State Farm’s new 5.9 percent boost in Illinois automobile word rates was driven in partial by intelligent automobile technology, a association pronounced Wednesday.
A dinged front fender becomes a some-more costly correct when it also includes regulating a collision deterrence sensor.
“Cars are only removing some-more costly to repair, due to a technology,” pronounced Missy Dundov, a mouthpiece for Bloomington-based State Farm, a nation’s largest automobile insurer.
The rate boost went into outcome on Oct. 31, inspiring 1 in 3 drivers in Illinois. It was largest such boost given 2003, when State Farm lifted rates for some Illinois policyholders by an normal of 14.1 percent, Dundov said.
Geico skeleton to lift a automobile word rates for Illinois policyholders subsequent year by an normal of 3.5 percent, according to state records. The change is effective Feb. 6.
Like State Farm, Geico also saw increases in a series of collisions and a costs of repairs final year, according to association filings.
Northbrook-based Allstate increasing Illinois automobile word rates by an normal of 6.9 percent in June, also due in partial to a rising costs compared with correct intelligent automobile technology, a association pronounced Wednesday.
“Now we’re not only replacing a fender for a fender-bender, we’re replacing a cameras or a sensors in that bumper,” pronounced Meghan Sporleder, an Allstate spokeswoman. “We’re saying newer, some-more worldly models costing most some-more to repair, generally with some of a some-more modernized reserve features.”
Allstate will continue to guard explain costs to establish if an additional rate boost is required in a entrance months, Sporleder said.
While word rates are rising, both State Farm and Allstate pronounced a value of new reserve record is value it.
“We positively support record that saves lives and minimizes injuries,” Sporleder said. “But that comes during an increasing cost.”