The largest auto insurer in Mississippi and in the nation is set to cut its rates in Mississippi. State Farm Mutual Automobile Insurance Company will drop their personal auto rate by 3%. With the rate decrease, the state-wide expected impact for Mississippi will be approximately $13.5 million.
“The company’s current financial strength is allowing us to pass along a rate reduction to our Mississippi customers,” said State Farm Senior Vice President Dan Krause. “We continually evaluate how we can best serve our customers and are very pleased to be able to offer this rate decrease in Mississippi.”
The effective date for new and renewal business is July 30, 2018. While each individual’s premiums will vary depending on the specific details of their policy and chosen coverage, State Farm said that customers should contact their local State Farm agent to discuss their individual situation.