Auto Insurance Companies Raising Rates

According to a recent report submitted, the two largest auto insurance carriers in Texas are raising their rates. They say that they have seen an increase in costs, and therefore have no choice but to pass it on to their customers. Both car insurance companies are raising them a substantial amount.

They say that the number of claims that they have been getting has increased, and thus the need for the increase in premiums. They say that it is possible for some auto insurance customers to see a decrease in their premiums, but most will see an increase.

State Farm is the state’s largest auto insurance provider, and they are raising their rates an average of 2.45 to 7.3% statewide. They insure 3.2 million Texans, and their increase will go into effect October 27th. In El Paso County alone, they will see an increase of anywhere between 4.4 and 5.1%.

Allstate is the second largest auto insurance company in the state, and they say that they will be raising theirs as well, just not as much. They insure 1.1 million Texans and their rate increase will be somewhere between 3.6 and 5.5% on average.

Both companies say that they have been seeing more collisions and bodily injury claims lately, and so they have to increase their rates. For most people they will be looking at somewhere around $5 a month added on to their policy.





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