SOURCE: InsWeb Corporation

InsWeb Corporation

December 02, 2009 08:38 ET

Illinois Auto Insurance Rates Decline 17.6 Percent in 2009

Median Six-Month Rate Now Under $725

SACRAMENTO, CA--(Marketwire - December 2, 2009) - The median six-month auto insurance rate in Illinois has decreased nearly 18 percent since the beginning of 2009 to reach $724.38, according to InsuranceRates.com™.

Other Illinois median rates by demographic group include:

Demographic Group             Median Six-Month Rate
Men Only                                    $738.31
Women Only                                  $712.00
Age Group: Less than or
 equal to 19                               $1349.44
Age Group: 20 to 24                         $984.56
Age Group: 25 to 29                         $744.88
Age Group: 30 to 39                         $710.00
Age Group: 40 to 49                         $703.00
Age Group: 50 to 59                         $665.00
Age Group: 60 to 74                         $600.50
Age Group: Greater than
 or equal to 75                             $635.00

Illinois rate statistics:

--  Men in Illinois have a median auto insurance rate almost four percent
    higher than women.
--  Drivers in Illinois 19 years of age or younger pay a median auto
    insurance rate that is over 100 percent higher than drivers age 50 to 59.
--  Illinois auto insurance rates declined at approximately the same rate
    as the national auto insurance median, which declined 18.1 percent over the
    same period.
--  An Illinois driver who pays the six-month median rate of $724.38 and
    earns the Illinois median annual income of $45,230 pays approximately 3.20
    percent of his or her gross income for auto insurance. By this
    "affordability factor," Illinois is the 23rd most affordable state to
    insure a vehicle. Currently, Massachusetts is the most affordable with a
    factor of 2.06 percent, while Louisiana is the most expensive with a factor
    of 6.72 percent.
    

Illinois drivers who want to learn more about saving on their auto insurance and anonymously compare rate quotes from multiple carriers can visit InsuranceRates.com.

To request more information about rates and rate trends in your region, please visit: http://www.insurancerates.com/press-requests.html.

About InsuranceRates.com's™ Auto Insurance Rate Data

To determine median national and state auto insurance rates, InsuranceRates.com uses comprehensive profiles of InsuranceRates.com customers as well as a proprietary system that tracks the rating algorithms of multiple insurance carriers in each state. By tracking these rates over time, InsuranceRates.com is also able to demonstrate a directional trend. Median rates are determined using actual customer profiles that can include multiple drivers, multiple vehicles and other variables. Median income numbers are determined by customer ZIP Codes.

InsuranceRates.com's auto insurance rate data is also accessible via the InsuranceRates.com Auto Insurance Rate Trend Tool. To view, please visit: http://www.insurancerates.com/media-center/insurance-widgets.html and click on "View Widget." Please note that the Trend Tool is updated daily and uses fewer carrier algorithms than the data above. As such, rates displayed in the tool may vary from those shown in this press release.

About InsuranceRates.com™

InsuranceRates.com™ is a property of InsWeb Corporation (NASDAQ: INSW).

InsWeb owns and operates a network of leading insurance marketplace and education websites. Founded in 1995 and headquartered in Sacramento, California, InsWeb's other primary properties include InsWeb.com, BestInsuranceMatch.com, FreeInsuranceAdvice.com, LocalInsuranceAgents.com, and AgentInsider.com. In 2008, more than 10 million consumers turned to InsWeb for answers to their insurance questions. To learn more about InsWeb Corporation, visit www.InsWeb.com.

Contact Information

  • Contact Information:
    Jonathon D. Tudor
    InsWeb Corporation
    916-853-3386
    Email Contact