Charlottesville, Va., Feb. 25, 2011 State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Virginia and in the nation, is raising its overall rate level in Virginia an average of 2.1 percent effective March 28.
Even after this rate change is implemented, State Farms overall rates in Virginia will be 3.9 percent lower than they were seven and a half years ago.
The price of the liability, medical expense benefits and comprehensive coverages is going up. The comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage. The cost of the collision coverage will go up for some customers and down for others.
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.
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®.