For the Second Time in Two Years, State Farm Cuts Auto Insurance Rates in New York

NEW YORK, July 8 -- State Farm Companies, an auto, home and individual life insurance provider, issued the following news release:

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- 4.2% Rate Decrease to Affect Approximately 1.3 Million Policyholders

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State Farm Mutual Automobile Insurance Company, the largest auto insurer in the nation, will cut its rates in New York for the second year in a row. As a result, its overall personal auto rate will drop by 4.2 percent. The total statewide expected impact for State Farm Mutual by this rate decrease in New York will be approximately $63.8 million.

The last auto rate change in New York was a decrease of 2.2 percent in November 2018. Combined, the two auto rate decreases will save New York customers $98.7 million.

"We're always evaluating how we can best serve our customers and are very pleased to be able to offer this rate decrease in New York ," said State Farm Senior Vice President Chris Schell. "Lower than expected expenses and losses were important factors, among many, that supported our decision to make this rate change."

Overall changes in premiums for individual motorists will vary depending on the specific details of an individual customer's policy and chosen coverages. The effective date for new and renewal business is July 15, 2019. New York customers with questions can contact their local State Farm agent to discuss their individual situation.

In addition to this rate reduction, State Farm agents are able to review with new and existing customers the many opportunities for additional discounts that may apply to an individual's unique circumstances. A rate decrease combined with discounts offers an exceptional long-term value to State Farm customers.