Nationwide, Erie Raising Rates for Some Pennsylvanians
Rate filings made available by the Pennsylvania Insurance Department indicate that many Nationwide and Erie policyholders will be seeing changes in their premiums the next time they go to buy or renew a policy.
The changes will already be affecting policies issued or renewed by three Nationwide companies and will affect policies issued by Erie Insurance and Erie Insurance Exchange starting on April 1.
Although four of the five filings indicate overall rate increases on Pennsylvania auto insurance policies, individuals may see increases or decreases depending on their personal rating factors.
Nationwide Rate Changes
According to the rate filings, more than 202,000 new and renewing customers of Nationwide Affinity will experience an overall increase of 7.9 percent. The change is expected to bring in an extra $18.04 million for the company. The company’s last rate change went into effect in September 2011, raising rates by a total of 5 percent.
Nationwide Affinity is the only one of the three Nationwide companies that is writing new business.
The more than 83,100 policyholders who purchase coverage from Nationwide Insurance Company of America will see an overall increase of 6 percent when they go to renew their policies. That’s expected to bring in an extra $7.98 million for the company.
For the 182,640 Nationwide Mutual policyholders, rates will go up 1.9 percent overall. That change is projected to bring in another $5.88 million for the insurer.
Erie Rate Changes
The changes are not quite as drastic for policyholders at two Erie companies.
New and renewing customers at Erie Insurance Company will see an overall 2.9 percent increase starting April 1. That change will affect about 16,900 policyholders and bring in an extra $616,000 for the insurer.
Drivers who purchase coverage from Erie Insurance Exchange will see rates drop by 0.1 percent overall. The change will affect a total of more than 823,000 drivers, and premiums will drop by $528,000 as a result.