North Central College in the News
North Central College economic professor quoted in WalletHub
Jul 28, 2022
Gwendolyn Tedeschi weighed in on car insurance in Illinois and the factors companies consider with setting premium pricing
The cheapest car insurance companies in Illinois are Geico, Country Financial and Pekin Insurance. The average difference between the cheapest and most expensive car insurance quotes in Illinois is $800, so drivers can save big just by comparing quotes. However, many consumers do not know the various factors that are considered when it comes to those premiums set by insurance companies.
Gwendolyn Tedeschi, professor and chair of the economic department at North Central College, was quoted in WalletHub, where she analyzed the fairness of insurance companies factoring in age when setting a premium.
“Particularly with age, it makes sense to set higher premiums for younger drivers, as inexperienced drivers are much more likely to have an accident than those with more experience. With higher-risk drivers, there will be more claims for the insurance company, which means the driver should pay more.”