Nevada insurers file to hike auto rates

Monday, Jan. 14, 2002 | 11:03 a.m.

CARSON CITY -- Farmers Insurance Exchange, one of the largest car insurers in Nevada, has applied to increase rates by a statewide average of 0.8 percent starting March 1.

It was one of three insurers that proposed rate changes to state Insurance Commissioner Alice Molasky-Arman last week.

Mid-Century Insurance Co., which is associated with Farmers, proposed an average 0.3 percent reduction in rates for the 14,487 vehicles it covers, and American National Property and Casualty Cos., which writes coverage for 19,291 cars, wants to boost rates by an average 9.8 percent starting Feb. 15.

Farmers Insurance, which writes policies for 185,017 vehicles in Nevada, wants to boost premiums for comprehensive by an average 6 percent and for collision by an average 9 percent.

It is also suggesting an average 5.5 percent reduction in bodily injury and property damage coverage, which are required by Nevada law. It would lower uninsured motorist by an average 6.4 percent and medical coverage by an average 1.4 percent.

Rates vary within in the county and state by territories defined by the insurers.

Farmer's last rate change was a 6 percent increase in June 2001.

Mid-Century Insurance Co., would drop bodily injury-property damage by an average 2.8 percent, uninsured motorist by an average 4 percent and medical payments by an average 6.7 percent.

Comprehensive would rise by an average 15 percent and collision by an average 1 percent.

Mid-Century's last rate change was a 0.9 percent decrease in June 2001.

American National Property and Casualty Cos. is asking Molaski-Arman for an average 9.9 percent increase in bodily injury; an average 28.8 percent for property damage; 22.6 percent for medical payments; no increase in uninsured motorist; a 4 percent hike in collision and a 4.9 percent decrease in comprehensive coverage.

American National's last rate change was a 1.2 percent decrease in May 2000.