UmialikXpress
Agency Bulletin
April 25, 2024
Umialik Insurance Personal Auto Rate Revision
As you are likely aware, the insurance industry has experienced increased loss costs resulting from inflation and other market conditions. Additional adjustment to our rates is necessary to offset higher costs for vehicle repair, replacement, and other auto coverages impacted by inflation. Effective May 12, 2024, for new business and May 17, 2024, for renewals, auto rates will increase in our Penalty-Free, Select Auto, and Signature Auto programs. The exact impact of rate increases will vary by program and the specific characteristics of the insured exposure. While the overall rate increase is more significant than what is normal for Umialik, these changes will vary based on specific attributes.
As a reminder, Umialik has made quoting Penalty-Free policies in the Select Auto and Signature Auto programs easy by starting quotes for every renewal using existing policy information to minimize the additional entry needed for an application.
Please contact Sandy Holmes, your Regional Agency Manager, with any questions.
