New Mexico Drivers Benefit from State Farm® Auto Insurance Rate Cuts
Second Decrease in Two Years
State Farm will cut its auto rates in New Mexico for a second year in a row. As a result, the overall personal auto rate will drop by 5.1 percent. Statewide, customers of the state's largest insurer will realize total savings of approximately $13.4 million.
The effective date for new and renewal business is May 6. The last rate change in the state was a decrease of 4.5 percent in August 2018. Combined, the two auto rate decreases will save New Mexico customers approximately $25 million.
“State Farm is very pleased to be able to offer another auto rate decrease in New Mexico,” said State Farm Senior Vice President Denise Hardin. “Improving expenses and losses were important factors, among many, that supported our decision to make this change."
Overall changes in premiums for individual motorists will vary. Rates depend on a customer’s policy and chosen coverage. Customers can contact their local State Farm agent to discuss their individual situation. Additional opportunities for discounts may apply.
A rate decrease, combined with discounts, offers exceptional long-term value to State Farm customers.
For over 100 years, the mission of State Farm has been to help people manage the risks of everyday life, recover from the unexpected and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and 67,000 employees serve over 91 million policies and accounts – including auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 44 on the 2023 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.