State Farm Announces $2.2 billion in Auto Rate Cuts

As driving behaviors evolve during the COVID-19 pandemic, State Farm continues to identify ways to support customers. Based on current trends, State Farm is working to reduce auto rates in every state. The national average for those rate reductions is 11%, saving customers a total of approximately $2.2 billion. Rate changes in some states are subject to regulatory approval and customer rate reductions will vary based on their individual renewals.

“Current State Farm driving data and claims experience show a considerable decline in miles driven and fewer accidents,” said State Farm Senior Vice President Kristyn Cook-Turner. “As a result, we’re looking for ways to continue supporting our customers while we monitor and adjust to trends.”

These planned rate reductions of approximately $2.2 billion nationally, are in addition to an evolving Good Neighbor Relief Program in which State Farm previously announced up to a $2 billion dividend, flexible customer payment options and philanthropic relief. Together, State Farm auto customers should see about $4.2 billion in savings.

Customers can experience additional savings by signing up for Drive Safe & Save™, which includes a premium discount for participation. Customers are encouraged to visit with their State Farm agent about individual policies, coverages and other discount opportunities.