Acting New York Superintendent of Insurance Howard Mills announced that most New Yorkers who insure their private passenger automobiles with Amica Mutual Insurance Company will receive on average a 10 percent rate reduction, resulting in a cumulative savings of $12 million for Amica’s customers.
Amica is now the fifth auto insurance carrier to announce that they will be reducing their rates for New York drivers in 2005,” Mills stated.
In a filing approved this week, 67 percent of Amica’s 63,000-plus New York policyholders will see double-digit percentage premium rate cuts starting with policies that are renewed on or after May 1, 2005. About 30 percent of Amica’s New York customers will realize single-digit percentage premium rate cuts. More than three-quarters of Amica’s policyholders reside upstate.
The department has been reviewing rates with insurers, looking for ways to pass along savings from fraud fighting and other cost saving efforts. According to the department, the list of insurers and the estimated consumer savings realized to date now exceed $175 million and include GEICO ($100 million), Progressive ($33 million), Nationwide ($18 million) and MetLife ($15 million). Meetings with other carriers are continuing.