Essentia Insurance Company has filed a rate and rule update in New Mexico to revise its Classic Automobile Program.

The filing, submitted on January 9, 2026, seeks approval for changes effective July 1, 2026, and covers 37,183 policyholders representing $4.19 million in written premium. The update is intended to be rate neutral overall.

The primary change involves revisions to Uninsured and Underinsured Motorists coverage. Specifically, the company is converting non stacked UM coverages from a policy level rating structure to a vehicle level rating approach in order to comply with the New Mexico Supreme Court’s Kileen v. Didio decision. The filing emphasizes that the adjustment is structural rather than a repricing of risk.

The business is administered through Hagerty, with the filing referencing mass marketing discounts and portfolio transfer discounts as part of the program design.

The filing also reiterates use of Hagerty’s Guaranteed Value methodology for vehicle valuation. The most recent prior rate revision for the program carried an overall impact of 8.6% and became effective April 15, 2025.