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I recently read an article posted by Businessinsider regarding the auto insurance industry and thought I would add a little insight. It seems the auto insurance companies feel the pain when the economy improves, profits are down, does this mean rates go up. The typical consumer feels more confident. I took a few minutes and looked on the department of insurance website rate filing section and found the following:
Allstate took a 10.0% rate increase effective 4/18/2016 on New Business and 5/18/16 for their renewal book.
State Farm 7.1 rate increase 10/12/15, Pending new filing 6/20/16
Berkshire Hathaway Group (GEICO) 6.7% effective 1/14/16, GEICO also took +5.6% increase effective 11/5/15
Nationwide 9.7% increase 10/17/15
Other Carriers with pending rate filings:
American Family - 5/25 ,CSAA - 7/1, PEMCO - 6/15, State Farm 6/20
USAA - 5/5
Rates typically phase in as policies renew, on average this can take up to six months. If you are seeing your rates increase let us shop 11 different insurance companies to see who has the best price and coverage. Simply fill out our quote sheet and we will send an auto insurance quote comparison.
Posted Friday, May 20 2016 6:09 PM
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