State Farm Mutual Automobile Insurance Co., the largest insurer of autos in Arkansas and nationwide, is lowering its overall rate level in Arkansas an average of 4.4 percent effective Nov. 27. This decrease means an annual savings of $13.4 million to Arkansas customers of State Farm.
After this rate change is implemented, State Farm's overall rates in Arkansas will be approximately 13 percent lower than they were three years ago.
"We are pleased to pass along this good news to our Arkansas customers," said Rendi Black, vice president for Arkansas. "We continue to work hard to provide quality State Farm products and service at affordable prices."
Premiums for the collision coverage are decreasing the most. The price of the liability and medical payments coverage is also going down. However, the cost of comprehensive coverage will go up for most customers. Cmprehensive coverage pays for losses from theft, storm damage, fire, vandalism and glass breakage.
Overall premium changes for individual motorists will vary because of coverages they carry, 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 five cars insured in Arkansas is insured by State Farm.
