DULUTH, Ga., April 23 /PRNewswire/ -- State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Georgia and in the nation, is lowering its overall rate level in Georgia an average of 4.0 percent. This change will take effect April 23 for new business and May 23 for renewal business and represents an annual savings of $44.6 million to the company's Georgia customers.
After this rate change is implemented, State Farm's overall rate level in Georgia will be 8.3 percent lower than it was 10 years ago.
Premiums for the collision and comprehensive coverages are decreasing the most. The comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage. The cost of the liability coverage will go up for some and down for others. The price of the medical payments coverage will increase for most customers.
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.
In addition, State Farm recently announced a $62 million dividend in Georgia from which State Farm Mutual auto policyholders in the state will receive 11.2 percent of their semi-annual premium. Dividend payments began in early April and will continue throughout the year.
About one in every four cars insured in Georgia is insured by State Farm.
Contact
Myles C. Mitchom
(770) 418-5012
myles.mitchom.llas@statefarm.com
statefarm.com