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State Farm looks to increase auto insurance in FloridaPosted On Fri, February 5, 2010
Floridian customers of two State Farm insurance companies may soon be in line to see some substantial increases in their rates, as the insurer is attempting to up their prices by almost 10 percent.
According to the Jacksonville Business Journal, State Farm's Mutual Automobile Insurance Co. and Fire and Casualty Co. have requested rate increases from the Florida Office of Insurance Regulation.
The proposed increases would boost up the general auto insurance rates by 9 percent and their fire and casualty plans by 11.8 percent
"The request was necessary because of our cost of claims reflective in the auto insurance [policies]," said State Farm spokeswoman Michal Connolly, according to the Journal.
If approved, the rates would immediately be felt by many motorists throughout the state. State Farm currently has 2.7 million auto insurance customers, easily the highest number in the state.
Jack McDermott, spokesman for the FOIR, told TampaBay.com that while most auto insurance rates have been decreasing in recent years, he did not think that the future cuts would subside in favor of more increases.
"We have not observed any significant changes in the auto insurance marketplace in Florida, although recent rate filings have shown some indications of an upward trend in bodily injury expenses," he said.
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