State Farm Dropping Rates
California’s largest auto insurer has announced a cutback in its rates, the first in years.
Tuesday, August 31, 2004
State Farm Insurance has won approval from state regulators to drop rates an average of 7.6 percent starting next month. The reduction will be extended to two and a half million of their customers. People who have insurer with State Farm for six years or more will see the biggest discounts, especially if they have homeowner policies as well. State Farm’s latest change occurred 18 months ago, when rates went up about 5 %. State Farm says it is seeing fewer claims, and the cost of these claims is not rising as it had.