Amica Auto Insurance Rates Cut in New York
Responding to pressure to lower sky-rocketing auto insurance rates, Acting Superintendent of the Department of Insurance in New York, Howard Mills, announced that most of Amica Mutual Insurance Company's drivers will receive an average 10 percent rate reduction. Of these drivers, 67 percent of Amica's 68,000 insured New York drivers will see a 10 percent or higher rate reduction, and about 30 percent will receive single rate reductions after the May 1, 2005 policy renewal.
This reduction will result in a total savings of $12 million for Amica's drivers in that state.
Mills remarked that Amica was the fifth insurance carrier to reduce their 2005 rates in NY.
The New York Department of Insurance has been reviewing rates and studying ways to pass insurance saving to consumers from cost cutting efforts and fighting insurance fraud.
These rate reduction efforts have been significant, resulting in over $175 million in savings to insured drivers!
Of that total, the insurance leaders who have passed on saving to their consumers are:
- Geico ($100 million)
- Progressive ($33 million)
- Nationwide ($18 million)
- and MetLife ($15million).
More optimistic news of savings for other consumers is likely.
The Department of Insurance continues to hold meetings with other New York insurance companies in the hopes of offering more
New York drivers rate reductions through savings from their auto insurance carriers.