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The Southern California insurer also said Wednesday it has filed with the state to cut California homeowners' and renters' premiums by 10 percent and 33 percent, respectively.
State Insurance Commissioner Steve Poizner, whose department already has approved the auto rate cuts, said he intends to approve Mercury's proposed drops in renter and homeowner insurance rates.
The department said the cuts on auto, renter and homeowner policies will produce an overall annual savings of $61 million.
About 1.1 million of the vehicles Mercury insures in the state are in Southern California. The company, which bills itself as the state's third-largest auto insurer, said the rate reductions will translate to a savings of about $30 per insured vehicle.
Mercury said it insures 224,000 homes statewide, and the proposed rate reduction on homeowner policies will produce an average annual savings of about $83 a year.
Mercury said it insures 20,000 rented dwellings in California. The average renter with Mercury will save about $80 a year under the proposed rate reduction.
The revised auto insurance rates are effective immediately ; Mercury's proposed rate reductions on homes and rented dwellings are expected to go into effect in mid-August, officials said.
To see more of The Sacramento Bee, or to subscribe to the newspaper, go to http://www.sacbee.com/. Copyright (c) 2008, The Sacramento Bee, Calif. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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