Auto Insurance Rate Cut to Save Texas State Farm® Customers $100 Million
The largest auto insurer in Texas, State Farm Mutual Automobile Insurance Company, is cutting its rates. The insurer's overall auto rate will drop by 3 percent next month. The total state-wide savings for the 3 million State Farm customers affected by this rate decrease in Texas will be approximately $100 Million.
“The company’s financial strength is allowing us to pass along rate savings to our Texas customers," said State Farm senior vice president Phillip Hawkins. “We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in Texas.”
The changes in premiums will vary depending on the specific details of an individual customer’s policy, but the average Texas customer's savings will be approximately $35 annually. New, returning and renewing customers will start seeing the savings in May.
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 19,200 agents and 59,000 employees serve approximately 84 million policies and accounts – over 81 million auto, fire, life, health and commercial policies and over 2 million bank and investment planning services 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 2020 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.