Two companies are raising their Pennsylvania auto insurance rates, according to Matthew Morisset of Online Auto Insurance News. In “Nationwide, Erie raising rates for some Pennsylvanians,” we learn that customers with certain good ratings will not see increases. The Pennsylvania Insurance Department made the rate filings public for Nationwide and Erie’s projected increases.
Nationwide auto insurance operates three companies within Pennsylvania, but only one of them is currently writing new business. Nationwide Affinity will be raising rates 7.9% for 202,000 new and existing customers. Just last September, their customers saw average rate increases of 5%. Customers renewing their policies with Nationwide Insurance Company of America will see an average increase of 6%, while Nationwide Mutual customers will see their rates increase 1.9%. While the three companies will increase their money coming in by $18.04 million, $7.98 million, and $5.88 million respectively, their costs and payouts have skyrocketed as well.
Erie Insurance Company will be increasing rates 2.9% for their new and existing customers. This will effect 16,900 people starting April 1. Erie Insurance Exchange customers will actually see a small decrease of .1% in their rates. This gives 823,000 drivers something to smile about and will decrease cash inflows to the company by $528,000. If your auto insurance company is changing your rates, make sure you know the details and shop around for different coverage if you don’t agree with an increase.