State Farm Mutual Automobile Insurance Co. announced Monday it will cut its rates in Pennsylvania.
The Bloomington, Ill.-based firm, the nation’s largest auto insurer, said its personal auto rate will drop by up to 3 percent overall, with an expected impact of $49.5 million. Changes in premiums will vary among motorists based on specific details and coverage options.
State Farm estimates the cuts will affect about 1.7 million policyholders.
Chris Schell, the company’s senior vice president, said in a prepared statement State Farm’s “current financial strength is allowing us to pass along a rate reduction to our Pennsylvania customers.”
Changes will take effect July 15 for new and renewal business. Customers with questions are urged to speak with their agent.