State Farm Mutual Automobile Insurance Company, the nation's largest auto insurer, will cut its rates in Virginia for the second time in two years.
As a result, its overall personal auto rate will drop by 4.9 percent. The total state-wide expected impact for State Farm Mutual by this rate decrease in Virginia will be approximately $39 million.
The last overall rate change in Virginia was a decrease of 2.9 percent in June of 2018. Combined, the two auto rate decreases save Virginia customers $63 million.
“We’re always evaluating how we can best serve our customers and are very pleased to be able to offer this rate decrease in Virginia,” said State Farm Senior Vice President Chris Schell.
Overall changes in premiums for individual motorists will vary depending on the specific details of an individual customer’s policy and chosen coverages.