Charlottesville, Va., Nov. 21, 2011 - State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Virginia and in the nation, is lowering its overall rate level in Virginia an average of 0.6 percent effective December 19. This represents an annual savings of $3.8 million to the company's Virginia customers.
After this rate change is implemented, State Farm's overall rates in Virginia will be 4.2 percent lower than they were eight years ago.
The price of the collision coverage is decreasing the most. The cost of the medical payments 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. Premiums for the liability coverage will go up for most customers.
Overall premium changes for individual customers 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 six cars insured in Virginia is insured by State Farm.