State Farm® Mutual Automobile Insurance Company Auto Rate Cut for New Mexico Customers
Rate Change to Affect Approximately 337,000 Policyholders
State Farm Mutual Automobile Insurance Company, the largest auto insurer in New Mexico and in the nation, will cut its rates in New Mexico. As a result, its overall personal auto rate will drop by 4.5%. The total state-wide expected impact for State Farm Mutual by this rate decrease in New Mexico will be approximately $11.6 million.
“The company’s financial strength is allowing us to pass along rate savings to our New Mexico 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 New Mexico.”
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 August 13, 2018. New Mexico 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.
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.