Gabel Passes Homeowner, Auto Insurance Cost Relief Bill

SPRINGFIELD, Ill. — State Rep. Robyn Gabel, D-Evanston, is taking action to lower home and auto insurance costs by passing a new bill that ensures Illinois customers are not paying to pad the profits of big corporations or cover corporate losses in high-risk states like Florida or Texas.

“With a cost-of-living that’s already high, the last thing that Illinois families need is surging insurance rates,” Gabel said. “That’s why I’m stepping in to prevent price gouging and help home and car owners, especially seniors, manage their premiums.”

Homeowners across Illinois have seen insurance plans rise by nearly 30% in the last year, raising concerns that Illinois residents are footing the bill for other states at high risk of natural disasters. In an effort to reduce costs for Illinois customers, Gabel passed Senate Bill 1486, which takes several steps to rein in rising insurance costs by:

• Empowering Illinois Department of Insurance to reject unfair rate increases by subjecting all Illinois homeowners insurance, fire insurance and auto insurance policies to a comprehensive rate review process.
• Requiring insurance companies give customers 60 days’ notice before double-digit rate increases, giving customers more time to make informed decisions.
• Shrinking auto insurance premiums for drivers over the age of 55 who complete a 4-hour defensive driving program or e-learning course. 

“From utility bills and healthcare expenses, to the price of groceries and warm winter clothing, I’m handling the affordability challenges that disproportionately affect Illinois working families,” Gabel said. “Curbing unnecessary premium hikes is one of many steps I’m taking toward a stronger, more financially stable future for all Illinoisans.”