Why are car insurance rates spiking in Illinois?In Illinois, there are 5 car insurance companies that are holding 62% of the market. And, whether agreed or not, they have raised their rates by over 500 million USD in the first half of 2023, shows a study by the PIRG.The possibility of raising the car insurance rates, like any other insurance, is a legal one and the inflation of the last years forces companies to raise their prices to survive.However, this excessive rise has raised concern with the state, as many car owners are not able to pay their premiums anymore.When…
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