State Farm to Cut Rates in New York

State Farm Mutual Automobile Insurance Co. has announced plans to cut its rates in New York state.

As a result, the company’s overall personal auto rate in New York will drop by 3.4 percent.

The total statewide expected impact for State Farm Mutual by this rate decrease in New York will be approximately $55 million, according to a company press release.

“The company’s current financial strength is allowing us to pass along a rate reduction to our New York customers,” State Farm Senior Vice President Chris Schell said in the company’s announcement.

Overall changes in premiums for individual motorists will vary depending on the specific details of an individual customer’s policy and chosen coverages.

The effective date for new and renewal business is Oct. 15, 2018.