State Farm Cuts Rates

By: The Associated Press
By: The Associated Press

Auto owners insured through State Farm Mutual Automobile Insurance Company will get a break on their premiums again this year.

The amount of the reduction will vary, but the average savings equals 47 dollars.

State Farm insures about one in every four cars in West Virginia.

The company announced today that it will lower rates an average of two-and-a-half percent beginning July Second, for an annual savings of 16.5 million dollars.

State Farm officials say premiums for collision and comprehensive coverage should decrease the most while the cost of liability coverage will go up for some and down for others. Most customers will pay more for medical payment coverage.

Policyholders can expect to receive their share around the time their policies are renewed. Payments of less than 15 dollars will be credited to the policy.

State Farm has cut its rates a total of 13.4% since 2005, when the state Legislature passed a series of legal and insurance reforms.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

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