Nevada Commissioner of Insurance Alice A. Molasky-Arman has approved a rate change for private passenger automobile insurance filed by Progressive Halcyon Insurance Co. Bodily injury liability rates will increase 8 percent, and property damage liability rates will increase 5 percent, on average. The base rates for other coverages will remain unchanged. The company is also adjusting rating rules including insurance score tier factors and territorial factors. The net effect of all changes is a 3.3 percent increase in premium.
The changes will be effective April 14, 2006, for new business and May 23, 2006, for renewal business. No policyholder will see more than a 15 percent increase as a result of the filed changes.
In Nevada, Progressive Halcyon Insuranceinsures 45,192 vehicles. It is Nevada’s seventh largest insurer of private passenger autos based on 2005 direct premium volume, according to the Division of Insurance.
The last approved rate change was a 5 percent average increase effective Sept. 13, 2005, for new business and Oct. 22, 2005, for renewal business.
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