The Automobile Club of Southern California’s affiliated insurance company announced it is reducing auto insurance rates by an average 7 percent starting Dec. 1 for new and renewing policyholders. The company also is implementing new Department of Insurance regulations that require insurers to place more importance on a person’s driving safety record, miles driven and driving experience than any other rating factors.
The company predicts the rate reduction, approved by California’s commissioner in September, will save nearly 1 million policyholders a total of $133 million, or an average of $134 per policy. The rate reduction was due to a reduction in the number of bodily injury, property damage and collision claims, the company indicated.
Was this article valuable?
Here are more articles you may enjoy.
AIG’s Turnaround Under Zaffino Sets Stage for New Leadership 
Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them 
Trump Scraps Ocean Sensors Providing Crucial Data on Climate, Flooding 
Roof Costs Soar Even as Claims Decline: Verisk 
