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Auto insurance rates spike in Rhode Island

Skyrocketing car insurance premiums are giving Rhode Islanders sticker shock.

While prices are high nationwide, the Ocean State now ranks third in the country for increases in full coverage auto insurance premiums since 2023.

“They are spiking like everything else in Rhode Island,” Linda Currier of Coventry said. “We have actually switched insurance companies to make the rates a little better, but it doesn’t matter where you go, they increase.”

Phil Slocum of Slocum Insurance said some insurance agencies may raise rates more in Rhode Island than other states due to a dense population and busy roads, but it ultimately comes down to their bottom line.

“The combined ratios right now are north of 100%, they are 109% to 111% of the premiums they are collecting, which means they’re paying out $1.09 for every dollar they collect in premiums,” Slocum said.

Lingering inflation, severe weather, costly repairs and crashes that end in a courtroom are also driving rates higher.

“There is unfortunately a tremendous amount of litigation that happens as a result of automobile accidents,” Slocum said. “That litigation drives the rate up every single time.”

The NBC 10 I-Team obtained insurance filings from several companies through the Department of Business Regulation to see how high your premium could rise this year.


A filing by Geico is still under review for an overall rate increase of 0.8%. The requested effective date is May 22 for renewals, but that may get delayed depending on how long the actuarial review takes.


For Progressive, the state is reviewing an overall rate increase of 4.0% for 56,294 policies and 2.5% for 77,306 policies. No policy would receive more than one of these increases. No word on when the increase would take effect.


Amica’s rate increase of 12% has already been approved and will take effect in May.

Liberty Mutual:

Liberty Mutual customers may be seeing some of the steepest increases in Rhode Island.

The state has approved several increases for different Liberty Mutual programs, including a 9.9% increase for 7,408 policies, a 30% increase for 8,721 policies, and a 10.4% increase for 1,667 policies.

Another 35% increase for 8,609 policies with Safeco Insurance Company of America is still pending. If approved, that will take effect on May 11.


Allstate hasn’t yet filed for an increase in 2024 for any of the “Allstate” named companies, but an 11.2% increase for National General Assurance Company was approved in November, while a 15.4% increase for Integon General Insurance Company took effect in January.

Some commonly used insurance companies in Rhode Island, like USAA, are yet to file for rate increases in 2024.

If you’re looking to cut costs, Slocum recommends shopping around.

“You don’t move for a couple of dollars, it’s better to have a long-term relationship,” he said. “But that being said, as a consumer, we have to make sure that you are getting the best possible rates in the best possible coverage all the time.”

While it may be tempting to lower your coverage to get your premium down, Slocum said having enough liability coverage is critical.

Rhode Island’s minimum for bodily injury and property damage is $25,000, but that may not be enough to cover costs if you were to get into a crash.

“If it gets exceeded, the next thing they’re coming after is you and anything else you have,” Slocum said.

If shopping around doesn’t help lower your rates, you can always look into a safe driving program where your insurance company tracks you, then gives you discounts for good driving behavior.

“Another big thing that insurance companies are doing today is they are giving substantial discounts for paid in full policies,” Slocum said.

Companies offer a break for paid in full policies because it decreases cancellations. In some cases, you can save up to 15%.

If you’re hoping rates will steady out soon, you may be out of luck. Slocum said predictable rates may be a thing of the past.

“I wish I could tell you I see it coming down, but I don’t,” he said.

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