Farmers Insurance wants auto rate increase in Nevada
Tuesday, Oct. 17, 2000 | 11:23 a.m.
CARSON CITY -- Farmers Insurance Exchange, which writes policies covering more than 182,000 vehicles in Nevada, has applied to state Insurance Commissioner Alice Molasky-Arman to boost rates an average 6.9 percent starting in February to bring in an extra $9.6 million annually.
A sister company, Mid-Century Insurance Co., which covers nearly 15,000 high-risk drivers, is also proposing a rate change that won't bring in any added money but will shift rates and mean an increase for motorists in certain categories.
Farmers is asking for a 10 percent increase in its bodily injury and property damage coverage, which is required of motorists by the state. It proposes a 7.5 percent hike for uninsured motorist coverage, 13.2 percent higher medical coverage rates and 5.2 percent higher comprehensive coverage. Collision would go down by 0.8 percent.
For downtown Las Vegas, the bodily injury-property damage policy would rise 6 percent, uninsured motorist would go up 16 percent, medical by 21 percent, comprehensive by 14 percent and collision by 3 percent.
The area called "Las Vegas Middle" would experience a 12 percent increase in bodily injury-property damage, a 16 percent rise in uninsured motorist, 25 percent for medical, 6 percent for comprehensive and 3 percent for collision.
The company would boost rates in the balance of Clark County by 12 percent for bodily injury and property damage, 11.9 percent for uninsured motorist, 18 percent for medical, 4.9 percent for comprehensive and 3 percent for collision.
Mid-Century is proposing to boost rates by 0.9 percent for bodily injury-property damage, reduce uninsured motorist coverage by 0.3 percent, increase medical by .8 percent and cut comprehensive rates 1.3 percent. The company now collects $15.6 million in premiums.
If approved, the plan would mean a reduction statewide in revenue of $1,232.
Hartford Underwriters Insurance Co., which covers 34,222 customers in Nevada, is proposing rate changes that will not mean any more revenue to the $19.9 million it collects a year. It wants to reduce bodily injury by 6 percent and uninsured motorist by 5 percent.
Hartford would raise property damage rates by 8.5 percent, medical by 10 percent, comprehensive by 1.5 percent and collision by 1 percent.
Molasky-Arman also said Friday she has agreed to allow a rate increase of 5.2 percent on homeowners insurance offered by the California State Automobile Association. She said she also approved a rate change to adjust territorial imbalance for auto coverage but it will not mean any increased revenue.
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