State Farm cuts vehicle insurance rates for 2nd year in a row

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One of the state’s largest auto insurers announced a rate cut.

State Farm will cut its auto rates in Delaware for the second year in a row.

The overall personal auto rate will drop by 5.1 percent. Statewide, customers of the state’s largest insurer will realize total savings of approximately $9.3 million, a release stated.

The effective date for new and renewal business is May 13. The last rate change in Delaware was a decrease of 3 percent in July 2018. Combined, the two auto rate decreases will save Delaware customers $15 million.

“State Farm is very pleased to be able to offer another auto rate decrease in Delaware,” said State Farm Senior Vice President Chris Schell. “Improving expenses and losses were important factors, among many, that supported our decision to make this rate change.”

Overall changes in premiums for individual motorists will vary. Rates depend on a customer’s policy and chosen coverage. Customers can contact their local State Farm agent to discuss their individual situation. Additionalopportunities for discounts may apply, the release stated.

The rate cut is good news for Delaware, which has among the nation’s highest auto insurance rates, thanks, in part, to a location along the Northeast Corridor.

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