Delaware Private Passenger Automobile Insurance Farm Family Insurance Company Robert Penick ACAS, MAAA Actuarial Services
Summary n n n Private Passenger Automobile Program Currently have 2, 909 policies Filing ¨ Originally filed 14. 3% rate increase ¨ Amended filing to 9. 9% rate increase ¨ Base rates and model year factors ¨ Annual premium per vehicle - $856 ¨ Annual premium change per vehicle - $85 n Prior Rate Changes ¨ 9. 9% 02/2011 ¨ 10. 4% 02/2007 ¨ Prior change 12/2002
Losses and Expenses per $1 of Premium n n n n 2007 $1. 20 2008 $1. 17 2009 $1. 15 2010 $1. 01 2011 $1. 20 Past 5 years $1. 15 Past 3 years $1. 12
Discounts n n n Defensive Driving Discount (10 -15% for Liability premiums) Safe Driver Discount (5 -10% for Liability and Collision premiums) Package Account Discount (10%) Good Student Discount (10 -12%) Driver Training Discount (10%) Full Coverage Discount (5%) Renewal Discount (2%) Passive Restraint Discount (Up to 30% on PIP premiums) Anti-Theft Device Discount (5 -15% for Comprehensive premiums) Multi-Car Discount (5 -30%) Anti-Lock Brake Discount (5% for BI and PD premiums)
Discounts n Defensive Driving Discount (10 -15% for Liability premiums) ¨ n Safe Driver Discount (5 -10% for Liability and Collision premiums) ¨ n Applies when an owner-occupied residence is insured with Farm Family. Good Student Discount (10 -12%) ¨ n Applies when a policy has been continuously insured with Farm Family and all drivers have been licensed for 5 years or more claim-free and convictionfree. Package Account Discount (10%) ¨ n Applies when an operator receives a certificate certifying voluntary attendance and successful completion of an accident prevention course or motorcycle rider course approved by the Insurance Commissioner. Applies when a youth under 21 years of age is a full time student and is in the top 20% of their class or maintains a “B” average. Driver Training Discount (10%) ¨ Applies when a youth under 21 years of age successfully completes a qualifying driver education course.
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