21st Century Auto Insurance Co. announced it will be implementing a $34 million rate reduction for policyholders in California, according to Shannon Kelly, senior vice president, West region. The reduction represents an average decrease of 3.4 percent.
The seventh largest auto insurer in the state, 21st Century insures more than 1 million vehicles in California, covering approximately 5 percent of the auto insurance market, the state Department of Insurance said. Under the newly approved reduced rates, California policyholders will save an average of about 3.4 percent, or about $50 per policy per year. Customers in Los Angeles County will save an average of 4.9 percent, or $80 per year, per policy. Customers in San Francisco will save an average of $58 per year. And Sacramento policyholders will save an average of $62 each year.
New rates apply to policies written or renewed after June 21, 2009.