Big Nevada insurer wants to hike auto premiums

Tuesday, June 25, 2002 | 10:56 a.m.

CARSON CITY -- State Farm Mutual Automobile Insurance Co. has asked state Insurance Commission Alice Molasky Arman to raise rates by 3.7 percent on its 197,432 cars in Nevada to bring in an extra $6 million a year.

The company wants the rates to be effective July 15. Its last rate adjustment was in January 1999, when its prices were reduced 0.4 percent.

In Las Vegas the bodily injury-property damage coverage would rise 5.9 percent; uninsured motorists would jump 26.5 percent; medical payments would go up 20.8 percent, comprehensive would drop 3.6 percent and collision would fall 7.8 percent.

Its sister company, State Farm Fire & Casualty Insurance Company, with 20,995 cars covered, is asking for a 4.1 percent increase or an additional $700,000 per year.

The firm wants to boost rates by 6.4 percent for bodily injury and property damage; 18.7 percent for medical payments and 28 percent for uninsured motorist. It would lower collision by 5 percent and comprehensive by 6.4 percent.

In Las Vegas the bodily injury-property damage coverage would rise 8.8 percent; uninsured motorists would jump 23.8 percent; medical payments would go up 19.2 percent; comprehensive would drop 4.3 percent and collision would fall 6.2 percent.

Molasky-Arman has the authority to call a public meeting to consider the rate request if she needs more information.