State Farm Mutual Automobile Insurance Company will cut its rates in Virginia for the second time in two years. As a result, its overall personal auto rate will drop by 4.9 percent. The total state-wide expected impact for State Farm Mutual by this rate decrease in Virginia will be approximately $39 million.
The last overall rate change in Virginia was a decrease of 2.9 percent in June of 2018. Combined, the two auto rate decreases save Virginia customers $63 million.
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 February 18, 2019. Virginia customers with questions can contact their local State Farm agent to discuss their individual situation.
Source: State Farm Mutual Automobile Insurance Company
Topics Trends Auto New Markets Pricing Trends Virginia State Farm
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