Auto Rates Pegged to Claims Data.Following State Farm Group's announcement that it is changing its criteria for assigning as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. auto premium discounts, at least one of its top rivals said it is raising liability rates for certain sport-utility vehicles sport-u·til·i·ty vehicle n. Abbr. SUV A four-wheel-drive vehicle with a roomy body, designed for off-road travel. , pickup Pickup A gain in yield made by selling one bond and buying another. Also referred to as "yield pickup." Notes: When the present yield is relatively low compared to the longer-term yields, pickups will be done by investors trying to increase the yield and duration of their trucks and bigger vans, in response to evidence that those vehicles cause more damage in crashes. Allstate This article is about the American insurance company. For the line of automobiles, see Allstate (automobile). The Allstate Corporation NYSE: ALL is the largest publicly held personal lines insurer in the United States. Insurance Co., Northbrook, Ill., has been phasing in new rates since November 1999, based on claims performance of vehicles by make and model, said Allstate spokesman Mike Trevino. Trevino said media reports that Allstate's rates will target SUVs and other larger vehicles are not entirely accurate. "Our rate adjustments affect all vehicles," he said. Some of the larger SUVs will see higher premiums for liability coverage, Trevino said, since those vehicles have been shown to cause greater damage and occupant occupant n. 1) someone living in a residence or using premises, as a tenant or owner. 2) a person who takes possession of real property or a thing which has no known owner, intending to gain ownership. (See: occupancy) injury to other vehicles in crashes. On the other hand, those vehicles may be eligible for discounts on personal injury and collision, since they offer more protection to their occupants. Mayfield Village, Ohio-based Progressive Insurance Group issued a statement denying media reports that it was raising rates on large vehicles. "Contrary to what was reported in news stories recently, Progressive...is not raising rates on SUVs, vans and large trucks," it said. "Using vehicle characteristics as well as claims experience results in more accurate auto insurance rates for consumers," Progressive said of its underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. policy, which has been in effect since 1983. Progressive said that while some larger and heavier vehicles "cause greater damage to vehicles they strike and may also cause greater injury to the other vehicle's occupants," the company does not simply charge higher rates "for entire classes of vehicles." Bloomington, Ill.-based State Farm, the biggest U.S. auto insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. , announced a new pricing policy for auto rates that will give discounts to drivers of vehicles that State Farm says are shown to be safest. |
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