Safeco Cuts Auto Rates in Colorado

Seattle-based Safeco announced it is cutting auto insurance rates in Colorado by as much as 21 percent, with the average Colorado customer experiencing a 4.8 percent decrease. Since July 2004, Safeco has taken rates down more than 17 percent.

Safeco said it reduced rates after seeing reduced claims activity among Colorado customers, including fewer bodily injury, medical payment and collision claims.

“We manage every product at the state level, so Colorado customers have a policy and a price specific to their insurance needs,” said Mike Robon, vice president of auto product management for Safeco Personal Insurance.

Safeco insures more than 80,000 cars in Colorado. Approximately 226 licensed independent insurance agencies sell the company’s products statewide. Enhancements to its underwriting and pricing models have allowed the company to take a new approach in the way it offers personal insurance products to Colorado customers.

“Responsible drivers shouldn’t subsidize insurance costs for those who aren’t as careful — either within Colorado or across the country,” Robon said.

Source: Safeco