JACKSON, Miss. (WTOK) - State Farm has announced the company will reduce automobile rates by approximately $2.2 billion. The rate reduction for Mississippi drivers will be approximately $45.3 million.
Each policyholder should receive approximately 9.5 percent in reduced premiums, effective Aug. 10, 2020.
State Farm leaders cite declines in miles driven and fewer accidents as the basis for the cuts.
Pursuant to the Governor’s COVID-19 emergency proclamation, issued on Mar. 14, Mississippi Insurance Commissioner Mike Chaney has granted an expedited approval of the State Farm auto rate reduction.