State Farm to Send $16.5 Million Back to W.Va. Auto Policyholders

June 11, 2007

West Virginia Auto owners insured through State Farm Mutual Automobile Insurance Co. will get a break on their premiums again this year.

The amount of the reduction will vary, but the average savings equals $47.

State Farm, which insures about one in every four cars in the state, announced Thursday that it will lower rates an average of 2.5 percent beginning July 2, for an annual savings of $16.5 million.

Premiums for collision and comprehensive coverages should decrease the most while the cost of liability coverage will go up for some and down for others, the company said. Most customers will pay more for medical payment coverage.

Policyholders can expect to receive their share around the time their policies are renewed. Payments of less than $15 will be credited to the policy.

After the West Virginia Legislature passed a series of legal and insurance reforms, State Farm has cut its rates a total of 13.4 percent since 2005.

Topics Auto Virginia Policyholder

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