State Farm Insurance Companies will cut its rates in Maryland for the second time in two years.
As a result, its overall personal auto rate will drop by 1.4 percent. The total state-wide expected impact for State Farm by this rate decrease will be approximately $13 million.
A three percent rate decrease in July of 2018 combined with this 1.4 percent rate decrease in March of 2019 will save Maryland customers approximately $41.8 million.
“We’re always evaluating how we can best serve our customers and are very pleased to be able to offer this rate decrease in Maryland,” said State Farm Senior Vice President Chris Schell in a company press release. “Improving expenses and losses were important factors, among many, that supported our decision to make this rate change.”
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 March 25, 2019. Maryland customers with questions can contact their local State Farm agent to discuss their individual situation.
In addition to this rate reduction, State Farm agents are able to review with new and existing customers the opportunities for additional discounts that may apply to an individual’s circumstances.
Source: State Farm Insurance Companies
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