State Farm to cut auto premiums by 9.5 percent

Rate slash would save some 538,000 Mississippi customers about $45.3 million

State Farm to cut auto premiums by 9.5 percent
With fewer miles driven and accident claims filed because of the impact of COVID-19, State Farm is slashing car insurance rates, saving more than a half million Mississippi customers about $45.3 million.

BLOOMINGTON, Ill. (WDAM) - It’s hard to imagine anything good coming out of the coronavirus pandemic, but like a good neighbor, State Farm is proposing a way to help its more than a half million customers in Mississippi.

With the impact of COVID-19 leading to changing driving patterns and fewer claims, the insurance giant has filed to cut Mississippi auto premiums by 9.5 percent.

If approved, the cut would go into effect Aug. 19 and save some 538,000 Mississippi State Farm customers about $45.3 million.

The reduction will apply to current policy holders as well as new customers.

“We are pleased to be able to continue to help our Mississippi customers in this way, during this unprecedented time,” said John Langcuster, State Farm vice president, agency/ sales.

Current State Farm driving and claims data show a considerable decline in miles driven and fewer accidents.

Nationally, the rate cut will total about $2.2 billion. go into effect Aug. 19

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