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.
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