California automobile insurance rates from Allstate Corp will be almost 16% lower as of May 12, as Allstate complies with a state mandate.
The reduction comes as California Insurance Commissioner Steve Poizner warned he would not accept further delays to his rate-cut order made earlier this year.
Allstate, the largest publicly traded car and home insurer in the United States, had earlier contested the order.
Poizner had ordered the rate reductions in March after determining Allstate's automobile insurance rates were excessive. The cuts were ordered to take effect on April 28.
The auto insurance rate cuts will save consumers an estimated $250 million a year and average approximately $124 per year for Allstate customers.
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