California Insurance Commissioner Poizner announced that Farmers Insurance customers are eligible to receive an average rate reduction of 14.5 percent and a one time 10 percent insurance premium rebate, worth a combined total of up to $100 million.
The rate reduction applies to customers of Farmers Insurance are insured through one of their two major auto insurance subsidiaries, Farmers Insurance Exchange and Mid-Century Insurance Co. Farmers Insurance customers insured by the subsidiary Mid-Century Insurance Co. are already receiving the new lower rate.
Those currently insured by Farmers Insurance Exchange and renew their policies between July 15, 2010 and Jan. 15, 2011 will receive a one-time 10 percent rebate on their premiums. That rebate is estimated to be worth approximately $50 per insured car or $32 million. In addition, those same customers will also receive an ongoing rate cut of approximately 15 percent worth an estimated $72 million.
Overall, Farmers Insurance insures about 2 million cars in California. Its Farmers Insurance Exchange subsidiary insures approximately 640,000 vehicles statewide.
Since Commissioner Poizner took office, he has worked to ensure an efficient and competitive auto insurance market and auto insurance rates have decreased by more than $1.3 billion
Mark says: 
Einstein says: 
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
Woman Takes Honda to Small-Claims, Wins Big
Federal Insurance Office Says Overdue Regulation Report Still Weeks Away
