Some insurers are raising rates by more than 10%.
This story has been updated throughout with clarified figures from the Texas Department of Insurance.
Insurance companies are required to notify TDI when they change rates and detail how much the changes are expected to affect consumers on average across the state.that its auto insurance rates remain below pre-pandemic levels “although miles driven, claim volume and severity have increased.” Nationwide will increase its rates 2% in May, according to a filing with TDI. It’s the company’s first rate increase in Texas since before the pandemic began in 2020.
When fewer people were driving on the road in 2020, insurance companies lowered rates and refunded or credited more than $14 billion to consumers.
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