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.
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