State Farm Mutual Automobile Insurance Co. will decrease its auto rates in North and South Carolina, impacting more than 2 million customers in both states.
According to a statement from the insurer, State Farm’s overall personal auto rate will drop by up to 3 precent. The total state-wide expected impact for State Farm Mutual by this rate decrease in North Carolina will be approximately $15.2 million and in South Carolina approximately $24 million.
The company said it is the number one auto insurer in both states with about 1 million policyholders in South Carolina and 1.2 million in North Carolina.
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“The company’s current financial strength is allowing us to pass along a rate reduction to our North and South Carolina customers,” said State Farm Senior Vice President Dan Krause.
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 was June 25, 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 can review with new and existing customers opportunities for additional discounts.
State Farm and its affiliates offer auto and home insurance in the United States through nearly 19,000 agents and nearly 70,000 employees serving 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.
Source: State Farm Mutual Automobile Insurance Co.
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