Pennsylvania Insurance Commissioner Michael Humphrey says his department saved auto insurance policyholders in the state $77.2 million in the first six months of 2024 by reviewing rate increase proposals. 

“Protecting Pennsylvania’s insurance consumers is a top priority for Gov. Shapiro and the department,” Humphrey said in a news release. “During our analysis of rate filings, we utilize all the tools at our disposal so that we can make sure Pennsylvanians are provided with affordable insurance options for their cars, homes, and properties. This rate review process helps keep hard-earned money in Pennsylvanians’ pockets. [Pennsylvania Insurance Department] PID encourages all consumers to shop for coverage so that they can ensure they’re purchasing the coverage that fits their needs, at a price they can afford.” 

The release states PID saved Pennsylvania residents $98.3 million overall in property and casualty insurance premiums, with the bulk of the savings in auto insurance. 

“PID regulates insurance products to ensure that rates are not excessive, inadequate, or unfairly discriminatory,” the release says. “Insurance companies must file their proposed rate changes for review by PID actuarial staff before the rate changes take effect. PID then either approves, approves with adjustments, or disapproves the proposed rate changes.” 

PID has received a significant volume of requests for rate increases in recent years, the release says. It states various inflationary factors could be the cause including the increased cost for new and used vehicles, rising costs to repair or replace safety technology features or parts of vehicles, and increased home values. 

Auto insurance has gone up 19.5% since last June and rose 0.9% from May to June, according to the U.S. Bureau of Labor Statistics June Consumer Price Index Summary. Auto insurance dropped 0.1% from April to May. 

Used car and truck prices dropped 10.1% in the last year, with a 1.5% decrease from May to June, according to the report. New car prices dropped 0.9% in the last year with a 0.2% drop from May to June. 

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