N.Y. Auto Premium Cuts Continue

June 27, 2005

New York officials announced that American International Group, Chubb, and General Motors Acceptance Corporation have joined the list of insurers reducing their auto insurance premiums for new and existing customers.

The three announcements bring the total savings for New York policyholders this year to more than $360 million.

Superintendent of Insurance Howard Mills reported that AIG’s reductions will benefit nearly 75,000 policyholders by an average reduction of four percent. The 26,000 policyholders of Chubb will see an average premium rate cut of 4.8 percent starting with new business on Dec. 12, 2005 and renewals after Feb. 6, 2006. GMAC’s approximately 62,000 auto policyholders will see an average six percent premium rate reduction by the third quarter of 2005.

The insurance department already approved rate cuts for 2005 for the auto policyholders of 10 insurers, including Amica Mutual, GEICO, MetLife, Travelers, Nationwide, New York Central Mutual, Progressive Northeastern, State Farm, Allstate, and Liberty Mutual.

Topics Auto New York

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Latest Comments

  • June 28, 2005 at 1:15 am
    Seth says:
    Rather than filing a rate decrease on existing business, Hartford rolled out a new auto program months ago with much better rates for NEW customers under another of their comp... read more
  • June 27, 2005 at 2:57 am
    Mark MacGillicuddy says:
    They're probably stuck on a burecrat's desk at the DOI. I wonder how many companies' filing for decreases are sitting, waiting for approval?
  • June 27, 2005 at 11:12 am
    Brian O'Neill says:
    Still don't see Hartford or Onebeacon there. You would think that they would all jump on the bandwagon. Makes a good selling point.

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