State Farm Auto Rates to Drop on Monday
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August 26, 2005
By Arkansas Business staff, Arkansasbusiness.com Daily Report
State Farm Mutual Automobile Insurance Co. of Bloomington, Ill., said Friday that it is lowering its overall rate in Arkansas an average of 1.7 percent beginning Monday.
State Farm, the state's largest auto insurer, said the rate reduction equals an annual savings of $5.1 million to its Arkansas customers. The new rate will be 3.6 percent lower than it was nine years ago, the company said.
Premiums for comprehensive coverage — insurance for theft, storm damage, fire, vandalism and glass breakage — are dropping the most, while the price for collision, liability and medical payments coverages will go up for some and down for others. Overall premium charges for individual motorists will
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