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December 3, 2009

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Nevada insurer Farmers Exchange seeks auto rate hike

Monday, Jan. 10, 2000 | 11:44 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- Farmers Insurance Exchange, which covers 168,155 vehicles in Nevada, is asking to boost rates by 1.1 percent to bring in an extra $1.4 million a year in premiums.

The request was filed with state Insurance Commissioner Alice Molasky-Arman, who has the option to order a public hearing on the application.

Rate changes will vary depending on where a person lives. For instance on the outskirts of Las Vegas, where the company insures 37,868 vehicles, bodily injury-property damage rates would rise 4 percent; uninsured motorist would go up 2 percent; and medical and comprehensive would jump 12 percent. There would be no change for collision coverage.

In the inner section of Las Vegas, there would be no increases on collision and bodily injury-property damage, but there would be 12 percent rise for medical and comprehensive and an 8.5 percent increase on uninsured motorist policies.

Farmers' sister company Mid-Century Insurance, which covers 20,119 vehicles in Nevada, wants to boost rates by 1.2 percent.

The companies want to start charging the new rates on May 1.

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