State Farm Cuts Texas Auto Rates 12.4%
Driving trends result in insurance rate reduction totaling $397 million
Driving behaviors across the country continue to evolve during the COVID-19 pandemic. Based on current trends, State Farm is reducing auto insurance rates in Texas by an average of 12.4%. This rate reduction will save 3.2 million State Farm customers in Texas a total of $397 million.
“Current State Farm driving data and claims experience show a considerable decline in miles driven and fewer accidents,” said Phillip Hawkins, State Farm Senior Vice President. “As a result, we’re looking for ways to continue supporting our Texas customers while we monitor and adjust to trends.”
The rate reduction applies to current customers at policy renewal, as well as new and returning customers.
In addition, 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.
Rate changes in Texas are subject to regulatory review. Customer rate reductions will vary based on their individual renewals Customers are encouraged to visit with their State Farm agent about individual policies, coverage and any opportunities for discounts, including Drive Safe & Save.
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.