State Farm Car Insurance Rates Dropping Overall
State Farm Insurance Company mentioned on Monday (Feb. 25th 2008) that car insurance rates have dropped by nearly 30% in some states over a 4 year period.
New Jersey dropped by nearly 30% coming in at a surprising 29% where New York closely followed with a respectable 27%.¬† Colorado hit nearly 25%, Connecticut at 24%, and Minnesota just over the 20’s with a nearly 22% decrease. Even though other states didn’t fare as well as the top 3, they did experience lowering rates over the same period.
What does this mean for current car insurance rates from other companies? Hard to say as insurance rates (premiums) will vary from person to person and company to company, but, it does signal that rates from major carriers (like State Farm Insurance) are dropping. Whether it’s a decrease in auto insurance fraud, safer drivers, or more stringent underwriting process that isn’t mentioned, but overall this is a great sign for the auto insurance industry when a major insurance carrier like State Farm can announce significant rate decreases in such a short period.
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So nice to see StateFarm dropping rates. I would have went with them years ago if I didn’t have a few tickets because State Farm agents are great. The few I’ve met in Arizona are very nice.
I thought the rates were wayyyy too high at State Farm. They quoted me hundreds more than Progressive.
state farm has always been too expensive, same with Allstate and natinwide. Go with an independent agent, they can get the best rates.
…because statfarm is expensive yo. dropping rates doesn’t mean it’s cheap, just cheaper than it was. if you’re a bad driver you still get high rates anywhere you go.