Three California Insurance Companies Ask for Rate Increases

Public filings submitted to the California Department of Insurance show that at least three auto insurers have requested rate hikes so far in June, with one company asking for rate increases for two of its programs.

In its June 15 filing, the Fullerton-based branch of Companion Property & Casualty requested a 23.2 percent increase to rates for its Sabaton program that would be effective immediately if approved. The “relatively new program” began writing policies in April 2011 and has totaled $3.3 million in written premiums, according to the filing.

Most of the increase would be to bodily injury and property damage coverage, which would see an almost 30 percent hike if the request is approved by regulators. Comprehensive coverage would see an increase of 5.1 percent while collision would be increased by 16.5 percent.

The increase would impact about 7,000 policyholders in the state, with an average per-policyholder increase of $110.

In a filing posted last week, Companion asked for a rate increase of 5.6 percent to its personal auto program that has written a total of $27.6 million since it began in June 2011. Almost 30,000 policyholders would be impacted by the increase, which would be effective immediately if approved.

At the beginning of the month, Starr Indemnity & Liability asked for a rate hike of 5.98 percent that would be effective Sept. 1 if approved. The rate change mostly comes from medical payments coverage, which would increase 33.3 percent, according to the filing. Collision coverage would be increased by 10.4 percent, property damage coverage by 6.3 percent and bodily injury coverage by 2.9 percent.

Ocean Harbor Casualty requested a nominal rate increase of 0.35 percent for its Group Plan/Towbuster Auto Club program that would be effective Sept. 1 if approved.

Consumers in the state can visit the website from insurance regulators posting weekly public rate filings to find out if their insurer is asking for rate changes. If rates seem too high for your budget, there is also the low income car insurance option that the state provides to eligible motorists.

About Charles Nguyen
Charles Nguyen is an enterprising journalist who reported for and the Desert Dispatch and was the editor in chief of the Guardian (the twice-weekly newspaper at the University of California, San Diego) before coming to Online Auto Insurance News.

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