State Farm Insurance request would increase Florida No-Fault rates

Oct 9, 2012

The following article was published in The Tampa Bay Tribune on October 9, 2012:

State Farm Request Would Increase No Fault Rates

TALLAHASSEE, Fla. (AP) — Insurance giant State Farm Mutual says it would like to increase the personal injury protection portion of its automobile policies by 22 percent, but it’s willing to settle for 7.9 percent to comply with recent legislation aimed at reducing skyrocketing insurance costs to drivers.

State Farm’s filing to the Office of Insurance Regulation was included among the 10 largest companies providing auto insurance in Florida. It was the only company that asked for an increase on the PIP portion. Allstate Fire and Casualty Insurance Co. indicated it would’ve normally sought an 11.2 percent increase on the no-fault portion, but settled for no increase.

Six companies said they would comply with the recent legislative goal of reducing the PIP portion by 10 percent although that doesn’t guarantee overall savings.

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