Frederick, Md., September 25, 2011 – State Farm Mutual Automobile Insurance Company, the largest insurer of autos in West Virginia and in the nation, is raising its overall rate level in West Virginia an average of 1.5 percent effective October 17.
Even after this rate change is implemented, State Farm's overall rate level in West Virginia will be 15.7 percent lower than it was in 2005 when a series of legal and insurance reforms were approved by the West Virginia Legislature and signed into law by then-Governor Joe Manchin. This rate change was reviewed and approved by the West Virginia Offices of the Insurance Commissioner.
Premiums for the liability, medical payments, and collision coverages are increasing. The cost of the comprehensive coverage will go up for some and down for others. The comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage.
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 four cars insured in West Virginia is insured by State Farm.
