California Insurance Commissioner Steve Poizner announced a 15 percent rate cut for Explorer Insurance Co.’s auto insurance policyholders, saving them approximately $3.4 million.
Explorer Insurance initially filed for a 17.6 percent increase in its auto insurance rates, the Department of Insurance indicated. After reviewing the rate filing application, Commissioner Poizner approved a 15 percent decrease in rates. As a result of this reduction, Explorer Insurance Company customers will save an average of about $100 per car annually, the DOI indicated. The savings are expected to go into effect in December, and will apply to renewing policyholders and new customers.
Source: DOI
Topics California Auto
Was this article valuable?
Here are more articles you may enjoy.
Estimate to Rebuild Baltimore’s Key Bridge Doubles to $5 Billion 
Lloyd’s Probing Conduct of Ex-CEO Who Had Been Set to Join AIG 
‘Clear Soft Market Conditions’ for Commercial P/C Lines in Q3, Says CIAB 
Starbucks Must Face Shareholder Lawsuit Over Surprise Sales Decline 
