150K Nevadans to see auto insurance rates increase this year

More than 150,000 Nevadans will see their auto insurance rates go up this year.

Eleven insurers — including Allstate Fire And Casualty Insurance Company and CSAA General Insurance Company — were approved to raise auto rates by the Nevada Division of Insurance, affecting 157,891 policyholders. Six other insurers also raised auto rates on policyholders between May and June.

Nevada continues to lead the pack when it comes to high auto insurance rates. According to a study from LendingTree’s Value Penguin, Nevada policyholders spend 4.7 percent of their income on full coverage auto insurance — making the Silver State second in the nation.

Nevada policyholders spend $335 a month on full coverage auto insurance, compared with the median household monthly income of $7,117.

All insurers must go through the Division of Insurance when requesting a rate change, and the approved rates cannot be “excessive or discriminatory,” according to the agency. Typically, the division-approved rate is lower than the rate hike requested. This is because of the division’s mission to “protect the rights of Nevada consumers” and ensure “financial solvency of insurers,” the DOI said.

Upcoming rate hikes

Allstate Fire And Casualty Insurance Company will be the first insurers to raise auto insurance rates on Monday, affecting 55,814 Nevada policyholders. It will be raising its private passenger auto insurance rates by about 8 percent.

CSAA General Insurance Company will be raising its auto rate by 8 percent, affecting 71,377 Nevada policyholders on Aug. 2.

Allstate Indemnity Company will also be raising its auto rate on Monday, affecting 1,015. It was approved for a 6.7 percent rate increase.

On July 10, Coast National Insurance Company will be raising its auto rate by 6.7 percent, affecting 9,032 Nevada policyholders.

Permanent General Assurance Corp. will raise its auto rate on July 16 by 3.6 percent, affecting 5,235 Nevada policyholders.

Teachers Insurance Company is raising its auto rates by 7.8 percent on July 28, affecting 2,927.

Also on July 28, American National Property And Casualty Company and American National General Insurance Company will be raising its auto rates by 4.1 and 20.9 percent, respectively. It will affect a total of 8,759 Nevada policyholders.

On Aug. 1, Central Insurance Company will be increasing its auto rates by 26.4 percent, affecting 1,565 Nevada policyholders.

Nevada Capital Insurance Company will raise its auto rates on Sept. 1 by 13.3 percent, affecting 1,431 Nevada policyholders. Finally, American Access Casualty Company will increase its rates on Oct. 26 by 6.1 percent, affecting 736 Nevada policyholders.

Previous rate hikes

Six other insurers also raised rates from May to June.

AIG Property Casualty Company raised its auto rates by around 25 percent on May 6, affecting 248 Nevada policyholders.

Privilege Underwriters Reciprocal Exchange raised its auto rate on May 15 by around 5 percent, affecting 982 Nevada policyholders.

Amica Mutual Insurance Company and Amica Property and Casualty Insurance Company both raised its auto rates by 11.9 and 12.4 percent, affecting a total of 2,316 Nevada policyholders.

On June 22, Trexis Insurance Corporation raised its auto rate by 20.2 percent, affecting 7,232 Nevada policyholders.

Safeco Insurance Company Of Illinois increased its auto rate by 6 percent, affecting 8,943 Nevada policyholders.