Effective 9/1/17 we have a rate adjustment that will increase the price on new business. Renewals will see a rate adjustment on 10/1/17.
As all agents in TX are aware, rates have been going up now steadily for the last 7 years and it appears that we are getting very close to the top of this current market cycle, which should result in a slowdown in rate increases and hopefully give us relatively flat pricing beginning in 2018.
This particular rate change is a base rate change on Liability and Comprehensive rates. For our old renewal programs CGB, CGS & CGM the rate increase effective with 10/1 renewals is 6.3%. For our current programs CCB & CCM is 6.0% & CCR is 5.5% effective 9/1 for new business.
One key underwriting change accompanying this 9/1 adjustment is our decision to no longer offer the limited Mexico endorsement on new business. We are having too many vehicle thefts in Mexico to make this endorsement viable.
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