If you’re a State Farm customer in Georgia, you’ll have some extra spending money next month. On March 9, the insurance company is lowering your auto insurance rates.
Here’s the tip of the day:
Effective March 9, State Farm Mutual Automobile Insurance Company is lowering its overall auto insurance rate level in Georgia by an average of 1.5 percent. This represents an annual savings of $16.2 million for Georgia customers. After this change is implemented, State Farm’s overall auto insurance rate level in Georgia will be 12.2 percent lower than it was five years ago, according to a release.
Using claim experience over the past several years, State Farm projects what the number and cost of future claims will be. Rates are set in accordance with that information in an effort to meet the promises made to policyholders.
According to State Farm Senior Vice President Tim McFadden, “As a mutual company owned by our policyholders, less than expected claims experience enabled State Farm to reduce rates. Given the current economic situation, we believe this announcement is especially welcome news for our policyholders.”
Premiums for collision and comprehensive coverage are decreasing for most customers. Comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage. The price of liability and medical payments coverage is not impacted by this rate change.
Overall premium changes for individual motorists will vary depending on factors such as the coverage they carry, the discounts for which they qualify, where they live, the kind of car insured, who drives it and how much it is driven.
About one in every four cars in Georgia is insured by State Farm.
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