Progressive hikes auto insurance for second time this year in Nevada
The Nevada Division of Insurance has approved a 6.8% increase for Progressive auto insurance that could impact more than 200,000 residents, according to their website.
The new policy effective date is Oct. 3, the website says. The insurance company originally requested an 8.41% increase but was only approved for the 6.8% increase.
According to the Las Vegas Review, this is the second rate increase the insurance company has received in the state this year. The rate was increased by 5% on Jan. 24 after requesting a 10% increase.
The Division of Insurance provided a statement to the newspaper that said multiple factors are influencing the rising costs of insurance.
“Auto insurance rates in Nevada, as in other states, are influenced by a combination of factors, including increases in repair and replacement costs, rising medical expenses, claim frequency and severity, and broader economic trends such as inflation,” said the DOI in a statement to the Las Vegas Review-Journal.
Other Nevada Insurance Hikes
Hartford Insurance Company of the Midwest was approved for a 17% increase in the state after requesting a 27% increase for 22,000 policies. The rate increase started Aug. 28.
Hartford Underwriters Insurance Company also received a 9.8% increase after asking for a 22% increase for 1,200 policies. The increase started Aug. 11.
CSAA General Insurance Company received a 12% increase after requesting a 15% for 65,000 consumers. The increase started July 1.
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