OK Auto Program Enhancements
Effective 6/12/2019
United Home is committed to providing a competitive, stable auto product to meet our customer and agent needs. To continue to profitably grow this program, United Home will be implementing a rate change.
Highlights
- Advance Quote Discount Revision
- Higher Discounts for quoting before the effective date
- Will taper off over 4 policy terms instead of 1 causing less rate disruption
- Better performing zip codes will see a decrease in rates
Revision details and overall impact
Rate Impact
Average monoline business change: +3.57%
Average package business change: +2.83%
Average monoline monthly dollar change: $3.93
Average companion monthly dollar change: $3.46
Reasons for this rate revision
- Continuation of elevated loss trends in the monoline segment as a whole driving rate need.
- More complex vehicles leading to higher body shop repair costs.
- Distracted driving is on the rise, causing increased fatalities in crashes and higher accident rates.
- Medical costs are growing exponentially, affecting the amount paid on claims.
- Unlisted household members driving having accidents