Allstate’s auto insurance premiums are up a whopping $1,200 for the year, the largest price increase in the company’s history, according to a report from Allstate.
Allstate CEO Paul S. Thomsen confirmed the news on Thursday.
“We had a great year and we’re just going to keep going to do what we’ve always done,” Thomsengen said.
The cost of auto insurance is rising rapidly.
In 2018, the average monthly premium increased by $2,100, according the Insurance Information Institute, a nonprofit research organization.
That means consumers pay nearly twice as much for auto insurance as they did in the early 2000s.
That makes auto insurance the most expensive major product category in the United States, according and other research.
The biggest jump in prices came from the insurance companies for their self-insurance, which now cost $3,300 per person, or $2.5 million per year.
For the year 2019, Allstate, Nationwide and UnitedHealthcare had the highest premium increases, according a report by the nonprofit Center for Responsible Lending.
All of the top four insurance companies are up $2 million or more.
Allstates auto insurance was the most popular category for 2018, according TOI data.
All the major insurance companies increased premiums at a faster pace than any other category, according ToI.
“It’s a good time to be in a self-insured car,” said David T. Pecce, a senior vice president with the Insurance Institute for Highway Safety, which represents the insurance industry.
“Self-insurers are the safest car companies.”
Allstate has raised its auto premiums by $1.8 million in the past year, and it has a growing number of self-adverse drivers.
This year, Allstates rates increased by 9.6%, compared to an average increase of 5.4% for the industry, according T. Michael Kallstrom, an analyst at Kelley Blue Book.
A spokesman for Allstate said the increase was “not related to our efforts to attract more consumers to the company.”
Nationwide, the industry leader, has increased its rates by $300,000 in the last year.
The most expensive premium increases came from Nationwide’s own self-initiated coverage, which was $1 million for the 2017-2018 period.
The Nationwide program, which is a subsidiary of Allstate in California, covers customers who are uninsured or have an out-of-network provider.
The average annual premium for this program rose to $4,400 for the most recent six months.
All four companies have also experienced a dramatic jump in the cost of insurance for those with pre-existing conditions.
Nationwide said that its costs rose more than 30% for those who had pre-expired conditions, according an analysis by the Center for American Progress, a progressive policy group.
Nationwide is facing increasing competition from the private insurance industry, which offers policies at a lower rate and lower deductibles.
Insurance companies have faced growing pressure to cover those who need coverage in a changing insurance market.
The health care reform law requires insurers to cover pre-established conditions, such as pre-cancerous cancer, heart disease and diabetes.
That includes the vast majority of Americans.
The law also bars insurers from charging people more than the government allows, known as “coverage under the co-pays.”
A study from Avalere Health found that the average deductible of a $1 billion policy was about $7,000 for 2017.
All three of the big insurance companies said they would charge a $500 deductible, but that was a slight increase from last year’s deductible.
The new rules will make it more expensive for some people to buy insurance.
For those who are on Medicare or Medicaid, the deductible will increase by an average of $2 per month.
A person can buy insurance with a deductible of $5,000 or less and still pay a deductible for the health care they receive.
The deductible can also be set to no more than $5 a month.
The government also has set a limit on how much insurers can charge people for pre-tax contributions to their health insurance plans.
That amount has not yet been established.
The Affordable Care Act includes a provision that allows insurers to charge people up to 50% more for their health care coverage.
In 2020, the government also gave insurers more flexibility in setting their deductibles and limits on out- of-pocket costs.
That was a good move, but it doesn’t necessarily mean people will pay less out of pocket for health care.
“The way the ACA is set up right now, it’s a big jump for a lot of people who have pre-conditioned,” said Chris Edwards, senior vice President for health and safety policy at the nonprofit National Consumer Law Center.
“But if you go back to where the ACA was in 2010, it was set up for people to be able to buy coverage for health.
Now, they’re just being pushed into a place