WHY ALLSTATE MUST CUT RATES IN CALIFORNIA?

TRY drhowell.net SEARCH

ALL STATE - AUTO INSURANCE

California Insurance Commissioner Steve Poizner has ordered Allstate Corp., which covers about one out of every 10 insured cars in the state, to cut its automobile rates by 15.9% -- an average savings of $124 per car, according to state regulators..

The order, which came at the close of a lengthy proceeding before an administrative law judge, was more than twice what the Northbrook, Ill., company wanted to grant its policyholders. Allstate is considering whether to appeal the rate cut order.

"California's consumers deserve a competitive marketplace in which to shop around for the best rates that meet their needs," Poizner said in a statement. "This reduction reaffirms my commitment to ensuring that excessive rates are not charged. At the same time, the rate reduction is fair and reasonable for the company." [...]