An average 3.8 percent increase in rates for private passenger auto policies insured through the Virginia Automobile Insurance Plan is now in effect. The industry had requested an average 5.5 percent rate increase.
The Virginia Bureau of Insurance approved the rates for new policies as of June 1 and renewals as of July 1.
By coverage, the increases approved break down as 2.3 percent for collision; 3.2 percent for comprehensive; 29.2 percent for medical expense; 7.8 percent for property damage liability. In addition, decreases of 0.8 percent on bodily injury liability and 0.9 percent on uninsured motorists (at limits of $25,000/50,000/20,000) were also approved as part of the decision.
The residual market plan had requested an overall hike of 5.5 percent. Specific coverage rate level revisions requested included 1.9 percent for bodily injury liability; 9.6 percent for property damage liability; 30.4 percent for medical expense; 1.4 percent for uninsured motorists; 3.4 percent for comprehensive and 2.5 percent for collision.
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