California Insurance Commissioner Steve Poizner announced a 15 percent rate cut for Explorer Insurance Company's auto insurance policyholders, saving them approximately $3.4 million. Explorer Insurance Company initially filed for a 17.6 percent increase in their auto insurance rates. After reviewing their rate filing application, Poizner approved a 15 percent decrease in rates. As a result of this reduction, Explorer Insurance Company customers will save an average of about $100 per car annually. These savings are expected to go into effect in December, and will apply to renewing policyholders and new customers.
Since elected, Poizner has approved $1.8 billion in rate reductions for California drivers and homeowners. Recent rate cuts include:
- $255 million rate reduction for Allstate homeowners insurance policyholders
- $50 million rate reduction for AAA of Northern California homeowners insurance policyholders
- $30 million rate reduction for Fireman's Fund homeowners insurance policyholders
- $61 million rate reduction for Mercury auto, renters and homeowners insurance policyholders
- $250 million rate reduction for Allstate auto insurance policyholders
- $100 million rate reduction for AAA of Northern California auto customers
- $65.8 million rate reduction for GEICO customers
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