State Farm to lower auto insurance rates
State Farm plans to cut its auto insurance rates by nearly 16 percent across the state. The move comes after the Florida Legislature ended its session May 4 without renewing the no-fault auto insurance system.
The reductions, which must be approved by the state’s Office of Insurance Regulation, will go into effect when the no-fault system ends in October.
“We commend state lawmakers for allowing this broken system that is plagued with fraud and abuse to go away,” said Chris Neal, public affairs manager at State Farm. “Lawmakers also did the right thing in bringing real auto insurance savings to Florida policyholders.”
According to the rate decrease filed in February, State Farm auto customers will save an average of $360 per two-car household.
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