Shelter Insurance Companies has announced that the companies would lower rates for automobile insurance for the majority of policyholders. The rate reduction is due to fewer accidents and lower total miles driven by consumers during the pandemic. The overall impact is a reduction of 5.0% for Shelter customers, however the size of the decrease for individual customers will vary based on policy coverages, geography, and the individual’s profile and loss experience.
Shelter’s strong financial position will allow for the rate reduction while retaining the appropriate levels of premium reserves adequate to pay current claims and generate surplus dollars that can pay future claims from major storms or other disasters. Shelter customers should consult with their local agent for any questions.