Farmers auto insurance hike OK’d
Friday, March 27, 1998 | 10:13 a.m.
CARSON CITY -- This is no April Fool's Day joke: Farmers Insurance Exchange will raise its auto rates an average of 1.9 percent beginning April 1.
State Insurance Commissioner Alice Molasky-Arman Thursday approved the company's rate increase application for the 175,000 vehicles it covers in Nevada.
While the average rate increase statewide is less than 2 percent, the increases will be much higher for Las Vegas motorists because of the high number of losses in Southern Nevada.
Rates for bodily injury-property damage coverage, required by state law, will rise anywhere from .5 percent to 8.1 percent depending on where a policy holder lives.
Molasky-Arman approved an average rate decrease of 3.6 percent for Mid-Century Insurance Co., a Farmers' affiliate that insures 25,000 cars for mostly high-risk drivers.
Mid-Century's rates for bodily injury-property damage will decrease as much as 4.8 percent in some sections of Clark County. In other areas, the rates will increase by 2.4 percent.
In its rate increase application filed in January, Farmers said it lost $92.9 million on its Nevada business in the past 10 years and $8.5 million alone in 1996. No figures were supplied for 1997.
The new rates for both companies become effective April 1 and include new and renewal business. The last increase for both companies was November 1996 when Farmers was allowed to boost rates 12 percent and Mid-Century raised premiums 8 percent.
Meanwhile Country Mutual Casualty Insurance Co., which provides coverage for 16,773 vehicles in Nevada, has proposed a .8 percent decline in rates. About 4,700 vehicles in Clark County are insured by the company.
Molasky-Arman will decide later on the application.
archive
- Most Read
- Discussed
- Most E-mailed
- Police arrest 2 more in fatal shooting of Metro officer
- Illness theory gaining ground for gambling addiction
- At CityCenter, it’s not your usual uniforms for workers
- Rebels wake up Sunday with top RPI
- Carl Icahn offers $156 million for Fontainebleau, outbids Penn National
- Ex-ACORN official gets probation for voter registration plan
- Woman dies in house fire in western valley
- Despite economy, swank of lawmaker’s fundraisers not in recession
- Vegas-based Majestic Star Casino seeks bankruptcy
- Report details events leading to officer’s fatal shooting
Blogs
Now and Then
Rory in disguise ... with glasses
Politics: Ralston's Flash
Angle: I am better than all other Republicans against Harry Reid and here's why (1 Comment)
Robin Leach's Las Vegas Celebrity Watch
Photo Gallery: Donny Osmond within reach of Dancing With the Stars victory
Politics: Ralston's Flash
Doug Hampton's 15 minutes go national: "Nightline" transcript (6 Comments)
Elsewhere
Spike TV confirms Kimbo on TUF Finale (1 Comment)
Robin Leach's Las Vegas Celebrity Watch
DWTS Finale: Top three couples perform three dances
High School Sports Scene
How Gorman saved the school district thousands
Calendar »
- 24 Tue
- 25 Wed
- 26 Thu
- 27 Fri
- 28 Sat
-
Thanks-Spinning with Z-Trip at Moon
Moon Nightclub | 10 p.m. to 11:59 p.m.
-
Food Drive at Coyote Ugly
Coyote Ugly | 10 p.m. to 11:59 p.m.
-
Surfer Blood with ACoSA at Beauty Bar
Beauty Bar | 10 p.m. to 11:59 p.m.
-
Ladies night at Feelgoods
Feelgoods
-
Canned food drive at Pure
PURE | 10 p.m. to 11:59 p.m.
The Sun
Locally owned and independent for more than 50 years.
Technorati












