SACRAMENTO — Owners of nearly 1 million California vehicles covered by insurance company USAA collectively will save about $48 million, thanks to a 7% rate decrease effective today.
State Insurance Commissioner Steve Poizner approved the reduction for the insurer, which specializes in serving active-duty, retired and former members of the armed forces and their families.
Los Angeles County customers of USAA, the state's 10th-biggest auto insurer, will save more than twice as much as the statewide average. Their bills will go down by about 15%, saving them an average of $262, the company said.
The USAA rate cut is the latest in a series of premium reductions by major auto insurers in California during the last three years. Poizner said that he's approved about $1.3 billion in cuts to consumers' annual bills requested by firms since he took office in January 2005.
