Trunnell Insurance Services

Springfield is voting on a new bill to regulate auto insurance costs. While it sounds helpful on paper, adding government control to a functioning market usually has the opposite effect.

Illinois currently has some of the lowest car insurance rates in the nation because our market is highly competitive. Over the last six to eight months, we have actually seen auto insurance rates going down constantly.

When the government limits how companies adjust for real risks, it forces them to lock prices in. They have to protect themselves against future losses, which means they lose the flexibility to drop your rates when conditions improve.

Have you noticed your auto insurance premium dropping recently? Drop a comment below or send us a message to see if your current policy is matching the lower market rates.

The industry just hit a 20-year record, and auto rates are finally dropping. 📉

Want to see if your current policy is overcharging you? DM us the word “SAVE” and we’ll run the numbers for you. No strings attached. 🤝

Another word of warning: The map of “safe” areas has been redrawn. ⚠️

We often think of “high-risk” insurance zones as strictly coastal or wildfire-prone pockets. But as this new WSJ analysis shows, “secondary” perils like severe hail and wind are now the primary drivers of rising costs across the heart of the country.

Why this is happening:

Frequency: Convective storms are hitting more often and in more places.

Severity: Rebuilding costs (labor and materials) have skyrocketed, making even “minor” roof damage significantly more expensive to claim.

Reinsurance: The global market is repricing risk, and that flows down to every homeowner.

If you haven’t reviewed your limits in the last 12 months, you are likely looking at a 2023 policy in a 2026 world. Don’t wait for your renewal notice to start the conversation.

https://www.wsj.com/finance/natural-disasters-are-rewriting-home-insurance-costs-see-how-it-impacts-you-710eab3b