Rate Increases at Progressive Classic and Farmers Direct Insurance Will Affect Thousands of West Virginia Drivers
Virginia Time :1 Progressive Classic Insurance Farmers Now
Progressive company Classic Insurance Co. is about to raise rates.
They plan to increase the average rate by about twenty percent. In West Virginia, this change will impact over 31,500 drivers. Farmers Direct Property and Casualty Insurance Co. also suggested a rise of this kind not too long ago. They proposed an almost 20% increase in rates.
This trend suggests that auto insurance premiums are rising. This is a national issue, not only one that affects West Virginia. A Market Scout report states that rates for auto insurance increased by 7.3% countrywide. This occurred in 2023’s last quarter.
Above In the last ten years, the cost of auto insurance has increased by 19% in the US. The U.S. Bureau of Labor Statistics provided the data used in this information.
The average cost of filing a claim on auto insurance went up by 16% in 2022. This increase exceeded the 11% increase that occurred in 2021.
Virginia Time Now
The organization AM Best made this information public. Additionally, they revealed that the average cost of controlling costs and defending against a claim increased by 29%. The cost of other items, such as modifying the claim, went up by 18%.
West Virginia’s commissioner’s office is currently looking for public feedback regarding these rate increases. Up until January 16, they will take comments on the Farmers rate increase. We will accept feedback on the Progressive rate increase through February 8.
You can write a letter to the West Virginia Office of Insurance Commissioner to express your views. Rates & Forms, P.O. Box 50540, Charleston, WV 25305-0540 is where you should send it. Don’t forget to address “Re: Liability Increase” in your correspondence.
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