South Portland, Maine, Jan. 28, 2011 - State Farm Mutual Automobile Insurance Company, the largest insurer of autos in the nation and in Maine, is lowering its overall rate level in Maine an average of 0.1 percent effective Feb. 28.
After this rate change is implemented, State Farm's overall rates in Maine will be 11.0 percent lower than they were seven years ago.
Premiums for the collision and comprehensive coverages are going down. The comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage. The cost of the liability and medical payments coverages will go up 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 eight cars insured in Maine is insured by State Farm.