State Farm Mutual Automobile Insurance Company has announced it will cut its rates in New York.
As a result, its overall personal auto rate will drop by 3.4%. The total state-wide 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,” said State Farm Senior Vice President Chris Schell in the release.
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 October 15, 2018. New York customers with questions can contact their local State Farm agent to discuss their individual situation.
Source: State Farm Mutual Automobile Insurance Company
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