(August 19, 2008)—Allstate and State Farm are raising rates for auto coverage in Texas to offset a rising number of claims, according to filings with the Texas Department of Insurance in Austin.
State Farm is seeking increases of 2.4 percent and 7.3 percent, respectively, for its two auto insurance subsidiaries, State Farm Mutual and State Farm County Mutual.
The State Farm increases would be effective Oct. 27.
Allstate filed for increases of 3.6 percent for Allstate Indemnity and 5.5 percent for Allstate County Mutual.
Allstate Indemnity insures 694,000 drivers in Texas, while Allstate County Mutual covers 435,000 drivers.
Those rates rose in July.
State insurance officials said the market has been stable for some time, but consumer groups say the companies are earning adequate profits with their current premiums.
Texas Department Of Insurance Web Site
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