State Farm has announced it will reduce automobile rates by approximately $2.2 billion, with the reduction for Mississippi drivers about $45.3 million. Policyholders should receive approximately 9.5 percent in reduced premiums effective August 10, according to a news release.
Company leaders cite declines in miles driven and fewer accidents as the basis for the reductions.
“It only makes sense for State Farm to reduce automobile rates given the changes in driving we’ve seen in the past several months,” said Mississippi Insurance Commissioner Mike Chaney in the release. “I’m proud of State Farm for supporting their customers in this way and am pleased to approve their reductions. I encourage other companies to reduce rates.”