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May Update

Greetings. Here are the latest rate changes in Texas estimated from ITC and state filings:


Rate Changes Detected in ITC:

  • Infinity +19% on liability only

  • Falcon up 25% on full coverage

  • AmWins Excel +19%

  • American Access +9%

  • Louis A Williams +4%

 

Rate Changes in SERFF:

  • Hallmark +7.9%

  • Acacia +14.3% (with an OPIC objection)

  • Economy +8%

  • Farmers Lloyds +7%

  • Hochheim Prairie +25.3%

  • Branch +24.7%


More clients are choosing telematics to save!


In order to save more on their auto insurance more clients are looking at and choosing a telematics program like that which Alinsco Insurance offers. You could be saving your clients up to 40% more when they download the app and use our usage based program.



Please find a recent article from Zywave


Rising auto insurance costs drive customers to shop around, but without much success: J.D. Power



Forty-nine percent of personal auto insurance customers are actively shopping for a new policy amid rising premiums and lackluster customer satisfaction scores, according to J.D. Power’s 2024 U.S. Insurance Shopping Study.


At the rate auto insurance costs are growing, the firm said it is not surprising that more customers are in the market for a new policy than ever before. The average cost of auto insurance in the U.S. has risen 22.2% year-over-year in February, which is more than any other category of household expenses measured in the U.S. Department of Labor Statistics Consumer Price Index.


“After the past few years of steady auto insurance premium increases, customers are no longer passively keeping an eye out for a better deal. Instead, they are actively seeking new carriers to offset these rising costs,” said Stephen Crewdson, senior director, insurance business intelligence at J.D. Power. “However, with rising premiums across the country and fewer insurers explicitly offering usage-based insurance—or UBI plans—during the quoting process, insurance shoppers are not finding many alternatives.”

Of those who have actively shopped for a new policy, only 29% have switched carriers, according to the study. Insurers have pulled back on offering UBI programs, which use telematics software to monitor an insured’s driving style and assign rates based on safety and mileage metrics. UBI programs were only offered to 15% of insurance shoppers this year, down from 22% in 2023.


In addition to UBI programs, embedded insurance – a form of auto insurance provided directly through the auto dealer or manufacturer – has captured the interest of a growing number of customers, with 35% showing interest.

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March Updates

Here are the latest rate change estimates for Texas Personal Auto. Rate Changes in SERFF: Hallmark +7.2% (effective 2/26, so not reflected in the February charts) Farmers +18.5% American Family +15.2%

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