State Farm Mutual Automobile Insurance Company Auto Rate Cut for New York Customers

BLOOMINGTON, Illinois, Aug. 31 -- State Farm Companies, an auto, home and individual life insurance provider, issued the following news release:

State Farm Mutual Automobile Insurance Company, the largest auto insurer in the nation, will cut its rates in New York. As a result, its overall personal auto rate will drop by 3.4%. The total state-wide expected impact for State Farm Mutual by this rate decrease in New York will be approximately $55 million.

"The company's current financial strength is allowing us to pass along a rate reduction to our New York customers," said State Farm Senior Vice President Chris Schell. "We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in New York".

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 October 15, 2018. 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.