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Mercury cuts auto insurance rates
By Mark Glover - mglover@sacbee.com
Last Updated 5:31 pm PDT Wednesday, June 11, 2008
Los Angeles-based Mercury General Corp. is cutting the auto insurance rates of about 1.5 million California policyholders by 3 percent.
The Southern California insurer also said Wednesday it has filed with the state to cut California homeowners' and renters' premiums by 10 percent and 33 percent, respectively.
State Insurance Commissioner Steve Poizner, whose department already has approved the auto rate cuts, said he intends to approve Mercury's proposed drops in renter and homeowner insurance rates.
The department said the cuts on auto, renter and homeowner policies will produce an overall annual savings of $61 million.
About 1.1 million of the vehicles Mercury insures in the state are in Southern California. The company, which bills itself as the state's third-largest auto insurer, said the rate reductions will translate to a savings of about $30 per insured vehicle.
Mercury said it insures 224,000 homes statewide, and the proposed rate reduction on homeowner policies will produce an average annual savings of about $83 a year.
Mercury said it insures 20,000 rented dwellings in California. The average renter with Mercury will save about $80 a year under the proposed rate reduction.
The revised auto insurance rates are effective immediately ; Mercury's proposed rate reductions on homes and rented dwellings are expected to go into effect in mid-August, officials said.
About the writer:
- Call The Bee's Mark Glover, (916) 321-1184.
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