State’s largest car insurer files third rate reduction in a year, totaling 9%
COLUMBIA, MO (Feb. 13, 2019) –– State Farm Mutual Automobile Insurance Company, the largest auto insurer in Missouri and in the nation, is cutting its rates in Missouri. As a result, its overall personal auto rate will drop by 3.9 percent. The total state-wide expected impact for State Farm Mutual by this rate decrease in Missouri will be approximately $32 million.
Combined with two previous rate decreases in 2018, State Farm Mutual has reduced auto rates in Missouri by more than 9 percent over the last year, bringing the total savings to Missouri drivers to $86 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 Missouri,” said State Farm Senior Vice President Phillip Hawkins. “Lower than expected 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 Feb. 11, 2019. Missouri 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 many opportunities for additional discounts that may apply to an individual’s unique circumstances. A rate decrease combined with discounts offers an exceptional long-term value to State Farm customers.
About State Farm®:
The mission of State Farm is to help people manage the risks of everyday life. Its nearly 19,000 agents and approximately 65,000 employees serve approximately 83 million policies and accounts – approximately 81 million auto, fire, life, health and commercial policies and approximately 2 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2018 Fortune 500 list of largest companies.
For more information, please visit http://www.statefarm.com.