State Farm Auto Rate Cut to Save Colorado Customers $35 Million
Rate Change to Affect Approximately 873,000 Policyholders
State Farm Mutual Automobile Insurance Company, the largest auto insurer in Colorado and in the nation, will cut its rates in that state. As a result, its overall auto rate will drop by more than three percent. The total state-wide savings for all State Farm customers affected by this rate decrease in Colorado will be approximately $35 million.
“The company’s financial strength is allowing us to pass along rate savings to our Colorado customers," said State Farm Senior Vice President Denise Hardin. “We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in Colorado.”
Overall changes in premiums for individual motorists will vary depending on the specific details of an individual customer’s policy and chosen coverages. The average Colorado customer savings will be approximately $40 per year. The effective date for new and renewal business is June 11, 2018. Colorado 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.
The mission of State Farm is 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 nearly 19,000 agents and approximately 58,000 employees serve approximately 83 million policies and accounts – approximately 81 million auto, fire, life, health and commercial policies and approximately 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. 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.