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THE Virginia Farm Bureau Insurance Companies have announced an average 12 per cent increase in auto liability coverage, effective June 1. In making the announcement, Otis W. Nuckols, executive vice president of the Farm Bureau Insurance Company, said it was the first auto liability rate change since February 1, 1968.
Under the new rate system cost of coverage will be adjusted upward in some parts of the state, and lower in other areas. “Since there is no change in average rate for comprehensive and collision, coverages, the 12 per cent increase in liability amounts to an overall increase of 7 1/2 per cent in auto premiums,” said Nuckols.
The Farm Bureau Company pointed out it had adjusted its rates according to loss experience by territories to make them more equitable between classes of drivers and geographical locations of automobiles.
EXAMPLES of the new rates show that coverage would vary in different parts of the state.
Under the new rates a medium
96.0%