Major auto insurance provider to raise rates for over 200K Nevadans
More than 200,000 Nevadans will see their automobile insurance go up this fall.
Progressive Direct Insurance Company is raising its auto insurance rates by nearly 7 percent starting Oct. 3, which will impact roughly 212,801 Nevadans, according to Nevada Division of Insurance filings. This is the second time this year Progressive Direct is raising rates, with the last hike going into effect on Jan. 24.
All insurers must go through the Nevada Division of Insurance when requesting a rate change; the actual division-approved rate is typically lower than the rate hike requested. This is because the division’s mission to “protect the rights of Nevada consumers” and ensure “financial solvency of insurers, the Division of Insurance said. The approved rates cannot be “excessive or discriminatory.”
Progressive originally requested an 8.41 percent increase for the fall. Previously, Progressive raised its auto insurance rates by nearly 5 percent on Jan. 24, originally requesting a 10 percent increase, impacting 178,171 Nevadans.
Progressive did not respond to a request for comment on the rate increase.
According to the Division of Insurance, there are multiple factors that influence 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.
Previous rate hikes
Three other insurers raised auto insurance rates starting in August, affecting over 25,000 Nevadans.
American Access Casualty Company raised rates by 10 percent, impacting 2,025 residents. It went into effect on Aug. 11.
Hartford Underwriters Insurance Company raised rates by almost 10 percent, impacting 1,225 residents. Additionally, Hartford Insurance Company of the Midwest raised rates by nearly 18 percent, affecting 22,297 Nevadans. Both went into effect on Aug. 28.
Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.
