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Insurance Commissioner Steve Poizner announced this week the approval of a rate reduction request for Mercury Insurance by the California Department of Insurance. The reduction, which amounts to $72 million for Mercury’s policyholders decreases rates up to 10% or more. Mercury’s plan also includes a new group affiliation discount for university alumni and 24-hour Roadside Assistance for auto policyholders with comprehensive and collision coverage.
“This is great news for Mercury auto policyholders,” said Commissioner Poizner. “With so many people facing economic hardships over the last couple of years, every dollar saved is a dollar earned, and that is what this rate-reduction plan is all about. I'm very pleased to enable Californians to keep more of their hard-earned money."
Mercury currently insures nearly 2 million California vehicles. Under the newly approved rates, which go into effect on December 15, Mercury’s auto policyholders and new customers in California will save an average of about $36 per vehicle for a total of more than $72 million.
Mercury has also improved the benefits offered to customers with the inclusion of 24-hour roadside assistance for policyholders who purchase comprehensive and collision coverage.
Mercury’s rate reduction approval is the most recent by the California Department of Insurance. Since taking office, Commissioner Poizner has approved close to $1.3 billion in auto insurance rate savings for consumers, including a $34 million reduction for 21st Century customers, $219 million reduction for State Farm customers, $101 million reduction for AAA of Southern California customers, $41 million reduction for Mercury policyholders, a $100 million reduction for AAA of Northern California customers, and a $65.8 million reduction for GEICO customers. Overall, Commissioner Poizner has approved approximately $2.1 billion in rate reductions for consumers in all lines of insurance including automobile, homeowners, renters and other insurance products.