Lincoln, Neb., July 1, 2011 - State Farm Mutual Automobile Insurance Company, the largest insurer of autos in South Dakota and in the nation, has increased its overall rate level in South Dakota an average of 5.3 percent effective August 1.
After the implementation of this rate change, State Farm's overall rates in South Dakota will be 7.8 percent lower than they were seven and a half years ago.
Premiums for the medical payments and comprehensive coverages are increasing the most. The comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage. The cost of the liability and collision coverages is going up to a lesser extent. 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 six cars insured in South Dakota is insured by State Farm.
State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. Our 17,800 agents and more than 66,000 employees serve 81 million policies and accounts - more than 79 million auto, fire, life and health policies in the United States and Canada, and nearly 2 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 34 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.