cause a lot of difficulties for local homeowners. Heavy snows, gusty winds, and severe storms can all play a role in damaging area homes.
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Illinois, the average home value is slightly lower than the national average, and this helps to keep insurance prices affordable for most residents.
Yes! There are currently 1,184 independent agencies in Illinois who are ready to help. Did you know that independent insurance agents can give you multiple policy options to choose from? That way, you'll receive completely customized coverage that addresses all of your unique insurance needs.
Last year small businesses in Illinois made $490 billion. If a liability claim, property damage or workers' compensation claim came your way, how would you handle the associated costs?
If you don't have the proper amount and types of coverage, you'll have to pay for such expenses out of your pocket, meaning they have to be paid out of your business’s revenue.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
Illinois business insurance will pay for covered claims so your business doesn’t have to. It gives you peace of mind so you can focus on what matters: your business's bottom line.
Here’s what a standard business insurance policy should do:
Sometimes, these coverages are not enough to properly protect a business against risk. Your business most likely faces unique risks and may need additional coverages.
To make sure you're properly insured, find an independent insurance agent who specializes in your field.
A commercial insurance policy is not required of Illinois business owners, but certain aspects of it may be.
In this state, businesses that employ one or more people must carry workers' compensation insurance, and businesses that have company-owned vehicles must carry commercial auto insurance. To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs, and the amount and types of coverage you want. Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.
It’s usually wise to work with an independent agent in Illinois, since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company that will cover your business.
A recent article in Insurance Journal indicated that with a median rate index of $2.35 per $100 of payroll, Illinois has the seventh highest average workers’ comp premium rate of all US states, according to the recent Oregon Workers’ Compensation Premium Ranking Study. The national average index rate is $1.85 per $100 of payroll.
The cost of a workers' compensation insurance policy in Illinois depends on several factors. A restaurant in Chicago will pay a different rate than a construction company in Springfield. Workman's compensation rates are affected by the following elements:
Experience modifiers are calculated by the National Council on Compensation Insurance (NCCI) or by another independent agency in some states. Your mod represents a debit or credit that is applied to your workers’ compensation premium. A high experience modifier means the employer has had workers' compensation claims in their recent history. A low experience modifier means they have a claims-free past.
Your workers' compensation premiums are determined with the following formula:
Base Rate X Payroll X Modifier = Premium
A mod of 1.0 is considered to be average and does not impact your premium. All employers start out with a mod of 1.0. A mod greater than 1.0 is a debit mod. This means that your losses were worse than expected, and your premium goes up. A mod less than 1.0 is a credit mod. This means your losses were better than expected, and your premium goes down.
A claims-free business that employs only clerical workers will pay workers' compensation premium at a rate of $0.12 per $100 of payroll. A concrete construction outfit with a history of several workers' compensation claims in its past will pay premium at a rate of $17.04 per $100 in payroll; if the construction company's payroll is $300,000, the workers' compensation premium will be $51,120.
Base rates can fluctuate from year to year if the rating agency makes any changes. Here are some more examples of Illinois workers' comp base rates depending on experience mods for 2016:
In Illinois, workers' compensation insurance is sold in the private sector. Employers may contact a licensed insurance agent, perhaps one who specializes in business owners' insurance. If an employer cannot find an insurer to write them a policy, they must sign up with, or have their insurance agent enroll them in, the market of last resort. This residual market, in which premiums cost about 50% more than the open market, is administered by the NCCI. Therefore, it is recommended that employers purchase their workers' compensation in the private market.
Knowledgeable, independent insurance agents are up-to-date on the legislative movement toward workers' compensation reform in Illinois. These agents are able to assist any business in finding a workers' compensation insurance policy that fits their company goals while complying with state law. These agents work for your business, not the insurance company, and they are able to gather a number of policy quotes from a variety of providers, ensuring that the policy you buy offers the best coverage at the most competitive rates.
Farm and crop insurance are two different types of coverage. Each can benefit Illinois farmers by protecting against common risks in this state. You can opt to buy either or both types of coverage. Many Illinois farmers purchase both.
An independent insurance agent can help you determine which policies can benefit you.
The most common risks faced by farmers in Illinois are severe weather, fire, commodity price drops, and liability lawsuits.
Your farm isn’t just your home, it is also your business. Farm insurance is specially designed coverage that protects both.
Here’s what you can expect a standard farm insurance policy to do:
Crop insurance is designed to cover loss or damage to your crops as well as significant drops in commodity value.
There are three different types of crop insurance. You can opt to buy just one or a combination of coverage:
Farm and crop insurance are not required by law in Illinois, and many owners of small farms opt to go without it.
However, considering that the more than 72,000 farms in this state generate about $19 billion in revenue every year, it is easy to see why these insurance policies are important, not only to the individual farmers who carry them, but also to the state’s overall economy.
Talk with a local independent insurance agent to learn more about this coverage and to get help deciding whether a policy is a good investment for your particular farm.
Last year, farmers in Illinois paid a total of $277.6 million for farm insurance and $85.4 million for crop insurance. These policies provided more than $10 billion in coverage in this state.
Your cost for farm insurance will depend on several factors such as:
A local independent agent can help you obtain and compare a selection of customized farm and crop insurance quotes so you can see how much a policy will cost for your particular farm.