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State Fram lowers auto rates

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POSTED: February 13, 2009 10:38 a.m.
DULUTH — Effective March 9, State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Georgia and in the nation, is lowering its overall auto insurance rate level in Georgia by an average of 1.5 percent.
This represents an annual savings of $16.2 million for Georgia customers. After this change is implemented, State Farm’s overall auto insurance rate level in Georgia will be 12.2 percent lower than it was five years ago, the company said.
Using claim experience during the past several years, State Farm projects what the number and cost of future claims will
be. Rates are set in accordance with that information in an effort to meet the promises made to policyholders.
“As a mutual company owned by our policyholders, less than expected claims experience enabled State Farm to reduce rates,” State Farm Senior Vice President Tim McFadden said.  
Premiums for collision and comprehensive coverages are decreasing for most customers. Comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage. The price of liability and medical payments coverages is not impacted by this rate change.
Overall premium changes for individual motorists will vary depending on factors such as the coverages they carry, the discounts for which they qualify, where they live, the kind of car insured, who drives it and how much it is driven.
 

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