State Farm® Lowers West Virginia Auto Insurance Rates
Frederick, Maryland, - State Farm Mutual Automobile Insurance Company, the largest insurer of autos in West Virginia and in the nation, is lowering its overall rate level in West Virginia an average of 2.5 percent effective July 2. This represents an annual savings of $16.5 million to the company’s West Virginia customers.
After this rate change is implemented, State Farm’s overall rate level in West Virginia will be 13.4 percent lower than it was in 2005 when a series of legal and insurance reforms were approved by the West Virginia Legislature and signed into law by Governor Joe Manchin. This rate reduction was reviewed and approved by the West Virginia Offices of the Insurance Commissioner.
In addition, State Farm recently announced a $2.8 million dividend in West Virginia from which State Farm Mutual auto policyholders in the state will receive 2 percent of their semi-annual premium. Dividend payments began in early April and will continue throughout the year.
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.
About one in every four cars insured in West Virginia is insured by State Farm.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.