Foremost, the Farmers Insurance subsidiary that underwrites NSM’s antique and classic auto program, is seeking a 6.9% rate increase in New Jersey for its Antique and Classic Auto Program. The filing was submitted June 17 and would take effect Nov. 1, 2026, for new business and Jan. 1, 2027, for renewals.

The filing affects 5,193 policyholders and approximately $2.06 million in written premium, generating an estimated $143,419 in additional premium. While the program’s overall actuarial indication is 45.9%, Foremost is limiting the actual rate impact to 6.9%, with individual policy changes capped at +19% and floored at -0.4%.

According to the actuarial memorandum, the strongest pressure comes from Personal Injury Protection (PIP) coverage. The credibility-weighted loss ratio for PIP reached 89.6%, producing a 156.0% indicated rate increase. Accident year 2024 alone generated $506,742 in reported PIP losses, driving a trended ultimate loss ratio of 587.1% for that year. Despite the indication, Foremost is proposing a 19% increase for PIP rates.

Liability coverages also showed deterioration. Bodily Injury and Property Damage coverage produced a credibility-weighted loss ratio of 59.2% and a 69.2% indicated increase, while the company is proposing a 1.7% increase. Comprehensive coverage carried a 30.1% indication and Collision coverage a 19.1% indication, resulting in proposed increases of 7.6% and 7.7%, respectively.

The filing also introduces territory factors for the first time in the New Jersey program. ZIP codes are grouped into six territory bands that will affect liability, PIP, uninsured motorist, comprehensive, collision, and roadside assistance premiums.

This marks the second consecutive 6.9% increase for the program. Foremost’s previous full rate review, approved under filing 25-1116, took effect Dec. 15, 2025.