New Yorkers who insure their private passenger automobile through Travelers will see on average a 5.5 percent rate reduction in 2005, resulting in a cumulative savings of almost $33 million, accordign to the New York State Insurance Department.
The company is the sixth auto insurer to date that has filed for, and received, approval for rate reductions in 2005. The other carriers and the millions returned to their policyholders in the form of reduced premium costs this year include GEICO ($100 million), Progressive ($33 million), Nationwide ($18 million), MetLife ($15 million) and Amica Mutual ($12 million).
Travelers has about 340,000 auto insurance policyholders in New York State and 96 percent of them will realize a premium rate decrease in 2005, according to the department. The newly-approved rates go into effect for new business on Feb. 20, 2005 and renewals starting on March 22, 2005.
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