700K State Farm Customers in Arizona Getting 3% Auto Insurance Rate Cut

State Farm Mutual Automobile Insurance Co. is dropping its overall personal auto insurance rate by 3 percent in Arizona.

The total state-wide expected impact for State Farm Mutual by this rate decrease in Arizona will be roughly $22.3 million. Combined with a previous decrease in 2018, State Farm has reduced auto rates by more than 6 percent over the last year.

According to the carrier, the financial position of State Farm and current business and economic conditions in the marketplace were factors that supported the decision to make the rate change.

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 was Feb. 11, 2019