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Allstate argues rate-cut case
Published 12:00 am PDT Friday, June 20, 2008
Story appeared in BUSINESS section, Page D1
Allstate Corp. has asked a California court to dismiss its appeal of a state order to cut its statewide auto insurance rates an average of 15.9 percent.
Allstate spokesman Peter DeMarco said Thursday the motion to dismiss was filed in San Francisco Superior Court. He said Allstate's lawyers told him the court now considers the appeal process closed.
Allstate insures about 2 million vehicles in California, according to the state Department of Insurance.
The company cut rates, even as it appealed the order issued in March by an administrative law judge and said the cut was excessive.
The Allstate rate reductions amount to an average of $124 per vehicle each year, according to the California Department of Insurance.
– Mark Glover
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