Following rate filings from eight insurers representing 577,291 motorists, California Insurance Commissioner John Garamendi announced that drivers in California stand to save roughly $50 annually on their auto insurance rates, if the filings are approved by the Department.
The eight insurers are State Farm, Auto Club of Southern California, AAA of Northern California, Infinity Insurance, Wawanesa, Progressive, GEICO, and USAA. Together, premium savings in San Diego will total more than $28.5 million dollars, the commissioner said.
In August new auto rate regulations went into effect, requiring insurers to base rates on three factors — miles driven, driving record and driving experience — before giving weight to any other rating factors.
Insurers were given two years to fully comply with the new standards, although they must show significant progress towards meeting the goal during the first year after implementation of the regulations.
Californians will be seeing rate reductions as insurers make their filings, according to the commissioner.
Source: CDI
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