Personal Auto Rates Rose 2.1%, Homeowners 3.5% in 2014: RateWatch

December 30, 2014

Personal auto insurance companies increased their rates by an average of 2.1 percent countrywide in 2014, according to insurance consulting firm Perr & Knight’s RateWatch reports.

The three states with the highest overall increases were:

  • Michigan, 5.2 percent
  • Georgia, 4.7 percent
  • Rhode Island, 4.2 percent

Homeowners insurers increased their rates by an average of 3.5 percent countrywide in 2014.

The states with the highest overall rate increases were:

  • Kansas, 8.5 percent
  • Texas, 7.8 percent
  • Montana, 7.7 percent

Two states implemented small rate decreases in homeowners in 2014, with Florida at -0.5 percent and Hawaii at -1.3 percent.

According to California-based Perr & Knight, during the past year, the top five insurance groups by premium volume for personal auto were State Farm, Berkshire Hathaway, Progressive, Allstate and Farmers Insurance. These companies took rate changes of 2.4 percent, 1.2 percent, 1.7 percent, 2.5 percent, and 2.0 percent respectively.

Likewise for homeowners, the top five insurance groups by premium were State Farm, Allstate, Liberty Mutual, Farmers Insurance and USAA. These companies took rate changes of 3.8 percent, 1.9 percent, 7.0 percent, 5.2 percent, and 1.3 percent respectively.

Source: Perr & Knight

Latest Comments

  • January 7, 2015 at 9:33 am
    Ron says:
    Agent, You know so little about me it is ridiculuos. I would NEVER advocate for an increase in premium due to a single accident, unless there were extenuating circumstances th... read more
  • January 6, 2015 at 5:32 pm
    Agent says:
    Hey Rosenblatt, have you ever heard of first accident forgiveness instituted by several carriers and no extra premium charge for that accident? I know that is a foreign conce... read more
  • January 5, 2015 at 2:09 pm
    Libby says:
    Thank you. Just clarifying. Don't like to be lumped in with agents like Agent.
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