September 19, 2002 |
2002-R-0784 | |
AUTOMOBILE INSURANCE RATES | ||
By: Jerome Harleston, Senior Attorney | ||
You want to know the rate of private passenger automobile insurance premium increases over the last five years.
Tables 1 to 6 shows the annual percentage increase or decrease in private passenger automobile insurance rates for mandatory liability and physical damage liability protection from 1997 through the first half of 2002 for Allstate, GEICO, The Hartford, Liberty Mutual, Nationwide, Progressive, Prudential, Safeco, State Farm, and Travelers. Not all company sought a rate change in each of the years shown. The total column includes the percentage rate change for optional coverages like comprehensive, collision and medical payments.
From 1997 to the first half of 2002, liability premiums rose 63. 7% for Allstate, 41. 3% for GEICO, 16. 1% for The Hartford, 12. 2% for Liberty Mutual, 41. 9% for Nationwide, 7. 9% for Prudential, 1. 4% for Safeco, 33. 7% for State Farm, and 4. 3% for Travelers. Progressive's liability insurance premium declined 1. 7%. Physical damage premiums for the same period generally declined. In the case of Allstate, 9. 8%, GEICO, 27. 5%, Nationwide, 6. 6% Progressive, 3. 0%, Prudential, 25. 6%, Safeco, 11. 6%, and State Farm, 53. 9%. Physical damage premiums rose for The Hartford, Liberty Mutual and Travelers 15. 9%, 5. 6% and 6. 9% respectively.
Table 1: Automobile Insurance Rate Change (1997)
Company |
Liability |
Physical Damage |
Total |
Allstate |
2. 1% |
-3. 9% |
-0. 1% |
GEICO |
3. 7% |
-2. 8% |
2. 1% |
The Hartford |
-2. 1% |
-8. 6% |
-4. 2% |
Liberty Mutual |
0. 0% |
0. 0% |
0. 0% |
Nationwide |
0. 0% |
0. 0% |
0. 0% |
Progressive |
-0. 1% |
-2. 3% |
-0. 5% |
Prudential |
5. 0% |
-22. 7% |
-2. 7% |
Safeco |
0. 0% |
0. 0% |
0. 0% |
State Farm |
0. 0% |
0. 0% |
0. 0% |
Travelers |
0. 0% |
0. 0% |
0. 0% |
Table 2: Automobile Insurance Rate Change (1998)
Company |
Liability |
Physical Damage |
Total |
Allstate |
0. 0% |
0. 0% |
0. 0% |
GEICO |
1. 2% |
-10. 7% |
-3. 0% |
The Hartford |
0. 0% |
0. 0% |
0. 0% |
Liberty Mutual |
-2. 5% |
-0. 1% |
-1. 7% |
Nationwide |
-5. 6% |
-2. 7% |
-4. 7% |
Progressive |
-6. 4% |
2. 2% |
-3. 9% |
Prudential |
0. 0% |
0. 0% |
0. 0% |
Safeco |
1. 9% |
-5. 1% |
-0. 6% |
State Farm |
7. 8% |
-23. 3% |
-10. 2% |
Travelers |
0. 0% |
0. 0% |
0. 0% |
Table 3: Automobile Insurance Rate Change (1999)
Company |
Liability |
Physical Damage |
Total |
Allstate |
-6. 2% |
-9. 1% |
-7. 2% |
GEICO |
-1. 1% |
-15. 1% |
-5. 9% |
The Hartford |
0. 0% |
0. 0% |
0. 0% |
Liberty Mutual |
0. 2% |
0. 0% |
0. 2% |
Nationwide |
1. 2% |
-18. 0% |
-5. 6% |
Progressive |
0. 0% |
0. 0% |
0. 0% |
Prudential |
0. 0% |
0. 0% |
0. 0% |
Safeco |
-3. 6% |
-4. 4% |
-3. 8% |
State Farm |
7. 2% |
-21. 0% |
-7. 3% |
Travelers |
-0. 6% |
-3. 0% |
-1. 3% |
Table 4: Automobile Insurance Rate Change (2000)
Company |
Liability |
Physical Damage |
Total |
Allstate |
22. 5% |
-11. 5% |
10. 1% |
GEICO |
26. 2% |
4. 7% |
19. 5% |
The Hartford |
6. 8% |
4. 7% |
6. 0% |
Liberty Mutual |
4. 9% |
1. 8% |
3. 8% |
Nationwide |
9. 8% |
-4. 2% |
5. 0% |
Progressive |
4. 8% |
-2. 9% |
2. 3% |
Prudential |
-3. 6% |
-17. 7% |
-7. 4% |
Safeco |
3. 1% |
-2. 1% |
1. 1% |
State Farm |
0. 0% |
0. 0% |
0. 0% |
Travelers |
0. 9% |
1. 9% |
1. 3% |
Table 5: Automobile Insurance Rate Change (2001)
Company |
Liability |
Physical Damage |
Total |
Allstate |
40. 9% |
14. 7% |
32. 3% |
GEICO |
2. 9% |
0. 7% |
2. 1% |
The Hartford |
0. 0% |
0. 0% |
0. 0% |
Liberty Mutual |
11. 1% |
5. 6% |
9. 6% |
Nationwide |
28. 2% |
-1. 3% |
19. 6% |
Progressive |
0. 0% |
0. 0% |
0. 0% |
Prudential |
0. 0% |
0. 0% |
0. 0% |
Safeco |
0. 0% |
0. 0% |
0. 0% |
State Farm |
8. 5% |
-8. 7% |
1. 6% |
Travelers |
1. 6% |
6. 1% |
3. 1% |
Table 6: Automobile Insurance Rate Change (2002)
Company |
Liability |
Physical Damage |
Total |
Allstate |
4. 4% |
0. 0% |
2. 4% |
GEICO |
9. 0% |
-4. 3% |
4. 2% |
The Hartford |
11. 4% |
19. 8% |
14. 7% |
Liberty Mutual |
-1. 5% |
-1. 7% |
-1. 5% |
Nationwide |
8. 3% |
19. 6% |
11. 2% |
Progressive |
0. 0% |
0. 0% |
0. 0% |
Prudential |
6. 5% |
14. 9% |
8. 9% |
Safeco |
0. 0% |
0. 0% |
0. 0% |
State Farm |
10. 2% |
-0. 9% |
5. 0% |
Travelers |
2. 4% |
1. 9% |
2. 2% |
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