Albuquerque, N.M., Feb. 11, 2011 - State Farm Mutual Automobile Insurance Company, the largest insurer of autos in New Mexico and in the nation, has increased its overall rate level in New Mexico an average of 0.9 percent effective March 7.
With the implementation of this rate change, State Farm's overall rates in New Mexico are 10.9 percent lower than they were seven and a half years ago.
Premiums for the medical payments, collision and comprehensive coverages will go down for most customers. The comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage. The price of the liability coverage will go up for most customers.
Overall premium changes for individual motorists will vary depending on factors such as the coverages they carry, 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 New Mexico is insured by State Farm.