$11.8 Million in Annual Customer Savings
Greeley, Colo., May 23, 2011 - State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Colorado and in the nation, is lowering its overall rate level in Colorado an average of 2.3 percent effective June 27. This represents an annual savings of $11.8 million to the company’s Colorado customers.
After this rate change is implemented, State Farm’s overall rates in Colorado will be 39.8 percent lower than they were before the repeal of the state’s old “no-fault” auto insurance system in July 2003.
Premiums for the collision coverage are decreasing the most. The cost of the liability coverage will go up for some customers and down for others. The price of the medical payments and comprehensive coverages are increasing slightly. The comprehensive coverage pays for losses from such perils as theft, storm damage, fire, vandalism and glass breakage. The medical payments coverage pays for reasonable health care expenses incurred for bodily injury caused by an automobile accident, regardless of fault, up to the policy limits chosen by the insured.
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.
Angela Thorpe, State Farm Insurance at (303) 264-1560.
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. State Farm's 17,700 agents and 68,600 employees serve 81 million policies and accounts - more than 78.7 million auto, fire, life and health policies in the United States and Canada, and more than 1.9 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 31 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.