State Farm Mutual Automobile Insurance Co. has announced plans to cut its rates in New York state.
As a result, the company’s overall personal auto rate in New York will drop by 3.4 percent.
The total statewide expected impact for State Farm Mutual by this rate decrease in New York will be approximately $55 million, according to a company press release.
“The company’s current financial strength is allowing us to pass along a rate reduction to our New York customers,” State Farm Senior Vice President Chris Schell said in the company’s announcement.
Overall changes in premiums for individual motorists will vary depending on the specific details of an individual customer’s policy and chosen coverages.
The effective date for new and renewal business is Oct. 15, 2018.
Topics New York State Farm
Was this article valuable?
Here are more articles you may enjoy.
Married Insurance Brokers Indicted for Allegedly Running $750K Fraud Scheme 
Chubb CEO Greenberg on Personal Insurance Affordability and Data Centers 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
Trump’s Repeal of Climate Rule Opens a ‘New Front’ for Litigation From This Issue
