By HOI ABC
BLOOMINGTON – Bloomington’s State Farm Insurance said Monday it is cutting auto rates by an average of 13.7 percent for Illinois policyholders because the COVID-19 pandemic is keeping motorists off the road, and there are fewer accidents.
Nationwide, the company said customers are saving about $2.2 billion, reducing rates an average 11 percent in the U.S., according to our news partner HOI ABC.
For its 2.8 million Illinois policyholders, the rate reduction will save them $320 million, the company said.
“Current State Farm driving data and claims experience show a considerable decline in miles driven and fewer accidents,” State Farm Senior Vice President Rob Stewart said in a prepared statement.
“As a result, we’re looking for ways to continue supporting our Illinois customers while we monitor and adjust to trends,” Stewart also said.
The rate cut applies to current customers when they renew their policies, in addition to new and returning customers, the company said.
State Farm is also increasing its Drive Safe & Save discount to 10 percent, in which policyholders can save more based on their driving behaviors.
On April 9, State Farm announced it was returning a $2 billion dividend to customers as part of its Good Neighbor Relief Program.
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