Birmingham, Ala., Oct. 21, 2011 - State Farm Mutual Automobile Insurance Company, the largest insurer of autos in Alabama and in the nation, is lowering its overall rate level in Alabama an average of 2.0 percent effective Nov. 21. This represents an annual savings of $10.2 million to the company's Alabama customers.
After this rate change is implemented, State Farm's overall rate level in Alabama will be 15.9 percent lower than it was seven and a half years ago.
Premiums for the collision coverage are decreasing. The cost of the liability and comprehensive coverages 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. The cost of the medical payments coverage is going up.
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.
David Majors, State Farm Insurance, (205) 916-6098.
State Farm and its' affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 17,800 agents and more than 65,000 employees serve 81 million policies and accounts - more than 79 million auto, home, life and health policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 37 on the Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com or in Canada http://www.statefarm.ca.