State Farm to drop auto rates by 1.6 %

Thursday, Jan. 13, 2000 | 10:49 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- State Farm Mutual Automobile Insurance Co., which covers more than 200,000 vehicles in Nevada, is proposing to drop rates by 1.6 percent or $2.9 million a year.

And its sister company, State Farm Fire and Casualty Co., which writes policies on 9,007 cars, wants to lower rates by 2.4 percent or $280,000 a year.

The rate changes were filed with state Insurance Commissioner Alice Molasky-Arman, who has the option of holding a public hearing or making a decision based only on the applications.

A breakdown shows State Farm Mutual would lower bodily injury-property damage coverage by 1.6 percent statewide; increase medical payments coverage by 5.1 percent; drop collision rates by 4.4 percent; reduce comprehensive premiums by 8.7 percent and increase uninsured coverage by 5.1 percent. There would be different rate changes, depending on the location of the insured.

For instance in Las Vegas, the company proposes a 5.9 percent decrease in bodily injury-property damage premiums; a 7.8 percent increase in uninsured motorist coverage; a 5.7 percent hike in medical payments; a 10.6 percent decline in comprehensive and a 4.9 percent drop in collision insurance.

State Farm Fire and Casualty Co. suggests a .7 percent decline in rates for bodily injury-property damage, 2.9 percent for collision, 16.2 percent for comprehensive and 5.7 percent for uninsured motorists. There would be a 9 percent increase in medical payments coverage statewide.

In Las Vegas, the company proposes declines of 4.7 percent in bodily injury-property damage, 3.6 percent in uninsured motorist, 17.9 percent in comprehensive and 3.2 percent in collision. There would be a 9.1 percent hike in medical payment coverage.