Texas Insurance Commissioner Kent Sullivan has approved changes in the rates for private passenger and commercial automobile insurance provided through the Texas Automobile Insurance Plan Association (TAIPA), which is the state’s assigned risk plan.
The changes, which are effective March 1, 2018, will result in an overall average increase of 4.8 percent in passenger automobile rates, according to the Texas Department of Insurance.
TAIPA rates for private passenger automobile insurance by coverage, territory, and class as described in the filing will rise 4.8 percent for bodily injury liability, 4.9 percent for property damage liability, 4.3 percent for personal injury protection, 4.3 percent for uninsured/underinsured motorist bodily injury liability, and 4.2 percent for uninsured/underinsured motorist property damage liability.
Rates for commercial automobile insurance policies by coverage, territory, and vehicle type as described in the filing will go up 2.1 percent for bodily injury liability and 1.1 percent for property damage liability. There’s no rate change for personal injury protection, and no changes are made to commercial automobile uninsured/underinsured motorist bodily injury liability, or uninsured/underinsured motorist property damage liability rates.
The revised rates for new and renewal business effective on or after March 1, 2018, are available for download from the TDI website at www.tdi.texas.gov/bulletins/index.html. Select Commissioner’s Bulletin No. B-0039-17.
Source: TDI
Topics Trends Texas Pricing Trends
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