California Insurance Commissioner Steve Poizner announced a 15 percent rate cut for Explorer Insurance Co.’s auto insurance policyholders, saving them approximately $3.4 million.
Explorer Insurance initially filed for a 17.6 percent increase in its auto insurance rates, the Department of Insurance indicated. After reviewing the rate filing application, Commissioner Poizner approved a 15 percent decrease in rates. As a result of this reduction, Explorer Insurance Company customers will save an average of about $100 per car annually, the DOI indicated. The savings are expected to go into effect in December, and will apply to renewing policyholders and new customers.
Source: DOI
Topics California Auto
Was this article valuable?
Here are more articles you may enjoy.
5 Years After Surfside Collapse: Safer Condos, More Transparency for Underwriters 
More Americans Are Moving Away From Flood Risk Than Toward It 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
