State Farm announces $2.2B in auto insurance rate cuts

May 19, 2020 at 08:00 am by Voice Wire


As driving behaviors evolve during the COVID-19 pandemic, State Farm continues to identify ways to support customers ,according to a press release.

Based on current trends, State Farm is working to reduce auto rates in every state. The national average for those rate reductions is 11%, saving customers a total of approximately $2.2 billion. Rate changes in some states are subject to regulatory approval and customer rate reductions will vary based on their individual renewals.

"Current State Farm driving data and claims experience show a considerable decline in miles driven and fewer accidents," said State Farm Senior Vice President Kristyn Cook-Turner. "As a result, we’re looking for ways to continue supporting our customers while we monitor and adjust to trends."  

These planned rate reductions of approximately $2.2 billion nationally, are in addition to an evolving Good Neighbor Relief Program in which State Farm previously announced up to a $2 billion dividend, flexible customer payment options and philanthropic relief. Together, State Farm auto customers should see about $4.2 billion in savings. 

Customers can experience additional savings by signing up for Drive Safe & Save, which includes a premium discount for participation. Customers are encouraged to visit with their State Farm agent about individual policies, coverages and other discount opportunities.

Tags: Coronavirus Covid-19 State Farm Traffic
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