State Farm Mutual Automobile Insurance Co., which insures about one out of every three cars in Louisiana, is cutting auto insurance rates by an average of 2.1 percent, according to the Associated Press.
The cut is effective Feb. 2. The company said the reduction represented about $19.3 million in the amount of premiums paid annually by its Louisiana customers.
State Farm said the largest decreases will be for collision and comprehensive coverage, which pays for such losses as theft, storm damage, fire, vandalism and broken glass. Liability and medical payment coverage will be a mixture of increases and decreases, depending upon the customer, the company said.
The overall rate cut for individual motorists will depend upon the coverage that is carried, what discounts for which they qualify, where they live, the make of vehicle, who drives it and how much it is driven.
Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
