Northern California AAA Customers to Save $100 Million this Year
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
UPDATED: Dec 30, 2007
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SACRAMENTO – Insurance Commissioner Steve Poizner today was joined by officials from California State Automobile Association Inter-Insurance Bureau (CSAA-IIB, or AAA of Northern California) in Sacramento and San Francisco to announce his approval of a major rate reduction for personal auto insurance policyholders in California. AAA’s overall rate reduction of 6.5% will total a whopping $100,536,590 in savings for California policyholders.
"I’m very pleased to announce that thousands of California motorists will be seeing tremendous savings on their auto insurance premiums," said Commissioner Poizner. "AAA of Northern California is raising the bar for auto insurance companies across the state, demonstrating that profitability and consumer satisfaction go hand-in-hand."
AAA of Northern California is the sixth largest auto insurer in the state, insuring nearly 1 million California drivers. Under the newly-approved reduced rates, AAA customers will save an average of $106 per policy. The new rates go into effect December 15. This rate reduction will impact approximately 156,000 policyholders in the Sacramento area and 519,000 in the San Francisco Bay Area.
Additionally, AAA has filed to become 100% compliant with the California Department of Insurance (CDI) auto rating factor regulations almost one year earlier than the mandated deadline. Under these regulations, rates will be based primarily on three factors: driving record, number of miles driven, and years of driving experience. Under old regulations, rates were heavily influenced by other optional rating factors, such as marital status, gender and zip code. AAA’s compliance with the auto rating factor regulations will help reward good drivers through lower premiums.
"I’m also pleased to report that Californians have saved more than $700 million on their auto insurance rates this year," added Commissioner Poizner. "Since I was elected Insurance Commissioner, I have been committed to helping California consumers keep more of their hard-earned money, and creating a robust market for insurance companies to thrive. I applaud AAA and all auto insurance companies who have already complied with these new rating factors."
Source: California Department of Insurance