AUTO RATES TO CLIMB

January 22, 2001

Claiming they are basing their rates on information more current than that used by the Texas Department of Insurance to set benchmark rates, several of Texas’ largest auto insurers are raising their rates. State Farm Insurance, the state’s largest auto insurer, will increase its auto rates an average of 1.7 percent statewide beginning Jan. 28, affecting about a quarter of insured drivers in Texas.

Other large insurers, including Allstate, Mid-Century and Geico, also plan to raise their overall statewide average rates by the end of January, according to filings made with the Texas Department of Insurance.

Allstate will increase its rates 4.2 percent; as will Mid-Century by 9.5 percent; Geico by 4.8 percent; Nationwide Mutual by 15.2 percent; and Southern Farm Bureau by 3.3 percent. Meanwhile, Texas Farmers Insurance rates were expected to increase 1.3 percent last month.

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