Proposed rate increases for both private passenger and commercial auto insurance rates have been approved for the Texas Automobile Insurance Plan Association (TAIPA).
The Texas Department of Insurance granted TAIPA’s filing for a 4.9% increase private passenger rates and a 4.8% increase in commercial rates, the agency reported.
The changes are effective March 1, 2020, for new and renewal business.
For private passenger automobile insurance, the new rates represent increases of 5.0% for bodily injury liability, 4.9% for property damage liability, 4.0% for personal injury protection, 4.3% for uninsured/underinsured motorist bodily injury liability, and 1.7% for uninsured/underinsured motorist property damage liability.
For commercial automobile insurance, the new rates represent increases of 4.8% for bodily injury liability, 5.0% for property damage liability, 1.3% for personal injury protection, 3.6% for uninsured/underinsured motorist bodily injury liability, and 3.2% for uninsured/underinsured motorist property damage liability rates.
TAIPA is a not-for-profit auto insurer of last resort in Texas, the membership of which includes all Texas-authorized insurers.
Applicants for automobile liability insurance who have been rejected by at least two insurers authorized to write auto policies in Texas are eligible for coverage through TAIPA. The plan’s rate filings are subject to approval by the commissioner and it may not file rates more than once every 12 months.
Source: Texas Department of Insurance
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