State Farm customers see second cut to rates

Posted on February 19, 2019
State Farm
Lower than expected expenses and losses will allow State Farm to make rate changes. (WJBC file photo)

 

By Katherine Murphy

BLOOMINGTON– A rate cut is coming to State Farm customers in March.

Illinois’ largest auto insurer says its overall personal auto rate will drop by two percent impacting customers to the tune of approximately $43 million.

State Farm Senior Vice President Rob Stewart said in a statement lower than expected expenses and losses allowed the company to make the rate change.

State Farm last cut auto rates for Illinois customers in May 2018.

Changes in premiums will vary depending on the specific details of an individual customer’s policy and chosen coverages.

State Farm says the effective date for new and renewal business is March 18, 2019.

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