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[The following is a paid advertisement.]
Several bills proposed this legislative session seek to ban certain factors that insurance companies use to set fair and accurate insurance pricing for customers. The bills would ban the use of credit-based insurance scores, zip codes, age, and gender in insurance pricing.
An op-ed published recently in the Chicago Tribune explains why such bans could cause insurance rates to rise for the majority of consumers.
Case in point: When the use of credit was banned in Washington in 2021, more than 60 percent of Washington drivers saw an increase in their insurance premiums. Should similar legislation pass in Illinois, the majority of Illinoisians with better-than-average credit could see premium increases.
With stubbornly high inflation and high property taxes, now is not the time to pass bills that could end up hiking insurance premiums for most Illinoisans.
Click here to learn more.
posted by Advertising Department
Friday, Mar 7, 25 @ 3:15 pm
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