TAMPA, Fla. (WFLA) — State Farm announced Wednesday it is rolling out lower car rates for Florida drivers.
After the rate cuts were filed this week, State Farm said its customers’ premiums would drop by an average of 10%.
This is the second interest rate cut the company has made this year.
‘Beyond tragedy’: 2-year-old dies after being hit by truck in Pinellas County area
The insurer said car rates have fallen by more than 20% on average since October 2024.
“Overall price reductions starting in October 2024 will reduce annual premiums for private passenger vehicles by more than $1 billion, representing an average savings of more than $400 per vehicle,” State Farm said.
The Florida Department of Insurance Regulation announced in July that the state’s top five insurance companies have reduced premiums by an average of 6.5% this year.
Allstate called for a 7% decline, while Liberty Mutual called for a 5% decline.
Gov. Ron DeSantis also said Progressive would issue nearly $1 billion in credits to Florida policyholders after the company reportedly reached benefit limits in the state.
To learn more about State Farm’s decline, visit the company’s website.
