Rate Change to Affect Approximately 48,000 Policyholders
State Farm Mutual Automobile Insurance Company, the largest auto insurer in the nation, will cut its rates in the District of Columbia. As a result, its overall personal auto rate will drop by 3%. The total state-wide expected impact for State Farm Mutual by this rate decrease in the District will be approximately $2 million.
“The company’s current financial strength is allowing us to pass along a rate reduction to our customers in the District of Columbia," said State Farm Senior Vice President Chris Schell. “We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in the District of Columbia”.
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 August 20, 2018. 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.
About State Farm®:
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 nearly 19,000 agents and nearly 70,000 employees serve more than 84 million policies and accounts – more than 81 million auto, fire, life, health and commercial policies, and more than 2 million bank 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. 33 on the 2017 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
