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Jul 26 2017

Nationwide Insurance to raise Illinois auto rates by 1. 9 percent overall – Chicago Tribune #insurance #life

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Nationwide Insurance to raise Illinois auto rates by 1.9 percent overall

Becky Yerak Contact Reporter Chicago Tribune

More than 6,800 Nationwide Insurance policyholders in Illinois will see their car insurance rates rise by an average of 1.9 percent in February, according to a filing with the Illinois Department of Insurance.

The increases take effect on Feb. 16 for 6,838 Illinois car insurance policyholders of Nationwide, the filing said.

To assure we’re able to fulfill our promise to members in the event of a claim, Nationwide is constantly evaluating results to determine if adjustments should be made, Nationwide spokeswoman Alison Emery said. In the instance of Illinois, we filed a slight rate increase. Nationwide provides sound, competitive rates, Emery said.

The Columbus, Ohio-based insurer isn’t alone in raising rates.

Last week, Northbrook-based Allstate said that, through the first nine months of the year, approved rate increases for its auto policyholders were more than double the average of those increases in 2014 and 2013.

Rate increases for the namesake Allstate auto brand were 3.4 percent this year through September. Nationally, auto rates in the company’s Esurance unit were up 4.1 percent.

And Allstate, which has been facing both more frequent and more costly claims, isn’t done trying to boost returns in its auto business.

Pat Macellaro, Allstate vice president of investor relations, said last week that the company will continue to aggressively pursue rate increases.

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