New Mexico Drivers Benefit From State Farm Auto Insurance Rate Cuts

SANTA FE, New Mexico, April 4 -- State Farm Companies, an auto, home and individual life insurance provider, issued the following news release:

* * *

- Second Decrease in Two Years

* * *

State Farm will cut its auto rates in New Mexico for a second year in a row. As a result, the overall personal auto rate will drop by 5.1 percent. Statewide, customers of the state's largest insurer will realize total savings of approximately $13.4 million.

The effective date for new and renewal business is May 6. The last rate change in the state was a decrease of 4.5 percent in August 2018. Combined, the two auto rate decreases will save New Mexico customers approximately $25 million.

"State Farm is very pleased to be able to offer another auto rate decrease in New Mexico," said State Farm Senior Vice President Denise Hardin. "Improving expenses and losses were important factors, among many, that supported our decision to make this change."

Overall changes in premiums for individual motorists will vary. Rates depend on a customer's policy and chosen coverage. Customers can contact their local State Farm agent to discuss their individual situation. Additional opportunities for discounts may apply.

A rate decrease, combined with discounts, offers exceptional long-term value to State Farm customers.