More Maryland Nontraditional Drivers Seeing Better Auto Rates
13 October 1998
More Maryland Nontraditional Drivers Seeing Better Auto Rates From The HartfordChanges Could Mean Significant Discounts for Some Drivers HARTFORD, Conn., Oct. 13 -- Smashing stereotypes of what defines a responsible driver, The Hartford Financial Services Group, Inc. has introduced lower auto rates in Maryland for a broad range of drivers who have typically paid higher rates for auto insurance. Single parents, young drivers, and renters are just some of the customers who will benefit from this new auto rating plan. The Hartford has lowered rates in ten categories as part of its long-range strategic effort to expand its customer base beyond its traditional constituency of married homeowners with two or more cars and excellent driving records. Other groups benefiting from discounts are empty nesters, commuters, single-car households, company car drivers and owners of performance cars. Even drivers who have an accident may qualify for lower rates. "We're looking for responsible risks in new places," explained Mark Lange, The Hartford's vice president of sales and marketing for Personal Lines. "We want to help agents boost their business by offering lower rates to more prospects." Lange noted that in the past two years The Hartford has significantly reduced its base rates in most states and broadened its underwriting guidelines. The Hartford also has lowered premiums for people in diverse households, defined as those in domestic partnerships and widows, widowers and divorcees raising children. In addition, The Hartford increased its capacity to serve virtually all types of customers through its purchase last year of Omni Insurance Group, Inc., a nonstandard auto insurer. "The Hartford wants customers for life," emphasized Lange. "We don't want to lose policyholders if their children get their driver's license, or if they change their marital status. We want to offer competitive rates for good drivers at different stages in their lives." Policyholders with teenage or college-age children also could find good deals. The Hartford has reduced rates for many youthful drivers -- defined in most states as aged 16 to 24 -- and now offers an increased Good Student credit and Driver Training credit. Drivers aged 50 to 64 are also eligible for a rate reduction. Many single people will find The Hartford's new discounts particularly attractive. Those with children, even if they've never married, are now eligible for preferred status. Renters who have their renters and auto insurance with The Hartford can enjoy up to a five percent discount. And due to lower base rates, single-car households also qualify for a lower rate. Other new benefits include lower rates for commuters, drivers whose second car is a company car, owners of intermediate- and high-performance cars, and drivers with certain moving violations or accidents on their record. "Sophisticated underwriting enables us to find good drivers without relying on traditional rating classifications," Lange said. This enables us to lower rates for new groups of people. Maryland is one of the first states where The Hartford is offering the new rates. The company expects the program to be approved in most states by year- end 1998. The Hartford is one of the nation's oldest and largest international insurance and financial services operations, with 1997 revenues of $13.3 billion. As of June 30, 1998, The Hartford had assets of $144.9 billion and shareholder equity of $6.4 billion. It is a leading provider of commercial property and casualty insurance, automobile and homeowners coverages, and a variety of life insurance, annuities, employee benefits, and asset management plans. The Hartford's web address is http://www.thehartford.com.