Insurance Rate Increase

By: Associated Press
By: Associated Press

Alabama Insurance Commissioner David Parsons has granted State Farm's auto insurance companies a rate increase.

The companies insure about one-fourth of Alabama's drivers.

The Department of Insurance held a public hearing Wednesday on the requests by State Farm Mutual Auto Insurance Company and State Farm Fire & Casualty.

State Farm Mutual will boost its rates by an average of 5.1 percent. State Farm Fire & Casualty, which insures drivers with recent claims against them, will hike its rates an average of 11.7 percent.

The increases go into effect Feb. 1.

Montgomery-based Alfa Insurance, the state's second biggest with 17 percent of the market, and Allstate, fourth biggest with 6.5 percent have not filed for an increase.

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