State Farm will lower auto rates for its California auto insurance customers an average of 7.6 percent effective October 1.
The California Department of Insurance-approved rate reduction will save the company’s 3 million policyholders more than $215 million in auto insurance premiums. The greatest savings will be realized by policyholders who have been with State Farm for more than 6 years and who also have certain other types of State Farm insurance in addition to their auto coverage.
The new rates apply equally across the state.
According to State Farm, the ability to lower rates was due to a number of factors including auto accident and insurance claim trends. In addition, State Farm officials point to internal company efforts at managing costs as a major benefit contributing to the opportunity of lowering rates.
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