The Corey Story

My random wanderings and things I find entertaining

Allstate Raises Auto Insurance Rates 4.3%

Posted by Corey Kaster on May 5, 2010

Allstate Insurance Group has filed a rate revision for their Auto program in Oregon.

The changes are effective February 15, 2010 for new business and March 22, 2010 for renewal business. Their overall indicated rate level need is a 11.40% increase. The overall rate impact of this change is 4.30% increase or about $1,865,592 in annual premium.

** Filing Highlights **

  • Introduction of the FullPay Discount
  • Introduction of five new deductible options for collision and comprehensive coverages.
  • Revisions to the Future Effective Date Discount factors
  • Revisions to the Household Composition rating factors.
  • Revisions to Tier factors.

Summary of changes:

Ind. Actual

BI 23.0% 7.4%

PD 10.0% 3.4%

PIP 52.7% 16.3%

UM/UIM -14.2% N/C

Comp -13.8% -0.7%

Coll -1.8% -0.7%

Total 11.4% 4.3%

** OR Market Snapshot **

Allstate        Farmers

2008 Rank                            5                       2

2008 Mkt Share                  8.8%           16.2%

2008 DWP (mil)                $177             $325

2008 Adj. LR                       45%                64%

2008 Growth                     -3.17%           -5.81%

5 Yr Growth                        0.17%              1.54%

Source: AM Best Top 30 Report

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