State Farm cuts insurance rates for 1.1 million customers

State Farm cuts insurance rates for 1.1 million customers | Insurance Business

State Farm cuts insurance rates for 1.1 million customers

State Farm Mutual Automobile Insurance Company, the largest auto insurer in the nation, has announced a personal auto rate cut in Missouri, which will impact approximately 1.1 million policyholders.

The insurer’s overall personal auto rate in the state is set to decrease by 1.1%, saving Missouri drivers around $9.4 million. Combined with three prior rate decreases, State Farm Mutual has reduced auto rates in Missouri by more than 10% since the start of 2018, bringing the total savings to Missouri drivers to more than $95 million.

“We’re always evaluating how we can best serve our customers and are very pleased to be able to offer this rate decrease in Missouri,” said State Farm Senior Vice President Phillip Hawkins. “Lower than expected expenses and losses were important factors, among many, that supported our decision to make this rate change.”

Changes in premium for individual motorists will vary depending on their exposures and the specific details of their policies and chosen coverages. The effective date for new and renewal business is September 16, 2019. In addition to running clients through the rate reductions, State Farm is encouraging all of its agents to review additional discount opportunities that may apply.