State Farm will reduce auto insurance rates for Texas drivers by an average of 4.1 percent and pay qualifying Texas customers an average dividend of $105 per vehicle, the company announced. New-business policies reflect the lower rates beginning April 15, and renewal policies follow June 4.
The reduction represents more than $250 million in lower annual premiums across Texas private passenger auto policies, averaging more than $60 in savings per vehicle. Combined with earlier filings, State Farm said Texas drivers have received auto rate decreases totaling more than 7 percent over the past five months.
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