The California Department of Insurance has approved State Farm Mutual Automobile Insurance Company’s request to reduce personal auto insurance rates by 6.2%, the company announced March 4.
The rate cut takes effect May 8 for new business and renewals. Individual policyholder changes will vary depending on their specific policy.
The approval follows a filing State Farm submitted in November that had originally proposed a Feb. 23 effective date. The reduction is the latest in a series of rate cuts from insurers that have returned to profitability after years of underwriting losses driven by escalating repair costs, parts prices and vehicle
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