Good Neighbor Stories

State Farm Announces $2.2 billion in Auto Rate Cuts

Mon, 18 May 2020 14:55:30 -0500

As driving behaviors evolve during the COVID-19 pandemic, State Farm continues to identify ways to support customers. Based on current trends, State Farm is working to reduce auto rates in every state. The national average for those rate reductions is 11%, saving customers a total of approximately $2.2 billion. Rate changes in some states are subject to regulatory approval and customer rate reductions will vary based on their individual renewals.

“Current State Farm driving data and claims experience show a considerable decline in miles driven and fewer accidents,” said State Farm Senior Vice President Kristyn Cook-Turner. “As a result, we’re looking for ways to continue supporting our customers while we monitor and adjust to trends.”

These planned rate reductions of approximately $2.2 billion nationally, are in addition to an evolving Good Neighbor Relief Program in which State Farm previously announced up to a $2 billion dividend, flexible customer payment options and philanthropic relief. Together, State Farm auto customers should see about $4.2 billion in savings.

Customers can experience additional savings by signing up for Drive Safe & Save™, which includes a premium discount for participation. Customers are encouraged to visit with their State Farm agent about individual policies, coverages and other discount opportunities.

State Farm® Mutual Automobile Insurance Company Auto Rate Cut for Tennessee Customers

Fri, 15 Jun 2018 00:00:00 -0500

State Farm Mutual Automobile Insurance Company, the largest auto insurer in Tennessee and in the nation, will cut its rates in Tennessee. As a result, its overall personal auto rate will drop by 3 percent. The total expected state-wide savings for State Farm Mutual Automobile Insurance Company auto policyholders as a result of this rate decrease in Tennessee will be approximately $26.3 million.

“The company’s current financial strength is allowing us to pass along a rate reduction to our Tennessee customers," said State Farm Senior Vice President Dan Krause. “We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in Tennessee.”

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 July 16, 2018 . Tennessee 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.