State Farm’s 3.3 million California auto insurance policyholders will soon see a decrease in their premiums, as the California Department of Insurance approved an 8 percent, $219 million rate cut.
The 8 percent rate cut is a statewide average. The actual savings for individual policyholders may be different, depending on a number of rating factors, the company said.
As the largest auto insurer in the state, State Farm has 3.3 million auto insurance policies in California, covering 13 percent of the auto insurance market, the DOI said. Under the newly approved reduced rates, California policyholders will save an average of about $66 per policy per year.
Read the full article here courtesy of Insurance Journal.