Auto Insurance Rates Cut for Minnesota State Farm® Customers
2.7 Percent Rate Decrease to Affect Approximately 1.2 million Policyholders
State Farm Mutual Automobile Insurance Company, the largest auto insurer in Minnesota and in the nation, will cut its rates in February. As a result, its overall personal auto rate will drop by 2.7 percent. The total statewide expected impact for State Farm Mutual by this rate decrease in Minnesota will be approximately $23 million.
“We’re always evaluating how we can best serve our customers and are very pleased to be able to offer this rate decrease in Minnesota,” said State Farm Agency Vice President Matt Steele. “Lower than expected expenses and losses were important factors, among many, that supported our decision to make this rate change.”
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 Feb.18, 2019. Wisconsin 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 exceptional long-term value to State Farm customers.
For 100 years, the mission of State Farm has been and continues to be 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 approximately 53,400 employees serve over 87 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial 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. 42 on the 2022 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.