Insurance Services in Illinois

Illinois is a right mix. Huge and sprawling metropolises give quickly away to small towns and farmland. The sate is mostly flatland, with the exception of the river valleys to the south. It even has its own set of Seven Wonders, one of which is a Baha’i House of Worship.  The people are a reasonably happy bunch and with the sort of insurance infrastructure they have, they should be.

The role of insurance in the state is important – the insurance industry is generally competitive with a high number of property insurers and a decent smattering of health and life insurers. According to a 2012 SNL Financial study, Illinois wrote $134.27 billion in premiums in 2012, making the sate the second largest in insurance in the country, with most of it coming from property-casualty premiums. The industry directly and indirectly provides jobs to over 325,000 people; with almost $300 billion in bond investments, the industry contributes substantially to infrastructure projects in the state; and there are about 175,000 licensed insurance providers in state, 75,000 of which are residential providers.

Insure.com conducted a survey on insurance customers nationwide, and asked them which were the most preferred insurance providers. Their results were compiled based on the claims processing customer service, value for price and financial strength of the companies involved.

Among the car insurance providers, USAA came out on top, closely followed by State Farm, Farmers and GEICO. The results were almost identical for home insurance, with Liberty Mutual displacing GEICO from the previous list. In life insurance the heavyweights were Jackson National, Prudential, New York Life and State Farm; in health, Kaiser Permanente, Humana BCBS(Florida) and UnitedHealthCare won out over the others (it should be noted that BCBS, Illinois came in 5th, so within Illinois its probably leading.)

Auto insurance is serious business in this state. If you’re driving in Illinois, then it’s mandatorythat you’re insured AND that you’re carrying your insurance card. That’s something you have to be careful about even driving someone else’s vehicle. You’ve got to have coverage for liability, body injury, property damage and uninsured motorist bodily injury coverage. The premium on the insurance is determined by your driving record, vehicle type, credit history and vehicle safety features. For quick quotes comparisons, check out Auto Insurance Centre and Nationwide.

The life and health insurance industries are relatively smaller, but still significant. Thanks to Obamacare, having health insurance is now mandatory in Illinois and not having is can incur penalties. The Illinois health insurance marketplace, also called the Illinois exchange offers, began offering its plans in Oct 2013 and subscribing to it may net tax credit subsidies; this option is not available to people who earn higher than $45,960. People with income lower than $15,856 can apply for Medicaid.

National results notwithstanding, within Illinois the leaders in life insurance are Primerica Life Insurance, State Farm, the Hartford and Mass Mutual. The most popular product seems to be term life insurance, followed by survivorship, universal and whole; Accuquote can help present the various quotes from these providers based on your personal needs. NetQuote can do the same for home insurance.