Illinois HB3482 prohibits insurers from using credit scores or age in setting rates for vehicle insurance for those 50 and older.
Illinois HB3482 amends the Illinois Insurance Code to restrict the use of credit-based insurance scores and age in setting rates or premiums for certain vehicle insurance. Specifically, insurers cannot consider these factors if the insured is 50 years of age or older. Additionally, insurers cannot cancel a policy solely because the insured has reached the age of 65, provided they have a valid Illinois driver's license. The bill also prohibits insurers from refusing to renew a policy or increasing premiums based on the insured's age of 65 or older.
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