State Farm Cuts Missouri Auto Rates 9.6% totaling $85.8 Million
Driving Trends Result in Insurance Rate Reduction for 1.1 Million Customers
Driving behaviors across the country continue to evolve during the COVID-19 pandemic. Based on current trends, State Farm is working to reduce auto insurance rates in Missouri by an average of 9.6%. This rate reduction will save 1.1 million State Farm customers a total of more than $85 million.
“Current State Farm driving data and claims experience show a considerable decline in miles driven and fewer accidents,” said Phillip Hawkins, Sr. Vice President, State Farm. “As a result, we’re looking for ways to continue supporting our customers while we monitor and adjust to trends.”
This applies to current customers at policy renewal, as well as new and returning customers.
As part of a move to reduce auto rates nationally, State Farm has also recently filed rate reductions in Illinois and Kansas. State Farm reduced Kansas auto rates 9.3% totaling $32.9 million for 515,000 customers and in Illinois, State Farm reduced rates by 13.7% totaling $320 million for 2.8 million customers.
In addition to the auto rate reduction, the discount for participating in Drive Safe & Save™ is increasing to 10%, and empowers drivers to save more on their auto premiums through driving behaviors.
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 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. 36 on the 2020 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.